Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Ferrari NV
Physical assets are 32.9% of total assets, a mixed footprint. Capex is 2.30x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 30.6%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.47x. Compare it with other names in the same basket.
Physical asset ratio
32.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.06BpropertyPlantAndEquipmentNetInventory$1.11BinventoryTotal assets$9.63BtotalAssetsResult 32.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.47xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$7.15BtotalRevenueNet PP&E$2.06BpropertyPlantAndEquipmentNetResult 3.47x
Revenue per dollar of the physical asset base.
Capex / D&A
2.30xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.52BcapitalExpendituresD&A$661.94MdepreciationAndAmortizationResult 2.30x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$8.36Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.63BtotalAssetsGoodwill$785.18MgoodWillIntangibles$1.64BintangibleAssetsLiabilities$5.71BtotalLiabTangible book$1.49BShares178,321,000commonStockSharesOutstandingResult $8.36
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
47.81xPrice / tangible bookPrice / tangible book per sharePrice$399.77Latest quoteTangible book / share$8.362025-12-31Result 47.81x
Price $399.77.
Fixed-charge coverage
1.28xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.77BebitdaCapex$1.52BcapitalExpendituresInterest$41.17MinterestExpenseShort-term debt$930.96MshortLongTermDebtEBITDA − capex$1.25BPrincipal due is the current portion of debt.Result 1.28x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$2.66BfreeCashFlowMarket cap$68.96BMarketCapitalizationResult 3.9%
Latest free cash flow divided by current market cap ($68.96B).
ROIC
30.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.10BoperatingIncomeTax expense$464.12MincomeTaxExpensePretax income$2.06BincomeBeforeTaxTax rate22.5%Equity$3.91BtotalStockholderEquityDebt$2.88BshortLongTermDebtTotalCash$1.47BcashAndShortTermInvestmentsInvested capital$5.32BResult 30.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.02x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 25.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$850.55MpropertyPlantAndEquipmentNetInventory$391.06MinventoryTotal assets$4.85BtotalAssetsResult 25.6% | 4.02xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.42BtotalRevenueNet PP&E$850.55MpropertyPlantAndEquipmentNetResult 4.02x | 2.21xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$638.34McapitalExpendituresD&A$288.75MdepreciationAndAmortizationResult 2.21x | -$0.41Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.85BtotalAssetsGoodwill$785.18MgoodWillIntangibles$645.80MintangibleAssetsLiabilities$3.50BtotalLiabTangible book-$77.14MShares189,394,000commonStockSharesOutstandingResult -$0.41 | 18.55xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.11BebitdaCapex$638.34McapitalExpendituresInterest$25.69MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$476.38MPrincipal due is short-term debt.Result 18.55x | $295.71MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$934.04MtotalCashFromOperatingActivitiesCapex$638.34McapitalExpendituresFree cash flow$295.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $295.71M | 32.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$827.04MoperatingIncomeTax expense$16.32MincomeTaxExpensePretax income$802.94MincomeBeforeTaxTax rate2.0%Equity$1.35BtotalStockholderEquityDebt$1.93BshortLongTermDebtTotalCash$797.05McashAndShortTermInvestmentsInvested capital$2.48BResult 32.7% | 0.97xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$827.04MoperatingIncomeNet PP&E$850.55MpropertyPlantAndEquipmentNetResult 0.97x |
| 2019 | 27.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.07BpropertyPlantAndEquipmentNetInventory$420.05MinventoryTotal assets$5.45BtotalAssetsResult 27.4% | 3.52xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$3.77BtotalRevenueNet PP&E$1.07BpropertyPlantAndEquipmentNetResult 3.52x | 2.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$705.61McapitalExpendituresD&A$351.95MdepreciationAndAmortizationResult 2.00x | -$0.72Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.45BtotalAssetsGoodwill$785.18MgoodWillIntangibles$837.94MintangibleAssetsLiabilities$3.96BtotalLiabTangible book-$135.83MShares187,535,000commonStockSharesOutstandingResult -$0.72 | 1.21xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.27BebitdaCapex$705.61McapitalExpendituresInterest$47.89MinterestExpenseShort-term debt$421.32MshortTermDebtEBITDA − capex$566.06MPrincipal due is short-term debt.Result 1.21x | $600.48MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.31BtotalCashFromOperatingActivitiesCapex$705.61McapitalExpendituresFree cash flow$600.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $600.48M | 23.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$918.92MoperatingIncomeTax expense$176.66MincomeTaxExpensePretax income$875.36MincomeBeforeTaxTax rate20.2%Equity$1.49BtotalStockholderEquityDebt$2.51BshortLongTermDebtTotalCash$899.93McashAndShortTermInvestmentsInvested capital$3.10BResult 23.7% | 0.86xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$918.92MoperatingIncomeNet PP&E$1.07BpropertyPlantAndEquipmentNetResult 0.86x |
| 2020 | 26.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.50BpropertyPlantAndEquipmentNetInventory$563.59MinventoryTotal assets$7.66BtotalAssetsResult 26.9% | 2.31xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$3.46BtotalRevenueNet PP&E$1.50BpropertyPlantAndEquipmentNetResult 2.31x | 1.66xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$709.00McapitalExpendituresD&A$426.64MdepreciationAndAmortizationResult 1.66x | $0.16Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.66BtotalAssetsGoodwill$960.71MgoodWillIntangibles$1.20BintangibleAssetsLiabilities$5.47BtotalLiabTangible book$30.26MShares185,379,000commonStockSharesOutstandingResult $0.16 | 0.38xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.14BebitdaCapex$709.00McapitalExpendituresInterest$50.22MinterestExpenseShort-term debt$1.09BshortTermDebtEBITDA − capex$430.25MPrincipal due is short-term debt.Result 0.38x | $129.22MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$838.21MtotalCashFromOperatingActivitiesCapex$709.00McapitalExpendituresFree cash flow$129.22MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $129.22M | 17.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$729.96MoperatingIncomeTax expense$58.16MincomeTaxExpensePretax income$667.04MincomeBeforeTaxTax rate8.7%Equity$2.18BtotalStockholderEquityDebt$3.33BshortLongTermDebtTotalCash$1.71BcashAndShortTermInvestmentsInvested capital$3.80BResult 17.5% | 0.49xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$729.96MoperatingIncomeNet PP&E$1.50BpropertyPlantAndEquipmentNetResult 0.49x |
| 2021 | 27.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.35BpropertyPlantAndEquipmentNetInventory$540.58MinventoryTotal assets$6.86BtotalAssetsResult 27.6% | 3.16xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$4.27BtotalRevenueNet PP&E$1.35BpropertyPlantAndEquipmentNetResult 3.16x | 1.62xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$737.14McapitalExpendituresD&A$455.99MdepreciationAndAmortizationResult 1.62x | $1.56Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.86BtotalAssetsGoodwill$785.18MgoodWillIntangibles$1.14BintangibleAssetsLiabilities$4.65BtotalLiabTangible book$288.06MShares184,722,000commonStockSharesOutstandingResult $1.56 | 1.47xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.53BebitdaCapex$737.14McapitalExpendituresInterest$38.40MinterestExpenseShort-term debt$501.34MshortTermDebtEBITDA − capex$792.58MPrincipal due is short-term debt.Result 1.47x | $545.58MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.28BtotalCashFromOperatingActivitiesCapex$737.14McapitalExpendituresFree cash flow$545.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $545.58M | 24.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.07BoperatingIncomeTax expense$209.10MincomeTaxExpensePretax income$1.04BincomeBeforeTaxTax rate20.1%Equity$2.21BtotalStockholderEquityDebt$2.63BshortLongTermDebtTotalCash$1.35BcashAndShortTermInvestmentsInvested capital$3.49BResult 24.6% | 0.79xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.07BoperatingIncomeNet PP&E$1.35BpropertyPlantAndEquipmentNetResult 0.79x |
| 2022 | 27.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.46BpropertyPlantAndEquipmentNetInventory$674.66MinventoryTotal assets$7.77BtotalAssetsResult 27.5% | 3.50xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$5.10BtotalRevenueNet PP&E$1.46BpropertyPlantAndEquipmentNetResult 3.50x | 1.47xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$804.62McapitalExpendituresD&A$546.23MdepreciationAndAmortizationResult 1.47x | $2.79Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.77BtotalAssetsGoodwill$785.18MgoodWillIntangibles$1.31BintangibleAssetsLiabilities$5.16BtotalLiabTangible book$509.92MShares183,072,000commonStockSharesOutstandingResult $2.79 | 0.95xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.77BebitdaCapex$804.62McapitalExpendituresInterest$54.20MinterestExpenseShort-term debt$963.48MshortTermDebtEBITDA − capex$967.39MPrincipal due is short-term debt.Result 0.95x | $598.72MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.40BtotalCashFromOperatingActivitiesCapex$804.62McapitalExpendituresFree cash flow$598.72MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $598.72M | 24.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.24BoperatingIncomeTax expense$238.47MincomeTaxExpensePretax income$1.18BincomeBeforeTaxTax rate20.2%Equity$2.59BtotalStockholderEquityDebt$2.81BshortLongTermDebtTotalCash$1.40BcashAndShortTermInvestmentsInvested capital$4.01BResult 24.7% | 0.85xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.24BoperatingIncomeNet PP&E$1.46BpropertyPlantAndEquipmentNetResult 0.85x |
| 2023 | 31.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.58BpropertyPlantAndEquipmentNetInventory$948.51MinventoryTotal assets$8.05BtotalAssetsResult 31.3% | 3.79xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$5.97BtotalRevenueNet PP&E$1.58BpropertyPlantAndEquipmentNetResult 3.79x | 1.31xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$868.91McapitalExpendituresD&A$662.31MdepreciationAndAmortizationResult 1.31x | $4.77Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.05BtotalAssetsGoodwill$785.18MgoodWillIntangibles$1.42BintangibleAssetsLiabilities$4.98BtotalLiabTangible book$865.74MShares181,511,000commonStockSharesOutstandingResult $4.77 | 1.87xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.29BebitdaCapex$868.91McapitalExpendituresInterest$36.12MinterestExpenseShort-term debt$724.42MshortTermDebtEBITDA − capex$1.43BPrincipal due is short-term debt.Result 1.87x | $847.73MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$1.72BtotalCashFromOperatingActivitiesCapex$868.91McapitalExpendituresFree cash flow$847.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $847.73M | 29.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.63BoperatingIncomeTax expense$344.90MincomeTaxExpensePretax income$1.60BincomeBeforeTaxTax rate21.5%Equity$3.06BtotalStockholderEquityDebt$2.48BshortLongTermDebtTotalCash$1.13BcashAndShortTermInvestmentsInvested capital$4.41BResult 29.0% | 1.03xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.63BoperatingIncomeNet PP&E$1.58BpropertyPlantAndEquipmentNetResult 1.03x |
| 2024 | 30.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.83BpropertyPlantAndEquipmentNetInventory$1.09BinventoryTotal assets$9.50BtotalAssetsResult 30.7% | 3.65xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$6.68BtotalRevenueNet PP&E$1.83BpropertyPlantAndEquipmentNetResult 3.65x | 1.48xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$989.15McapitalExpendituresD&A$666.78MdepreciationAndAmortizationResult 1.48x | $6.74Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.50BtotalAssetsGoodwill$785.18MgoodWillIntangibles$1.55BintangibleAssetsLiabilities$5.95BtotalLiabTangible book$1.21BShares179,992,000commonStockSharesOutstandingResult $6.74 | 1.18xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.59BebitdaCapex$989.15McapitalExpendituresInterest$46.81MinterestExpenseShort-term debt$1.31BshortLongTermDebtEBITDA − capex$1.61BPrincipal due is the current portion of debt.Result 1.18x | $937.51MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$1.93BtotalCashFromOperatingActivitiesCapex$989.15McapitalExpendituresFree cash flow$937.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $937.51M | 29.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.89BoperatingIncomeTax expense$363.04MincomeTaxExpensePretax income$1.89BincomeBeforeTaxTax rate19.2%Equity$3.53BtotalStockholderEquityDebt$3.35BshortLongTermDebtTotalCash$1.75BcashAndShortTermInvestmentsInvested capital$5.14BResult 29.7% | 1.03xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.89BoperatingIncomeNet PP&E$1.83BpropertyPlantAndEquipmentNetResult 1.03x |
| 2025 | 32.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.06BpropertyPlantAndEquipmentNetInventory$1.11BinventoryTotal assets$9.63BtotalAssetsResult 32.9% | 3.47xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$7.15BtotalRevenueNet PP&E$2.06BpropertyPlantAndEquipmentNetResult 3.47x | 2.30xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.52BcapitalExpendituresD&A$661.94MdepreciationAndAmortizationResult 2.30x | $8.36Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.63BtotalAssetsGoodwill$785.18MgoodWillIntangibles$1.64BintangibleAssetsLiabilities$5.71BtotalLiabTangible book$1.49BShares178,321,000commonStockSharesOutstandingResult $8.36 | 1.28xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.77BebitdaCapex$1.52BcapitalExpendituresInterest$41.17MinterestExpenseShort-term debt$930.96MshortLongTermDebtEBITDA − capex$1.25BPrincipal due is the current portion of debt.Result 1.28x | $2.66BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$4.18BtotalCashFromOperatingActivitiesCapex$1.52BcapitalExpendituresFree cash flow$2.66BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.66B | 30.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.10BoperatingIncomeTax expense$464.12MincomeTaxExpensePretax income$2.06BincomeBeforeTaxTax rate22.5%Equity$3.91BtotalStockholderEquityDebt$2.88BshortLongTermDebtTotalCash$1.47BcashAndShortTermInvestmentsInvested capital$5.32BResult 30.6% | 1.02xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$2.10BoperatingIncomeNet PP&E$2.06BpropertyPlantAndEquipmentNetResult 1.02x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $2.06B
Inventory: $1.11B
Total assets: $9.63B
Goodwill: $785.18M
Intangibles: $1.64B
Liabilities: $5.71B
Tangible book: $1.49B
Shares: 178,321,000
Revenue: $7.15B
Capex: $1.52B
D&A: $661.94M
EBITDA: $2.77B
Interest: $41.17M
Short-term debt: $930.96M
Free cash flow: $2.66B
Operating income: $2.10B
Invested capital: $5.32B
Tax rate: 22.5%