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.
Vinci S. A.
Physical assets are 13.8% of total assets, a light footprint. Capex is 0.92x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 12.4%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.54x. Compare it with other names in the same basket.
Physical asset ratio
13.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€16.68BpropertyPlantAndEquipmentNetInventory€1.70BinventoryTotal assets€133.07BtotalAssetsResult 13.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.54xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€75.70BtotalRevenueNet PP&E€16.68BpropertyPlantAndEquipmentNetResult 4.54x
Revenue per dollar of the physical asset base.
Capex / D&A
0.92xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€3.87BcapitalExpendituresD&A€4.21BreconciledDepreciationResult 0.92x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€46.97Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€133.07BtotalAssetsGoodwill€20.18BgoodWillIntangibles€40.27BintangibleAssetsLiabilities€98.74BtotalLiabTangible book-€26.12BShares555,967,094commonStockSharesOutstandingResult -€46.97
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€109.00Latest quoteTangible book / share-€46.972025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €109.00.
Fixed-charge coverage
1.53xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€13.65BebitdaCapex€3.87BcapitalExpendituresInterest€1.51BinterestExpenseShort-term debt€4.87BshortLongTermDebtEBITDA − capex€9.78BPrincipal due is the current portion of debt.Result 1.53x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
16.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€8.01BfreeCashFlowMarket cap€48.63BMarketCapitalizationResult 16.5%
Latest free cash flow divided by current market cap (€48.63B).
ROIC
12.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€9.00BoperatingIncomeTax expense€2.66BtaxProvisionPretax income€7.94BincomeBeforeTaxTax rate33.5%Equity€30.75BtotalStockholderEquityDebt€34.84BlongTermDebt + shortLongTermDebtCash€17.25BcashInvested capital€48.34BResult 12.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.54x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory€1.17BinventoryTotal assets€75.36BtotalAssetsResult — | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€44.35BtotalRevenueNet PP&E—Not reportedResult — | 0.93xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€2.08BcapitalExpendituresD&A€2.24BreconciledDepreciationResult 0.93x | -€31.95Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€75.36BtotalAssetsGoodwill€9.79BgoodWillIntangibles€27.75BintangibleAssetsLiabilities€55.54BtotalLiabTangible book-€17.73BShares554,766,384commonStockSharesOutstandingResult -€31.95 | 1.03xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€7.29BebitdaCapex€2.08BcapitalExpendituresInterest€579.00MinterestExpenseShort-term debt€4.47BshortLongTermDebtEBITDA − capex€5.21BPrincipal due is the current portion of debt.Result 1.03x | €3.06BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€5.14BtotalCashFromOperatingActivitiesCapex€2.08BcapitalExpendituresFree cash flow€3.06BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €3.06B | 9.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€4.75BoperatingIncomeTax expense€1.42BtaxProvisionPretax income€4.47BincomeBeforeTaxTax rate31.7%Equity€19.19BtotalStockholderEquityDebt€24.09BlongTermDebt + shortLongTermDebtCash€7.96BcashInvested capital€35.31BResult 9.2% | —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€4.75BoperatingIncomeNet PP&E—Not reportedResult — |
| 2019 | 12.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€10.13BpropertyPlantAndEquipmentNetInventory€1.43BinventoryTotal assets€91.10BtotalAssetsResult 12.7% | 4.83xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€48.95BtotalRevenueNet PP&E€10.13BpropertyPlantAndEquipmentNetResult 4.83x | 0.79xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€2.40BcapitalExpendituresD&A€3.04BreconciledDepreciationResult 0.79x | -€41.25Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€91.10BtotalAssetsGoodwill€11.65BgoodWillIntangibles€34.28BintangibleAssetsLiabilities€68.06BtotalLiabTangible book-€22.88BShares554,745,990commonStockSharesOutstandingResult -€41.25 | 1.32xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€8.83BebitdaCapex€2.40BcapitalExpendituresInterest€753.00MinterestExpenseShort-term debt€4.14BshortLongTermDebtEBITDA − capex€6.44BPrincipal due is the current portion of debt.Result 1.32x | €4.69BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€7.09BtotalCashFromOperatingActivitiesCapex€2.40BcapitalExpendituresFree cash flow€4.69BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €4.69B | 8.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€5.43BoperatingIncomeTax expense€1.63BtaxProvisionPretax income€5.04BincomeBeforeTaxTax rate32.4%Equity€20.44BtotalStockholderEquityDebt€30.51BlongTermDebt + shortLongTermDebtCash€8.26BcashInvested capital€42.69BResult 8.6% | 0.54xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€5.43BoperatingIncomeNet PP&E€10.13BpropertyPlantAndEquipmentNetResult 0.54x |
| 2020 | 12.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€9.76BpropertyPlantAndEquipmentNetInventory€1.43BinventoryTotal assets€91.17BtotalAssetsResult 12.3% | 4.52xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€44.12BtotalRevenueNet PP&E€9.76BpropertyPlantAndEquipmentNetResult 4.52x | 0.68xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€2.16BcapitalExpendituresD&A€3.17BreconciledDepreciationResult 0.68x | -€37.68Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€91.17BtotalAssetsGoodwill€11.62BgoodWillIntangibles€32.73BintangibleAssetsLiabilities€67.99BtotalLiabTangible book-€21.18BShares562,061,723commonStockSharesOutstandingResult -€37.68 | 0.79xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.54BebitdaCapex€2.16BcapitalExpendituresInterest€787.00MinterestExpenseShort-term debt€3.49BshortLongTermDebtEBITDA − capex€3.38BPrincipal due is the current portion of debt.Result 0.79x | €4.52BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€6.68BtotalCashFromOperatingActivitiesCapex€2.16BcapitalExpendituresFree cash flow€4.52BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €4.52B | 4.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.61BoperatingIncomeTax expense€807.00MtaxProvisionPretax income€1.82BincomeBeforeTaxTax rate40.0%Equity€21.01BtotalStockholderEquityDebt€30.18BlongTermDebt + shortLongTermDebtCash€11.77BcashInvested capital€39.42BThe effective tax rate was above 40% and was capped at 40%.Result 4.0% | 0.27xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€2.61BoperatingIncomeNet PP&E€9.76BpropertyPlantAndEquipmentNetResult 0.27x |
| 2021 | 11.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€10.30BpropertyPlantAndEquipmentNetInventory€1.59BinventoryTotal assets€100.82BtotalAssetsResult 11.8% | 4.88xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€50.23BtotalRevenueNet PP&E€10.30BpropertyPlantAndEquipmentNetResult 4.88x | 0.64xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€2.06BcapitalExpendituresD&A€3.22BreconciledDepreciationResult 0.64x | -€44.19Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€100.82BtotalAssetsGoodwill€16.10BgoodWillIntangibles€33.75BintangibleAssetsLiabilities€76.05BtotalLiabTangible book-€25.08BShares567,580,593commonStockSharesOutstandingResult -€44.19 | 1.02xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€7.76BebitdaCapex€2.06BcapitalExpendituresInterest€750.00MinterestExpenseShort-term debt€4.82BshortLongTermDebtEBITDA − capex€5.70BPrincipal due is the current portion of debt.Result 1.02x | €5.74BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€7.81BtotalCashFromOperatingActivitiesCapex€2.06BcapitalExpendituresFree cash flow€5.74BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €5.74B | 6.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€4.40BoperatingIncomeTax expense€1.63BtaxProvisionPretax income€3.82BincomeBeforeTaxTax rate40.0%Equity€22.88BtotalStockholderEquityDebt€29.79BlongTermDebt + shortLongTermDebtCash€11.07BcashInvested capital€41.60BThe effective tax rate was above 40% and was capped at 40%.Result 6.4% | 0.43xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€4.40BoperatingIncomeNet PP&E€10.30BpropertyPlantAndEquipmentNetResult 0.43x |
| 2022 | 11.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€10.81BpropertyPlantAndEquipmentNetInventory€1.79BinventoryTotal assets€111.99BtotalAssetsResult 11.2% | 5.79xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€62.51BtotalRevenueNet PP&E€10.81BpropertyPlantAndEquipmentNetResult 5.79x | 0.97xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€3.50BcapitalExpendituresD&A€3.61BreconciledDepreciationResult 0.97x | -€44.75Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€111.99BtotalAssetsGoodwill€17.36BgoodWillIntangibles€37.27BintangibleAssetsLiabilities€82.58BtotalLiabTangible book-€25.22BShares563,596,521commonStockSharesOutstandingResult -€44.75 | 1.16xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€10.58BebitdaCapex€3.50BcapitalExpendituresInterest€810.00MinterestExpenseShort-term debt€5.29BshortLongTermDebtEBITDA − capex€7.08BPrincipal due is the current portion of debt.Result 1.16x | €5.89BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€9.39BtotalCashFromOperatingActivitiesCapex€3.50BcapitalExpendituresFree cash flow€5.89BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €5.89B | 10.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€6.40BoperatingIncomeTax expense€1.74BtaxProvisionPretax income€6.15BincomeBeforeTaxTax rate28.2%Equity€25.94BtotalStockholderEquityDebt€28.92BlongTermDebt + shortLongTermDebtCash€12.58BcashInvested capital€42.28BResult 10.9% | 0.59xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€6.40BoperatingIncomeNet PP&E€10.81BpropertyPlantAndEquipmentNetResult 0.59x |
| 2023 | 12.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€13.01BpropertyPlantAndEquipmentNetInventory€1.88BinventoryTotal assets€118.56BtotalAssetsResult 12.6% | 5.37xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€69.89BtotalRevenueNet PP&E€13.01BpropertyPlantAndEquipmentNetResult 5.37x | 0.88xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€3.33BcapitalExpendituresD&A€3.80BreconciledDepreciationResult 0.88x | -€39.55Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€118.56BtotalAssetsGoodwill€17.58BgoodWillIntangibles€37.04BintangibleAssetsLiabilities€86.52BtotalLiabTangible book-€22.57BShares570,809,915commonStockSharesOutstandingResult -€39.55 | 1.92xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€11.99BebitdaCapex€3.33BcapitalExpendituresInterest€1.18BinterestExpenseShort-term debt€3.34BshortLongTermDebtEBITDA − capex€8.66BPrincipal due is the current portion of debt.Result 1.92x | €7.21BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€10.54BtotalCashFromOperatingActivitiesCapex€3.33BcapitalExpendituresFree cash flow€7.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €7.21B | 14.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€8.04BoperatingIncomeTax expense€1.92BtaxProvisionPretax income€7.02BincomeBeforeTaxTax rate27.3%Equity€28.11BtotalStockholderEquityDebt€29.18BlongTermDebt + shortLongTermDebtCash€15.63BcashInvested capital€41.66BResult 14.0% | 0.62xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€8.04BoperatingIncomeNet PP&E€13.01BpropertyPlantAndEquipmentNetResult 0.62x |
| 2024 | 13.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€15.30BpropertyPlantAndEquipmentNetInventory€1.77BinventoryTotal assets€129.49BtotalAssetsResult 13.2% | 4.76xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€72.77BtotalRevenueNet PP&E€15.30BpropertyPlantAndEquipmentNetResult 4.76x | 1.01xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€4.05BcapitalExpendituresD&A€4.00BreconciledDepreciationResult 1.01x | -€47.91Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€129.49BtotalAssetsGoodwill€19.52BgoodWillIntangibles€41.46BintangibleAssetsLiabilities€95.46BtotalLiabTangible book-€26.94BShares562,417,394commonStockSharesOutstandingResult -€47.91 | 1.46xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€12.78BebitdaCapex€4.05BcapitalExpendituresInterest€1.41BinterestExpenseShort-term debt€4.56BshortLongTermDebtEBITDA − capex€8.73BPrincipal due is the current portion of debt.Result 1.46x | €7.66BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€11.71BtotalCashFromOperatingActivitiesCapex€4.05BcapitalExpendituresFree cash flow€7.66BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €7.66B | 12.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€8.58BoperatingIncomeTax expense€2.10BtaxProvisionPretax income€7.38BincomeBeforeTaxTax rate28.5%Equity€29.95BtotalStockholderEquityDebt€33.67BlongTermDebt + shortLongTermDebtCash€15.20BcashInvested capital€48.42BResult 12.7% | 0.56xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€8.58BoperatingIncomeNet PP&E€15.30BpropertyPlantAndEquipmentNetResult 0.56x |
| 2025 | 13.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€16.68BpropertyPlantAndEquipmentNetInventory€1.70BinventoryTotal assets€133.07BtotalAssetsResult 13.8% | 4.54xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€75.70BtotalRevenueNet PP&E€16.68BpropertyPlantAndEquipmentNetResult 4.54x | 0.92xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€3.87BcapitalExpendituresD&A€4.21BreconciledDepreciationResult 0.92x | -€46.97Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€133.07BtotalAssetsGoodwill€20.18BgoodWillIntangibles€40.27BintangibleAssetsLiabilities€98.74BtotalLiabTangible book-€26.12BShares555,967,094commonStockSharesOutstandingResult -€46.97 | 1.53xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€13.65BebitdaCapex€3.87BcapitalExpendituresInterest€1.51BinterestExpenseShort-term debt€4.87BshortLongTermDebtEBITDA − capex€9.78BPrincipal due is the current portion of debt.Result 1.53x | €8.01BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€11.89BtotalCashFromOperatingActivitiesCapex€3.87BcapitalExpendituresFree cash flow€8.01BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €8.01B | 12.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€9.00BoperatingIncomeTax expense€2.66BtaxProvisionPretax income€7.94BincomeBeforeTaxTax rate33.5%Equity€30.75BtotalStockholderEquityDebt€34.84BlongTermDebt + shortLongTermDebtCash€17.25BcashInvested capital€48.34BResult 12.4% | 0.54xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€9.00BoperatingIncomeNet PP&E€16.68BpropertyPlantAndEquipmentNetResult 0.54x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €16.68B
Inventory: €1.70B
Total assets: €133.07B
Goodwill: €20.18B
Intangibles: €40.27B
Liabilities: €98.74B
Tangible book: -€26.12B
Shares: 555,967,094
Revenue: €75.70B
Capex: €3.87B
D&A: €4.21B
EBITDA: €13.65B
Interest: €1.51B
Short-term debt: €4.87B
Free cash flow: €8.01B
Operating income: €9.00B
Invested capital: €48.34B
Tax rate: 33.5%