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.
Telefonica
Physical assets are 28.8% of total assets, a light footprint. Capex is 0.69x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.64x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 1.37x.
Physical asset ratio
28.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€25.60BpropertyPlantAndEquipmentNetInventory€862.00MinventoryTotal assets€92.02BtotalAssetsResult 28.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.37xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€35.12BtotalRevenueNet PP&E€25.60BpropertyPlantAndEquipmentNetResult 1.37x
Revenue per dollar of the physical asset base.
Capex / D&A
0.69xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€5.06BcapitalExpendituresD&A€7.36BdepreciationAndAmortizationResult 0.69x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€1.26Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€92.02BtotalAssetsGoodwill€15.80BgoodWillIntangibles€9.11BintangibleAssetsLiabilities€74.21BtotalLiabTangible book-€7.10BShares5,637,000,000commonStockSharesOutstandingResult -€1.26
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€3.37Latest quoteTangible book / share-€1.262025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €3.37.
Fixed-charge coverage
0.64xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€8.83BebitdaCapex€5.06BcapitalExpendituresInterest€1.91BinterestExpenseShort-term debt€3.95BshortLongTermDebtEBITDA − capex€3.78BPrincipal due is the current portion of debt.Result 0.64x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
24.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€4.67BfreeCashFlowMarket cap€18.99BMarketCapitalizationResult 24.6%
Latest free cash flow divided by current market cap (€18.99B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.47BoperatingIncomeTax expense€365.00MincomeTaxExpensePretax income-€1.40BincomeBeforeTaxTax rate—Equity€14.26BtotalStockholderEquityDebt€39.65BshortLongTermDebtTotalCash€7.43BcashAndShortTermInvestmentsInvested capital€46.48BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 30.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€33.30BpropertyPlantEquipmentInventory€1.69BinventoryTotal assets€114.05BtotalAssetsResult 30.7% | 1.46xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€48.69BtotalRevenueNet PP&E€33.30BpropertyPlantEquipmentResult 1.46x | 0.97xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€8.78BcapitalExpendituresD&A€9.05BdepreciationAndAmortizationResult 0.97x | -€3.01Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€114.05BtotalAssetsGoodwill€25.75BgoodWillIntangibles€16.86BintangibleAssetsLiabilities€87.07BtotalLiabTangible book-€15.62BShares5,192,131,686commonStockSharesOutstandingResult -€3.01 | 0.52xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€14.88BebitdaCapex€8.78BcapitalExpendituresInterest€2.69BinterestExpenseShort-term debt€9.14BshortLongTermDebtEBITDA − capex€6.10BPrincipal due is the current portion of debt.Result 0.52x | €4.53BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€13.31BtotalCashFromOperatingActivitiesCapex€8.78BcapitalExpendituresFree cash flow€4.53BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €4.53B | 7.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€6.52BoperatingIncomeTax expense€1.62BincomeTaxExpensePretax income€5.57BincomeBeforeTaxTax rate29.1%Equity€17.95BtotalStockholderEquityDebt€54.70BshortLongTermDebtTotalCash€7.90BcashAndShortTermInvestmentsInvested capital€64.75BResult 7.1% | 0.20xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€6.52BoperatingIncomeNet PP&E€33.30BpropertyPlantEquipmentResult 0.20x |
| 2019 | 34.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€39.17BpropertyPlantEquipmentInventory€2.00BinventoryTotal assets€118.88BtotalAssetsResult 34.6% | 1.24xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€48.42BtotalRevenueNet PP&E€39.17BpropertyPlantEquipmentResult 1.24x | 0.79xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€8.41BcapitalExpendituresD&A€10.58BdepreciationAndAmortizationResult 0.79x | -€3.12Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€118.88BtotalAssetsGoodwill€25.40BgoodWillIntangibles€16.03BintangibleAssetsLiabilities€93.43BtotalLiabTangible book-€15.99BShares5,123,904,000commonStockSharesOutstandingResult -€3.12 | 0.64xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€15.70BebitdaCapex€8.41BcapitalExpendituresInterest€2.80BinterestExpenseShort-term debt€8.55BshortLongTermDebtEBITDA − capex€7.29BPrincipal due is the current portion of debt.Result 0.64x | €6.60BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€15.01BtotalCashFromOperatingActivitiesCapex€8.41BcapitalExpendituresFree cash flow€6.60BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €6.60B | 11.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.74BoperatingIncomeTax expense€1.05BincomeTaxExpensePretax income€2.72BincomeBeforeTaxTax rate38.8%Equity€17.12BtotalStockholderEquityDebt€7.23BshortLongTermDebtTotalCash€9.17BcashAndShortTermInvestmentsInvested capital€15.18BResult 11.1% | 0.07xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€2.74BoperatingIncomeNet PP&E€39.17BpropertyPlantEquipmentResult 0.07x |
| 2020 | 29.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€28.75BpropertyPlantEquipmentInventory€1.72BinventoryTotal assets€105.05BtotalAssetsResult 29.0% | 1.50xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€43.08BtotalRevenueNet PP&E€28.75BpropertyPlantEquipmentResult 1.50x | 0.75xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€7.02BcapitalExpendituresD&A€9.36BdepreciationAndAmortizationResult 0.75x | -€1.88Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€105.05BtotalAssetsGoodwill€17.04BgoodWillIntangibles€11.49BintangibleAssetsLiabilities€86.79BtotalLiabTangible book-€10.27BShares5,477,750,000commonStockSharesOutstandingResult -€1.88 | 1.85xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€13.82BebitdaCapex€7.02BcapitalExpendituresInterest€2.42BinterestExpenseShort-term debt€1.26BshortTermDebtEBITDA − capex€6.80BPrincipal due is short-term debt.Result 1.85x | €6.18BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€13.20BtotalCashFromOperatingActivitiesCapex€7.02BcapitalExpendituresFree cash flow€6.18BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €6.18B | 9.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€6.01BoperatingIncomeTax expense€626.00MincomeTaxExpensePretax income€2.58BincomeBeforeTaxTax rate24.2%Equity€11.24BtotalStockholderEquityDebt€43.42BshortLongTermDebtTotalCash€8.10BcashAndShortTermInvestmentsInvested capital€46.56BResult 9.8% | 0.21xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€6.01BoperatingIncomeNet PP&E€28.75BpropertyPlantEquipmentResult 0.21x |
| 2021 | 29.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€30.30BpropertyPlantEquipmentInventory€1.75BinventoryTotal assets€109.21BtotalAssetsResult 29.3% | 1.30xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€39.28BtotalRevenueNet PP&E€30.30BpropertyPlantEquipmentResult 1.30x | 0.73xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€6.16BcapitalExpendituresD&A€8.40BdepreciationAndAmortizationResult 0.73x | €0.08Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€109.21BtotalAssetsGoodwill€16.52BgoodWillIntangibles€11.73BintangibleAssetsLiabilities€80.53BtotalLiabTangible book€440.00MShares5,736,729,000commonStockSharesOutstandingResult €0.08 | 4.41xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€22.53BebitdaCapex€6.16BcapitalExpendituresInterest€2.03BinterestExpenseShort-term debt€1.68BshortTermDebtEBITDA − capex€16.37BPrincipal due is short-term debt.Result 4.41x | €4.10BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€10.27BtotalCashFromOperatingActivitiesCapex€6.16BcapitalExpendituresFree cash flow€4.10BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €4.10B | 23.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€13.59BoperatingIncomeTax expense€1.38BincomeTaxExpensePretax income€12.10BincomeBeforeTaxTax rate11.4%Equity€22.21BtotalStockholderEquityDebt€41.52BshortLongTermDebtTotalCash€12.42BcashAndShortTermInvestmentsInvested capital€51.32BResult 23.5% | 0.45xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€13.59BoperatingIncomeNet PP&E€30.30BpropertyPlantEquipmentResult 0.45x |
| 2022 | 30.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€31.99BpropertyPlantEquipmentInventory€1.55BinventoryTotal assets€109.64BtotalAssetsResult 30.6% | 1.25xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€39.99BtotalRevenueNet PP&E€31.99BpropertyPlantEquipmentResult 1.25x | 0.63xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€5.51BcapitalExpendituresD&A€8.80BdepreciationAndAmortizationResult 0.63x | €0.21Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€109.64BtotalAssetsGoodwill€18.47BgoodWillIntangibles€12.02BintangibleAssetsLiabilities€77.93BtotalLiabTangible book€1.22BShares5,763,201,000commonStockSharesOutstandingResult €0.21 | 1.84xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€14.79BebitdaCapex€5.51BcapitalExpendituresInterest€3.03BinterestExpenseShort-term debt€2.02BshortTermDebtEBITDA − capex€9.28BPrincipal due is short-term debt.Result 1.84x | €5.30BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€10.81BtotalCashFromOperatingActivitiesCapex€5.51BcapitalExpendituresFree cash flow€5.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €5.30B | 5.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€4.06BoperatingIncomeTax expense€641.00MincomeTaxExpensePretax income€2.96BincomeBeforeTaxTax rate21.7%Equity€25.09BtotalStockholderEquityDebt€41.71BshortLongTermDebtTotalCash€9.69BcashAndShortTermInvestmentsInvested capital€57.11BResult 5.6% | 0.13xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€4.06BoperatingIncomeNet PP&E€31.99BpropertyPlantEquipmentResult 0.13x |
| 2023 | 31.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€31.39BpropertyPlantAndEquipmentNetInventory€929.00MinventoryTotal assets€104.32BtotalAssetsResult 31.0% | 1.29xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€40.65BtotalRevenueNet PP&E€31.39BpropertyPlantAndEquipmentNetResult 1.29x | 0.70xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€6.16BcapitalExpendituresD&A€8.80BdepreciationAndAmortizationResult 0.70x | -€0.52Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€104.32BtotalAssetsGoodwill€18.71BgoodWillIntangibles€11.37BintangibleAssetsLiabilities€77.23BtotalLiabTangible book-€2.98BShares5,715,577,000commonStockSharesOutstandingResult -€0.52 | 0.64xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€10.34BebitdaCapex€6.16BcapitalExpendituresInterest€3.01BinterestExpenseShort-term debt€3.47BshortLongTermDebtEBITDA − capex€4.18BPrincipal due is the current portion of debt.Result 0.64x | €5.49BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€11.65BtotalCashFromOperatingActivitiesCapex€6.16BcapitalExpendituresFree cash flow€5.49BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €5.49B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.59BoperatingIncomeTax expense-€899.00MincomeTaxExpensePretax income-€1.47BincomeBeforeTaxTax rate—Equity€14.30BtotalStockholderEquityDebt€44.35BshortLongTermDebtTotalCash€7.67BcashAndShortTermInvestmentsInvested capital€50.99BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.08xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€2.59BoperatingIncomeNet PP&E€31.39BpropertyPlantAndEquipmentNetResult 0.08x |
| 2024 | 30.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€29.35BpropertyPlantAndEquipmentNetInventory€954.00MinventoryTotal assets€100.50BtotalAssetsResult 30.1% | 1.41xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€41.32BtotalRevenueNet PP&E€29.35BpropertyPlantAndEquipmentNetResult 1.41x | 0.66xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€5.79BcapitalExpendituresD&A€8.80BdepreciationAndAmortizationResult 0.66x | -€0.64Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€100.50BtotalAssetsGoodwill€16.46BgoodWillIntangibles€9.88BintangibleAssetsLiabilities€77.75BtotalLiabTangible book-€3.59BShares5,635,695,000commonStockSharesOutstandingResult -€0.64 | 0.78xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€12.35BebitdaCapex€5.79BcapitalExpendituresInterest€3.00BinterestExpenseShort-term debt€5.39BshortLongTermDebtEBITDA − capex€6.56BPrincipal due is the current portion of debt.Result 0.78x | €5.20BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€10.99BtotalCashFromOperatingActivitiesCapex€5.79BcapitalExpendituresFree cash flow€5.20BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €5.20B | 2.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.40BoperatingIncomeTax expense€348.00MincomeTaxExpensePretax income€557.00MincomeBeforeTaxTax rate40.0%Equity€19.35BtotalStockholderEquityDebt€45.02BshortLongTermDebtTotalCash€9.26BcashAndShortTermInvestmentsInvested capital€55.11BThe effective tax rate was above 40% and was capped at 40%.Result 2.6% | 0.08xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€2.40BoperatingIncomeNet PP&E€29.35BpropertyPlantAndEquipmentNetResult 0.08x |
| 2025 | 28.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€25.60BpropertyPlantAndEquipmentNetInventory€862.00MinventoryTotal assets€92.02BtotalAssetsResult 28.8% | 1.37xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€35.12BtotalRevenueNet PP&E€25.60BpropertyPlantAndEquipmentNetResult 1.37x | 0.69xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€5.06BcapitalExpendituresD&A€7.36BdepreciationAndAmortizationResult 0.69x | -€1.26Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€92.02BtotalAssetsGoodwill€15.80BgoodWillIntangibles€9.11BintangibleAssetsLiabilities€74.21BtotalLiabTangible book-€7.10BShares5,637,000,000commonStockSharesOutstandingResult -€1.26 | 0.64xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€8.83BebitdaCapex€5.06BcapitalExpendituresInterest€1.91BinterestExpenseShort-term debt€3.95BshortLongTermDebtEBITDA − capex€3.78BPrincipal due is the current portion of debt.Result 0.64x | €4.67BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€9.72BtotalCashFromOperatingActivitiesCapex€5.06BcapitalExpendituresFree cash flow€4.67BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €4.67B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.47BoperatingIncomeTax expense€365.00MincomeTaxExpensePretax income-€1.40BincomeBeforeTaxTax rate—Equity€14.26BtotalStockholderEquityDebt€39.65BshortLongTermDebtTotalCash€7.43BcashAndShortTermInvestmentsInvested capital€46.48BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.06xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€1.47BoperatingIncomeNet PP&E€25.60BpropertyPlantAndEquipmentNetResult 0.06x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €25.60B
Inventory: €862.00M
Total assets: €92.02B
Goodwill: €15.80B
Intangibles: €9.11B
Liabilities: €74.21B
Tangible book: -€7.10B
Shares: 5,637,000,000
Revenue: €35.12B
Capex: €5.06B
D&A: €7.36B
EBITDA: €8.83B
Interest: €1.91B
Short-term debt: €3.95B
Free cash flow: €4.67B
Operating income: €1.47B
Invested capital: €46.48B
Tax rate: —