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.
Veolia Environnement VE SA
Physical assets are 30.7% of total assets, a mixed footprint. Capex is 0.98x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 13.4%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 2.20x.
Physical asset ratio
30.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€20.21BpropertyPlantEquipmentInventory€1.47BinventoryTotal assets€70.67BtotalAssetsResult 30.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.20xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€44.40BtotalRevenueNet PP&E€20.21BpropertyPlantEquipmentResult 2.20x
Revenue per dollar of the physical asset base.
Capex / D&A
0.98xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€3.06BcapitalExpendituresD&A€3.13BdepreciationAndAmortizationResult 0.98x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€13.44Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€70.67BtotalAssetsGoodwill€11.46BgoodWillIntangibles€7.95BintangibleAssetsLiabilities€61.24BtotalLiabTangible book-€9.97BShares741,711,000commonStockSharesOutstandingResult -€13.44
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€33.01Latest quoteTangible book / share-€13.442025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €33.01.
Fixed-charge coverage
1.69xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€7.05BebitdaCapex€3.06BcapitalExpendituresInterest€692.00MinterestExpenseShort-term debt€1.67BshortLongTermDebtEBITDA − capex€3.99BPrincipal due is the current portion of debt.Result 1.69x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€1.46BfreeCashFlowMarket cap€24.38BMarketCapitalizationResult 6.0%
Latest free cash flow divided by current market cap (€24.38B).
ROIC
13.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€3.45BoperatingIncomeTax expense€587.00MincomeTaxExpensePretax income€2.32BincomeBeforeTaxTax rate25.3%Equity€7.02BtotalStockholderEquityDebt€20.19BshortLongTermDebtTotalCash€8.02BcashAndEquivalentsInvested capital€19.19BResult 13.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.17x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 34.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€9.56BpropertyPlantEquipmentInventory€818.00MinventoryTotal assets€30.45BtotalAssetsResult 34.1% | 2.72xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€25.95BtotalRevenueNet PP&E€9.56BpropertyPlantEquipmentResult 2.72x | 0.74xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€1.48BcapitalExpendituresD&A€2.01BdepreciationAndAmortizationResult 0.74x | -€20.00Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€30.45BtotalAssetsGoodwill€5.11BgoodWillIntangibles€4.58BintangibleAssetsLiabilities€32.27BtotalLiabTangible book-€11.52BShares575,900,000commonStockSharesOutstandingResult -€20.00 | 1.25xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.11BebitdaCapex€1.48BcapitalExpendituresInterest€364.20MinterestExpenseShort-term debt€942.80MshortTermDebtEBITDA − capex€1.63BPrincipal due is short-term debt.Result 1.25x | €1.36BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€2.84BtotalCashFromOperatingActivitiesCapex€1.48BcapitalExpendituresFree cash flow€1.36BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.36B | 11.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.48BoperatingIncomeTax expense€199.00MincomeTaxExpensePretax income€853.30MincomeBeforeTaxTax rate23.3%Equity€2.83BtotalStockholderEquityDebt€12.02BshortLongTermDebtTotalCash€4.85BcashAndShortTermInvestmentsInvested capital€10.00BResult 11.3% | 0.15xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€1.48BoperatingIncomeNet PP&E€9.56BpropertyPlantEquipmentResult 0.15x |
| 2019 | 24.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€9.34BpropertyPlantEquipmentInventory€792.00MinventoryTotal assets€41.02BtotalAssetsResult 24.7% | 2.91xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€27.19BtotalRevenueNet PP&E€9.34BpropertyPlantEquipmentResult 2.91x | 0.83xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€1.68BcapitalExpendituresD&A€2.03BdepreciationAndAmortizationResult 0.83x | -€4.90Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€41.02BtotalAssetsGoodwill€5.13BgoodWillIntangibles€4.89BintangibleAssetsLiabilities€33.94BtotalLiabTangible book-€2.94BShares599,997,360commonStockSharesOutstandingResult -€4.90 | 2.58xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.46BebitdaCapex€1.68BcapitalExpendituresInterest€389.20MinterestExpenseShort-term debt€302.20MshortTermDebtEBITDA − capex€1.78BPrincipal due is short-term debt.Result 2.58x | €1.41BFree cash flow · 2019-12-31Operating cash flow − capexOperating cash flow€3.09BtotalCashFromOperatingActivitiesCapex€1.68BcapitalExpendituresFree cash flow€1.41BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result €1.41B | 11.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.54BoperatingIncomeTax expense€298.50MincomeTaxExpensePretax income€1.17BincomeBeforeTaxTax rate25.5%Equity€5.93BtotalStockholderEquityDebt€11.09BshortLongTermDebtTotalCash€6.67BcashAndShortTermInvestmentsInvested capital€10.35BResult 11.1% | 0.16xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€1.54BoperatingIncomeNet PP&E€9.34BpropertyPlantEquipmentResult 0.16x |
| 2020 | 23.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€9.75BpropertyPlantEquipmentInventory€797.70MinventoryTotal assets€45.36BtotalAssetsResult 23.2% | 2.67xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€26.01BtotalRevenueNet PP&E€9.75BpropertyPlantEquipmentResult 2.67x | 0.78xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€1.61BcapitalExpendituresD&A€2.07BdepreciationAndAmortizationResult 0.78x | -€4.14Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€45.36BtotalAssetsGoodwill€5.89BgoodWillIntangibles€4.92BintangibleAssetsLiabilities€37.05BtotalLiabTangible book-€2.49BShares601,449,385commonStockSharesOutstandingResult -€4.14 | 0.88xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€2.69BebitdaCapex€1.61BcapitalExpendituresInterest€363.60MinterestExpenseShort-term debt€865.70MshortLongTermDebtEBITDA − capex€1.08BPrincipal due is the current portion of debt.Result 0.88x | €1.12BFree cash flow · 2020-12-31Operating cash flow − capexOperating cash flow€2.73BtotalCashFromOperatingActivitiesCapex€1.61BcapitalExpendituresFree cash flow€1.12BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result €1.12B | 5.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.13BoperatingIncomeTax expense€137.00MincomeTaxExpensePretax income€365.40MincomeBeforeTaxTax rate37.5%Equity€7.22BtotalStockholderEquityDebt€13.40BshortLongTermDebtTotalCash€6.84BcashAndShortTermInvestmentsInvested capital€13.78BResult 5.1% | 0.12xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€1.13BoperatingIncomeNet PP&E€9.75BpropertyPlantEquipmentResult 0.12x |
| 2021 | 20.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€10.26BpropertyPlantEquipmentInventory€816.30MinventoryTotal assets€53.08BtotalAssetsResult 20.9% | 2.78xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€28.51BtotalRevenueNet PP&E€10.26BpropertyPlantEquipmentResult 2.78x | 0.82xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€1.73BcapitalExpendituresD&A€2.12BdepreciationAndAmortizationResult 0.82x | €2.48Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€53.08BtotalAssetsGoodwill€6.20BgoodWillIntangibles€5.03BintangibleAssetsLiabilities€40.31BtotalLiabTangible book€1.53BShares618,000,000commonStockSharesOutstandingResult €2.48 | 0.81xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€3.23BebitdaCapex€1.73BcapitalExpendituresInterest€317.40MinterestExpenseShort-term debt€1.55BshortLongTermDebtEBITDA − capex€1.51BPrincipal due is the current portion of debt.Result 0.81x | €1.42BFree cash flow · 2021-12-31Operating cash flow − capexOperating cash flow€3.15BtotalCashFromOperatingActivitiesCapex€1.73BcapitalExpendituresFree cash flow€1.42BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result €1.42B | 7.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.64BoperatingIncomeTax expense€345.80MincomeTaxExpensePretax income€900.70MincomeBeforeTaxTax rate38.4%Equity€11.52BtotalStockholderEquityDebt€13.72BshortLongTermDebtTotalCash€11.96BcashAndShortTermInvestmentsInvested capital€13.28BResult 7.6% | 0.16xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€1.64BoperatingIncomeNet PP&E€10.26BpropertyPlantEquipmentResult 0.16x |
| 2022 | 27.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€18.57BpropertyPlantEquipmentInventory€1.49BinventoryTotal assets€73.30BtotalAssetsResult 27.4% | 2.31xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€42.89BtotalRevenueNet PP&E€18.57BpropertyPlantEquipmentResult 2.31x | 0.87xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€2.78BcapitalExpendituresD&A€3.19BdepreciationAndAmortizationResult 0.87x | -€7.29Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€73.30BtotalAssetsGoodwill€11.64BgoodWillIntangibles€8.43BintangibleAssetsLiabilities€58.44BtotalLiabTangible book-€5.20BShares714,300,000commonStockSharesOutstandingResult -€7.29 | 1.04xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.10BebitdaCapex€2.78BcapitalExpendituresInterest€540.30MinterestExpenseShort-term debt€1.69BshortLongTermDebtEBITDA − capex€2.32BPrincipal due is the current portion of debt.Result 1.04x | €1.36BFree cash flow · 2022-12-31Operating cash flow − capexOperating cash flow€4.15BtotalCashFromOperatingActivitiesCapex€2.78BcapitalExpendituresFree cash flow€1.36BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result €1.36B | 14.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.89BoperatingIncomeTax expense€419.80MincomeTaxExpensePretax income€1.50BincomeBeforeTaxTax rate28.1%Equity€3.57BtotalStockholderEquityDebt€21.56BshortLongTermDebtTotalCash€10.86BcashAndShortTermInvestmentsInvested capital€14.27BResult 14.6% | 0.16xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€2.89BoperatingIncomeNet PP&E€18.57BpropertyPlantEquipmentResult 0.16x |
| 2023 | 28.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€18.99BpropertyPlantEquipmentInventory€1.55BinventoryTotal assets€72.57BtotalAssetsResult 28.3% | 2.39xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€45.35BtotalRevenueNet PP&E€18.99BpropertyPlantEquipmentResult 2.39x | 1.03xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€3.14BcapitalExpendituresD&A€3.05BdepreciationAndAmortizationResult 1.03x | -€7.32Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€72.57BtotalAssetsGoodwill€11.56BgoodWillIntangibles€8.50BintangibleAssetsLiabilities€57.86BtotalLiabTangible book-€5.35BShares731,000,000commonStockSharesOutstandingResult -€7.32 | 0.99xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.48BebitdaCapex€3.14BcapitalExpendituresInterest€685.00MinterestExpenseShort-term debt€1.68BshortLongTermDebtEBITDA − capex€2.34BPrincipal due is the current portion of debt.Result 0.99x | €1.87BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€5.01BtotalCashFromOperatingActivitiesCapex€3.14BcapitalExpendituresFree cash flow€1.87BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.87B | 11.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€2.90BoperatingIncomeTax expense€511.00MincomeTaxExpensePretax income€1.87BincomeBeforeTaxTax rate27.3%Equity€8.68BtotalStockholderEquityDebt€20.46BshortLongTermDebtTotalCash€10.79BcashAndShortTermInvestmentsInvested capital€18.36BResult 11.5% | 0.15xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€2.90BoperatingIncomeNet PP&E€18.99BpropertyPlantEquipmentResult 0.15x |
| 2024 | 29.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€19.75BpropertyPlantEquipmentInventory€1.50BinventoryTotal assets€72.96BtotalAssetsResult 29.1% | 2.26xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€44.69BtotalRevenueNet PP&E€19.75BpropertyPlantEquipmentResult 2.26x | 0.93xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€2.97BcapitalExpendituresD&A€3.18BdepreciationAndAmortizationResult 0.93x | -€6.17Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€72.96BtotalAssetsGoodwill€11.78BgoodWillIntangibles€8.09BintangibleAssetsLiabilities€57.65BtotalLiabTangible book-€4.57BShares741,000,000commonStockSharesOutstandingResult -€6.17 | 1.60xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€6.79BebitdaCapex€2.97BcapitalExpendituresInterest€769.00MinterestExpenseShort-term debt€1.61BshortLongTermDebtEBITDA − capex€3.82BPrincipal due is the current portion of debt.Result 1.60x | €2.07BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€5.04BtotalCashFromOperatingActivitiesCapex€2.97BcapitalExpendituresFree cash flow€2.07BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.07B | 10.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€3.07BoperatingIncomeTax expense€567.00MincomeTaxExpensePretax income€2.11BincomeBeforeTaxTax rate26.8%Equity€12.92BtotalStockholderEquityDebt€19.97BshortLongTermDebtTotalCash€11.76BcashAndShortTermInvestmentsInvested capital€21.12BResult 10.7% | 0.16xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€3.07BoperatingIncomeNet PP&E€19.75BpropertyPlantEquipmentResult 0.16x |
| 2025 | 30.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€20.21BpropertyPlantEquipmentInventory€1.47BinventoryTotal assets€70.67BtotalAssetsResult 30.7% | 2.20xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€44.40BtotalRevenueNet PP&E€20.21BpropertyPlantEquipmentResult 2.20x | 0.98xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€3.06BcapitalExpendituresD&A€3.13BdepreciationAndAmortizationResult 0.98x | -€13.44Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€70.67BtotalAssetsGoodwill€11.46BgoodWillIntangibles€7.95BintangibleAssetsLiabilities€61.24BtotalLiabTangible book-€9.97BShares741,711,000commonStockSharesOutstandingResult -€13.44 | 1.69xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€7.05BebitdaCapex€3.06BcapitalExpendituresInterest€692.00MinterestExpenseShort-term debt€1.67BshortLongTermDebtEBITDA − capex€3.99BPrincipal due is the current portion of debt.Result 1.69x | €1.46BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€4.52BtotalCashFromOperatingActivitiesCapex€3.06BcapitalExpendituresFree cash flow€1.46BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.46B | 13.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€3.45BoperatingIncomeTax expense€587.00MincomeTaxExpensePretax income€2.32BincomeBeforeTaxTax rate25.3%Equity€7.02BtotalStockholderEquityDebt€20.19BshortLongTermDebtTotalCash€8.02BcashAndEquivalentsInvested capital€19.19BResult 13.4% | 0.17xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€3.45BoperatingIncomeNet PP&E€20.21BpropertyPlantEquipmentResult 0.17x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €20.21B
Inventory: €1.47B
Total assets: €70.67B
Goodwill: €11.46B
Intangibles: €7.95B
Liabilities: €61.24B
Tangible book: -€9.97B
Shares: 741,711,000
Revenue: €44.40B
Capex: €3.06B
D&A: €3.13B
EBITDA: €7.05B
Interest: €692.00M
Short-term debt: €1.67B
Free cash flow: €1.46B
Operating income: €3.45B
Invested capital: €19.19B
Tax rate: 25.3%