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.
Worldline SA
Physical assets are 3.3% of total assets, a light footprint. Capex is 0.40x 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 0.84x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 10.13x.
Physical asset ratio
3.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€398.00MpropertyPlantEquipmentInventory€32.80MinventoryTotal assets€13.15BtotalAssetsResult 3.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
10.13xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€4.03BtotalRevenueNet PP&E€398.00MpropertyPlantEquipmentResult 10.13x
Revenue per dollar of the physical asset base.
Capex / D&A
0.40xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€248.30McapitalExpendituresD&A€613.50MdepreciationAndAmortizationResult 0.40x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€233.91Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€13.15BtotalAssetsGoodwill€3.84BgoodWillIntangibles€1.84BintangibleAssetsLiabilities€9.10BtotalLiabTangible book-€1.64BShares7,001,832commonStockSharesOutstandingResult -€233.91
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€10.27Latest quoteTangible book / share-€233.912025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €10.27.
Fixed-charge coverage
0.84xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€731.20MebitdaCapex€248.30McapitalExpendituresInterest€117.20MinterestExpenseShort-term debt€459.70MshortLongTermDebtEBITDA − capex€482.90MPrincipal due is the current portion of debt.Result 0.84x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
28.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€166.50MfreeCashFlowMarket cap€578.81MMarketCapitalizationResult 28.8%
Latest free cash flow divided by current market cap (€578.81M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€117.70MoperatingIncomeTax expense-€60.10MincomeTaxExpensePretax income-€5.22BincomeBeforeTaxTax rate—Equity€3.25BtotalStockholderEquityDebt€3.12BshortLongTermDebtTotalCash€941.60McashAndShortTermInvestmentsInvested capital€5.43BROIC 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 0.30x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 2.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€146.00MpropertyPlantEquipmentInventory€35.00MinventoryTotal assets€6.36BtotalAssetsResult 2.8% | 11.78xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€1.72BtotalRevenueNet PP&E€146.00MpropertyPlantEquipmentResult 11.78x | 0.91xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€105.50McapitalExpendituresD&A€115.80MdepreciationAndAmortizationResult 0.91x | -€86.61Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€6.36BtotalAssetsGoodwill€3.01BgoodWillIntangibles€1.09BintangibleAssetsLiabilities€2.55BtotalLiabTangible book-€299.40MShares3,456,997commonStockSharesOutstandingResult -€86.61 | 1.74xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€328.10MebitdaCapex€105.50McapitalExpendituresInterest€1.30MinterestExpenseShort-term debt€126.90MshortLongTermDebtEBITDA − capex€222.60MPrincipal due is the current portion of debt.Result 1.74x | €208.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€313.50MtotalCashFromOperatingActivitiesCapex€105.50McapitalExpendituresFree cash flow€208.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €208.00M | 6.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€290.90MoperatingIncomeTax expense€45.30MincomeTaxExpensePretax income€184.70MincomeBeforeTaxTax rate24.5%Equity€3.60BtotalStockholderEquityDebt€247.80MshortLongTermDebtTotalCash€213.20McashAndShortTermInvestmentsInvested capital€3.63BResult 6.0% | 1.99xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€290.90MoperatingIncomeNet PP&E€146.00MpropertyPlantEquipmentResult 1.99x |
| 2019 | 5.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€346.00MpropertyPlantEquipmentInventory€41.20MinventoryTotal assets€6.88BtotalAssetsResult 5.6% | 6.88xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€2.38BtotalRevenueNet PP&E€346.00MpropertyPlantEquipmentResult 6.88x | 0.52xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€113.90McapitalExpendituresD&A€218.80MdepreciationAndAmortizationResult 0.52x | -€874.92Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€6.88BtotalAssetsGoodwill€3.11BgoodWillIntangibles€4.16BintangibleAssetsLiabilities€3.65BtotalLiabTangible book-€4.06BShares4,634,688commonStockSharesOutstandingResult -€874.92 | 4.76xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€646.40MebitdaCapex€113.90McapitalExpendituresInterest€24.20MinterestExpenseShort-term debt€87.63MshortLongTermDebtEBITDA − capex€532.50MPrincipal due is the current portion of debt.Result 4.76x | €312.90MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€426.80MtotalCashFromOperatingActivitiesCapex€113.90McapitalExpendituresFree cash flow€312.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €312.90M | 7.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€344.80MoperatingIncomeTax expense€75.00MincomeTaxExpensePretax income€416.00MincomeBeforeTaxTax rate18.0%Equity€3.22BtotalStockholderEquityDebt€1.34BshortLongTermDebtTotalCash€500.90McashAndShortTermInvestmentsInvested capital€4.06BResult 7.0% | 1.00xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€344.80MoperatingIncomeNet PP&E€346.00MpropertyPlantEquipmentResult 1.00x |
| 2020 | 3.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€529.20MpropertyPlantEquipmentInventory€131.40MinventoryTotal assets€19.67BtotalAssetsResult 3.4% | 4.65xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€2.46BtotalRevenueNet PP&E€529.20MpropertyPlantEquipmentResult 4.65x | 0.60xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€155.30McapitalExpendituresD&A€258.30MdepreciationAndAmortizationResult 0.60x | -€2.91KTangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€19.67BtotalAssetsGoodwill€11.14BgoodWillIntangibles€14.37BintangibleAssetsLiabilities€9.28BtotalLiabTangible book-€15.12BShares5,197,022commonStockSharesOutstandingResult -€2.91K | 0.29xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€458.40MebitdaCapex€155.30McapitalExpendituresInterest€25.50MinterestExpenseShort-term debt€1.04BshortLongTermDebtEBITDA − capex€303.10MPrincipal due is the current portion of debt.Result 0.29x | €356.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€511.30MtotalCashFromOperatingActivitiesCapex€155.30McapitalExpendituresFree cash flow€356.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €356.00M | 1.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€322.30MoperatingIncomeTax expense€45.00MincomeTaxExpensePretax income€174.60MincomeBeforeTaxTax rate25.8%Equity€9.48BtotalStockholderEquityDebt€4.85BshortLongTermDebtTotalCash€1.34BcashAndShortTermInvestmentsInvested capital€12.99BResult 1.8% | 0.61xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€322.30MoperatingIncomeNet PP&E€529.20MpropertyPlantEquipmentResult 0.61x |
| 2021 | 2.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€474.20MpropertyPlantEquipmentInventory€42.10MinventoryTotal assets€20.04BtotalAssetsResult 2.6% | 7.78xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€3.69BtotalRevenueNet PP&E€474.20MpropertyPlantEquipmentResult 7.78x | 0.52xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€225.60McapitalExpendituresD&A€430.80MdepreciationAndAmortizationResult 0.52x | -€1.58KTangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€20.04BtotalAssetsGoodwill€9.33BgoodWillIntangibles€11.64BintangibleAssetsLiabilities€10.13BtotalLiabTangible book-€11.05BShares6,991,709commonStockSharesOutstandingResult -€1.58K | 0.66xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€743.50MebitdaCapex€225.60McapitalExpendituresInterest€46.50MinterestExpenseShort-term debt€742.60MshortLongTermDebtEBITDA − capex€517.90MPrincipal due is the current portion of debt.Result 0.66x | €727.50MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€953.10MtotalCashFromOperatingActivitiesCapex€225.60McapitalExpendituresFree cash flow€727.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €727.50M | 2.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€435.90MoperatingIncomeTax expense€64.00MincomeTaxExpensePretax income€266.20MincomeBeforeTaxTax rate24.0%Equity€9.04BtotalStockholderEquityDebt€4.56BshortLongTermDebtTotalCash€1.14BcashAndShortTermInvestmentsInvested capital€12.47BResult 2.7% | 0.92xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€435.90MoperatingIncomeNet PP&E€474.20MpropertyPlantEquipmentResult 0.92x |
| 2022 | 2.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€520.80MpropertyPlantEquipmentInventory€67.60MinventoryTotal assets€21.86BtotalAssetsResult 2.7% | 8.38xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€4.36BtotalRevenueNet PP&E€520.80MpropertyPlantEquipmentResult 8.38x | 0.66xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€324.90McapitalExpendituresD&A€494.30MdepreciationAndAmortizationResult 0.66x | -€1.67KTangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€21.86BtotalAssetsGoodwill€10.18BgoodWillIntangibles€12.65BintangibleAssetsLiabilities€11.32BtotalLiabTangible book-€12.30BShares7,360,320commonStockSharesOutstandingResult -€1.67K | 0.79xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€831.50MebitdaCapex€324.90McapitalExpendituresInterest€41.60MinterestExpenseShort-term debt€602.60MshortLongTermDebtEBITDA − capex€506.60MPrincipal due is the current portion of debt.Result 0.79x | €724.10MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€1.05BtotalCashFromOperatingActivitiesCapex€324.90McapitalExpendituresFree cash flow€724.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €724.10M | 3.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€531.80MoperatingIncomeTax expense€78.80MincomeTaxExpensePretax income€294.10MincomeBeforeTaxTax rate26.8%Equity€9.38BtotalStockholderEquityDebt€4.13BshortLongTermDebtTotalCash€1.92BcashAndShortTermInvestmentsInvested capital€11.60BResult 3.4% | 1.02xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€531.80MoperatingIncomeNet PP&E€520.80MpropertyPlantEquipmentResult 1.02x |
| 2023 | 3.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€556.00MpropertyPlantEquipmentInventory€97.70MinventoryTotal assets€21.73BtotalAssetsResult 3.0% | 8.29xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€4.61BtotalRevenueNet PP&E€556.00MpropertyPlantEquipmentResult 8.29x | 0.57xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€332.90McapitalExpendituresD&A€581.40MdepreciationAndAmortizationResult 0.57x | -€272.05Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€21.73BtotalAssetsGoodwill€9.06BgoodWillIntangibles€2.42BintangibleAssetsLiabilities€12.17BtotalLiabTangible book-€1.92BShares7,052,769commonStockSharesOutstandingResult -€272.05 | -0.62xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-€276.00MebitdaCapex€332.90McapitalExpendituresInterest€43.50MinterestExpenseShort-term debt€946.10MshortLongTermDebtEBITDA − capex-€608.90MPrincipal due is the current portion of debt.Result -0.62x | €458.90MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€791.80MtotalCashFromOperatingActivitiesCapex€332.90McapitalExpendituresFree cash flow€458.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €458.90M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€870.00MoperatingIncomeTax expense€40.20MincomeTaxExpensePretax income-€918.20MincomeBeforeTaxTax rate—Equity€8.58BtotalStockholderEquityDebt€4.05BshortLongTermDebtTotalCash€1.95BcashAndShortTermInvestmentsInvested capital€10.67BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.56xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-€870.00MoperatingIncomeNet PP&E€556.00MpropertyPlantEquipmentResult -1.56x |
| 2024 | 3.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€577.30MpropertyPlantEquipmentInventory€72.20MinventoryTotal assets€19.42BtotalAssetsResult 3.3% | 8.02xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€4.63BtotalRevenueNet PP&E€577.30MpropertyPlantEquipmentResult 8.02x | 0.48xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€281.50McapitalExpendituresD&A€583.50MdepreciationAndAmortizationResult 0.48x | -€279.83Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€19.42BtotalAssetsGoodwill€9.00BgoodWillIntangibles€2.19BintangibleAssetsLiabilities€10.20BtotalLiabTangible book-€1.98BShares7,064,179commonStockSharesOutstandingResult -€279.83 | 0.06xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€369.30MebitdaCapex€281.50McapitalExpendituresInterest€87.20MinterestExpenseShort-term debt€1.30BshortLongTermDebtEBITDA − capex€87.80MPrincipal due is the current portion of debt.Result 0.06x | €321.60MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€603.10MtotalCashFromOperatingActivitiesCapex€281.50McapitalExpendituresFree cash flow€321.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €321.60M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€104.70MoperatingIncomeTax expense€10.60MincomeTaxExpensePretax income-€301.40MincomeBeforeTaxTax rate—Equity€8.25BtotalStockholderEquityDebt€4.03BshortLongTermDebtTotalCash€1.80BcashAndShortTermInvestmentsInvested capital€10.48BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.18xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€104.70MoperatingIncomeNet PP&E€577.30MpropertyPlantEquipmentResult 0.18x |
| 2025 | 3.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€398.00MpropertyPlantEquipmentInventory€32.80MinventoryTotal assets€13.15BtotalAssetsResult 3.3% | 10.13xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€4.03BtotalRevenueNet PP&E€398.00MpropertyPlantEquipmentResult 10.13x | 0.40xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€248.30McapitalExpendituresD&A€613.50MdepreciationAndAmortizationResult 0.40x | -€233.91Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€13.15BtotalAssetsGoodwill€3.84BgoodWillIntangibles€1.84BintangibleAssetsLiabilities€9.10BtotalLiabTangible book-€1.64BShares7,001,832commonStockSharesOutstandingResult -€233.91 | 0.84xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€731.20MebitdaCapex€248.30McapitalExpendituresInterest€117.20MinterestExpenseShort-term debt€459.70MshortLongTermDebtEBITDA − capex€482.90MPrincipal due is the current portion of debt.Result 0.84x | €166.50MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€414.80MtotalCashFromOperatingActivitiesCapex€248.30McapitalExpendituresFree cash flow€166.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €166.50M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€117.70MoperatingIncomeTax expense-€60.10MincomeTaxExpensePretax income-€5.22BincomeBeforeTaxTax rate—Equity€3.25BtotalStockholderEquityDebt€3.12BshortLongTermDebtTotalCash€941.60McashAndShortTermInvestmentsInvested capital€5.43BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.30xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€117.70MoperatingIncomeNet PP&E€398.00MpropertyPlantEquipmentResult 0.30x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €398.00M
Inventory: €32.80M
Total assets: €13.15B
Goodwill: €3.84B
Intangibles: €1.84B
Liabilities: €9.10B
Tangible book: -€1.64B
Shares: 7,001,832
Revenue: €4.03B
Capex: €248.30M
D&A: €613.50M
EBITDA: €731.20M
Interest: €117.20M
Short-term debt: €459.70M
Free cash flow: €166.50M
Operating income: €117.70M
Invested capital: €5.43B
Tax rate: —