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.
ACS Actividades de Construccion y Servicios SA
Physical assets are 7.3% of total assets, a light footprint. Capex is 0.77x 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 0.48x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 20.00x.
Physical asset ratio
7.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
20.00x
Revenue per dollar of the physical asset base.
Capex / D&A
0.77x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€2.79
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price €90.00.
Fixed-charge coverage
0.48x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.8%
Latest free cash flow divided by current market cap (€23.47B).
ROIC
16.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.58x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 9.7% | 14.23x | 0.99x | €4.32 | 0.89x | €1.51B | 23.5% | 0.56x |
| 2019 | 9.7% | 13.75x | 1.20x | €3.26 | 0.65x | €1.22B | 25.6% | 0.56x |
| 2020 | 7.7% | 13.50x | 1.00x | €2.10 | 0.36x | €265.23M | -2.8% | -0.12x |
| 2021 | 6.4% | 18.10x | 0.81x | €13.21 | 0.20x | -€183.07M | 6.0% | 0.35x |
| 2022 | 7.1% | 18.13x | 0.46x | €11.58 | 0.93x | €1.46B | 3.6% | 0.15x |
| 2023 | 7.1% | 19.68x | 0.90x | €9.02 | 0.67x | €1.01B | 11.7% | 0.46x |
| 2024 | 9.6% | 13.87x | 0.71x | -€1.85 | 0.59x | €2.18B | 21.5% | 0.48x |
| 2025 | 7.3% | 20.00x | 0.77x | -€2.79 | 0.48x | €2.30B | 16.0% | 0.58x |
- 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: €2.49B
Inventory: €873.84M
Total assets: €45.93B
Goodwill: €5.05B
Intangibles: €843.22M
Liabilities: €40.75B
Tangible book: -€718.63M
Shares: 257,464,072
Revenue: €49.85B
Capex: €743.76M
D&A: €969.66M
EBITDA: €2.42B
Interest: €888.08M
Short-term debt: €2.57B
Free cash flow: €2.30B
Operating income: €1.45B
Invested capital: €6.58B
Tax rate: 27.3%