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.
Aena SA
Physical assets are 66.7% of total assets, a heavy footprint. Capex is 0.90x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 15.7%, 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 0.52x.
Physical asset ratio
66.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.52x
Revenue per dollar of the physical asset base.
Capex / D&A
0.90x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€5.17
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.97x
Price €25.70.
Fixed-charge coverage
4.96x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.5%
Latest free cash flow divided by current market cap (€38.55B).
ROIC
15.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.24x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 86.4% | 0.33x | 0.65x | €3.68 | 2.56x | €1.43B | 11.3% | 0.14x |
| 2019 | 85.6% | 0.35x | 1.30x | €3.58 | 1.33x | €1.09B | 11.8% | 0.16x |
| 2020 | 79.0% | 0.18x | 0.62x | €3.58 | 0.15x | -€356.88M | — | -0.01x |
| 2021 | 76.0% | 0.20x | 0.84x | €3.58 | -0.30x | -€390.61M | — | -0.01x |
| 2022 | 76.5% | 0.35x | 0.92x | €3.89 | 1.87x | €1.14B | 7.8% | 0.11x |
| 2023 | 68.6% | 0.42x | 0.66x | €3.89 | 2.54x | €1.67B | 12.3% | 0.18x |
| 2024 | 70.8% | 0.48x | 0.97x | €4.47 | 1.88x | €1.92B | 15.3% | 0.22x |
| 2025 | 66.7% | 0.52x | 0.90x | €5.17 | 4.96x | €2.10B | 15.7% | 0.24x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €12.13B
Inventory: €6.49M
Total assets: €18.19B
Goodwill: €1.87M
Intangibles: €1.70B
Liabilities: €8.74B
Tangible book: €7.75B
Shares: 1,500,000,000
Revenue: €6.28B
Capex: €720.28M
D&A: €796.90M
EBITDA: €3.91B
Interest: €255.49M
Short-term debt: €387.72M
Free cash flow: €2.10B
Operating income: €2.88B
Invested capital: €14.04B
Tax rate: 23.6%