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.
Air Liquide SA
Physical assets are 52.1% of total assets, a heavy footprint. Capex is 1.50x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 11.6%, 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 1.08x.
Physical asset ratio
52.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€24.91BpropertyPlantEquipmentInventory€2.13BinventoryTotal assets€51.91BtotalAssetsResult 52.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.08xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€26.94BtotalRevenueNet PP&E€24.91BpropertyPlantEquipmentResult 1.08x
Revenue per dollar of the physical asset base.
Capex / D&A
1.50xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€3.84BcapitalExpendituresD&A€2.56BdepreciationAndAmortizationResult 1.50x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€20.04Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€51.91BtotalAssetsGoodwill€13.82BgoodWillIntangibles€1.56BintangibleAssetsLiabilities€24.97BtotalLiabTangible book€11.56BShares576,790,000commonStockSharesOutstandingResult €20.04
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
9.37xPrice / tangible bookPrice / tangible book per sharePrice€187.78Latest quoteTangible book / share€20.042025-12-31Result 9.37x
Price €187.78.
Fixed-charge coverage
1.54xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€8.15BebitdaCapex€3.84BcapitalExpendituresInterest€439.20MinterestExpenseShort-term debt€2.35BshortLongTermDebtEBITDA − capex€4.30BPrincipal due is the current portion of debt.Result 1.54x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€2.51BfreeCashFlowMarket cap€119.83BMarketCapitalizationResult 2.1%
Latest free cash flow divided by current market cap (€119.83B).
ROIC
11.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€5.58BoperatingIncomeTax expense€1.23BincomeTaxExpensePretax income€4.87BincomeBeforeTaxTax rate25.2%Equity€26.21BtotalStockholderEquityDebt€13.60BshortLongTermDebtTotalCash€3.96BcashAndShortTermInvestmentsInvested capital€35.85BResult 11.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.22x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 49.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E€19.25BpropertyPlantEquipmentInventory€1.46BinventoryTotal assets€41.98BtotalAssetsResult 49.3% | 1.09xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue€21.01BtotalRevenueNet PP&E€19.25BpropertyPlantEquipmentResult 1.09x | 1.27xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex€2.25BcapitalExpendituresD&A€1.77BdepreciationAndAmortizationResult 1.27x | €6.29Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€41.98BtotalAssetsGoodwill€13.35BgoodWillIntangibles€1.60BintangibleAssetsLiabilities€23.77BtotalLiabTangible book€3.26BShares518,794,183commonStockSharesOutstandingResult €6.29 | 0.97xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.03BebitdaCapex€2.25BcapitalExpendituresInterest€358.50MinterestExpenseShort-term debt€2.52BshortTermDebtEBITDA − capex€2.79BPrincipal due is short-term debt.Result 0.97x | €2.47BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow€4.72BtotalCashFromOperatingActivitiesCapex€2.25BcapitalExpendituresFree cash flow€2.47BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.47B | 8.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€3.29BoperatingIncomeTax expense€730.70MincomeTaxExpensePretax income€2.93BincomeBeforeTaxTax rate24.9%Equity€17.78BtotalStockholderEquityDebt€14.13BshortLongTermDebtTotalCash€1.73BcashAndShortTermInvestmentsInvested capital€30.18BResult 8.2% | 0.17xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income€3.29BoperatingIncomeNet PP&E€19.25BpropertyPlantEquipmentResult 0.17x |
| 2019 | 51.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E€21.12BpropertyPlantEquipmentInventory€1.53BinventoryTotal assets€43.67BtotalAssetsResult 51.9% | 1.04xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue€21.92BtotalRevenueNet PP&E€21.12BpropertyPlantEquipmentResult 1.04x | 1.23xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex€2.64BcapitalExpendituresD&A€2.14BdepreciationAndAmortizationResult 1.23x | €7.34Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€43.67BtotalAssetsGoodwill€13.94BgoodWillIntangibles€1.56BintangibleAssetsLiabilities€24.34BtotalLiabTangible book€3.83BShares521,039,039commonStockSharesOutstandingResult €7.34 | 1.34xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.72BebitdaCapex€2.64BcapitalExpendituresInterest€472.50MinterestExpenseShort-term debt€1.83BshortLongTermDebtEBITDA − capex€3.08BPrincipal due is the current portion of debt.Result 1.34x | €2.08BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow€4.71BtotalCashFromOperatingActivitiesCapex€2.64BcapitalExpendituresFree cash flow€2.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.08B | 8.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€3.61BoperatingIncomeTax expense€801.70MincomeTaxExpensePretax income€3.14BincomeBeforeTaxTax rate25.5%Equity€18.87BtotalStockholderEquityDebt€14.63BshortLongTermDebtTotalCash€1.03BcashAndShortTermInvestmentsInvested capital€32.48BResult 8.3% | 0.17xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income€3.61BoperatingIncomeNet PP&E€21.12BpropertyPlantEquipmentResult 0.17x |
| 2020 | 51.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E€20.00BpropertyPlantEquipmentInventory€1.41BinventoryTotal assets€41.98BtotalAssetsResult 51.0% | 1.02xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue€20.49BtotalRevenueNet PP&E€20.00BpropertyPlantEquipmentResult 1.02x | 1.23xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex€2.63BcapitalExpendituresD&A€2.14BdepreciationAndAmortizationResult 1.23x | €8.67Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€41.98BtotalAssetsGoodwill€13.09BgoodWillIntangibles€1.40BintangibleAssetsLiabilities€22.97BtotalLiabTangible book€4.52BShares521,531,778commonStockSharesOutstandingResult €8.67 | 1.21xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€5.77BebitdaCapex€2.63BcapitalExpendituresInterest€451.50MinterestExpenseShort-term debt€2.14BshortLongTermDebtEBITDA − capex€3.14BPrincipal due is the current portion of debt.Result 1.21x | €2.58BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow€5.21BtotalCashFromOperatingActivitiesCapex€2.63BcapitalExpendituresFree cash flow€2.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.58B | 9.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€3.65BoperatingIncomeTax expense€678.20MincomeTaxExpensePretax income€3.21BincomeBeforeTaxTax rate21.1%Equity€18.54BtotalStockholderEquityDebt€13.49BshortLongTermDebtTotalCash€1.79BcashAndShortTermInvestmentsInvested capital€30.24BResult 9.5% | 0.18xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income€3.65BoperatingIncomeNet PP&E€20.00BpropertyPlantEquipmentResult 0.18x |
| 2021 | 51.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E€22.53BpropertyPlantEquipmentInventory€1.59BinventoryTotal assets€46.78BtotalAssetsResult 51.5% | 1.04xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue€23.33BtotalRevenueNet PP&E€22.53BpropertyPlantEquipmentResult 1.04x | 1.34xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex€2.92BcapitalExpendituresD&A€2.17BdepreciationAndAmortizationResult 1.34x | €12.53Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€46.78BtotalAssetsGoodwill€13.99BgoodWillIntangibles€1.45BintangibleAssetsLiabilities€24.78BtotalLiabTangible book€6.55BShares523,112,196commonStockSharesOutstandingResult €12.53 | 1.23xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€6.11BebitdaCapex€2.92BcapitalExpendituresInterest€417.90MinterestExpenseShort-term debt€2.19BshortLongTermDebtEBITDA − capex€3.19BPrincipal due is the current portion of debt.Result 1.23x | €2.65BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow€5.57BtotalCashFromOperatingActivitiesCapex€2.92BcapitalExpendituresFree cash flow€2.65BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.65B | 9.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€4.01BoperatingIncomeTax expense€914.80MincomeTaxExpensePretax income€3.60BincomeBeforeTaxTax rate25.4%Equity€21.46BtotalStockholderEquityDebt€13.88BshortLongTermDebtTotalCash€2.10BcashAndShortTermInvestmentsInvested capital€33.25BResult 9.0% | 0.18xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income€4.01BoperatingIncomeNet PP&E€22.53BpropertyPlantEquipmentResult 0.18x |
| 2022 | 51.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€23.65BpropertyPlantEquipmentInventory€1.96BinventoryTotal assets€49.52BtotalAssetsResult 51.7% | 1.27xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€29.93BtotalRevenueNet PP&E€23.65BpropertyPlantEquipmentResult 1.27x | 1.33xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€3.27BcapitalExpendituresD&A€2.47BdepreciationAndAmortizationResult 1.33x | €15.60Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€49.52BtotalAssetsGoodwill€14.59BgoodWillIntangibles€1.81BintangibleAssetsLiabilities€24.95BtotalLiabTangible book€8.17BShares523,925,143commonStockSharesOutstandingResult €15.60 | 1.29xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€6.42BebitdaCapex€3.27BcapitalExpendituresInterest€442.20MinterestExpenseShort-term debt€2.00BshortLongTermDebtEBITDA − capex€3.14BPrincipal due is the current portion of debt.Result 1.29x | €2.54BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow€5.81BtotalCashFromOperatingActivitiesCapex€3.27BcapitalExpendituresFree cash flow€2.54BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.54B | 9.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€4.29BoperatingIncomeTax expense€1.00BincomeTaxExpensePretax income€3.91BincomeBeforeTaxTax rate25.7%Equity€23.74BtotalStockholderEquityDebt€13.38BshortLongTermDebtTotalCash€1.76BcashAndShortTermInvestmentsInvested capital€35.36BResult 9.0% | 0.18xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income€4.29BoperatingIncomeNet PP&E€23.65BpropertyPlantEquipmentResult 0.18x |
| 2023 | 53.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€23.65BpropertyPlantEquipmentInventory€2.03BinventoryTotal assets€48.33BtotalAssetsResult 53.1% | 1.17xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€27.61BtotalRevenueNet PP&E€23.65BpropertyPlantEquipmentResult 1.17x | 1.37xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€3.39BcapitalExpendituresD&A€2.48BdepreciationAndAmortizationResult 1.37x | €17.65Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€48.33BtotalAssetsGoodwill€14.19BgoodWillIntangibles€1.63BintangibleAssetsLiabilities€23.29BtotalLiabTangible book€9.22BShares522,267,987commonStockSharesOutstandingResult €17.65 | 1.29xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€6.90BebitdaCapex€3.39BcapitalExpendituresInterest€465.90MinterestExpenseShort-term debt€2.25BshortLongTermDebtEBITDA − capex€3.51BPrincipal due is the current portion of debt.Result 1.29x | €2.87BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€6.26BtotalCashFromOperatingActivitiesCapex€3.39BcapitalExpendituresFree cash flow€2.87BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.87B | 10.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€4.57BoperatingIncomeTax expense€971.80MincomeTaxExpensePretax income€4.16BincomeBeforeTaxTax rate23.4%Equity€24.32BtotalStockholderEquityDebt€12.11BshortLongTermDebtTotalCash€1.62BcashAndShortTermInvestmentsInvested capital€34.81BResult 10.1% | 0.19xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income€4.57BoperatingIncomeNet PP&E€23.65BpropertyPlantEquipmentResult 0.19x |
| 2024 | 53.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€25.54BpropertyPlantEquipmentInventory€2.19BinventoryTotal assets€51.87BtotalAssetsResult 53.5% | 1.06xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€27.06BtotalRevenueNet PP&E€25.54BpropertyPlantEquipmentResult 1.06x | 1.41xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€3.53BcapitalExpendituresD&A€2.51BdepreciationAndAmortizationResult 1.41x | €19.00Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€51.87BtotalAssetsGoodwill€14.98BgoodWillIntangibles€1.69BintangibleAssetsLiabilities€24.25BtotalLiabTangible book€10.95BShares576,457,564commonStockSharesOutstandingResult €19.00 | 1.27xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€7.50BebitdaCapex€3.53BcapitalExpendituresInterest€468.50MinterestExpenseShort-term debt€2.67BshortLongTermDebtEBITDA − capex€3.98BPrincipal due is the current portion of debt.Result 1.27x | €2.80BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€6.32BtotalCashFromOperatingActivitiesCapex€3.53BcapitalExpendituresFree cash flow€2.80BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.80B | 10.1%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€4.95BoperatingIncomeTax expense€1.09BincomeTaxExpensePretax income€4.53BincomeBeforeTaxTax rate24.0%Equity€26.86BtotalStockholderEquityDebt€12.45BshortLongTermDebtTotalCash€1.92BcashAndShortTermInvestmentsInvested capital€37.39BResult 10.1% | 0.19xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€4.95BoperatingIncomeNet PP&E€25.54BpropertyPlantEquipmentResult 0.19x |
| 2025 | 52.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€24.91BpropertyPlantEquipmentInventory€2.13BinventoryTotal assets€51.91BtotalAssetsResult 52.1% | 1.08xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€26.94BtotalRevenueNet PP&E€24.91BpropertyPlantEquipmentResult 1.08x | 1.50xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€3.84BcapitalExpendituresD&A€2.56BdepreciationAndAmortizationResult 1.50x | €20.04Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€51.91BtotalAssetsGoodwill€13.82BgoodWillIntangibles€1.56BintangibleAssetsLiabilities€24.97BtotalLiabTangible book€11.56BShares576,790,000commonStockSharesOutstandingResult €20.04 | 1.54xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€8.15BebitdaCapex€3.84BcapitalExpendituresInterest€439.20MinterestExpenseShort-term debt€2.35BshortLongTermDebtEBITDA − capex€4.30BPrincipal due is the current portion of debt.Result 1.54x | €2.51BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€6.35BtotalCashFromOperatingActivitiesCapex€3.84BcapitalExpendituresFree cash flow€2.51BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €2.51B | 11.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€5.58BoperatingIncomeTax expense€1.23BincomeTaxExpensePretax income€4.87BincomeBeforeTaxTax rate25.2%Equity€26.21BtotalStockholderEquityDebt€13.60BshortLongTermDebtTotalCash€3.96BcashAndShortTermInvestmentsInvested capital€35.85BResult 11.6% | 0.22xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€5.58BoperatingIncomeNet PP&E€24.91BpropertyPlantEquipmentResult 0.22x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €24.91B
Inventory: €2.13B
Total assets: €51.91B
Goodwill: €13.82B
Intangibles: €1.56B
Liabilities: €24.97B
Tangible book: €11.56B
Shares: 576,790,000
Revenue: €26.94B
Capex: €3.84B
D&A: €2.56B
EBITDA: €8.15B
Interest: €439.20M
Short-term debt: €2.35B
Free cash flow: €2.51B
Operating income: €5.58B
Invested capital: €35.85B
Tax rate: 25.2%