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.
Amadeus IT Group S.A.
Physical assets are 2.1% of total assets, a light footprint. Capex is 0.09x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 19.9%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 27.01x.
Physical asset ratio
2.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
27.01x
Revenue per dollar of the physical asset base.
Capex / D&A
0.09x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€7.67
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price €54.40.
Fixed-charge coverage
3.39x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.2%
Latest free cash flow divided by current market cap (€22.85B).
ROIC
19.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 7.50x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 9.7% | 6.29x | 1.15x | -€10.46 | 1.34x | €1.01B | 16.1% | 1.78x |
| 2019 | 9.3% | 7.25x | 0.99x | -€9.41 | 1.20x | €1.07B | 17.0% | 1.92x |
| 2020 | 5.8% | 3.68x | 0.73x | -€8.38 | -0.46x | -€468.50M | — | -0.80x |
| 2021 | 6.4% | 5.20x | 0.67x | -€8.50 | 0.18x | €176.10M | — | -0.05x |
| 2022 | 6.3% | 10.36x | 0.88x | -€6.74 | 0.75x | €874.10M | 10.5% | 2.22x |
| 2023 | 4.0% | 13.56x | 0.94x | -€6.78 | 2.41x | €1.19B | 17.3% | 3.52x |
| 2024 | 3.5% | 14.92x | 1.13x | -€7.43 | 1.88x | €1.36B | 18.0% | 3.95x |
| 2025 | 2.1% | 27.01x | 0.09x | -€7.67 | 3.39x | €2.09B | 19.9% | 7.50x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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: €241.30M
Inventory: €0.00
Total assets: €11.47B
Goodwill: €3.91B
Intangibles: €4.34B
Liabilities: €6.62B
Tangible book: -€3.40B
Shares: 443,721,000
Revenue: €6.52B
Capex: €60.40M
D&A: €682.80M
EBITDA: €2.49B
Interest: €76.00M
Short-term debt: €642.40M
Free cash flow: €2.09B
Operating income: €1.81B
Invested capital: €7.05B
Tax rate: 22.4%