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.
ASML Holding N.V.
Physical assets are 38.9% of total assets, a mixed footprint. Capex is 1.59x 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 83.9%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.97x. Compare it with other names in the same basket.
Physical asset ratio
38.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.97x
Revenue per dollar of the physical asset base.
Capex / D&A
1.59x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€37.58
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
39.37x
Price €1.48K.
Fixed-charge coverage
6.07x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.9%
Latest free cash flow divided by current market cap (€283.13B).
ROIC
83.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.37x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | — | — | 1.44x | €14.24 | 66.47x | €2.46B | 22.6% | — |
| 2019 | 27.1% | 5.09x | 1.98x | €16.55 | 64.30x | €2.39B | 21.3% | 1.20x |
| 2020 | 27.1% | 4.97x | 2.04x | €19.66 | 60.33x | €3.63B | 28.0% | 1.44x |
| 2021 | 27.5% | 5.91x | 2.00x | €11.51 | 10.76x | €9.91B | 71.3% | 2.08x |
| 2022 | 31.2% | 5.12x | 2.26x | €8.65 | 7.16x | €7.17B | 95.2% | 1.57x |
| 2023 | 36.7% | 4.75x | 2.97x | €20.64 | 50.91x | €3.25B | 68.7% | 1.56x |
| 2024 | 37.3% | 3.91x | 2.27x | €33.73 | 6.86x | €9.08B | 70.4% | 1.25x |
| 2025 | 38.9% | 3.97x | 1.59x | €37.58 | 6.07x | €11.03B | 83.9% | 1.37x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €8.23B
Inventory: €11.43B
Total assets: €50.57B
Goodwill: €4.59B
Intangibles: €540.10M
Liabilities: €30.95B
Tangible book: €14.48B
Shares: 385,417,665
Revenue: €32.67B
Capex: €1.63B
D&A: €1.03B
EBITDA: €12.55B
Interest: €118.30M
Short-term debt: €1.68B
Free cash flow: €11.03B
Operating income: €11.30B
Invested capital: €11.09B
Tax rate: 17.7%