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 1.53x 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 103.8%, 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 3.97x.
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
1.53x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€37.24
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
39.99x
Price €1.49K.
Fixed-charge coverage
6.03x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.0%
Latest free cash flow divided by current market cap (€562.40B).
ROIC
103.8%
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 | 26.8% | 6.34x | 2.00x | €14.06 | 29.05x | €2.46B | 24.6% | 1.72x |
| 2019 | 25.5% | 5.09x | 2.70x | €16.12 | 1.80x | €2.46B | 19.2% | 1.20x |
| 2020 | 28.1% | 4.97x | 2.11x | €19.54 | 60.21x | €3.63B | 31.3% | 1.44x |
| 2021 | 28.5% | 5.91x | 2.07x | €11.29 | 11.13x | €9.91B | 78.1% | 2.08x |
| 2022 | 32.6% | 5.12x | 2.20x | €8.57 | 7.21x | €7.22B | 97.4% | 1.57x |
| 2023 | 38.4% | 4.75x | 2.79x | €20.61 | 51.42x | €3.25B | 69.0% | 1.56x |
| 2024 | 39.0% | 3.91x | 2.27x | €33.71 | 6.90x | €9.08B | 70.8% | 1.25x |
| 2025 | 38.9% | 3.97x | 1.53x | €37.24 | 6.03x | €11.08B | 103.8% | 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: 388,900,000
Revenue: €32.67B
Capex: €1.57B
D&A: €1.03B
EBITDA: €12.43B
Interest: €118.30M
Short-term debt: €1.68B
Free cash flow: €11.08B
Operating income: €11.30B
Invested capital: €9.00B
Tax rate: 17.3%