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 NV
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
$37.23
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
44.11x
Price $1.64K.
Fixed-charge coverage
6.15x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.7%
Latest free cash flow divided by current market cap ($638.71B).
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 | 23.8% | 6.34x | 1.98x | $13.57 | 2.26x | $2.46B | 21.3% | 1.67x |
| 2019 | 25.5% | 5.09x | 2.66x | $16.12 | 1.80x | $2.46B | 21.1% | 1.17x |
| 2020 | 27.1% | 4.97x | 2.04x | $19.54 | 60.23x | $3.63B | 31.4% | 1.44x |
| 2021 | 27.5% | 5.91x | 2.00x | $11.29 | 10.76x | $9.91B | 80.2% | 2.14x |
| 2022 | 31.2% | 5.12x | 3.79x | $8.57 | 6.10x | $7.22B | 88.9% | 1.58x |
| 2023 | 36.7% | 4.75x | 2.97x | $20.61 | 49.65x | $3.25B | 69.0% | 1.56x |
| 2024 | 37.3% | 3.91x | 2.27x | $33.71 | 6.86x | $9.08B | 70.8% | 1.25x |
| 2025 | 38.9% | 3.97x | 1.53x | $37.23 | 6.15x | $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: $50.55B
Goodwill: $4.59B
Intangibles: $539.90M
Liabilities: $30.94B
Tangible book: $14.48B
Shares: 388,900,000
Revenue: $32.66B
Capex: $1.57B
D&A: $1.03B
EBITDA: $12.64B
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%