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.
BAE Systems plc
Physical assets are 21.7% of total assets, a light footprint. Capex is 0.95x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 14.3%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.17x. Compare it with other names in the same basket.
Physical asset ratio
21.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.17x
Revenue per dollar of the physical asset base.
Capex / D&A
0.95x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€1.13
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price €23.53.
Fixed-charge coverage
5.23x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
11.4%
Latest free cash flow divided by current market cap (€20.41B).
ROIC
14.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.39x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | — | — | 1.21x | -€1.58 | 1.32x | €703.00M | 18.9% | — |
| 2019 | 17.2% | 5.12x | 0.71x | -€1.52 | 2.98x | €1.13B | 26.2% | 0.48x |
| 2020 | 16.6% | 5.20x | 0.71x | -€2.12 | 2.70x | €689.00M | 20.4% | 0.47x |
| 2021 | 17.5% | 4.95x | 0.87x | -€1.28 | 3.28x | €1.84B | 17.8% | 0.48x |
| 2022 | 17.9% | 4.56x | 0.91x | -€0.40 | 7.73x | €2.15B | 13.3% | 0.45x |
| 2023 | 19.0% | 4.67x | 1.22x | -€0.45 | 2.58x | €2.80B | 16.7% | 0.47x |
| 2024 | 20.8% | 3.99x | 1.07x | -€1.53 | 2.24x | €2.76B | 12.8% | 0.37x |
| 2025 | 21.7% | 4.17x | 0.95x | -€1.13 | 5.23x | €2.33B | 14.3% | 0.39x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €6.80B
Inventory: €1.38B
Total assets: €37.68B
Goodwill: €12.73B
Intangibles: €2.51B
Liabilities: €25.74B
Tangible book: -€3.31B
Shares: 2,927,288,632
Revenue: €28.34B
Capex: €1.10B
D&A: €1.16B
EBITDA: €4.24B
Interest: €504.00M
Short-term debt: €95.00M
Free cash flow: €2.33B
Operating income: €2.68B
Invested capital: €15.63B
Tax rate: 16.4%