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.
Cboe Global Markets Inc
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.58x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. That coverage ratio uses interest only, because short-term debt was not on the balance sheet.
Fixed-asset turnover is 19.31x. Compare it with other names in the same basket.
Physical asset ratio
2.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
19.31x
Revenue per dollar of the physical asset base.
Capex / D&A
0.58x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€6.15
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
44.20x
Price €271.80.
Fixed-charge coverage
31.94x
EBITDA minus capex, divided by interest only.
FCF yield
6.1%
Latest free cash flow divided by current market cap (€27.70B).
ROIC
24.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 6.20x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.4% | 36.15x | 0.18x | -€10.80 | 2.30x | €498.40M | 11.2% | 8.22x |
| 2019 | 2.0% | 24.86x | 0.20x | -€8.55 | 18.76x | €597.70M | 10.8% | 5.83x |
| 2020 | 3.0% | 17.70x | 0.30x | -€11.88 | 7.76x | €1.41B | 11.6% | 3.65x |
| 2021 | 3.2% | 16.06x | 0.30x | -€10.21 | 19.16x | €545.80M | 12.6% | 3.78x |
| 2022 | 3.2% | 17.82x | 0.36x | -€12.46 | 1.65x | €591.30M | 12.2% | 4.37x |
| 2023 | 3.3% | 15.35x | 0.35x | -€7.21 | 19.43x | €1.07B | 15.9% | 4.33x |
| 2024 | 3.1% | 16.88x | 0.46x | -€2.56 | 23.44x | €1.04B | 17.4% | 4.87x |
| 2025 | 2.6% | 19.31x | 0.58x | €6.15 | 31.94x | €1.68B | 24.4% | 6.20x |
- 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.
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2025)
Net PP&E: €244.10M
Inventory: €0.00
Total assets: €9.31B
Goodwill: €3.15B
Intangibles: €1.34B
Liabilities: €4.17B
Tangible book: €643.50M
Shares: 104,647,739
Revenue: €4.71B
Capex: €71.00M
D&A: €122.40M
EBITDA: €1.74B
Interest: €52.30M
Short-term debt: —
Free cash flow: €1.68B
Operating income: €1.51B
Invested capital: €4.36B
Tax rate: 29.8%