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.
Commerzbank AG
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 1.37x 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. EBITDA after capex covers debt service by 0.03x, which is below 1.
Fixed-asset turnover is 6.18x. Compare it with other names in the same basket.
Physical asset ratio
0.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.18x
Revenue per dollar of the physical asset base.
Capex / D&A
1.37x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€29.63
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.28x
Price €37.88.
Fixed-charge coverage
0.03x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
123.7%
Latest free cash flow divided by current market cap (€40.94B).
ROIC
41.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.89x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -23.6% | 8.07x | 0.89x | €20.89 | 0.34x | -€2.29B | 7.9% | 0.80x |
| 2019 | -19.7% | 3.60x | 0.70x | €22.05 | 0.25x | -€11.49B | 2.5% | 0.32x |
| 2020 | -25.1% | 3.54x | 0.96x | €21.92 | -0.03x | €32.78B | — | -0.82x |
| 2021 | -18.4% | 4.19x | 1.11x | €22.82 | 0.00x | -€25.23B | 0.8% | 0.04x |
| 2022 | -22.4% | 4.28x | 0.83x | €23.68 | 0.38x | €25.18B | — | 0.83x |
| 2023 | -19.4% | 5.02x | 1.30x | €25.38 | 0.04x | €19.28B | — | 1.45x |
| 2024 | 0.4% | 5.51x | 1.42x | €28.57 | 0.24x | -€21.46B | — | 1.71x |
| 2025 | 0.3% | 6.18x | 1.37x | €29.63 | 0.03x | €50.63B | 41.2% | 1.89x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: €2.09B
Inventory: €0.00
Total assets: €603.54B
Goodwill: €112.00M
Intangibles: €1.86B
Liabilities: €568.17B
Tangible book: €33.39B
Shares: 1,127,051,000
Revenue: €12.93B
Capex: €1.15B
D&A: €838.00M
EBITDA: €3.95B
Interest: €11.29B
Short-term debt: €71.59B
Free cash flow: €50.63B
Operating income: €3.95B
Invested capital: €6.94B
Tax rate: 27.6%