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.
Coca-Cola European Partners PLC
Physical assets are 25.8% of total assets, a light footprint. Capex is 0.81x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 12.3%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.40x. Compare it with other names in the same basket.
Physical asset ratio
25.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.16BpropertyPlantAndEquipmentNetInventory$1.55BinventoryTotal assets$29.87BtotalAssetsResult 25.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.40xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$20.90BtotalRevenueNet PP&E$6.16BpropertyPlantAndEquipmentNetResult 3.40x
Revenue per dollar of the physical asset base.
Capex / D&A
0.81xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$750.00McapitalExpendituresD&A$923.00MdepreciationAndAmortizationResult 0.81x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$19.13Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.87BtotalAssetsGoodwill$4.54BgoodWillIntangibles$12.49BintangibleAssetsLiabilities$21.57BtotalLiabTangible book-$8.72BShares456,000,000commonStockSharesOutstandingResult -$19.13
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$117.02Latest quoteTangible book / share-$19.132025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $117.02.
Fixed-charge coverage
4.96xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.71BebitdaCapex$750.00McapitalExpendituresInterest$293.92MinterestExpenseShort-term debt$303.00MshortLongTermDebtEBITDA − capex$2.96BPrincipal due is the current portion of debt.Result 4.96x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$2.20BfreeCashFlowMarket cap$51.47BMarketCapitalizationResult 4.3%
Latest free cash flow divided by current market cap ($51.47B).
ROIC
12.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.79BoperatingIncomeTax expense$590.00MincomeTaxExpensePretax income$2.57BincomeBeforeTaxTax rate23.0%Equity$7.84BtotalStockholderEquityDebt$10.69BshortLongTermDebtTotalCash$972.00McashAndShortTermInvestmentsInvested capital$17.56BResult 12.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.45x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 25.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.89BpropertyPlantEquipmentInventory$693.00MinventoryTotal assets$18.22BtotalAssetsResult 25.1% | 2.96xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$11.52BtotalRevenueNet PP&E$3.89BpropertyPlantEquipmentResult 2.96x | 1.21xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$619.21McapitalExpendituresD&A$512.00MdepreciationAndAmortizationResult 1.21x | -$8.89Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.22BtotalAssetsGoodwill$2.52BgoodWillIntangibles$8.38BintangibleAssetsLiabilities$11.65BtotalLiabTangible book-$4.34BShares488,000,000commonStockSharesOutstandingResult -$8.89 | 1.94xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.81BebitdaCapex$619.21McapitalExpendituresInterest$144.60MinterestExpenseShort-term debt$469.00MshortLongTermDebtEBITDA − capex$1.19BPrincipal due is the current portion of debt.Result 1.94x | $1.16BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.78BtotalCashFromOperatingActivitiesCapex$619.21McapitalExpendituresFree cash flow$1.16BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.16B | 8.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.30BoperatingIncomeTax expense$296.00MincomeTaxExpensePretax income$1.21BincomeBeforeTaxTax rate24.6%Equity$6.56BtotalStockholderEquityDebt$5.62BshortLongTermDebtTotalCash$309.00McashInvested capital$11.87BResult 8.3% | 0.33xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.30BoperatingIncomeNet PP&E$3.89BpropertyPlantEquipmentResult 0.33x |
| 2019 | 26.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.21BpropertyPlantEquipmentInventory$723.00MinventoryTotal assets$18.69BtotalAssetsResult 26.4% | 2.86xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$12.02BtotalRevenueNet PP&E$4.21BpropertyPlantEquipmentResult 2.86x | 0.94xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$602.00McapitalExpendituresD&A$639.00MdepreciationAndAmortizationResult 0.94x | -$10.38Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.69BtotalAssetsGoodwill$2.52BgoodWillIntangibles$8.51BintangibleAssetsLiabilities$12.53BtotalLiabTangible book-$4.87BShares469,000,000commonStockSharesOutstandingResult -$10.38 | 1.91xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.19BebitdaCapex$602.00McapitalExpendituresInterest$142.94MinterestExpenseShort-term debt$688.00MshortLongTermDebtEBITDA − capex$1.58BPrincipal due is the current portion of debt.Result 1.91x | $1.30BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.90BtotalCashFromOperatingActivitiesCapex$602.00McapitalExpendituresFree cash flow$1.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.30B | 9.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.55BoperatingIncomeTax expense$364.00MincomeTaxExpensePretax income$1.45BincomeBeforeTaxTax rate25.0%Equity$6.16BtotalStockholderEquityDebt$6.42BshortLongTermDebtTotalCash$316.00McashInvested capital$12.26BResult 9.5% | 0.37xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.55BoperatingIncomeNet PP&E$4.21BpropertyPlantEquipmentResult 0.37x |
| 2020 | 23.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.86BpropertyPlantEquipmentInventory$681.00MinventoryTotal assets$19.24BtotalAssetsResult 23.6% | 2.75xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$10.61BtotalRevenueNet PP&E$3.86BpropertyPlantEquipmentResult 2.75x | 0.56xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$408.00McapitalExpendituresD&A$727.00MdepreciationAndAmortizationResult 0.56x | -$10.76Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.24BtotalAssetsGoodwill$2.52BgoodWillIntangibles$8.41BintangibleAssetsLiabilities$13.21BtotalLiabTangible book-$4.91BShares456,000,000commonStockSharesOutstandingResult -$10.76 | 1.73xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.92BebitdaCapex$408.00McapitalExpendituresInterest$164.16MinterestExpenseShort-term debt$709.00MshortLongTermDebtEBITDA − capex$1.51BPrincipal due is the current portion of debt.Result 1.73x | $1.08BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$1.49BtotalCashFromOperatingActivitiesCapex$408.00McapitalExpendituresFree cash flow$1.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.08B | 5.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$813.00MoperatingIncomeTax expense$197.00MincomeTaxExpensePretax income$695.00MincomeBeforeTaxTax rate28.3%Equity$6.03BtotalStockholderEquityDebt$7.19BshortLongTermDebtTotalCash$1.52BcashInvested capital$11.69BResult 5.0% | 0.21xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$813.00MoperatingIncomeNet PP&E$3.86BpropertyPlantEquipmentResult 0.21x |
| 2021 | 22.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.25BpropertyPlantEquipmentInventory$1.16BinventoryTotal assets$29.09BtotalAssetsResult 22.0% | 2.62xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$13.76BtotalRevenueNet PP&E$5.25BpropertyPlantEquipmentResult 2.62x | 0.62xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$446.00McapitalExpendituresD&A$722.00MdepreciationAndAmortizationResult 0.62x | -$22.00Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.09BtotalAssetsGoodwill$4.62BgoodWillIntangibles$12.64BintangibleAssetsLiabilities$21.88BtotalLiabTangible book-$10.05BShares457,000,000commonStockSharesOutstandingResult -$22.00 | 1.52xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.44BebitdaCapex$446.00McapitalExpendituresInterest$95.91MinterestExpenseShort-term debt$1.22BshortLongTermDebtEBITDA − capex$1.99BPrincipal due is the current portion of debt.Result 1.52x | $1.67BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.12BtotalCashFromOperatingActivitiesCapex$446.00McapitalExpendituresFree cash flow$1.67BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.67B | 5.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.52BoperatingIncomeTax expense$394.00MincomeTaxExpensePretax income$1.38BincomeBeforeTaxTax rate28.5%Equity$7.03BtotalStockholderEquityDebt$13.14BshortLongTermDebtTotalCash$1.47BcashAndShortTermInvestmentsInvested capital$18.71BResult 5.8% | 0.29xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.52BoperatingIncomeNet PP&E$5.25BpropertyPlantEquipmentResult 0.29x |
| 2022 | 22.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.20BpropertyPlantEquipmentInventory$1.38BinventoryTotal assets$29.31BtotalAssetsResult 22.5% | 3.33xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$17.32BtotalRevenueNet PP&E$5.20BpropertyPlantEquipmentResult 3.33x | 0.74xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$603.00McapitalExpendituresD&A$816.00MdepreciationAndAmortizationResult 0.74x | -$21.09Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.31BtotalAssetsGoodwill$4.60BgoodWillIntangibles$12.51BintangibleAssetsLiabilities$21.87BtotalLiabTangible book-$9.66BShares458,000,000commonStockSharesOutstandingResult -$21.09 | 1.79xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.97BebitdaCapex$603.00McapitalExpendituresInterest$131.00MinterestExpenseShort-term debt$1.20BshortLongTermDebtEBITDA − capex$2.37BPrincipal due is the current portion of debt.Result 1.79x | $2.33BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$2.93BtotalCashFromOperatingActivitiesCapex$603.00McapitalExpendituresFree cash flow$2.33BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.33B | 9.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.09BoperatingIncomeTax expense$436.00MincomeTaxExpensePretax income$1.96BincomeBeforeTaxTax rate22.3%Equity$7.45BtotalStockholderEquityDebt$11.91BshortLongTermDebtTotalCash$1.64BcashAndShortTermInvestmentsInvested capital$17.71BResult 9.2% | 0.40xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$2.09BoperatingIncomeNet PP&E$5.20BpropertyPlantEquipmentResult 0.40x |
| 2023 | 22.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.34BpropertyPlantAndEquipmentNetInventory$1.36BinventoryTotal assets$29.25BtotalAssetsResult 22.9% | 3.42xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$18.30BtotalRevenueNet PP&E$5.34BpropertyPlantAndEquipmentNetResult 3.42x | 0.85xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$672.00McapitalExpendituresD&A$792.00MdepreciationAndAmortizationResult 0.85x | -$19.46Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.25BtotalAssetsGoodwill$4.51BgoodWillIntangibles$12.40BintangibleAssetsLiabilities$21.28BtotalLiabTangible book-$8.93BShares459,000,000commonStockSharesOutstandingResult -$19.46 | 1.96xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.24BebitdaCapex$672.00McapitalExpendituresInterest$162.00MinterestExpenseShort-term debt$1.15BshortLongTermDebtEBITDA − capex$2.57BPrincipal due is the current portion of debt.Result 1.96x | $2.13BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$2.81BtotalCashFromOperatingActivitiesCapex$672.00McapitalExpendituresFree cash flow$2.13BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.13B | 10.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.34BoperatingIncomeTax expense$534.00MincomeTaxExpensePretax income$2.20BincomeBeforeTaxTax rate24.2%Equity$7.98BtotalStockholderEquityDebt$11.40BshortLongTermDebtTotalCash$1.99BcashAndShortTermInvestmentsInvested capital$17.39BResult 10.2% | 0.44xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.34BoperatingIncomeNet PP&E$5.34BpropertyPlantAndEquipmentNetResult 0.44x |
| 2024 | 25.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.43BpropertyPlantAndEquipmentNetInventory$1.61BinventoryTotal assets$31.10BtotalAssetsResult 25.9% | 3.18xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$20.44BtotalRevenueNet PP&E$6.43BpropertyPlantAndEquipmentNetResult 3.18x | 0.85xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$791.00McapitalExpendituresD&A$933.00MdepreciationAndAmortizationResult 0.85x | -$18.33Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$31.10BtotalAssetsGoodwill$4.69BgoodWillIntangibles$12.75BintangibleAssetsLiabilities$22.12BtotalLiabTangible book-$8.45BShares461,000,000commonStockSharesOutstandingResult -$18.33 | 1.87xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.54BebitdaCapex$791.00McapitalExpendituresInterest$242.00MinterestExpenseShort-term debt$1.23BshortLongTermDebtEBITDA − capex$2.75BPrincipal due is the current portion of debt.Result 1.87x | $2.27BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$3.06BtotalCashFromOperatingActivitiesCapex$791.00McapitalExpendituresFree cash flow$2.27BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.27B | 8.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.13BoperatingIncomeTax expense$492.00MincomeTaxExpensePretax income$1.94BincomeBeforeTaxTax rate25.4%Equity$8.49BtotalStockholderEquityDebt$11.33BshortLongTermDebtTotalCash$1.71BcashAndShortTermInvestmentsInvested capital$18.11BResult 8.8% | 0.33xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$2.13BoperatingIncomeNet PP&E$6.43BpropertyPlantAndEquipmentNetResult 0.33x |
| 2025 | 25.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.16BpropertyPlantAndEquipmentNetInventory$1.55BinventoryTotal assets$29.87BtotalAssetsResult 25.8% | 3.40xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$20.90BtotalRevenueNet PP&E$6.16BpropertyPlantAndEquipmentNetResult 3.40x | 0.81xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$750.00McapitalExpendituresD&A$923.00MdepreciationAndAmortizationResult 0.81x | -$19.13Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.87BtotalAssetsGoodwill$4.54BgoodWillIntangibles$12.49BintangibleAssetsLiabilities$21.57BtotalLiabTangible book-$8.72BShares456,000,000commonStockSharesOutstandingResult -$19.13 | 4.96xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.71BebitdaCapex$750.00McapitalExpendituresInterest$293.92MinterestExpenseShort-term debt$303.00MshortLongTermDebtEBITDA − capex$2.96BPrincipal due is the current portion of debt.Result 4.96x | $2.20BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$2.95BtotalCashFromOperatingActivitiesCapex$750.00McapitalExpendituresFree cash flow$2.20BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.20B | 12.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.79BoperatingIncomeTax expense$590.00MincomeTaxExpensePretax income$2.57BincomeBeforeTaxTax rate23.0%Equity$7.84BtotalStockholderEquityDebt$10.69BshortLongTermDebtTotalCash$972.00McashAndShortTermInvestmentsInvested capital$17.56BResult 12.3% | 0.45xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$2.79BoperatingIncomeNet PP&E$6.16BpropertyPlantAndEquipmentNetResult 0.45x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $6.16B
Inventory: $1.55B
Total assets: $29.87B
Goodwill: $4.54B
Intangibles: $12.49B
Liabilities: $21.57B
Tangible book: -$8.72B
Shares: 456,000,000
Revenue: $20.90B
Capex: $750.00M
D&A: $923.00M
EBITDA: $3.71B
Interest: $293.92M
Short-term debt: $303.00M
Free cash flow: $2.20B
Operating income: $2.79B
Invested capital: $17.56B
Tax rate: 23.0%