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.
Cellnex Telecom SA
Physical assets are 38.1% of total assets, a mixed footprint. Capex is 0.65x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.56x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.28x.
Physical asset ratio
38.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.28x
Revenue per dollar of the physical asset base.
Capex / D&A
0.65x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€12.38
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price €25.62.
Fixed-charge coverage
0.56x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.1%
Latest free cash flow divided by current market cap (€16.88B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 48.3% | 0.35x | 1.43x | -€6.13 | -0.32x | -€179.63M | — | 0.05x |
| 2019 | 32.6% | 0.24x | 1.79x | -€2.01 | -1.34x | -€474.67M | — | 0.03x |
| 2020 | 26.8% | 0.24x | 0.78x | -€7.48 | 0.88x | €32.00M | — | 0.02x |
| 2021 | 26.1% | 0.23x | 0.90x | -€15.03 | 0.11x | -€380.26M | — | 0.01x |
| 2022 | 31.9% | 0.23x | 1.11x | -€17.33 | -0.02x | -€739.37M | — | 0.02x |
| 2023 | 33.3% | 0.26x | 0.84x | -€14.29 | 0.48x | -€126.00M | — | 0.03x |
| 2024 | 36.4% | 0.26x | 0.78x | -€13.83 | 0.32x | €276.24M | — | 0.01x |
| 2025 | 38.1% | 0.28x | 0.65x | -€12.38 | 0.56x | €525.82M | — | 0.04x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €16.03B
Inventory: €6.90M
Total assets: €42.06B
Goodwill: €6.35B
Intangibles: €15.32B
Liabilities: €28.74B
Tangible book: -€8.34B
Shares: 673,839,490
Revenue: €4.42B
Capex: €1.76B
D&A: €2.70B
EBITDA: €3.30B
Interest: €727.27M
Short-term debt: €2.00B
Free cash flow: €525.82M
Operating income: €596.69M
Invested capital: €32.51B
Tax rate: —