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.
DANAHER
Physical assets are 9.6% of total assets, a light footprint. Capex is 0.47x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 6.0%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.44x. Compare it with other names in the same basket.
Physical asset ratio
9.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.44x
Revenue per dollar of the physical asset base.
Capex / D&A
0.47x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€11.92
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price €205.60.
Fixed-charge coverage
21.68x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.6%
Latest free cash flow divided by current market cap (€200.89B).
ROIC
6.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.85x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | — | — | 0.50x | -€13.33 | 19.61x | €3.37B | 7.4% | — |
| 2019 | 6.3% | 7.78x | 0.53x | -€3.13 | 12.36x | €3.32B | 7.5% | 1.42x |
| 2020 | 7.3% | 6.83x | 0.45x | -€23.80 | 20.12x | €5.42B | 6.2% | 1.30x |
| 2021 | 7.9% | 6.54x | 0.63x | -€26.36 | 36.44x | €7.06B | 8.3% | 1.69x |
| 2022 | 7.7% | 7.18x | 0.54x | -€9.62 | 10.48x | €7.37B | 10.5% | 2.03x |
| 2023 | 8.5% | 5.25x | 0.64x | -€11.99 | 3.09x | €5.78B | 6.6% | 1.14x |
| 2024 | 9.4% | 4.78x | 0.59x | -€13.23 | 7.51x | €5.30B | 6.4% | 0.97x |
| 2025 | 9.6% | 4.44x | 0.47x | -€11.92 | 21.68x | €5.26B | 6.0% | 0.85x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €5.53B
Inventory: €2.49B
Total assets: €83.46B
Goodwill: €43.15B
Intangibles: €17.82B
Liabilities: €30.92B
Tangible book: -€8.43B
Shares: 706,900,000
Revenue: €24.57B
Capex: €1.16B
D&A: €2.45B
EBITDA: €6.95B
Interest: €265.00M
Short-term debt: €2.00M
Free cash flow: €5.26B
Operating income: €4.69B
Invested capital: €66.34B
Tax rate: 15.0%