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.
Dassault Systemes SA
Physical assets are 6.3% of total assets, a light footprint. Capex is 0.29x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 14.5%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 6.60x.
Physical asset ratio
6.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.60x
Revenue per dollar of the physical asset base.
Capex / D&A
0.29x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.45
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
17.85x
Price $25.96.
Fixed-charge coverage
1.25x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.5%
Latest free cash flow divided by current market cap ($32.94B).
ROIC
14.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.48x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 2.2% | 19.51x | 0.30x | $1.05 | 2.64x | $826.20M | 20.1% | 4.31x |
| 2019 | 7.5% | 4.47x | 0.25x | -$2.78 | 38.47x | $1.09B | 7.1% | 0.90x |
| 2020 | 7.7% | 5.17x | 0.21x | -$2.14 | 21.82x | $1.11B | 6.5% | 0.78x |
| 2021 | 7.0% | 5.95x | 0.18x | -$1.47 | 1.62x | $1.51B | 10.2% | 1.25x |
| 2022 | 7.2% | 6.91x | 0.22x | -$0.71 | 6.36x | $1.39B | 11.4% | 1.59x |
| 2023 | 6.0% | 6.74x | 0.26x | $0.15 | 1.68x | $1.42B | 12.7% | 1.41x |
| 2024 | 6.1% | 6.57x | 0.34x | $1.05 | 3.46x | $1.47B | 13.5% | 1.44x |
| 2025 | 6.3% | 6.60x | 0.29x | $1.45 | 1.25x | $1.47B | 14.5% | 1.48x |
- 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.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $944.80M
Inventory: $0.00
Total assets: $15.06B
Goodwill: $4.71B
Intangibles: $2.15B
Liabilities: $6.26B
Tangible book: $1.93B
Shares: 1,328,500,000
Revenue: $6.24B
Capex: $160.50M
D&A: $552.70M
EBITDA: $2.05B
Interest: $61.19M
Short-term debt: $1.45B
Free cash flow: $1.47B
Operating income: $1.39B
Invested capital: $7.84B
Tax rate: 18.6%