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.
Hera S.p.A
Physical assets are 18.6% of total assets, a light footprint. Capex is 1.68x 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 0.30x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 5.37x.
Physical asset ratio
18.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.37x
Revenue per dollar of the physical asset base.
Capex / D&A
1.68x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€1.22
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price €3.53.
Fixed-charge coverage
0.30x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.8%
Latest free cash flow divided by current market cap (€5.19B).
ROIC
5.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.27x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 23.7% | 3.06x | 1.20x | -€0.54 | 0.68x | €157.10M | 6.8% | 0.25x |
| 2019 | 21.8% | 3.31x | 1.24x | -€1.08 | 1.77x | €196.50M | 7.5% | 0.26x |
| 2020 | 19.9% | 3.50x | 1.11x | -€1.08 | 0.78x | €385.00M | 7.4% | 0.27x |
| 2021 | 17.2% | 5.17x | 1.27x | -€1.06 | 1.86x | €456.70M | 10.0% | 0.30x |
| 2022 | 17.9% | 9.62x | 1.49x | -€1.11 | 0.57x | -€673.80M | 5.6% | 0.26x |
| 2023 | 18.4% | 7.17x | 1.57x | -€1.30 | 0.70x | €756.90M | 9.1% | 0.39x |
| 2024 | 16.0% | 5.82x | 1.53x | -€1.31 | 0.77x | -€7.30M | 8.5% | 0.37x |
| 2025 | 18.6% | 5.37x | 1.68x | -€1.22 | 0.30x | €196.90M | 5.7% | 0.27x |
- 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: €2.41B
Inventory: €213.20M
Total assets: €14.13B
Goodwill: €950.00M
Intangibles: €5.24B
Liabilities: €9.73B
Tangible book: -€1.79B
Shares: 1,464,669,000
Revenue: €12.96B
Capex: €1.03B
D&A: €611.80M
EBITDA: €1.26B
Interest: €233.50M
Short-term debt: €556.00M
Free cash flow: €196.90M
Operating income: €652.90M
Invested capital: €8.22B
Tax rate: 28.5%