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.
International Consolidated Airlines Group S.A
Physical assets are 51.7% of total assets, a heavy footprint. Capex is 1.29x 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. ROIC is 54.5%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 1.52x.
Physical asset ratio
51.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.52x
Revenue per dollar of the physical asset base.
Capex / D&A
1.29x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€0.76
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
6.47x
Price €4.93.
Fixed-charge coverage
1.73x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
14.4%
Latest free cash flow divided by current market cap (€21.48B).
ROIC
54.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.22x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 46.2% | 1.95x | 2.23x | €1.67 | 6.13x | €434.00M | -148.1% | -0.30x |
| 2019 | 55.3% | 1.33x | 1.64x | €1.64 | 2.06x | €537.00M | 57.4% | 0.14x |
| 2020 | 59.1% | 0.45x | 0.92x | -€0.54 | -5.87x | -€5.24B | — | -0.43x |
| 2021 | 50.8% | 0.49x | 0.39x | -€0.48 | -0.85x | -€885.00M | — | -0.16x |
| 2022 | 47.6% | 1.26x | 1.84x | -€0.29 | -0.19x | €960.00M | 45.4% | 0.07x |
| 2023 | 53.8% | 1.49x | 1.72x | -€0.12 | 1.85x | €1.32B | 85.1% | 0.18x |
| 2024 | 49.6% | 1.52x | 1.19x | €0.48 | 1.43x | €3.56B | 64.8% | 0.20x |
| 2025 | 51.7% | 1.52x | 1.29x | €0.76 | 1.73x | €3.09B | 54.5% | 0.22x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €21.48B
Inventory: €700.08M
Total assets: €42.92B
Goodwill: €346.54M
Intangibles: €3.43B
Liabilities: €35.31B
Tangible book: €3.83B
Shares: 5,031,980,000
Revenue: €32.62B
Capex: €3.38B
D&A: €2.63B
EBITDA: €7.43B
Interest: €698.39M
Short-term debt: €1.65B
Free cash flow: €3.09B
Operating income: €4.81B
Invested capital: €6.54B
Tax rate: 25.8%