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.
Indra A
Physical assets are 28.9% of total assets, a light footprint. Capex is 0.37x 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 0.82x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 4.17x.
Physical asset ratio
28.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.17x
Revenue per dollar of the physical asset base.
Capex / D&A
0.37x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€1.28
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
49.85x
Price €63.68.
Fixed-charge coverage
0.82x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.0%
Latest free cash flow divided by current market cap (€11.15B).
ROIC
8.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.36x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 10.4% | 28.64x | 0.94x | -€2.51 | 3.06x | €175.85M | 13.1% | 1.84x |
| 2019 | 15.0% | 12.98x | 0.76x | -€2.36 | 4.01x | €54.78M | 10.0% | 0.90x |
| 2020 | 14.1% | 14.11x | 0.60x | -€2.75 | 0.07x | €129.89M | — | 0.07x |
| 2021 | 12.0% | 19.16x | 0.53x | -€1.83 | 3.37x | €295.48M | 13.8% | 1.44x |
| 2022 | 14.1% | 21.98x | 0.54x | -€1.00 | 0.99x | €296.14M | 16.5% | 1.72x |
| 2023 | 10.8% | 19.91x | 0.63x | -€0.66 | 1.13x | €316.81M | 18.6% | 1.59x |
| 2024 | 18.2% | 19.80x | 1.04x | €0.12 | 1.62x | €339.90M | 25.0% | 1.79x |
| 2025 | 28.9% | 4.17x | 0.37x | €1.28 | 0.82x | €447.15M | 8.6% | 0.36x |
- 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: €1.31B
Inventory: €1.39B
Total assets: €9.36B
Goodwill: €1.44B
Intangibles: €459.50M
Liabilities: €7.23B
Tangible book: €224.41M
Shares: 175,663,615
Revenue: €5.46B
Capex: €44.08M
D&A: €119.04M
EBITDA: €591.14M
Interest: €63.45M
Short-term debt: €607.24M
Free cash flow: €447.15M
Operating income: €472.11M
Invested capital: €4.12B
Tax rate: 25.1%