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.
IMPERIAL TOBACCO
Physical assets are 22.2% of total assets, a light footprint. Capex is 0.59x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 19.1%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 16.96x. Compare it with other names in the same basket.
Physical asset ratio
22.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
16.96x
Revenue per dollar of the physical asset base.
Capex / D&A
0.59x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€13.39
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price €33.44.
Fixed-charge coverage
2.56x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
18.0%
Latest free cash flow divided by current market cap (€17.57B).
ROIC
19.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.84x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | — | — | 0.31x | -€13.29 | 1.10x | €2.69B | 12.5% | — |
| 2019 | — | — | 0.01x | -€13.68 | 1.41x | €3.22B | 9.8% | — |
| 2020 | 19.4% | 14.85x | 0.16x | -€13.36 | 1.75x | €3.88B | 14.6% | 1.38x |
| 2021 | 19.9% | 16.76x | 0.00x | -€11.35 | 2.81x | €2.17B | 20.2% | 1.60x |
| 2022 | 19.5% | 17.25x | 0.02x | -€10.88 | 1.80x | €3.17B | 14.6% | 1.78x |
| 2023 | 21.9% | 16.71x | 0.29x | -€11.49 | 2.03x | €2.95B | 19.1% | 1.75x |
| 2024 | 21.6% | 16.85x | 0.64x | -€11.71 | 2.25x | €2.89B | 24.7% | 1.85x |
| 2025 | 22.2% | 16.96x | 0.59x | -€13.39 | 2.56x | €3.17B | 19.1% | 1.84x |
- 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: €1.90B
Inventory: €4.47B
Total assets: €28.72B
Goodwill: €13.67B
Intangibles: €2.54B
Liabilities: €23.28B
Tangible book: -€10.78B
Shares: 804,658,996
Revenue: €32.17B
Capex: €461.00M
D&A: €781.00M
EBITDA: €4.37B
Interest: €456.00M
Short-term debt: €1.07B
Free cash flow: €3.17B
Operating income: €3.49B
Invested capital: €12.98B
Tax rate: 29.0%