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.
Leonardo S.p.A.
Physical assets are 28.3% of total assets, a light footprint. Capex is 1.55x 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 0.55x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 5.39x.
Physical asset ratio
28.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.39x
Revenue per dollar of the physical asset base.
Capex / D&A
1.55x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€3.80
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
13.25x
Price €50.42.
Fixed-charge coverage
0.55x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.4%
Latest free cash flow divided by current market cap (€28.89B).
ROIC
9.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.34x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 22.8% | 5.65x | 1.16x | -€3.62 | 0.69x | €110.00M | 8.3% | 0.28x |
| 2019 | 31.4% | 5.29x | 1.11x | -€8.56 | 1.69x | €51.00M | 9.5% | 0.37x |
| 2020 | 31.1% | 5.28x | 0.61x | -€8.07 | 0.71x | -€36.00M | 7.0% | 0.25x |
| 2021 | 28.7% | 5.33x | 1.27x | -€7.08 | 0.49x | €190.00M | 6.7% | 0.31x |
| 2022 | 28.8% | 5.07x | 1.38x | -€5.70 | 2.77x | €523.00M | 7.9% | 0.30x |
| 2023 | 28.7% | 4.92x | 1.37x | €1.73 | 0.41x | €404.00M | 7.2% | 0.28x |
| 2024 | 29.5% | 5.21x | 1.35x | €2.56 | 0.59x | €646.00M | 8.3% | 0.34x |
| 2025 | 28.3% | 5.39x | 1.55x | €3.80 | 0.55x | €977.00M | 9.3% | 0.34x |
- 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: €3.62B
Inventory: €6.16B
Total assets: €34.51B
Goodwill: €4.31B
Intangibles: €4.23B
Liabilities: €23.77B
Tangible book: €2.19B
Shares: 576,772,000
Revenue: €19.50B
Capex: €1.02B
D&A: €657.00M
EBITDA: €2.51B
Interest: €202.00M
Short-term debt: €2.50B
Free cash flow: €977.00M
Operating income: €1.24B
Invested capital: €10.81B
Tax rate: 19.1%