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.
Mediobanca Banca di Credito Finanziario S.p.A
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.58x 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 0.41x, which is below 1.
Fixed-asset turnover is 6.85x. Compare it with other names in the same basket.
Physical asset ratio
0.8%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$819.40MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$106.01BtotalAssetsInventory was not reported and is treated as zero.Result 0.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.85xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$5.61BtotalRevenueNet PP&E$819.40MpropertyPlantAndEquipmentNetResult 6.85x
Revenue per dollar of the physical asset base.
Capex / D&A
0.58xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$23.39McapitalExpendituresD&A$40.04MdepreciationAndAmortizationResult 0.58x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$11.00Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$106.01BtotalAssetsGoodwill$792.86MgoodWillIntangibles$230.91MintangibleAssetsLiabilities$94.56BtotalLiabTangible book$10.42BShares947,234,051commonStockSharesOutstandingResult $11.00
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.63xPrice / tangible bookPrice / tangible book per sharePrice$28.96Latest quoteTangible book / share$11.002026-06-30Result 2.63x
Price $28.96.
Fixed-charge coverage
0.41xFixed-charge coverage · 2026-06-30(EBITDA − capex) / interestEBITDA$824.61MebitdaCapex$23.39McapitalExpendituresInterest$1.94BinterestExpenseEBITDA − capex$801.21MShort-term debt was not reported, so the denominator is interest only.Result 0.41x
EBITDA minus capex, divided by interest only.
FCF yield
10.5%Free cash flow yield · 2026-06-30Latest free cash flow / current market capFree cash flow$2.46BfreeCashFlowMarket cap$23.37BMarketCapitalizationResult 10.5%
Latest free cash flow divided by current market cap ($23.37B).
ROIC
2.4%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$897.61MoperatingIncomeTax expense$300.60MincomeTaxExpensePretax income$1.33BincomeBeforeTaxTax rate22.7%Equity$11.43BtotalStockholderEquityDebt$38.67BshortLongTermDebtTotalCash$20.86BcashAndShortTermInvestmentsInvested capital$29.23BResult 2.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.10x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | -14.8%Physical asset ratio · 2019-06-30(Net PP&E + inventory) / total assetsNet PP&E$218.97MpropertyPlantAndEquipmentNetInventory-$11.80BinventoryTotal assets$78.24BtotalAssetsResult -14.8% | 12.58xFixed asset turnover · 2019-06-30Revenue / net PP&ERevenue$2.75BtotalRevenueNet PP&E$218.97MpropertyPlantAndEquipmentNetResult 12.58x | 0.58xCapex / D&A · 2019-06-30Capital expenditures / depreciation and amortizationCapex$25.75McapitalExpendituresD&A$44.16MdepreciationAndAmortizationResult 0.58x | $10.26Tangible book / share · 2019-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$78.24BtotalAssetsGoodwill$772.43MgoodWillIntangibles$129.33MintangibleAssetsLiabilities$68.35BtotalLiabTangible book$9.00BShares876,900,808commonStockSharesOutstandingResult $10.26 | 0.15xFixed-charge coverage · 2019-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.13BebitdaCapex$25.75McapitalExpendituresInterest$481.79MinterestExpenseShort-term debt$6.90BshortTermDebtEBITDA − capex$1.10BPrincipal due is short-term debt.Result 0.15x | -$12.88MFree cash flow · 2019-06-30Reported free cash flowOperating cash flow$12.86MtotalCashFromOperatingActivitiesCapex$25.75McapitalExpendituresFree cash flow-$12.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$12.88M | 2.5%ROIC · 2019-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.08BoperatingIncomeTax expense$256.53MincomeTaxExpensePretax income$1.08BincomeBeforeTaxTax rate23.7%Equity$9.81BtotalStockholderEquityDebt$24.16BshortLongTermDebtTotalCash$1.28BcashInvested capital$32.69BResult 2.5% | 4.94xEBIT / PP&E · 2019-06-30Operating income / net PP&EOperating income$1.08BoperatingIncomeNet PP&E$218.97MpropertyPlantAndEquipmentNetResult 4.94x |
| 2020 | -16.6%Physical asset ratio · 2020-06-30(Net PP&E + inventory) / total assetsNet PP&E$431.43MpropertyPlantAndEquipmentNetInventory-$13.53BinventoryTotal assets$78.95BtotalAssetsResult -16.6% | 6.56xFixed asset turnover · 2020-06-30Revenue / net PP&ERevenue$2.83BtotalRevenueNet PP&E$431.43MpropertyPlantAndEquipmentNetResult 6.56x | 0.58xCapex / D&A · 2020-06-30Capital expenditures / depreciation and amortizationCapex$48.77McapitalExpendituresD&A$83.77MdepreciationAndAmortizationResult 0.58x | $10.31Tangible book / share · 2020-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$78.95BtotalAssetsGoodwill$666.54MgoodWillIntangibles$149.46MintangibleAssetsLiabilities$69.21BtotalLiabTangible book$8.92BShares865,866,590commonStockSharesOutstandingResult $10.31 | 0.16xFixed-charge coverage · 2020-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$898.71MebitdaCapex$48.77McapitalExpendituresInterest$502.20MinterestExpenseShort-term debt$4.74BshortTermDebtEBITDA − capex$849.93MPrincipal due is short-term debt.Result 0.16x | $2.89BFree cash flow · 2020-06-30Reported free cash flowOperating cash flow$2.94BtotalCashFromOperatingActivitiesCapex$48.77McapitalExpendituresFree cash flow$2.89BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.89B | 2.0%ROIC · 2020-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$814.93MoperatingIncomeTax expense$213.50MincomeTaxExpensePretax income$814.93MincomeBeforeTaxTax rate26.2%Equity$9.65BtotalStockholderEquityDebt$24.56BshortLongTermDebtTotalCash$3.94BcashInvested capital$30.28BResult 2.0% | 1.89xEBIT / PP&E · 2020-06-30Operating income / net PP&EOperating income$814.93MoperatingIncomeNet PP&E$431.43MpropertyPlantAndEquipmentNetResult 1.89x |
| 2021 | -17.4%Physical asset ratio · 2021-06-30(Net PP&E + inventory) / total assetsNet PP&E$439.40MpropertyPlantEquipmentInventory-$14.83BinventoryTotal assets$82.60BtotalAssetsResult -17.4% | 6.80xFixed asset turnover · 2021-06-30Revenue / net PP&ERevenue$2.99BtotalRevenueNet PP&E$439.40MpropertyPlantEquipmentResult 6.80x | 0.64xCapex / D&A · 2021-06-30Capital expenditures / depreciation and amortizationCapex$54.88McapitalExpendituresD&A$85.79MdepreciationAndAmortizationResult 0.64x | $11.94Tangible book / share · 2021-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$82.60BtotalAssetsGoodwill$602.36MgoodWillIntangibles$141.77MintangibleAssetsLiabilities$71.50BtotalLiabTangible book$10.36BShares867,274,887commonStockSharesOutstandingResult $11.94 | 0.39xFixed-charge coverage · 2021-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.17BebitdaCapex$54.88McapitalExpendituresInterest$402.33MinterestExpenseShort-term debt$2.45BshortTermDebtEBITDA − capex$1.11BPrincipal due is short-term debt.Result 0.39x | -$1.45BFree cash flow · 2021-06-30Reported free cash flowOperating cash flow-$95.44MtotalCashFromOperatingActivitiesCapex$54.88McapitalExpendituresFree cash flow-$1.45BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.45B | 2.7%ROIC · 2021-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.08BoperatingIncomeTax expense$271.78MincomeTaxExpensePretax income$1.08BincomeBeforeTaxTax rate25.1%Equity$11.01BtotalStockholderEquityDebt$22.88BshortLongTermDebtTotalCash$3.69BcashInvested capital$30.21BResult 2.7% | 2.46xEBIT / PP&E · 2021-06-30Operating income / net PP&EOperating income$1.08BoperatingIncomeNet PP&E$439.40MpropertyPlantEquipmentResult 2.46x |
| 2022 | -21.4%Physical asset ratio · 2022-06-30(Net PP&E + inventory) / total assetsNet PP&E$446.63MpropertyPlantEquipmentInventory-$19.86BinventoryTotal assets$90.57BtotalAssetsResult -21.4% | 6.42xFixed asset turnover · 2022-06-30Revenue / net PP&ERevenue$2.87BtotalRevenueNet PP&E$446.63MpropertyPlantEquipmentResult 6.42x | 0.68xCapex / D&A · 2022-06-30Capital expenditures / depreciation and amortizationCapex$58.62McapitalExpendituresD&A$86.59MdepreciationAndAmortizationResult 0.68x | $11.76Tangible book / share · 2022-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$90.57BtotalAssetsGoodwill$616.79MgoodWillIntangibles$221.62MintangibleAssetsLiabilities$79.82BtotalLiabTangible book$9.91BShares842,975,394commonStockSharesOutstandingResult $11.76 | 0.15xFixed-charge coverage · 2022-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.25BebitdaCapex$58.62McapitalExpendituresInterest$353.68MinterestExpenseShort-term debt$7.53BshortTermDebtEBITDA − capex$1.19BPrincipal due is short-term debt.Result 0.15x | $5.80BFree cash flow · 2022-06-30Reported free cash flowOperating cash flow$5.15BtotalCashFromOperatingActivitiesCapex$58.62McapitalExpendituresFree cash flow$5.80BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.80B | 3.7%ROIC · 2022-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.16BoperatingIncomeTax expense$252.00MincomeTaxExpensePretax income$1.16BincomeBeforeTaxTax rate21.7%Equity$10.65BtotalStockholderEquityDebt$22.75BshortLongTermDebtTotalCash$9.05BcashInvested capital$24.34BResult 3.7% | 2.60xEBIT / PP&E · 2022-06-30Operating income / net PP&EOperating income$1.16BoperatingIncomeNet PP&E$446.63MpropertyPlantEquipmentResult 2.60x |
| 2023 | -15.4%Physical asset ratio · 2023-06-30(Net PP&E + inventory) / total assetsNet PP&E$1.33BpropertyPlantAndEquipmentNetInventory-$15.48BinventoryTotal assets$91.64BtotalAssetsResult -15.4% | 2.96xFixed asset turnover · 2023-06-30Revenue / net PP&ERevenue$3.93BtotalRevenueNet PP&E$1.33BpropertyPlantAndEquipmentNetResult 2.96x | 0.83xCapex / D&A · 2023-06-30Capital expenditures / depreciation and amortizationCapex$76.20McapitalExpendituresD&A$92.34MdepreciationAndAmortizationResult 0.83x | $12.60Tangible book / share · 2023-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$91.64BtotalAssetsGoodwill$574.55MgoodWillIntangibles$222.15MintangibleAssetsLiabilities$80.19BtotalLiabTangible book$10.65BShares845,322,563commonStockSharesOutstandingResult $12.60 | 0.26xFixed-charge coverage · 2023-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.52BebitdaCapex$76.20McapitalExpendituresInterest$1.03BinterestExpenseShort-term debt$4.48BshortTermDebtEBITDA − capex$1.44BPrincipal due is short-term debt.Result 0.26x | -$3.24BFree cash flow · 2023-06-30Reported free cash flowOperating cash flow-$3.16BtotalCashFromOperatingActivitiesCapex$76.20McapitalExpendituresFree cash flow-$3.24BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.24B | 2.7%ROIC · 2023-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.42BoperatingIncomeTax expense$394.48MincomeTaxExpensePretax income$1.42BincomeBeforeTaxTax rate27.7%Equity$11.33BtotalStockholderEquityDebt$31.96BshortLongTermDebtTotalCash$4.92BcashInvested capital$38.37BResult 2.7% | 1.07xEBIT / PP&E · 2023-06-30Operating income / net PP&EOperating income$1.42BoperatingIncomeNet PP&E$1.33BpropertyPlantAndEquipmentNetResult 1.07x |
| 2024 | 0.5%Physical asset ratio · 2024-06-30(Net PP&E + inventory) / total assetsNet PP&E$492.76MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$99.23BtotalAssetsInventory was not reported and is treated as zero.Result 0.5% | 10.71xFixed asset turnover · 2024-06-30Revenue / net PP&ERevenue$5.28BtotalRevenueNet PP&E$492.76MpropertyPlantAndEquipmentNetResult 10.71x | 0.47xCapex / D&A · 2024-06-30Capital expenditures / depreciation and amortizationCapex$51.16McapitalExpendituresD&A$109.68MdepreciationAndAmortizationResult 0.47x | $12.24Tangible book / share · 2024-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$99.23BtotalAssetsGoodwill$827.31MgoodWillIntangibles$218.12MintangibleAssetsLiabilities$87.98BtotalLiabTangible book$10.20BShares832,900,000commonStockSharesOutstandingResult $12.24 | 0.87xFixed-charge coverage · 2024-06-30(EBITDA − capex) / interestEBITDA$1.82BebitdaCapex$51.16McapitalExpendituresInterest$2.03BinterestExpenseEBITDA − capex$1.77BShort-term debt was not reported, so the denominator is interest only.Result 0.87x | $388.35MFree cash flow · 2024-06-30Reported free cash flowOperating cash flow$439.51MtotalCashFromOperatingActivitiesCapex$51.16McapitalExpendituresFree cash flow$388.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $388.35M | 3.1%ROIC · 2024-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.71BoperatingIncomeTax expense$433.97MincomeTaxExpensePretax income$1.71BincomeBeforeTaxTax rate25.4%Equity$11.16BtotalStockholderEquityDebt$33.73BshortLongTermDebtTotalCash$4.10BcashInvested capital$40.79BResult 3.1% | 3.47xEBIT / PP&E · 2024-06-30Operating income / net PP&EOperating income$1.71BoperatingIncomeNet PP&E$492.76MpropertyPlantAndEquipmentNetResult 3.47x |
| 2025 | 1.7%Physical asset ratio · 2025-06-30(Net PP&E + inventory) / total assetsNet PP&E$1.73BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$103.95BtotalAssetsInventory was not reported and is treated as zero.Result 1.7% | 2.03xFixed asset turnover · 2025-06-30Revenue / net PP&ERevenue$3.51BtotalRevenueNet PP&E$1.73BpropertyPlantAndEquipmentNetResult 2.03x | 0.00xCapex / D&A · 2025-06-30Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$105.27MreconciledDepreciationResult 0.00x | $13.77Tangible book / share · 2025-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$103.95BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$92.75BtotalLiabTangible book$11.20BShares813,300,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $13.77 | —Fixed-charge coverage · 2025-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$2.00BOperating income + D&ACapex$0.00capitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex$2.00BEBITDA is operating income plus D&A because the income statement did not report EBITDA.Result — | —Free cash flow · 2025-06-30Operating cash flow − capexOperating cash flow—Not reportedCapex$0.00capitalExpendituresFree cash flow—Not reportedResult — | 2.9%ROIC · 2025-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.90BoperatingIncomeTax expense$444.40MincomeTaxExpensePretax income$1.85BincomeBeforeTaxTax rate24.0%Equity$11.19BtotalStockholderEquityDebt$40.18BshortLongTermDebtTotalCash$1.66BcashInvested capital$49.70BResult 2.9% | 1.10xEBIT / PP&E · 2025-06-30Operating income / net PP&EOperating income$1.90BoperatingIncomeNet PP&E$1.73BpropertyPlantAndEquipmentNetResult 1.10x |
| 2026 | 0.8%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$819.40MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$106.01BtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 6.85xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$5.61BtotalRevenueNet PP&E$819.40MpropertyPlantAndEquipmentNetResult 6.85x | 0.58xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$23.39McapitalExpendituresD&A$40.04MdepreciationAndAmortizationResult 0.58x | $11.00Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$106.01BtotalAssetsGoodwill$792.86MgoodWillIntangibles$230.91MintangibleAssetsLiabilities$94.56BtotalLiabTangible book$10.42BShares947,234,051commonStockSharesOutstandingResult $11.00 | 0.41xFixed-charge coverage · 2026-06-30(EBITDA − capex) / interestEBITDA$824.61MebitdaCapex$23.39McapitalExpendituresInterest$1.94BinterestExpenseEBITDA − capex$801.21MShort-term debt was not reported, so the denominator is interest only.Result 0.41x | $2.46BFree cash flow · 2026-06-30Reported free cash flowOperating cash flow-$1.21BtotalCashFromOperatingActivitiesCapex$23.39McapitalExpendituresFree cash flow$2.46BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.46B | 2.4%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$897.61MoperatingIncomeTax expense$300.60MincomeTaxExpensePretax income$1.33BincomeBeforeTaxTax rate22.7%Equity$11.43BtotalStockholderEquityDebt$38.67BshortLongTermDebtTotalCash$20.86BcashAndShortTermInvestmentsInvested capital$29.23BResult 2.4% | 1.10xEBIT / PP&E · 2026-06-30Operating income / net PP&EOperating income$897.61MoperatingIncomeNet PP&E$819.40MpropertyPlantAndEquipmentNetResult 1.10x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2026)
Net PP&E: $819.40M
Inventory: $0.00
Total assets: $106.01B
Goodwill: $792.86M
Intangibles: $230.91M
Liabilities: $94.56B
Tangible book: $10.42B
Shares: 947,234,051
Revenue: $5.61B
Capex: $23.39M
D&A: $40.04M
EBITDA: $824.61M
Interest: $1.94B
Short-term debt: —
Free cash flow: $2.46B
Operating income: $897.61M
Invested capital: $29.23B
Tax rate: 22.7%