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.
Novartis AG
Physical assets are 16.8% of total assets, a light footprint. Capex is 0.73x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 22.1%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.59x. Compare it with other names in the same basket.
Physical asset ratio
16.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.59x
Revenue per dollar of the physical asset base.
Capex / D&A
0.73x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€4.42
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price €133.00.
Fixed-charge coverage
2.84x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.9%
Latest free cash flow divided by current market cap (€256.60B).
ROIC
22.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.43x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 15.6% | 3.39x | 0.18x | €2.02 | 1.93x | €10.92B | 7.6% | 0.52x |
| 2019 | 16.7% | 3.54x | 0.24x | €0.11 | 1.85x | €11.37B | 10.2% | 0.66x |
| 2020 | 16.0% | 3.58x | 0.20x | -€4.49 | 1.52x | €11.07B | 10.0% | 0.73x |
| 2021 | 15.0% | 4.03x | 0.23x | €1.81 | 4.50x | €12.10B | 12.7% | 0.89x |
| 2022 | 16.5% | 4.25x | 0.17x | -€0.72 | 2.24x | €11.57B | 9.8% | 0.75x |
| 2023 | 16.8% | 4.27x | 0.35x | -€1.70 | 2.21x | €13.12B | 15.9% | 0.89x |
| 2024 | 16.2% | 4.76x | 0.63x | -€3.82 | 1.86x | €13.81B | 20.5% | 1.34x |
| 2025 | 16.8% | 4.59x | 0.73x | -€4.42 | 2.84x | €15.24B | 22.1% | 1.43x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €12.35B
Inventory: €6.27B
Total assets: €110.95B
Goodwill: €25.57B
Intangibles: €29.41B
Liabilities: €64.40B
Tangible book: -€8.43B
Shares: 1,908,151,679
Revenue: €56.67B
Capex: €3.90B
D&A: €5.33B
EBITDA: €22.82B
Interest: €1.14B
Short-term debt: €5.52B
Free cash flow: €15.24B
Operating income: €17.64B
Invested capital: €68.15B
Tax rate: 14.6%