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.
Nestle SA
Physical assets are 35.7% of total assets, a mixed footprint. Capex is 1.25x 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. ROIC is 13.1%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.75x. Compare it with other names in the same basket.
Physical asset ratio
35.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.75x
Revenue per dollar of the physical asset base.
Capex / D&A
1.25x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$4.37
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $100.00.
Fixed-charge coverage
1.01x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.5%
Latest free cash flow divided by current market cap ($252.03B).
ROIC
13.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.44x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 28.5% | 3.06x | 1.14x | $2.67 | 0.86x | $10.93B | 11.6% | 0.46x |
| 2019 | 29.8% | 3.23x | 1.13x | $2.09 | 1.03x | $11.64B | 16.4% | 0.56x |
| 2020 | 29.0% | 3.28x | 1.26x | -$0.44 | 1.07x | $10.01B | 15.1% | 0.57x |
| 2021 | 29.0% | 3.09x | 1.55x | $0.18 | 0.87x | $8.52B | 12.0% | 0.41x |
| 2022 | 33.4% | 3.14x | 1.51x | -$3.21 | 0.88x | $6.55B | 10.4% | 0.41x |
| 2023 | 33.5% | 3.06x | 1.79x | -$3.98 | 1.05x | $9.74B | 13.8% | 0.46x |
| 2024 | 33.7% | 2.72x | 1.66x | -$5.06 | 0.93x | $10.71B | 12.4% | 0.44x |
| 2025 | 35.7% | 2.75x | 1.25x | -$4.37 | 1.01x | $11.38B | 13.1% | 0.44x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $32.56B
Inventory: $12.82B
Total assets: $127.21B
Goodwill: $27.65B
Intangibles: $16.68B
Liabilities: $94.14B
Tangible book: -$11.26B
Shares: 2,576,000,000
Revenue: $89.53B
Capex: $4.53B
D&A: $3.63B
EBITDA: $17.91B
Interest: $1.69B
Short-term debt: $11.61B
Free cash flow: $11.38B
Operating income: $14.27B
Invested capital: $84.47B
Tax rate: 22.2%