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.
Naturgy Energy Group SA
Physical assets are 54.8% of total assets, a heavy footprint. Capex is 1.34x 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 0.91x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.95x.
Physical asset ratio
54.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.95x
Revenue per dollar of the physical asset base.
Capex / D&A
1.34x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€5.58
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
5.49x
Price €30.64.
Fixed-charge coverage
0.91x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.4%
Latest free cash flow divided by current market cap (€28.38B).
ROIC
11.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.17x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 53.1% | 1.18x | 1.08x | €6.77 | -0.78x | €1.07B | — | -0.10x |
| 2019 | 53.1% | 1.09x | 1.25x | €6.41 | 0.87x | €2.17B | 8.9% | 0.14x |
| 2020 | 45.6% | 0.88x | 1.00x | €5.91 | 0.19x | €1.96B | — | 0.11x |
| 2021 | 48.9% | 1.24x | 0.83x | €3.27 | 1.29x | -€203.00M | 14.8% | 0.19x |
| 2022 | 50.4% | 1.83x | 0.00x | €4.17 | 1.55x | €2.16B | 17.6% | 0.25x |
| 2023 | 55.7% | 1.14x | 1.67x | €6.20 | 0.90x | €2.43B | 19.6% | 0.28x |
| 2024 | 52.7% | 0.93x | 1.42x | €5.90 | 0.95x | €1.80B | 19.4% | 0.27x |
| 2025 | 54.8% | 0.95x | 1.34x | €5.58 | 0.91x | €2.38B | 11.9% | 0.17x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €20.42B
Inventory: €1.00B
Total assets: €39.10B
Goodwill: €2.89B
Intangibles: €3.07B
Liabilities: €27.73B
Tangible book: €5.41B
Shares: 969,613,000
Revenue: €19.46B
Capex: €2.15B
D&A: €1.60B
EBITDA: €5.18B
Interest: €752.00M
Short-term debt: €2.60B
Free cash flow: €2.38B
Operating income: €3.45B
Invested capital: €21.43B
Tax rate: 25.9%