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.
Rheinmetall AG
Physical assets are 37.7% of total assets, a mixed footprint. Capex is 1.74x 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 27.7%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 4.32x.
Physical asset ratio
37.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.32x
Revenue per dollar of the physical asset base.
Capex / D&A
1.74x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€64.66
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
16.81x
Price €1.09K.
Fixed-charge coverage
6.93x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.0%
Latest free cash flow divided by current market cap (€47.88B).
ROIC
27.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.74x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 39.6% | 4.15x | 1.01x | €33.76 | 3.09x | -€35.00M | 18.0% | 0.34x |
| 2019 | 39.9% | 4.00x | 1.03x | €34.18 | 3.89x | €314.00M | 17.9% | 0.33x |
| 2020 | 39.0% | 4.31x | 0.95x | €30.97 | 2.75x | €216.00M | 9.4% | 0.22x |
| 2021 | 36.8% | 4.46x | 1.14x | €42.84 | 2.82x | €419.00M | 21.5% | 0.48x |
| 2022 | 39.9% | 4.76x | 1.40x | €52.17 | 1.43x | -€175.00M | 17.8% | 0.55x |
| 2023 | 40.9% | 4.37x | 1.29x | €33.79 | 1.70x | €345.00M | 16.1% | 0.55x |
| 2024 | 43.1% | 4.46x | 1.82x | €35.62 | 1.63x | €988.00M | 19.7% | 0.64x |
| 2025 | 37.7% | 4.32x | 1.74x | €64.66 | 6.93x | €1.41B | 27.7% | 0.74x |
- 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: €2.30B
Inventory: €4.14B
Total assets: €17.08B
Goodwill: €1.35B
Intangibles: €1.24B
Liabilities: €11.46B
Tangible book: €3.02B
Shares: 46,660,000
Revenue: €9.94B
Capex: €873.00M
D&A: €501.00M
EBITDA: €2.19B
Interest: €116.00M
Short-term debt: €74.00M
Free cash flow: €1.41B
Operating income: €1.70B
Invested capital: €4.60B
Tax rate: 25.2%