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.
Roche Holding AG
Physical assets are 30.2% of total assets, a mixed footprint. Capex is 1.11x 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 30.4%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.68x. Compare it with other names in the same basket.
Physical asset ratio
30.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.68x
Revenue per dollar of the physical asset base.
Capex / D&A
1.11x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CHF 13.78
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
27.51x
Price CHF 379.20.
Fixed-charge coverage
3.40x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.7%
Latest free cash flow divided by current market cap (CHF 302.13B).
ROIC
30.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.84x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 36.2% | 2.73x | 1.12x | CHF 14.04 | 4.34x | CHF 15.94B | 43.7% | 0.87x |
| 2019 | 35.4% | 2.73x | 0.81x | CHF 17.15 | 6.80x | CHF 18.88B | 49.0% | 0.90x |
| 2020 | 35.4% | 2.51x | 1.47x | CHF 10.70 | 3.42x | CHF 11.47B | 37.7% | 0.76x |
| 2021 | 34.8% | 2.57x | 1.02x | -CHF 6.27 | 1.12x | CHF 16.02B | 35.4% | 0.74x |
| 2022 | 37.2% | 2.72x | 1.19x | CHF 0.86 | 3.56x | CHF 13.34B | 32.4% | 0.72x |
| 2023 | 33.9% | 2.63x | 1.34x | CHF 11.25 | 2.63x | CHF 11.45B | 27.3% | 0.67x |
| 2024 | 30.8% | 2.63x | 1.46x | CHF 13.69 | 2.24x | CHF 15.09B | 20.6% | 0.57x |
| 2025 | 30.2% | 2.68x | 1.11x | CHF 13.78 | 3.40x | CHF 14.08B | 30.4% | 0.84x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CHF 22.93B
Inventory: CHF 7.48B
Total assets: CHF 100.70B
Goodwill: CHF 7.49B
Intangibles: CHF 19.32B
Liabilities: CHF 62.82B
Tangible book: CHF 11.07B
Shares: 803,000,000
Revenue: CHF 61.52B
Capex: CHF 3.75B
D&A: CHF 3.39B
EBITDA: CHF 22.65B
Interest: CHF 1.35B
Short-term debt: CHF 4.21B
Free cash flow: CHF 14.08B
Operating income: CHF 19.26B
Invested capital: CHF 51.52B
Tax rate: 18.7%