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.
Saab AB (publ)
Physical assets are 40.6% of total assets, a mixed footprint. Capex is 1.87x 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 14.8%, 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 3.66x.
Physical asset ratio
40.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.66x
Revenue per dollar of the physical asset base.
Capex / D&A
1.87x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$28.80
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.14x
Price $32.78.
Fixed-charge coverage
2.16x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
18.6%
Latest free cash flow divided by current market cap ($34.19B).
ROIC
14.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.33x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 28.1% | 5.12x | 3.26x | $11.29 | 0.41x | -$3.31B | 10.0% | 0.35x |
| 2019 | 32.8% | 3.88x | 2.05x | $9.65 | 0.91x | -$1.61B | 9.7% | 0.32x |
| 2020 | 32.6% | 3.73x | 1.90x | $9.45 | 0.01x | $2.91B | 1.2% | 0.03x |
| 2021 | 33.2% | 3.91x | 1.30x | $10.39 | 1.34x | $3.19B | 10.9% | 0.29x |
| 2022 | 34.9% | 3.80x | 1.09x | $16.45 | 3.91x | $2.34B | 10.0% | 0.30x |
| 2023 | 34.8% | 4.28x | 1.56x | $18.07 | 6.20x | $2.92B | 11.6% | 0.35x |
| 2024 | 37.3% | 4.15x | 1.83x | $21.15 | 4.67x | $1.89B | 13.2% | 0.37x |
| 2025 | 40.6% | 3.66x | 1.87x | $28.80 | 2.16x | $6.36B | 14.8% | 0.33x |
- 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: $21.65B
Inventory: $29.02B
Total assets: $124.70B
Goodwill: $5.29B
Intangibles: $7.30B
Liabilities: $81.03B
Tangible book: $31.09B
Shares: 1,079,584,000
Revenue: $79.15B
Capex: $5.75B
D&A: $3.07B
EBITDA: $10.10B
Interest: $709.69M
Short-term debt: $1.31B
Free cash flow: $6.36B
Operating income: $7.04B
Invested capital: $37.76B
Tax rate: 20.7%