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.
Banco Santander S.A.
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 1.84x 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 0.16x, which is below 1.
Fixed-asset turnover is 10.24x. Compare it with other names in the same basket.
Physical asset ratio
0.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
10.24x
Revenue per dollar of the physical asset base.
Capex / D&A
1.84x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€6.42
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.87x
Price €12.03.
Fixed-charge coverage
0.16x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
44.6%
Latest free cash flow divided by current market cap (€173.98B).
ROIC
8.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.60x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -14.0% | 2.02x | 5.03x | €4.66 | 0.04x | -€8.78B | 9.3% | 1.33x |
| 2019 | -12.9% | 1.53x | 4.71x | €4.85 | 0.02x | -€10.75B | 4.4% | 0.53x |
| 2020 | -16.9% | 1.90x | 3.03x | €4.36 | 0.07x | €57.63B | — | 0.26x |
| 2021 | -18.3% | 1.21x | 4.14x | €4.65 | 0.14x | €45.29B | 6.4% | 0.44x |
| 2022 | -19.2% | 2.63x | 3.63x | €4.67 | 0.10x | €16.87B | 5.7% | 0.46x |
| 2023 | -18.6% | 3.58x | 4.42x | €5.31 | 0.04x | €66.92B | — | 0.46x |
| 2024 | 1.7% | 4.02x | 2.67x | €5.66 | 0.12x | -€32.65B | 3.6% | 0.56x |
| 2025 | 0.6% | 10.24x | 1.84x | €6.42 | 0.16x | €77.68B | 8.4% | 1.60x |
- Inventory was missing and treated as zero in the physical asset ratio.
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2025)
Net PP&E: €11.66B
Inventory: €0.00
Total assets: €1,867.52B
Goodwill: €11.96B
Intangibles: €5.35B
Liabilities: €1,754.77B
Tangible book: €95.44B
Shares: 14,869,796,000
Revenue: €119.39B
Capex: €5.85B
D&A: €3.18B
EBITDA: €21.86B
Interest: €59.36B
Short-term debt: €40.81B
Free cash flow: €77.68B
Operating income: €18.68B
Invested capital: €166.34B
Tax rate: 25.3%