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.
SES S. A.
Physical assets are 54.9% of total assets, a heavy footprint. Capex is 0.53x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.53x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 0.37x.
Physical asset ratio
54.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.37x
Revenue per dollar of the physical asset base.
Capex / D&A
0.53x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€0.26
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price €4.17.
Fixed-charge coverage
0.53x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
13.4%
Latest free cash flow divided by current market cap (€1.71B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.01x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 47.0% | 0.32x | 0.46x | €2.68 | 1.18x | €863.10M | 4.0% | 0.07x |
| 2019 | 46.4% | 0.32x | 0.40x | €3.44 | 0.95x | €828.80M | 3.9% | 0.06x |
| 2020 | 47.2% | 0.32x | 0.29x | €2.74 | 0.73x | €839.00M | — | 0.05x |
| 2021 | 42.7% | 0.31x | 0.42x | €4.33 | 5.97x | €1.01B | 4.1% | 0.06x |
| 2022 | 43.8% | 0.35x | 1.92x | €3.12 | -0.59x | €122.00M | 2.7% | 0.07x |
| 2023 | 45.6% | 0.44x | 0.59x | €6.46 | -0.43x | €3.07B | — | -0.15x |
| 2024 | 41.8% | 0.47x | 0.38x | €6.02 | 1.76x | €703.00M | 0.8% | 0.01x |
| 2025 | 54.9% | 0.37x | 0.53x | -€0.26 | 0.53x | €229.00M | — | 0.01x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €7.15B
Inventory: €196.00M
Total assets: €13.37B
Goodwill: €1.81B
Intangibles: €1.00B
Liabilities: €10.66B
Tangible book: -€96.00M
Shares: 365,385,000
Revenue: €2.63B
Capex: €522.00M
D&A: €976.00M
EBITDA: €1.03B
Interest: €172.00M
Short-term debt: €798.00M
Free cash flow: €229.00M
Operating income: €56.00M
Invested capital: €7.96B
Tax rate: —