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.
Sodexo SA
Physical assets are 10.4% of total assets, a light footprint. Capex is 0.69x 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 0.43x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 20.27x.
Physical asset ratio
10.4%Physical asset ratio · 2026-08-31(Net PP&E + inventory) / total assetsNet PP&E€1.18BpropertyPlantAndEquipmentNetInventory€329.00MinventoryTotal assets€14.50BtotalAssetsResult 10.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
20.27xFixed asset turnover · 2026-08-31Revenue / net PP&ERevenue€23.96BtotalRevenueNet PP&E€1.18BpropertyPlantAndEquipmentNetResult 20.27x
Revenue per dollar of the physical asset base.
Capex / D&A
0.69xCapex / D&A · 2026-08-31Capital expenditures / depreciation and amortizationCapex€364.00McapitalExpendituresD&A€525.00MreconciledDepreciationResult 0.69x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€16.46Tangible book / share · 2026-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€14.50BtotalAssetsGoodwill€5.69BgoodWillIntangibles€500.00MintangibleAssetsLiabilities€10.73BtotalLiabTangible book-€2.42BShares146,860,000commonStockSharesOutstandingResult -€16.46
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice€60.40Latest quoteTangible book / share-€16.462026-08-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price €60.40.
Fixed-charge coverage
0.43xFixed-charge coverage · 2026-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA€803.00MebitdaCapex€364.00McapitalExpendituresInterest€190.00MinterestExpenseShort-term debt€823.00MshortLongTermDebtEBITDA − capex€439.00MPrincipal due is the current portion of debt.Result 0.43x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.2%Free cash flow yield · 2026-08-31Latest free cash flow / current market capFree cash flow€543.00MfreeCashFlowMarket cap€8.82BMarketCapitalizationResult 6.2%
Latest free cash flow divided by current market cap (€8.82B).
ROIC
8.5%ROIC · 2026-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€803.00MoperatingIncomeTax expense€88.00MincomeTaxExpensePretax income€391.00MincomeBeforeTaxTax rate22.5%Equity€3.77BtotalStockholderEquityDebt€4.65BshortLongTermDebtTotalCash€1.13BcashInvested capital€7.29BResult 8.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.68x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 5.6%Physical asset ratio · 2019-08-31(Net PP&E + inventory) / total assetsNet PP&E€684.00MpropertyPlantEquipmentInventory€301.00MinventoryTotal assets€17.47BtotalAssetsResult 5.6% | 32.10xFixed asset turnover · 2019-08-31Revenue / net PP&ERevenue€21.95BtotalRevenueNet PP&E€684.00MpropertyPlantEquipmentResult 32.10x | 1.17xCapex / D&A · 2019-08-31Capital expenditures / depreciation and amortizationCapex€400.00McapitalExpendituresD&A€342.00MdepreciationAndAmortizationResult 1.17x | -€58.32Tangible book / share · 2019-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€17.47BtotalAssetsGoodwill€6.16BgoodWillIntangibles€6.96BintangibleAssetsLiabilities€12.97BtotalLiabTangible book-€8.62BShares147,775,897commonStockSharesOutstandingResult -€58.32 | 2.98xFixed-charge coverage · 2019-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.43BebitdaCapex€400.00McapitalExpendituresInterest€132.00MinterestExpenseShort-term debt€214.00MshortLongTermDebtEBITDA − capex€1.03BPrincipal due is the current portion of debt.Result 2.98x | €868.00MFree cash flow · 2019-08-31Reported free cash flowOperating cash flow€1.27BtotalCashFromOperatingActivitiesCapex€400.00McapitalExpendituresFree cash flow€868.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €868.00M | 14.2%ROIC · 2019-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.13BoperatingIncomeTax expense€277.00MincomeTaxExpensePretax income€957.00MincomeBeforeTaxTax rate28.9%Equity€4.46BtotalStockholderEquityDebt€4.12BshortLongTermDebtTotalCash€2.90BcashAndShortTermInvestmentsInvested capital€5.67BResult 14.2% | 1.66xEBIT / PP&E · 2019-08-31Operating income / net PP&EOperating income€1.13BoperatingIncomeNet PP&E€684.00MpropertyPlantEquipmentResult 1.66x |
| 2020 | 12.4%Physical asset ratio · 2020-08-31(Net PP&E + inventory) / total assetsNet PP&E€1.89BpropertyPlantEquipmentInventory€259.00MinventoryTotal assets€17.35BtotalAssetsResult 12.4% | 10.24xFixed asset turnover · 2020-08-31Revenue / net PP&ERevenue€19.32BtotalRevenueNet PP&E€1.89BpropertyPlantEquipmentResult 10.24x | 0.44xCapex / D&A · 2020-08-31Capital expenditures / depreciation and amortizationCapex€398.00McapitalExpendituresD&A€896.00MdepreciationAndAmortizationResult 0.44x | -€25.13Tangible book / share · 2020-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€17.35BtotalAssetsGoodwill€5.76BgoodWillIntangibles€673.00MintangibleAssetsLiabilities€14.58BtotalLiabTangible book-€3.66BShares145,778,963commonStockSharesOutstandingResult -€25.13 | 1.73xFixed-charge coverage · 2020-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA€971.00MebitdaCapex€398.00McapitalExpendituresInterest€305.00MinterestExpenseShort-term debt€27.00MshortLongTermDebtEBITDA − capex€573.00MPrincipal due is the current portion of debt.Result 1.73x | €234.00MFree cash flow · 2020-08-31Reported free cash flowOperating cash flow€632.00MtotalCashFromOperatingActivitiesCapex€398.00McapitalExpendituresFree cash flow€234.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €234.00M | —ROIC · 2020-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€141.00MoperatingIncomeTax expense€98.00MincomeTaxExpensePretax income-€221.00MincomeBeforeTaxTax rate—Equity€2.76BtotalStockholderEquityDebt€6.36BshortLongTermDebtTotalCash€2.07BcashAndShortTermInvestmentsInvested capital€7.05BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.07xEBIT / PP&E · 2020-08-31Operating income / net PP&EOperating income€141.00MoperatingIncomeNet PP&E€1.89BpropertyPlantEquipmentResult 0.07x |
| 2021 | 8.6%Physical asset ratio · 2021-08-31(Net PP&E + inventory) / total assetsNet PP&E€1.36BpropertyPlantEquipmentInventory€268.00MinventoryTotal assets€18.99BtotalAssetsResult 8.6% | 12.78xFixed asset turnover · 2021-08-31Revenue / net PP&ERevenue€17.43BtotalRevenueNet PP&E€1.36BpropertyPlantEquipmentResult 12.78x | 0.48xCapex / D&A · 2021-08-31Capital expenditures / depreciation and amortizationCapex€296.00McapitalExpendituresD&A€619.00MdepreciationAndAmortizationResult 0.48x | -€61.49Tangible book / share · 2021-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€18.99BtotalAssetsGoodwill€5.81BgoodWillIntangibles€6.44BintangibleAssetsLiabilities€15.82BtotalLiabTangible book-€9.08BShares147,623,081commonStockSharesOutstandingResult -€61.49 | 0.89xFixed-charge coverage · 2021-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA€966.00MebitdaCapex€296.00McapitalExpendituresInterest€118.00MinterestExpenseShort-term debt€639.00MshortLongTermDebtEBITDA − capex€670.00MPrincipal due is the current portion of debt.Result 0.89x | €686.00MFree cash flow · 2021-08-31Reported free cash flowOperating cash flow€982.00MtotalCashFromOperatingActivitiesCapex€296.00McapitalExpendituresFree cash flow€686.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €686.00M | 6.1%ROIC · 2021-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€568.00MoperatingIncomeTax expense€100.00MincomeTaxExpensePretax income€229.00MincomeBeforeTaxTax rate40.0%Equity€3.17BtotalStockholderEquityDebt€7.03BshortLongTermDebtTotalCash€4.60BcashAndShortTermInvestmentsInvested capital€5.60BThe effective tax rate was above 40% and was capped at 40%.Result 6.1% | 0.42xEBIT / PP&E · 2021-08-31Operating income / net PP&EOperating income€568.00MoperatingIncomeNet PP&E€1.36BpropertyPlantEquipmentResult 0.42x |
| 2022 | 8.4%Physical asset ratio · 2022-08-31(Net PP&E + inventory) / total assetsNet PP&E€1.41BpropertyPlantEquipmentInventory€352.00MinventoryTotal assets€20.92BtotalAssetsResult 8.4% | 15.04xFixed asset turnover · 2022-08-31Revenue / net PP&ERevenue€21.13BtotalRevenueNet PP&E€1.41BpropertyPlantEquipmentResult 15.04x | 0.75xCapex / D&A · 2022-08-31Capital expenditures / depreciation and amortizationCapex€345.00McapitalExpendituresD&A€457.00MdepreciationAndAmortizationResult 0.75x | -€19.34Tangible book / share · 2022-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€20.92BtotalAssetsGoodwill€6.61BgoodWillIntangibles€678.00MintangibleAssetsLiabilities€16.50BtotalLiabTangible book-€2.86BShares148,065,793commonStockSharesOutstandingResult -€19.34 | 5.83xFixed-charge coverage · 2022-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.30BebitdaCapex€345.00McapitalExpendituresInterest€121.00MinterestExpenseShort-term debt€42.00MshortLongTermDebtEBITDA − capex€951.00MPrincipal due is the current portion of debt.Result 5.83x | €690.00MFree cash flow · 2022-08-31Reported free cash flowOperating cash flow€1.04BtotalCashFromOperatingActivitiesCapex€345.00McapitalExpendituresFree cash flow€690.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €690.00M | 9.7%ROIC · 2022-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.05BoperatingIncomeTax expense€264.00MincomeTaxExpensePretax income€968.00MincomeBeforeTaxTax rate27.3%Equity€4.42BtotalStockholderEquityDebt€6.69BshortLongTermDebtTotalCash€3.23BcashAndShortTermInvestmentsInvested capital€7.88BResult 9.7% | 0.75xEBIT / PP&E · 2022-08-31Operating income / net PP&EOperating income€1.05BoperatingIncomeNet PP&E€1.41BpropertyPlantEquipmentResult 0.75x |
| 2023 | 7.8%Physical asset ratio · 2023-08-31(Net PP&E + inventory) / total assetsNet PP&E€1.30BpropertyPlantEquipmentInventory€324.00MinventoryTotal assets€20.79BtotalAssetsResult 7.8% | 17.45xFixed asset turnover · 2023-08-31Revenue / net PP&ERevenue€22.64BtotalRevenueNet PP&E€1.30BpropertyPlantEquipmentResult 17.45x | 0.74xCapex / D&A · 2023-08-31Capital expenditures / depreciation and amortizationCapex€338.00McapitalExpendituresD&A€458.00MdepreciationAndAmortizationResult 0.74x | -€9.91Tangible book / share · 2023-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€20.79BtotalAssetsGoodwill€5.57BgoodWillIntangibles€448.00MintangibleAssetsLiabilities€16.24BtotalLiabTangible book-€1.46BShares147,697,874commonStockSharesOutstandingResult -€9.91 | 1.45xFixed-charge coverage · 2023-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.38BebitdaCapex€338.00McapitalExpendituresInterest€186.00MinterestExpenseShort-term debt€533.00MshortLongTermDebtEBITDA − capex€1.04BPrincipal due is the current portion of debt.Result 1.45x | €1.04BFree cash flow · 2023-08-31Reported free cash flowOperating cash flow€1.38BtotalCashFromOperatingActivitiesCapex€338.00McapitalExpendituresFree cash flow€1.04BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €1.04B | 7.2%ROIC · 2023-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€847.00MoperatingIncomeTax expense€181.00MincomeTaxExpensePretax income€749.00MincomeBeforeTaxTax rate24.2%Equity€4.54BtotalStockholderEquityDebt€6.42BshortLongTermDebtTotalCash€2.03BcashAndShortTermInvestmentsInvested capital€8.94BResult 7.2% | 0.65xEBIT / PP&E · 2023-08-31Operating income / net PP&EOperating income€847.00MoperatingIncomeNet PP&E€1.30BpropertyPlantEquipmentResult 0.65x |
| 2024 | 10.3%Physical asset ratio · 2024-08-31(Net PP&E + inventory) / total assetsNet PP&E€1.23BpropertyPlantEquipmentInventory€322.00MinventoryTotal assets€15.02BtotalAssetsResult 10.3% | 19.43xFixed asset turnover · 2024-08-31Revenue / net PP&ERevenue€23.80BtotalRevenueNet PP&E€1.23BpropertyPlantEquipmentResult 19.43x | 0.76xCapex / D&A · 2024-08-31Capital expenditures / depreciation and amortizationCapex€358.00McapitalExpendituresD&A€470.00MdepreciationAndAmortizationResult 0.76x | -€14.82Tangible book / share · 2024-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€15.02BtotalAssetsGoodwill€5.56BgoodWillIntangibles€436.00MintangibleAssetsLiabilities€11.23BtotalLiabTangible book-€2.20BShares148,672,566commonStockSharesOutstandingResult -€14.82 | 1.42xFixed-charge coverage · 2024-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.65BebitdaCapex€358.00McapitalExpendituresInterest€183.00MinterestExpenseShort-term debt€728.00MshortLongTermDebtEBITDA − capex€1.29BPrincipal due is the current portion of debt.Result 1.42x | €962.00MFree cash flow · 2024-08-31Reported free cash flowOperating cash flow€1.32BtotalCashFromOperatingActivitiesCapex€358.00McapitalExpendituresFree cash flow€962.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €962.00M | 11.6%ROIC · 2024-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.10BoperatingIncomeTax expense€249.00MincomeTaxExpensePretax income€996.00MincomeBeforeTaxTax rate25.0%Equity€3.78BtotalStockholderEquityDebt€5.47BshortLongTermDebtTotalCash€2.14BcashAndShortTermInvestmentsInvested capital€7.11BResult 11.6% | 0.90xEBIT / PP&E · 2024-08-31Operating income / net PP&EOperating income€1.10BoperatingIncomeNet PP&E€1.23BpropertyPlantEquipmentResult 0.90x |
| 2025 | 10.1%Physical asset ratio · 2025-08-31(Net PP&E + inventory) / total assetsNet PP&E€1.19BpropertyPlantEquipmentInventory€319.00MinventoryTotal assets€14.85BtotalAssetsResult 10.1% | 20.28xFixed asset turnover · 2025-08-31Revenue / net PP&ERevenue€24.07BtotalRevenueNet PP&E€1.19BpropertyPlantEquipmentResult 20.28x | 0.68xCapex / D&A · 2025-08-31Capital expenditures / depreciation and amortizationCapex€333.00McapitalExpendituresD&A€491.00MdepreciationAndAmortizationResult 0.68x | -€14.31Tangible book / share · 2025-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€14.85BtotalAssetsGoodwill€5.40BgoodWillIntangibles€507.00MintangibleAssetsLiabilities€11.05BtotalLiabTangible book-€2.11BShares147,627,878commonStockSharesOutstandingResult -€14.31 | 1.27xFixed-charge coverage · 2025-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA€1.59BebitdaCapex€333.00McapitalExpendituresInterest€172.00MinterestExpenseShort-term debt€817.00MshortLongTermDebtEBITDA − capex€1.25BPrincipal due is the current portion of debt.Result 1.27x | €631.00MFree cash flow · 2025-08-31Reported free cash flowOperating cash flow€964.00MtotalCashFromOperatingActivitiesCapex€333.00McapitalExpendituresFree cash flow€631.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €631.00M | 12.0%ROIC · 2025-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€1.09BoperatingIncomeTax expense€195.00MincomeTaxExpensePretax income€901.00MincomeBeforeTaxTax rate21.6%Equity€3.79BtotalStockholderEquityDebt€5.45BshortLongTermDebtTotalCash€2.09BcashAndShortTermInvestmentsInvested capital€7.14BResult 12.0% | 0.92xEBIT / PP&E · 2025-08-31Operating income / net PP&EOperating income€1.09BoperatingIncomeNet PP&E€1.19BpropertyPlantEquipmentResult 0.92x |
| 2026 | 10.4%Physical asset ratio · 2026-08-31(Net PP&E + inventory) / total assetsNet PP&E€1.18BpropertyPlantAndEquipmentNetInventory€329.00MinventoryTotal assets€14.50BtotalAssetsResult 10.4% | 20.27xFixed asset turnover · 2026-08-31Revenue / net PP&ERevenue€23.96BtotalRevenueNet PP&E€1.18BpropertyPlantAndEquipmentNetResult 20.27x | 0.69xCapex / D&A · 2026-08-31Capital expenditures / depreciation and amortizationCapex€364.00McapitalExpendituresD&A€525.00MreconciledDepreciationResult 0.69x | -€16.46Tangible book / share · 2026-08-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€14.50BtotalAssetsGoodwill€5.69BgoodWillIntangibles€500.00MintangibleAssetsLiabilities€10.73BtotalLiabTangible book-€2.42BShares146,860,000commonStockSharesOutstandingResult -€16.46 | 0.43xFixed-charge coverage · 2026-08-31(EBITDA − capex) / (interest + short-term debt)EBITDA€803.00MebitdaCapex€364.00McapitalExpendituresInterest€190.00MinterestExpenseShort-term debt€823.00MshortLongTermDebtEBITDA − capex€439.00MPrincipal due is the current portion of debt.Result 0.43x | €543.00MFree cash flow · 2026-08-31Reported free cash flowOperating cash flow€907.00MtotalCashFromOperatingActivitiesCapex€364.00McapitalExpendituresFree cash flow€543.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €543.00M | 8.5%ROIC · 2026-08-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€803.00MoperatingIncomeTax expense€88.00MincomeTaxExpensePretax income€391.00MincomeBeforeTaxTax rate22.5%Equity€3.77BtotalStockholderEquityDebt€4.65BshortLongTermDebtTotalCash€1.13BcashInvested capital€7.29BResult 8.5% | 0.68xEBIT / PP&E · 2026-08-31Operating income / net PP&EOperating income€803.00MoperatingIncomeNet PP&E€1.18BpropertyPlantAndEquipmentNetResult 0.68x |
- 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 (2026)
Net PP&E: €1.18B
Inventory: €329.00M
Total assets: €14.50B
Goodwill: €5.69B
Intangibles: €500.00M
Liabilities: €10.73B
Tangible book: -€2.42B
Shares: 146,860,000
Revenue: €23.96B
Capex: €364.00M
D&A: €525.00M
EBITDA: €803.00M
Interest: €190.00M
Short-term debt: €823.00M
Free cash flow: €543.00M
Operating income: €803.00M
Invested capital: €7.29B
Tax rate: 22.5%