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.
CHARLES SCHWAB
Physical assets are 0.8% of total assets, a light footprint. Capex is 0.40x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 6.30x. Compare it with other names in the same basket.
Physical asset ratio
0.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.30x
Revenue per dollar of the physical asset base.
Capex / D&A
0.40x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€17.20
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.87x
Price €83.70.
Fixed-charge coverage
—
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.5%
Latest free cash flow divided by current market cap (€135.28B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | — | — | 1.86x | €14.48 | — | €11.89B | — | — |
| 2019 | 0.9% | 3.96x | 2.03x | €15.86 | — | €8.62B | — | — |
| 2020 | 0.7% | 3.06x | 1.04x | €18.14 | — | €6.22B | — | — |
| 2021 | 0.6% | 4.32x | 0.79x | €18.45 | — | €1.20B | — | — |
| 2022 | 0.8% | 4.51x | 0.78x | €8.56 | — | €1.09B | — | — |
| 2023 | 0.9% | 4.36x | 0.52x | €11.38 | — | €18.89B | — | — |
| 2024 | 0.8% | 4.99x | 0.43x | €15.66 | — | €2.05B | — | — |
| 2025 | 0.8% | 6.30x | 0.40x | €17.20 | — | €8.76B | — | — |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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: €3.80B
Inventory: €0.00
Total assets: €491.00B
Goodwill: €11.95B
Intangibles: €7.23B
Liabilities: €441.57B
Tangible book: €30.24B
Shares: 1,758,325,075
Revenue: €23.92B
Capex: €548.00M
D&A: €1.36B
EBITDA: —
Interest: €3.75B
Short-term debt: €8.76B
Free cash flow: €8.76B
Operating income: —
Invested capital: €34.31B
Tax rate: 22.8%