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.
Telefonica
Physical assets are 28.8% 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 0.64x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 1.37x.
Physical asset ratio
28.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.37x
Revenue per dollar of the physical asset base.
Capex / D&A
0.69x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€1.26
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price €3.41.
Fixed-charge coverage
0.64x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
24.3%
Latest free cash flow divided by current market cap (€19.19B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 30.7% | 1.46x | 0.97x | -€3.01 | 0.52x | €4.53B | 7.1% | 0.20x |
| 2019 | 34.6% | 1.24x | 0.79x | -€3.12 | 0.64x | €6.60B | 11.1% | 0.07x |
| 2020 | 29.0% | 1.50x | 0.75x | -€1.88 | 1.85x | €6.18B | 9.8% | 0.21x |
| 2021 | 29.3% | 1.30x | 0.73x | €0.08 | 4.41x | €4.10B | 23.5% | 0.45x |
| 2022 | 30.6% | 1.25x | 0.63x | €0.21 | 1.84x | €5.30B | 5.6% | 0.13x |
| 2023 | 31.0% | 1.29x | 0.70x | -€0.52 | 0.64x | €5.49B | — | 0.08x |
| 2024 | 30.1% | 1.41x | 0.66x | -€0.64 | 0.78x | €5.20B | 2.6% | 0.08x |
| 2025 | 28.8% | 1.37x | 0.69x | -€1.26 | 0.64x | €4.67B | — | 0.06x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €25.60B
Inventory: €862.00M
Total assets: €92.02B
Goodwill: €15.80B
Intangibles: €9.11B
Liabilities: €74.21B
Tangible book: -€7.10B
Shares: 5,637,000,000
Revenue: €35.12B
Capex: €5.06B
D&A: €7.36B
EBITDA: €8.83B
Interest: €1.91B
Short-term debt: €3.95B
Free cash flow: €4.67B
Operating income: €1.47B
Invested capital: €46.48B
Tax rate: —