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.
Veolia Environnement S.A
Physical assets are 30.7% of total assets, a mixed footprint. Capex is 0.98x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 14.6%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 2.20x.
Physical asset ratio
30.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.20x
Revenue per dollar of the physical asset base.
Capex / D&A
0.98x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$13.44
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $36.45.
Fixed-charge coverage
1.49x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.4%
Latest free cash flow divided by current market cap ($27.05B).
ROIC
14.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.17x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 27.6% | 2.72x | 0.75x | -$4.42 | 0.37x | $1.36B | 10.1% | 0.15x |
| 2019 | 24.7% | 2.91x | 0.80x | -$4.90 | 0.31x | $1.41B | 6.7% | 0.16x |
| 2020 | 23.2% | 2.67x | 0.78x | -$4.10 | 1.07x | $1.12B | 4.2% | 0.09x |
| 2021 | 20.9% | 2.78x | 0.82x | -$11.53 | 0.87x | $1.42B | 7.5% | 0.13x |
| 2022 | 27.4% | 2.31x | 0.87x | -$28.47 | 1.31x | $1.36B | 5.6% | 0.13x |
| 2023 | 28.3% | 2.39x | 1.01x | -$7.32 | 1.07x | $1.87B | 9.4% | 0.15x |
| 2024 | 29.1% | 2.26x | 0.99x | -$3.08 | 1.21x | $2.07B | 10.0% | 0.15x |
| 2025 | 30.7% | 2.20x | 0.98x | -$13.44 | 1.49x | $1.46B | 14.6% | 0.17x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $20.20B
Inventory: $1.46B
Total assets: $70.64B
Goodwill: $11.45B
Intangibles: $7.94B
Liabilities: $61.22B
Tangible book: -$9.97B
Shares: 741,711,000
Revenue: $44.38B
Capex: $3.05B
D&A: $3.13B
EBITDA: $6.57B
Interest: $691.74M
Short-term debt: $1.67B
Free cash flow: $1.46B
Operating income: $3.45B
Invested capital: $17.65B
Tax rate: 25.3%