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 30.2% of total assets, a mixed footprint. Capex is 0.99x 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 2.23x.
Physical asset ratio
30.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.23x
Revenue per dollar of the physical asset base.
Capex / D&A
0.99x
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 €32.47.
Fixed-charge coverage
1.47x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.1%
Latest free cash flow divided by current market cap (€24.04B).
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 | 34.1% | 2.72x | 0.74x | -€20.00 | 1.09x | €1.36B | 11.2% | 0.15x |
| 2019 | 24.7% | 2.91x | 0.80x | -€4.90 | 1.78x | €1.41B | 10.7% | 0.16x |
| 2020 | 23.2% | 2.67x | 0.80x | -€4.14 | 0.77x | €1.12B | 5.1% | 0.12x |
| 2021 | 20.9% | 2.78x | 0.82x | €2.48 | 0.87x | €1.42B | 7.6% | 0.16x |
| 2022 | 27.4% | 2.31x | 0.87x | -€28.47 | 0.99x | €1.36B | 6.9% | 0.16x |
| 2023 | 28.3% | 2.39x | 1.01x | -€7.32 | 1.07x | €1.87B | 9.6% | 0.15x |
| 2024 | 29.1% | 2.26x | 0.99x | -€3.08 | 1.21x | €2.07B | 10.0% | 0.15x |
| 2025 | 30.2% | 2.23x | 0.99x | -€13.44 | 1.47x | €1.46B | 14.6% | 0.17x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €19.89B
Inventory: €1.47B
Total assets: €70.67B
Goodwill: €11.46B
Intangibles: €7.95B
Liabilities: €61.24B
Tangible book: -€9.97B
Shares: 741,711,000
Revenue: €44.40B
Capex: €3.06B
D&A: €3.08B
EBITDA: €6.52B
Interest: €692.00M
Short-term debt: €1.67B
Free cash flow: €1.46B
Operating income: €3.45B
Invested capital: €17.65B
Tax rate: 25.3%