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 0.00x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 12.4%, 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
0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-€8.40
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price €16.00.
Fixed-charge coverage
2.47x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
21.7%
Latest free cash flow divided by current market cap (€23.75B).
ROIC
12.4%
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% | 2.71x | 1.06x | -€4.61 | 0.23x | €2.39B | 7.0% | 0.15x |
| 2019 | 24.7% | 2.91x | 0.83x | -€5.30 | 0.32x | €1.41B | 7.6% | 0.17x |
| 2020 | 23.2% | 2.67x | 0.78x | -€4.40 | 0.97x | €1.12B | 4.1% | 0.08x |
| 2021 | 20.9% | 2.78x | 0.82x | €2.23 | 0.87x | €1.42B | 7.2% | 0.14x |
| 2022 | 27.4% | 2.31x | 0.87x | -€7.97 | 1.09x | €1.36B | 7.9% | 0.13x |
| 2023 | 28.3% | 2.39x | 0.00x | -€7.49 | 2.30x | €5.01B | 10.2% | 0.16x |
| 2024 | 29.1% | 2.26x | 0.00x | -€6.26 | 2.39x | €5.04B | 11.2% | 0.16x |
| 2025 | 30.7% | 2.20x | 0.00x | -€8.40 | 2.47x | €5.15B | 12.4% | 0.17x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: €20.20B
Inventory: €1.47B
Total assets: €70.67B
Goodwill: €11.46B
Intangibles: €7.95B
Liabilities: €57.41B
Tangible book: -€6.14B
Shares: 731,284,707
Revenue: €44.40B
Capex: €0.00
D&A: €3.08B
EBITDA: €6.28B
Interest: €876.00M
Short-term debt: €1.67B
Free cash flow: €5.15B
Operating income: €3.50B
Invested capital: €21.04B
Tax rate: 25.3%