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.
Watsco Inc
Physical assets are 44.7% of total assets, a mixed footprint. Capex is 0.79x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 12.30x.
Physical asset ratio
44.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.30x
Revenue per dollar of the physical asset base.
Capex / D&A
0.79x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€62.82
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.14x
Price €260.20.
Fixed-charge coverage
—
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.9%
Latest free cash flow divided by current market cap (€10.97B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.18x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 43.0% | 49.94x | 0.78x | €28.35 | 126.26x | €153.40M | 21.3% | 4.09x |
| 2019 | 48.6% | 14.82x | 0.73x | €29.59 | 5.09x | €317.97M | 18.8% | 1.14x |
| 2020 | 43.6% | 16.44x | 0.63x | €31.04 | 5.62x | €517.94M | 23.0% | 1.30x |
| 2021 | 48.4% | 16.55x | 0.91x | €35.50 | 7.38x | €325.46M | 29.0% | 1.66x |
| 2022 | 52.0% | 16.43x | 1.13x | €42.33 | 5.34x | €538.18M | 36.3% | 1.83x |
| 2023 | 49.7% | 14.42x | 1.01x | €49.15 | 7.30x | €526.48M | 28.9% | 1.52x |
| 2024 | 43.4% | 13.61x | 0.74x | €59.53 | — | €743.01M | — | 1.34x |
| 2025 | 44.7% | 12.30x | 0.79x | €62.82 | — | €535.06M | — | 1.18x |
- 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.
Latest year inputs (2025)
Net PP&E: €588.56M
Inventory: €1.39B
Total assets: €4.41B
Goodwill: €462.51M
Intangibles: €210.43M
Liabilities: €1.19B
Tangible book: €2.55B
Shares: 40,575,912
Revenue: €7.24B
Capex: €34.55M
D&A: €43.75M
EBITDA: €736.33M
Interest: —
Short-term debt: —
Free cash flow: €535.06M
Operating income: €692.58M
Invested capital: —
Tax rate: 20.3%