All companies have limited available capital to make investments in infrastructures. Consequently, it is imperative that investments are well funded to ensure proper asset functioning and high service standards at a manageable risk level and at the lowest possible cost. These dimensions are quantified through multiple financial and operational indicators. This chapter proposes a more pragmatic approach to the calculation of one of these indicators—the infrastructure value index (IVI), which is being tested in the Portuguese water sector. A revised formulation for the IVI is proposed and illustrated with an empirical case study consisting of water infrastructures managed by the Portuguese company Águas do Douro e Paiva (AdDP).