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.
Basket: Chinese Airlines
Median physical 76.4%
Median FAT 0.65x
Median capex/D&A 0.57x
Median ROIC 5.9%
| Symbol | Name | Sector | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF yield | ROIC | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| 600115.SHG | China Eastern Airlines Corp Ltd | Industrials | 82.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 238.26BpropertyPlantAndEquipmentNetInventoryCNY 2.70BinventoryTotal assetsCNY 291.76BtotalAssetsResult 82.6% | 0.59xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 139.94BtotalRevenueNet PP&ECNY 238.26BpropertyPlantAndEquipmentNetResult 0.59x | 0.77xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 20.79BcapitalExpendituresD&ACNY 26.92BreconciledDepreciationResult 0.77x | CNY 1.14Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 291.76BtotalAssetsGoodwillCNY 9.03BgoodWillIntangiblesCNY 4.58BintangibleAssetsLiabilitiesCNY 252.92BtotalLiabTangible bookCNY 25.23BShares22,087,736,670commonStockSharesOutstandingResult CNY 1.14 | 0.40xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 31.38BebitdaCapexCNY 20.79BcapitalExpendituresInterestCNY 4.19BinterestExpenseShort-term debtCNY 22.04BshortLongTermDebtEBITDA − capexCNY 10.59BPrincipal due is the current portion of debt.Result 0.40x | 24.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 17.15BfreeCashFlowMarket capCNY 70.68BMarketCapitalizationResult 24.3% | 1.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.38BoperatingIncomeTax expenseCNY 2.23BtaxProvisionPretax incomeCNY 274.00MincomeBeforeTaxTax rate40.0%EquityCNY 37.76BtotalStockholderEquityDebtCNY 74.45BlongTermDebt + shortLongTermDebtCashCNY 7.23BcashInvested capitalCNY 104.98BThe effective tax rate was above 40% and was capped at 40%.Result 1.4% | Heavy & stretched |
| 600029.SHG | China Southern Airlines Co Ltd Class A | Industrials | 79.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 273.93BpropertyPlantAndEquipmentNetInventoryCNY 3.30BinventoryTotal assetsCNY 349.81BtotalAssetsResult 79.3% | 0.67xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 182.26BtotalRevenueNet PP&ECNY 273.93BpropertyPlantAndEquipmentNetResult 0.67x | 0.57xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 17.77BcapitalExpendituresD&ACNY 31.09BreconciledDepreciationResult 0.57x | CNY 2.62Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 349.81BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 7.55BintangibleAssetsLiabilitiesCNY 294.80BtotalLiabTangible bookCNY 47.46BShares18,120,922,035commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 2.62 | 0.60xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 41.46BebitdaCapexCNY 17.77BcapitalExpendituresInterestCNY 5.55BinterestExpenseShort-term debtCNY 34.19BshortLongTermDebtEBITDA − capexCNY 23.69BPrincipal due is the current portion of debt.Result 0.60x | 23.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 20.44BfreeCashFlowMarket capCNY 86.98BMarketCapitalizationResult 23.5% | 5.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 8.82BoperatingIncomeTax expenseCNY 2.13BtaxProvisionPretax incomeCNY 4.81BincomeBeforeTaxTax rate40.0%EquityCNY 35.58BtotalStockholderEquityDebtCNY 82.40BlongTermDebt + shortLongTermDebtCashCNY 16.97BcashInvested capitalCNY 101.01BThe effective tax rate was above 40% and was capped at 40%.Result 5.2% | Heavy & stretched |
| 601111.SHG | Air China Ltd Class A | Industrials | 76.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 263.73BpropertyPlantAndEquipmentNetInventoryCNY 4.96BinventoryTotal assetsCNY 351.61BtotalAssetsResult 76.4% | 0.65xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 171.48BtotalRevenueNet PP&ECNY 263.73BpropertyPlantAndEquipmentNetResult 0.65x | 0.57xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 17.56BcapitalExpendituresD&ACNY 30.85BdepreciationAndAmortizationResult 0.57x | CNY 1.78Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 351.61BtotalAssetsGoodwillCNY 3.61BgoodWillIntangiblesCNY 6.19BintangibleAssetsLiabilitiesCNY 312.07BtotalLiabTangible bookCNY 29.74BShares16,669,332,000commonStockSharesOutstandingResult CNY 1.78 | 0.36xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 26.06BebitdaCapexCNY 17.56BcapitalExpendituresInterestCNY 5.75BinterestExpenseShort-term debtCNY 17.61BshortLongTermDebtEBITDA − capexCNY 8.50BPrincipal due is the current portion of debt.Result 0.36x | 22.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 26.54BfreeCashFlowMarket capCNY 117.01BMarketCapitalizationResult 22.7% | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-CNY 4.78BoperatingIncomeTax expenseCNY 1.93BincomeTaxExpensePretax income-CNY 1.60BincomeBeforeTaxTax rate—EquityCNY 42.55BtotalStockholderEquityDebtCNY 110.47BlongTermDebt + shortLongTermDebtCashCNY 16.01BcashAndShortTermInvestmentsInvested capitalCNY 137.01BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | Heavy & stretched |
| 603885.SHG | Juneyao Airlines | Industrials | 70.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 36.37BpropertyPlantAndEquipmentNetInventoryCNY 375.42MinventoryTotal assetsCNY 52.25BtotalAssetsResult 70.3% | 0.62xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 22.50BtotalRevenueNet PP&ECNY 36.37BpropertyPlantAndEquipmentNetResult 0.62x | 0.17xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 625.62McapitalExpendituresD&ACNY 3.69BreconciledDepreciationResult 0.17x | CNY 5.47Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 52.25BtotalAssetsGoodwillCNY 0.00Not reported, treated as 0IntangiblesCNY 187.98MintangibleAssetsLiabilitiesCNY 40.12BtotalLiabTangible bookCNY 11.94BShares2,184,005,268commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result CNY 5.47 | 0.47xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 6.15BebitdaCapexCNY 625.62McapitalExpendituresInterestCNY 1.08BinterestExpenseShort-term debtCNY 10.58BshortLongTermDebtEBITDA − capexCNY 5.53BPrincipal due is the current portion of debt.Result 0.47x | 32.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 6.64BfreeCashFlowMarket capCNY 20.48BMarketCapitalizationResult 32.4% | 6.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 2.30BoperatingIncomeTax expenseCNY 347.33MtaxProvisionPretax incomeCNY 1.39BincomeBeforeTaxTax rate25.0%EquityCNY 12.14BtotalStockholderEquityDebtCNY 17.08BlongTermDebt + shortLongTermDebtCashCNY 3.14BcashInvested capitalCNY 26.08BResult 6.6% | Heavy & stretched |
| 600221.SHG | Hainan Airlines Co Ltd A | Industrials | 59.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&ECNY 87.87BpropertyPlantAndEquipmentNetInventoryCNY 2.35BinventoryTotal assetsCNY 152.29BtotalAssetsResult 59.2% | 0.78xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueCNY 68.47BtotalRevenueNet PP&ECNY 87.87BpropertyPlantAndEquipmentNetResult 0.78x | 0.20xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexCNY 2.19BcapitalExpendituresD&ACNY 10.86BreconciledDepreciationResult 0.20x | CNY 0.07Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsCNY 152.29BtotalAssetsGoodwillCNY 843.98MgoodWillIntangiblesCNY 1.52BintangibleAssetsLiabilitiesCNY 146.91BtotalLiabTangible bookCNY 3.01BShares43,215,632,535commonStockSharesOutstandingResult CNY 0.07 | 2.14xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDACNY 17.54BebitdaCapexCNY 2.19BcapitalExpendituresInterestCNY 4.03BinterestExpenseShort-term debtCNY 3.13BshortLongTermDebtEBITDA − capexCNY 15.35BPrincipal due is the current portion of debt.Result 2.14x | 27.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowCNY 13.86BfreeCashFlowMarket capCNY 51.43BMarketCapitalizationResult 27.0% | 8.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeCNY 4.19BoperatingIncomeTax expenseCNY 677.61MtaxProvisionPretax incomeCNY 2.65BincomeBeforeTaxTax rate25.6%EquityCNY 5.26BtotalStockholderEquityDebtCNY 44.71BlongTermDebt + shortLongTermDebtCashCNY 13.55BcashInvested capitalCNY 36.43BResult 8.6% | Heavy & aging |