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.
Hisense Home Appliances Group Co Ltd
Physical assets are 21.6% of total assets, a light footprint. Capex is 1.59x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash.
Fixed-asset turnover is 10.63x. Compare it with other names in the same basket.
Physical asset ratio
21.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.27BpropertyPlantAndEquipmentNetInventory$6.86BinventoryTotal assets$69.98BtotalAssetsResult 21.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
10.63xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$87.93BtotalRevenueNet PP&E$8.27BpropertyPlantAndEquipmentNetResult 10.63x
Revenue per dollar of the physical asset base.
Capex / D&A
1.59xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.11BcapitalExpendituresD&A$1.33BdepreciationAndAmortizationResult 1.59x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$14.68Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$69.98BtotalAssetsGoodwill$132.57MgoodWillIntangibles$1.31BintangibleAssetsLiabilities$48.46BtotalLiabTangible book$20.08BShares1,367,628,000commonStockSharesOutstandingResult $14.68
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.21xPrice / tangible bookPrice / tangible book per sharePrice$17.74Latest quoteTangible book / share$14.682025-12-31Result 1.21x
Price $17.74.
Fixed-charge coverage
1.39xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.97BebitdaCapex$2.11BcapitalExpendituresInterest$193.09MinterestExpenseShort-term debt$3.30BshortTermDebtEBITDA − capex$4.85BPrincipal due is short-term debt.Result 1.39x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
15.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$3.68BfreeCashFlowMarket cap$24.57BMarketCapitalizationResult 15.0%
Latest free cash flow divided by current market cap ($24.57B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.28BoperatingIncomeTax expense$714.83MincomeTaxExpensePretax income$5.45BincomeBeforeTaxTax rate13.1%Equity$17.47BtotalStockholderEquityDebt$3.54BshortLongTermDebtTotalCash$22.65BcashAndShortTermInvestmentsInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.64x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 28.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.35BpropertyPlantAndEquipmentNetInventory$2.96BinventoryTotal assets$21.83BtotalAssetsResult 28.9% | 10.76xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$36.02BtotalRevenueNet PP&E$3.35BpropertyPlantAndEquipmentNetResult 10.76x | 0.49xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$330.02McapitalExpendituresD&A$672.85MdepreciationAndAmortizationResult 0.49x | $5.26Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.83BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$714.71MintangibleAssetsLiabilities$13.94BtotalLiabTangible book$7.17BShares1,363,818,988commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $5.26 | 0.35xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.24BebitdaCapex$330.02McapitalExpendituresInterest$3.99MinterestExpenseShort-term debt$5.44BshortTermDebtEBITDA − capex$1.91BPrincipal due is short-term debt.Result 0.35x | $719.35MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.05BtotalCashFromOperatingActivitiesCapex$330.02McapitalExpendituresFree cash flow$719.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $719.35M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.51BoperatingIncomeTax expense$141.83MincomeTaxExpensePretax income$1.56BincomeBeforeTaxTax rate9.1%Equity$7.35BtotalStockholderEquityDebt—Not reportedCash$3.65BcashAndShortTermInvestmentsInvested capital—Result — | 0.45xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.51BoperatingIncomeNet PP&E$3.35BpropertyPlantAndEquipmentNetResult 0.45x |
| 2019 | 22.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.10BpropertyPlantAndEquipmentNetInventory$3.50BinventoryTotal assets$33.99BtotalAssetsResult 22.4% | 9.12xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$37.45BtotalRevenueNet PP&E$4.10BpropertyPlantAndEquipmentNetResult 9.12x | 0.45xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$363.53McapitalExpendituresD&A$807.14MdepreciationAndAmortizationResult 0.45x | $7.68Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$33.99BtotalAssetsGoodwill$132.57MgoodWillIntangibles$1.92BintangibleAssetsLiabilities$21.51BtotalLiabTangible book$10.43BShares1,358,840,162commonStockSharesOutstandingResult $7.68 | 25.21xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.96BebitdaCapex$363.53McapitalExpendituresInterest$3.00MinterestExpenseShort-term debt$100.08MshortTermDebtEBITDA − capex$2.60BPrincipal due is short-term debt.Result 25.21x | $1.64BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$2.01BtotalCashFromOperatingActivitiesCapex$363.53McapitalExpendituresFree cash flow$1.64BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.64B | 320.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.05BoperatingIncomeTax expense$201.80MincomeTaxExpensePretax income$2.15BincomeBeforeTaxTax rate9.4%Equity$8.72BtotalStockholderEquityDebt$100.08MlongTermDebt + shortLongTermDebtCash$8.24BcashAndShortTermInvestmentsInvested capital$581.11MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 320.4% | 0.50xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$2.05BoperatingIncomeNet PP&E$4.10BpropertyPlantAndEquipmentNetResult 0.50x |
| 2020 | 20.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.18BpropertyPlantAndEquipmentNetInventory$4.30BinventoryTotal assets$41.81BtotalAssetsResult 20.3% | 11.59xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$48.39BtotalRevenueNet PP&E$4.18BpropertyPlantAndEquipmentNetResult 11.59x | 0.59xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$613.68McapitalExpendituresD&A$1.04BdepreciationAndAmortizationResult 0.59x | $9.20Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.81BtotalAssetsGoodwill$132.57MgoodWillIntangibles$1.75BintangibleAssetsLiabilities$27.41BtotalLiabTangible book$12.53BShares1,361,105,804commonStockSharesOutstandingResult $9.20 | 94.10xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.74BebitdaCapex$613.68McapitalExpendituresInterest$11.23MinterestExpenseShort-term debt$22.03MshortTermDebtEBITDA − capex$3.13BPrincipal due is short-term debt.Result 94.10x | $5.35BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$5.96BtotalCashFromOperatingActivitiesCapex$613.68McapitalExpendituresFree cash flow$5.35BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.35B | 3,756.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.20BoperatingIncomeTax expense$639.10MincomeTaxExpensePretax income$3.49BincomeBeforeTaxTax rate18.3%Equity$9.78BtotalStockholderEquityDebt$22.03MlongTermDebt + shortLongTermDebtCash$9.73BcashAndShortTermInvestmentsInvested capital$69.47MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 3,756.2% | 0.77xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$3.20BoperatingIncomeNet PP&E$4.18BpropertyPlantAndEquipmentNetResult 0.77x |
| 2021 | 25.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.06BpropertyPlantEquipmentInventory$8.44BinventoryTotal assets$55.95BtotalAssetsResult 25.9% | 11.14xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$67.56BtotalRevenueNet PP&E$6.06BpropertyPlantEquipmentResult 11.14x | 0.99xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.11BcapitalExpendituresD&A$1.12BdepreciationAndAmortizationResult 0.99x | $10.02Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$55.95BtotalAssetsGoodwill$226.41MgoodWillIntangibles$1.64BintangibleAssetsLiabilities$40.36BtotalLiabTangible book$13.72BShares1,369,833,086commonStockSharesOutstandingResult $10.02 | 1.03xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.08BebitdaCapex$1.11BcapitalExpendituresInterest$40.55MinterestExpenseShort-term debt$2.86BshortTermDebtEBITDA − capex$2.97BPrincipal due is short-term debt.Result 1.03x | $3.21BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$4.31BtotalCashFromOperatingActivitiesCapex$1.11BcapitalExpendituresFree cash flow$3.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.21B | 193.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.78BoperatingIncomeTax expense$573.74MincomeTaxExpensePretax income$2.92BincomeBeforeTaxTax rate19.7%Equity$10.34BtotalStockholderEquityDebt$3.46BshortLongTermDebtTotalCash$12.65BcashAndShortTermInvestmentsInvested capital$1.15BResult 193.8% | 0.46xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.78BoperatingIncomeNet PP&E$6.06BpropertyPlantEquipmentResult 0.46x |
| 2022 | 22.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.02BpropertyPlantAndEquipmentNetInventory$6.55BinventoryTotal assets$55.38BtotalAssetsResult 22.7% | 12.30xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$74.12BtotalRevenueNet PP&E$6.02BpropertyPlantAndEquipmentNetResult 12.30x | 0.65xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$883.48McapitalExpendituresD&A$1.36BdepreciationAndAmortizationResult 0.65x | $10.68Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$55.38BtotalAssetsGoodwill$226.41MgoodWillIntangibles$1.46BintangibleAssetsLiabilities$39.10BtotalLiabTangible book$14.59BShares1,366,575,595commonStockSharesOutstandingResult $10.68 | 2.83xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.27BebitdaCapex$883.48McapitalExpendituresInterest$88.14MinterestExpenseShort-term debt$1.46BshortTermDebtEBITDA − capex$4.39BPrincipal due is short-term debt.Result 2.83x | $3.15BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$4.03BtotalCashFromOperatingActivitiesCapex$883.48McapitalExpendituresFree cash flow$3.15BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.15B | 407.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.37BoperatingIncomeTax expense$754.58MincomeTaxExpensePretax income$3.82BincomeBeforeTaxTax rate19.7%Equity$11.52BtotalStockholderEquityDebt$1.90BshortLongTermDebtTotalCash$12.76BcashAndShortTermInvestmentsInvested capital$663.16MResult 407.5% | 0.56xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$3.37BoperatingIncomeNet PP&E$6.02BpropertyPlantAndEquipmentNetResult 0.56x |
| 2023 | 19.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.28BpropertyPlantEquipmentInventory$6.77BinventoryTotal assets$65.95BtotalAssetsResult 19.8% | 13.64xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$85.60BtotalRevenueNet PP&E$6.28BpropertyPlantEquipmentResult 13.64x | 0.81xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$985.12McapitalExpendituresD&A$1.21BdepreciationAndAmortizationResult 0.81x | $13.07Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$65.95BtotalAssetsGoodwill$226.41MgoodWillIntangibles$1.34BintangibleAssetsLiabilities$46.55BtotalLiabTangible book$17.83BShares1,364,097,479commonStockSharesOutstandingResult $13.07 | 2.29xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.04BebitdaCapex$985.12McapitalExpendituresInterest$144.39MinterestExpenseShort-term debt$2.50BshortTermDebtEBITDA − capex$6.05BPrincipal due is short-term debt.Result 2.29x | $9.63BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$10.61BtotalCashFromOperatingActivitiesCapex$985.12McapitalExpendituresFree cash flow$9.63BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.63B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.25BoperatingIncomeTax expense$893.07MincomeTaxExpensePretax income$5.68BincomeBeforeTaxTax rate15.7%Equity$13.58BtotalStockholderEquityDebt$2.75BshortLongTermDebtTotalCash$18.13BcashAndShortTermInvestmentsInvested capital—Result — | 0.84xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$5.25BoperatingIncomeNet PP&E$6.28BpropertyPlantEquipmentResult 0.84x |
| 2024 | 20.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.49BpropertyPlantAndEquipmentNetInventory$7.57BinventoryTotal assets$69.70BtotalAssetsResult 20.2% | 14.30xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$92.75BtotalRevenueNet PP&E$6.49BpropertyPlantAndEquipmentNetResult 14.30x | 1.22xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.39BcapitalExpendituresD&A$1.14BdepreciationAndAmortizationResult 1.22x | $13.15Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$69.70BtotalAssetsGoodwill$226.41MgoodWillIntangibles$1.41BintangibleAssetsLiabilities$50.33BtotalLiabTangible book$17.74BShares1,349,100,000commonStockSharesOutstandingResult $13.15 | 2.05xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.26BebitdaCapex$1.39BcapitalExpendituresInterest$149.84MinterestExpenseShort-term debt$2.71BshortTermDebtEBITDA − capex$5.86BPrincipal due is short-term debt.Result 2.05x | $3.74BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$5.13BtotalCashFromOperatingActivitiesCapex$1.39BcapitalExpendituresFree cash flow$3.74BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.74B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.68BoperatingIncomeTax expense$840.24MincomeTaxExpensePretax income$5.97BincomeBeforeTaxTax rate14.1%Equity$15.46BtotalStockholderEquityDebt$2.92BshortLongTermDebtTotalCash$20.61BcashAndShortTermInvestmentsInvested capital—Result — | 0.88xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$5.68BoperatingIncomeNet PP&E$6.49BpropertyPlantAndEquipmentNetResult 0.88x |
| 2025 | 21.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.27BpropertyPlantAndEquipmentNetInventory$6.86BinventoryTotal assets$69.98BtotalAssetsResult 21.6% | 10.63xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$87.93BtotalRevenueNet PP&E$8.27BpropertyPlantAndEquipmentNetResult 10.63x | 1.59xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.11BcapitalExpendituresD&A$1.33BdepreciationAndAmortizationResult 1.59x | $14.68Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$69.98BtotalAssetsGoodwill$132.57MgoodWillIntangibles$1.31BintangibleAssetsLiabilities$48.46BtotalLiabTangible book$20.08BShares1,367,628,000commonStockSharesOutstandingResult $14.68 | 1.39xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.97BebitdaCapex$2.11BcapitalExpendituresInterest$193.09MinterestExpenseShort-term debt$3.30BshortTermDebtEBITDA − capex$4.85BPrincipal due is short-term debt.Result 1.39x | $3.68BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$5.80BtotalCashFromOperatingActivitiesCapex$2.11BcapitalExpendituresFree cash flow$3.68BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.68B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.28BoperatingIncomeTax expense$714.83MincomeTaxExpensePretax income$5.45BincomeBeforeTaxTax rate13.1%Equity$17.47BtotalStockholderEquityDebt$3.54BshortLongTermDebtTotalCash$22.65BcashAndShortTermInvestmentsInvested capital—Result — | 0.64xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$5.28BoperatingIncomeNet PP&E$8.27BpropertyPlantAndEquipmentNetResult 0.64x |
- 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.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $8.27B
Inventory: $6.86B
Total assets: $69.98B
Goodwill: $132.57M
Intangibles: $1.31B
Liabilities: $48.46B
Tangible book: $20.08B
Shares: 1,367,628,000
Revenue: $87.93B
Capex: $2.11B
D&A: $1.33B
EBITDA: $6.97B
Interest: $193.09M
Short-term debt: $3.30B
Free cash flow: $3.68B
Operating income: $5.28B
Invested capital: —
Tax rate: 13.1%