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.
Xiaomi Corp
Physical assets are 21.4% of total assets, a light footprint. Capex is 1.46x 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. ROIC is 21.1%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 16.35x.
Physical asset ratio
21.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.96BpropertyPlantAndEquipmentNetInventory$81.02BinventoryTotal assets$508.31BtotalAssetsResult 21.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
16.35xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$457.29BtotalRevenueNet PP&E$27.96BpropertyPlantAndEquipmentNetResult 16.35x
Revenue per dollar of the physical asset base.
Capex / D&A
1.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$12.77BcapitalExpendituresD&A$8.76BdepreciationAndAmortizationResult 1.46x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$9.61Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$508.31BtotalAssetsGoodwill$1.70BgoodWillIntangibles$8.32BintangibleAssetsLiabilities$241.88BtotalLiabTangible book$256.42BShares26,695,326,000commonStockSharesOutstandingResult $9.61
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.67xPrice / tangible bookPrice / tangible book per sharePrice$25.62Latest quoteTangible book / share$9.612025-12-31Result 2.67x
Price $25.62.
Fixed-charge coverage
1.68xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$41.13BebitdaCapex$12.77BcapitalExpendituresInterest$3.63BinterestExpenseShort-term debt$13.20BshortLongTermDebtEBITDA − capex$28.36BPrincipal due is the current portion of debt.Result 1.68x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$21.37BfreeCashFlowMarket cap$658.37BMarketCapitalizationResult 3.2%
Latest free cash flow divided by current market cap ($658.37B).
ROIC
21.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$47.90BoperatingIncomeTax expense$8.08BincomeTaxExpensePretax income$49.65BincomeBeforeTaxTax rate16.3%Equity$266.33BtotalStockholderEquityDebt$36.14BshortLongTermDebtTotalCash$112.32BcashAndShortTermInvestmentsInvested capital$190.15BResult 21.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.71x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 24.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.07BpropertyPlantAndEquipmentNetInventory$30.53BinventoryTotal assets$145.40BtotalAssetsResult 24.5% | 34.49xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$174.92BtotalRevenueNet PP&E$5.07BpropertyPlantAndEquipmentNetResult 34.49x | 5.06xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$3.79BcapitalExpendituresD&A$748.22MdepreciationAndAmortizationResult 5.06x | $2.94Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$145.40BtotalAssetsGoodwill$282.25MgoodWillIntangibles$1.78BintangibleAssetsLiabilities$74.11BtotalLiabTangible book$69.23BShares23,562,930,000commonStockSharesOutstandingResult $2.94 | 1.05xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.41BebitdaCapex$3.79BcapitalExpendituresInterest$384.69MinterestExpenseShort-term debt$3.08BshortLongTermDebtEBITDA − capex$3.62BPrincipal due is the current portion of debt.Result 1.05x | -$5.20BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$1.41BtotalCashFromOperatingActivitiesCapex$3.79BcapitalExpendituresFree cash flow-$5.20BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$5.20B | 2.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.20BoperatingIncomeTax expense$449.38MincomeTaxExpensePretax income$13.93BincomeBeforeTaxTax rate3.2%Equity$71.29BtotalStockholderEquityDebt$13.76BshortLongTermDebtTotalCash$39.75BcashAndShortTermInvestmentsInvested capital$45.31BResult 2.6% | 0.24xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.20BoperatingIncomeNet PP&E$5.07BpropertyPlantAndEquipmentNetResult 0.24x |
| 2019 | 22.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.97BpropertyPlantAndEquipmentNetInventory$32.59BinventoryTotal assets$183.63BtotalAssetsResult 22.1% | 25.84xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$205.84BtotalRevenueNet PP&E$7.97BpropertyPlantAndEquipmentNetResult 25.84x | 2.47xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$3.41BcapitalExpendituresD&A$1.38BdepreciationAndAmortizationResult 2.47x | $3.22Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$183.63BtotalAssetsGoodwill$248.17MgoodWillIntangibles$4.28BintangibleAssetsLiabilities$101.97BtotalLiabTangible book$77.13BShares23,977,155,000commonStockSharesOutstandingResult $3.22 | 0.47xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.66BebitdaCapex$3.41BcapitalExpendituresInterest$528.46MinterestExpenseShort-term debt$12.84BshortLongTermDebtEBITDA − capex$6.26BPrincipal due is the current portion of debt.Result 0.47x | $20.41BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$23.81BtotalCashFromOperatingActivitiesCapex$3.41BcapitalExpendituresFree cash flow$20.41BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $20.41B | 27.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.76BoperatingIncomeTax expense$2.06BincomeTaxExpensePretax income$12.16BincomeBeforeTaxTax rate16.9%Equity$81.66BtotalStockholderEquityDebt$17.62BlongTermDebt + shortLongTermDebtCash$63.91BcashAndShortTermInvestmentsInvested capital$35.37BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 27.6% | 1.48xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$11.76BoperatingIncomeNet PP&E$7.97BpropertyPlantAndEquipmentNetResult 1.48x |
| 2020 | 19.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.18BpropertyPlantAndEquipmentNetInventory$41.67BinventoryTotal assets$253.68BtotalAssetsResult 19.3% | 34.24xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$245.87BtotalRevenueNet PP&E$7.18BpropertyPlantAndEquipmentNetResult 34.24x | 1.77xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$3.03BcapitalExpendituresD&A$1.71BdepreciationAndAmortizationResult 1.77x | $4.75Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$253.68BtotalAssetsGoodwill$253.25MgoodWillIntangibles$4.27BintangibleAssetsLiabilities$129.67BtotalLiabTangible book$119.49BShares25,183,019,000commonStockSharesOutstandingResult $4.75 | 0.83xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.55BebitdaCapex$3.03BcapitalExpendituresInterest$3.36BinterestExpenseShort-term debt$6.96BshortTermDebtEBITDA − capex$8.52BPrincipal due is short-term debt.Result 0.83x | $18.85BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$21.88BtotalCashFromOperatingActivitiesCapex$3.03BcapitalExpendituresFree cash flow$18.85BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $18.85B | 48.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$24.03BoperatingIncomeTax expense$1.32BincomeTaxExpensePretax income$21.63BincomeBeforeTaxTax rate6.1%Equity$124.01BtotalStockholderEquityDebt$18.11BshortLongTermDebtTotalCash$95.53BcashAndShortTermInvestmentsInvested capital$46.60BResult 48.4% | 3.35xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$24.03BoperatingIncomeNet PP&E$7.18BpropertyPlantAndEquipmentNetResult 3.35x |
| 2021 | 23.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$16.26BpropertyPlantEquipmentInventory$53.35BinventoryTotal assets$292.36BtotalAssetsResult 23.8% | 20.20xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$328.31BtotalRevenueNet PP&E$16.26BpropertyPlantEquipmentResult 20.20x | 2.34xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$7.17BcapitalExpendituresD&A$3.06BdepreciationAndAmortizationResult 2.34x | $5.16Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$292.36BtotalAssetsGoodwill$1.69BgoodWillIntangibles$3.88BintangibleAssetsLiabilities$155.18BtotalLiabTangible book$131.62BShares25,509,431,000commonStockSharesOutstandingResult $5.16 | 1.90xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$23.08BebitdaCapex$7.17BcapitalExpendituresInterest$2.84BinterestExpenseShort-term debt$5.53BshortLongTermDebtEBITDA − capex$15.92BPrincipal due is the current portion of debt.Result 1.90x | $2.62BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$9.79BtotalCashFromOperatingActivitiesCapex$7.17BcapitalExpendituresFree cash flow$2.62BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.62B | 26.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$26.03BoperatingIncomeTax expense$5.13BincomeTaxExpensePretax income$24.42BincomeBeforeTaxTax rate21.0%Equity$137.18BtotalStockholderEquityDebt$29.47BshortLongTermDebtTotalCash$90.33BcashAndShortTermInvestmentsInvested capital$76.33BResult 26.9% | 1.60xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$26.03BoperatingIncomeNet PP&E$16.26BpropertyPlantEquipmentResult 1.60x |
| 2022 | 26.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$19.23BpropertyPlantAndEquipmentNetInventory$51.27BinventoryTotal assets$269.64BtotalAssetsResult 26.1% | 14.56xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$280.04BtotalRevenueNet PP&E$19.23BpropertyPlantAndEquipmentNetResult 14.56x | 1.56xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$5.80BcapitalExpendituresD&A$3.71BdepreciationAndAmortizationResult 1.56x | $5.43Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$269.64BtotalAssetsGoodwill$1.67BgoodWillIntangibles$2.89BintangibleAssetsLiabilities$127.75BtotalLiabTangible book$137.33BShares25,297,383,000commonStockSharesOutstandingResult $5.43 | 1.12xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.78BebitdaCapex$5.80BcapitalExpendituresInterest$1.13BinterestExpenseShort-term debt$2.42BshortLongTermDebtEBITDA − capex$3.98BPrincipal due is the current portion of debt.Result 1.12x | -$10.19BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$4.39BtotalCashFromOperatingActivitiesCapex$5.80BcapitalExpendituresFree cash flow-$10.19BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.19B | 1.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.82BoperatingIncomeTax expense$1.43BincomeTaxExpensePretax income$3.93BincomeBeforeTaxTax rate36.4%Equity$141.89BtotalStockholderEquityDebt$25.69BshortLongTermDebtTotalCash$70.72BcashAndShortTermInvestmentsInvested capital$96.86BResult 1.8% | 0.15xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$2.82BoperatingIncomeNet PP&E$19.23BpropertyPlantAndEquipmentNetResult 0.15x |
| 2023 | 21.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$24.69BpropertyPlantAndEquipmentNetInventory$46.07BinventoryTotal assets$323.29BtotalAssetsResult 21.9% | 10.97xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$270.97BtotalRevenueNet PP&E$24.69BpropertyPlantAndEquipmentNetResult 10.97x | 1.30xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$6.27BcapitalExpendituresD&A$4.84BdepreciationAndAmortizationResult 1.30x | $6.13Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$323.29BtotalAssetsGoodwill$1.69BgoodWillIntangibles$6.91BintangibleAssetsLiabilities$159.51BtotalLiabTangible book$155.17BShares25,324,991,000commonStockSharesOutstandingResult $6.13 | 1.72xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$19.60BebitdaCapex$6.27BcapitalExpendituresInterest$1.56BinterestExpenseShort-term debt$6.18BshortLongTermDebtEBITDA − capex$13.33BPrincipal due is the current portion of debt.Result 1.72x | $35.03BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$41.30BtotalCashFromOperatingActivitiesCapex$6.27BcapitalExpendituresFree cash flow$35.03BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $35.03B | 19.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$20.01BoperatingIncomeTax expense$4.54BincomeTaxExpensePretax income$22.01BincomeBeforeTaxTax rate20.6%Equity$163.78BtotalStockholderEquityDebt$29.74BshortLongTermDebtTotalCash$112.17BcashAndShortTermInvestmentsInvested capital$81.34BResult 19.5% | 0.81xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$20.01BoperatingIncomeNet PP&E$24.69BpropertyPlantAndEquipmentNetResult 0.81x |
| 2024 | 24.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.39BpropertyPlantAndEquipmentNetInventory$66.08BinventoryTotal assets$402.96BtotalAssetsResult 24.4% | 11.30xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$365.91BtotalRevenueNet PP&E$32.39BpropertyPlantAndEquipmentNetResult 11.30x | 1.15xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$7.30BcapitalExpendituresD&A$6.32BdepreciationAndAmortizationResult 1.15x | $7.10Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$402.96BtotalAssetsGoodwill$1.70BgoodWillIntangibles$6.45BintangibleAssetsLiabilities$213.84BtotalLiabTangible book$180.96BShares25,500,733,000commonStockSharesOutstandingResult $7.10 | 1.50xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$29.34BebitdaCapex$7.30BcapitalExpendituresInterest$1.33BinterestExpenseShort-term debt$13.33BshortLongTermDebtEBITDA − capex$22.04BPrincipal due is the current portion of debt.Result 1.50x | $32.00BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$39.30BtotalCashFromOperatingActivitiesCapex$7.30BcapitalExpendituresFree cash flow$32.00BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $32.00B | 17.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$24.50BoperatingIncomeTax expense$4.55BincomeTaxExpensePretax income$28.13BincomeBeforeTaxTax rate16.2%Equity$189.11BtotalStockholderEquityDebt$35.99BshortLongTermDebtTotalCash$105.94BcashAndShortTermInvestmentsInvested capital$119.16BResult 17.2% | 0.76xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$24.50BoperatingIncomeNet PP&E$32.39BpropertyPlantAndEquipmentNetResult 0.76x |
| 2025 | 21.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.96BpropertyPlantAndEquipmentNetInventory$81.02BinventoryTotal assets$508.31BtotalAssetsResult 21.4% | 16.35xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$457.29BtotalRevenueNet PP&E$27.96BpropertyPlantAndEquipmentNetResult 16.35x | 1.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$12.77BcapitalExpendituresD&A$8.76BdepreciationAndAmortizationResult 1.46x | $9.61Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$508.31BtotalAssetsGoodwill$1.70BgoodWillIntangibles$8.32BintangibleAssetsLiabilities$241.88BtotalLiabTangible book$256.42BShares26,695,326,000commonStockSharesOutstandingResult $9.61 | 1.68xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$41.13BebitdaCapex$12.77BcapitalExpendituresInterest$3.63BinterestExpenseShort-term debt$13.20BshortLongTermDebtEBITDA − capex$28.36BPrincipal due is the current portion of debt.Result 1.68x | $21.37BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$34.14BtotalCashFromOperatingActivitiesCapex$12.77BcapitalExpendituresFree cash flow$21.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.37B | 21.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$47.90BoperatingIncomeTax expense$8.08BincomeTaxExpensePretax income$49.65BincomeBeforeTaxTax rate16.3%Equity$266.33BtotalStockholderEquityDebt$36.14BshortLongTermDebtTotalCash$112.32BcashAndShortTermInvestmentsInvested capital$190.15BResult 21.1% | 1.71xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$47.90BoperatingIncomeNet PP&E$27.96BpropertyPlantAndEquipmentNetResult 1.71x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $27.96B
Inventory: $81.02B
Total assets: $508.31B
Goodwill: $1.70B
Intangibles: $8.32B
Liabilities: $241.88B
Tangible book: $256.42B
Shares: 26,695,326,000
Revenue: $457.29B
Capex: $12.77B
D&A: $8.76B
EBITDA: $41.13B
Interest: $3.63B
Short-term debt: $13.20B
Free cash flow: $21.37B
Operating income: $47.90B
Invested capital: $190.15B
Tax rate: 16.3%