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.
OLD CHANG KEE LTD.
Physical assets are 35.9% of total assets, a mixed footprint. Capex is 0.18x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 143.1%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.90x. Compare it with other names in the same basket.
Physical asset ratio
35.9%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$35.62MpropertyPlantAndEquipmentNetInventory$1.47MinventoryTotal assets$103.26MtotalAssetsResult 35.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.90xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$103.48MtotalRevenueNet PP&E$35.62MpropertyPlantAndEquipmentNetResult 2.90x
Revenue per dollar of the physical asset base.
Capex / D&A
0.18xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$2.59McapitalExpendituresD&A$14.47MreconciledDepreciationResult 0.18x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.53Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$103.26MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$143.00KintangibleAssetsLiabilities$38.96MtotalLiabTangible book$64.16MShares121,374,700commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.53
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.25xPrice / tangible bookPrice / tangible book per sharePrice$1.19Latest quoteTangible book / share$0.532026-03-31Result 2.25x
Price $1.19.
Fixed-charge coverage
16.99xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$27.35MebitdaCapex$2.59McapitalExpendituresInterest$1.12MinterestExpenseShort-term debt$336.00KshortLongTermDebtEBITDA − capex$24.76MPrincipal due is the current portion of debt.Result 16.99x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
14.5%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$20.87MfreeCashFlowMarket cap$144.44MMarketCapitalizationResult 14.5%
Latest free cash flow divided by current market cap ($144.44M).
ROIC
143.1%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.85MoperatingIncomeTax expense$2.20MtaxProvisionPretax income$11.76MincomeBeforeTaxTax rate18.7%Equity$64.31MtotalStockholderEquityDebt$336.00KlongTermDebt + shortLongTermDebtCash$57.92McashInvested capital$6.73MResult 143.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.33x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 58.0%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$28.45MpropertyPlantEquipmentInventory$1.10MinventoryTotal assets$50.92MtotalAssetsResult 58.0% | 3.16xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$89.79MtotalRevenueNet PP&E$28.45MpropertyPlantEquipmentResult 3.16x | 0.40xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$2.14McapitalExpendituresD&A$5.33MreconciledDepreciationResult 0.40x | $0.23Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$50.92MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$228.00KintangibleAssetsLiabilities$22.46MtotalLiabTangible book$28.23MShares121,374,700commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.23 | 5.07xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.07MebitdaCapex$2.14McapitalExpendituresInterest$329.00KinterestExpenseShort-term debt$1.43MshortTermDebtEBITDA − capex$8.92MPrincipal due is short-term debt.Result 5.07x | $8.32MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$10.47MtotalCashFromOperatingActivitiesCapex$2.14McapitalExpendituresFree cash flow$8.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.32M | 19.6%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.41MoperatingIncomeTax expense$1.07MincomeTaxExpensePretax income$5.41MincomeBeforeTaxTax rate19.8%Equity$28.46MtotalStockholderEquityDebt$9.18MlongTermDebt + shortLongTermDebtCash$15.45McashInvested capital$22.19MResult 19.6% | 0.19xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$5.41MoperatingIncomeNet PP&E$28.45MpropertyPlantEquipmentResult 0.19x |
| 2020 | 67.6%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$44.49MpropertyPlantEquipmentInventory$1.29MinventoryTotal assets$67.76MtotalAssetsResult 67.6% | 1.98xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$88.04MtotalRevenueNet PP&E$44.49MpropertyPlantEquipmentResult 1.98x | 0.15xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$2.31McapitalExpendituresD&A$15.30MreconciledDepreciationResult 0.15x | $0.22Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$67.76MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$186.00KintangibleAssetsLiabilities$41.37MtotalLiabTangible book$26.21MShares121,374,700commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.22 | 7.18xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$17.97MebitdaCapex$2.31McapitalExpendituresInterest$958.00KinterestExpenseShort-term debt$1.22MshortLongTermDebtEBITDA − capex$15.66MPrincipal due is the current portion of debt.Result 7.18x | $14.31MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$16.65MtotalCashFromOperatingActivitiesCapex$2.31McapitalExpendituresFree cash flow$14.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.31M | 4.6%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.72MoperatingIncomeTax expense$867.00KincomeTaxExpensePretax income$1.72MincomeBeforeTaxTax rate40.0%Equity$26.39MtotalStockholderEquityDebt$7.94MlongTermDebt + shortLongTermDebtCash$11.75McashInvested capital$22.59MThe effective tax rate was above 40% and was capped at 40%.Result 4.6% | 0.04xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$1.72MoperatingIncomeNet PP&E$44.49MpropertyPlantEquipmentResult 0.04x |
| 2021 | 55.5%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$41.06MpropertyPlantEquipmentInventory$1.05MinventoryTotal assets$75.87MtotalAssetsResult 55.5% | 1.83xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$75.32MtotalRevenueNet PP&E$41.06MpropertyPlantEquipmentResult 1.83x | 0.08xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$1.28McapitalExpendituresD&A$15.55MreconciledDepreciationResult 0.08x | $0.28Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$75.87MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$155.00KintangibleAssetsLiabilities$42.16MtotalLiabTangible book$33.56MShares121,374,700commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.28 | 12.66xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$26.21MebitdaCapex$1.28McapitalExpendituresInterest$682.00KinterestExpenseShort-term debt$1.29MshortLongTermDebtEBITDA − capex$24.93MPrincipal due is the current portion of debt.Result 12.66x | $27.01MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$28.29MtotalCashFromOperatingActivitiesCapex$1.28McapitalExpendituresFree cash flow$27.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $27.01M | 63.5%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.02MoperatingIncomeTax expense$1.24MincomeTaxExpensePretax income$9.98MincomeBeforeTaxTax rate12.4%Equity$33.71MtotalStockholderEquityDebt$6.67MlongTermDebt + shortLongTermDebtCash$25.19McashInvested capital$15.20MResult 63.5% | 0.27xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$11.02MoperatingIncomeNet PP&E$41.06MpropertyPlantEquipmentResult 0.27x |
| 2022 | 52.7%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$38.12MpropertyPlantEquipmentInventory$1.18MinventoryTotal assets$74.53MtotalAssetsResult 52.7% | 2.03xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$77.49MtotalRevenueNet PP&E$38.12MpropertyPlantEquipmentResult 2.03x | 0.08xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$1.19McapitalExpendituresD&A$14.42MreconciledDepreciationResult 0.08x | $0.30Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$74.53MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$229.00KintangibleAssetsLiabilities$37.55MtotalLiabTangible book$36.75MShares121,374,700commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.30 | 10.66xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$21.28MebitdaCapex$1.19McapitalExpendituresInterest$597.00KinterestExpenseShort-term debt$1.29MshortLongTermDebtEBITDA − capex$20.09MPrincipal due is the current portion of debt.Result 10.66x | $17.34MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$18.64MtotalCashFromOperatingActivitiesCapex$1.19McapitalExpendituresFree cash flow$17.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $17.34M | 44.5%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.25MoperatingIncomeTax expense$581.00KincomeTaxExpensePretax income$6.26MincomeBeforeTaxTax rate9.3%Equity$36.98MtotalStockholderEquityDebt$5.39MlongTermDebt + shortLongTermDebtCash$27.58McashInvested capital$14.78MResult 44.5% | 0.19xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$7.25MoperatingIncomeNet PP&E$38.12MpropertyPlantEquipmentResult 0.19x |
| 2023 | 47.1%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$36.42MpropertyPlantEquipmentInventory$1.00MinventoryTotal assets$79.37MtotalAssetsResult 47.1% | 2.47xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$89.79MtotalRevenueNet PP&E$36.42MpropertyPlantEquipmentResult 2.47x | 0.10xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$1.33McapitalExpendituresD&A$13.54MreconciledDepreciationResult 0.10x | $0.34Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$79.37MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$194.00KintangibleAssetsLiabilities$38.41MtotalLiabTangible book$40.76MShares121,374,700commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.34 | 10.85xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$21.90MebitdaCapex$1.33McapitalExpendituresInterest$705.00KinterestExpenseShort-term debt$1.19MshortLongTermDebtEBITDA − capex$20.57MPrincipal due is the current portion of debt.Result 10.85x | $21.03MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$22.36MtotalCashFromOperatingActivitiesCapex$1.33McapitalExpendituresFree cash flow$21.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.03M | 63.7%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.83MoperatingIncomeTax expense$1.51MincomeTaxExpensePretax income$7.66MincomeBeforeTaxTax rate19.7%Equity$40.96MtotalStockholderEquityDebt$4.10MlongTermDebt + shortLongTermDebtCash$33.93McashInvested capital$11.13MResult 63.7% | 0.24xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$8.83MoperatingIncomeNet PP&E$36.42MpropertyPlantEquipmentResult 0.24x |
| 2024 | 43.2%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$38.16MpropertyPlantAndEquipmentNetInventory$1.62MinventoryTotal assets$92.06MtotalAssetsResult 43.2% | 2.65xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$100.95MtotalRevenueNet PP&E$38.16MpropertyPlantAndEquipmentNetResult 2.65x | 0.12xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$1.62McapitalExpendituresD&A$13.66MreconciledDepreciationResult 0.12x | $0.40Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$92.06MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$241.00KintangibleAssetsLiabilities$43.85MtotalLiabTangible book$47.97MShares121,374,700commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.40 | 10.95xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$27.25MebitdaCapex$1.62McapitalExpendituresInterest$1.09MinterestExpenseShort-term debt$1.25MshortLongTermDebtEBITDA − capex$25.62MPrincipal due is the current portion of debt.Result 10.95x | $25.17MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$26.79MtotalCashFromOperatingActivitiesCapex$1.62McapitalExpendituresFree cash flow$25.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $25.17M | 145.0%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.16MoperatingIncomeTax expense$2.83MtaxProvisionPretax income$12.50MincomeBeforeTaxTax rate22.7%Equity$48.21MtotalStockholderEquityDebt$2.91MlongTermDebt + shortLongTermDebtCash$44.10McashInvested capital$7.02MResult 145.0% | 0.34xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$13.16MoperatingIncomeNet PP&E$38.16MpropertyPlantAndEquipmentNetResult 0.34x |
| 2025 | 37.1%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$34.58MpropertyPlantAndEquipmentNetInventory$1.03MinventoryTotal assets$96.11MtotalAssetsResult 37.1% | 2.95xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$101.95MtotalRevenueNet PP&E$34.58MpropertyPlantAndEquipmentNetResult 2.95x | 0.13xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$1.83McapitalExpendituresD&A$13.97MreconciledDepreciationResult 0.13x | $0.47Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$96.11MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$191.00KintangibleAssetsLiabilities$38.86MtotalLiabTangible book$57.06MShares121,374,700commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.47 | 10.53xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.64MebitdaCapex$1.83McapitalExpendituresInterest$1.23MinterestExpenseShort-term debt$1.32MshortLongTermDebtEBITDA − capex$26.81MPrincipal due is the current portion of debt.Result 10.53x | $23.23MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$25.06MtotalCashFromOperatingActivitiesCapex$1.83McapitalExpendituresFree cash flow$23.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $23.23M | 170.7%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.08MoperatingIncomeTax expense$2.10MtaxProvisionPretax income$13.44MincomeBeforeTaxTax rate15.6%Equity$57.25MtotalStockholderEquityDebt$1.65MlongTermDebt + shortLongTermDebtCash$52.44McashInvested capital$6.47MResult 170.7% | 0.38xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$13.08MoperatingIncomeNet PP&E$34.58MpropertyPlantAndEquipmentNetResult 0.38x |
| 2026 | 35.9%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$35.62MpropertyPlantAndEquipmentNetInventory$1.47MinventoryTotal assets$103.26MtotalAssetsResult 35.9% | 2.90xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$103.48MtotalRevenueNet PP&E$35.62MpropertyPlantAndEquipmentNetResult 2.90x | 0.18xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$2.59McapitalExpendituresD&A$14.47MreconciledDepreciationResult 0.18x | $0.53Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$103.26MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$143.00KintangibleAssetsLiabilities$38.96MtotalLiabTangible book$64.16MShares121,374,700commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.53 | 16.99xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$27.35MebitdaCapex$2.59McapitalExpendituresInterest$1.12MinterestExpenseShort-term debt$336.00KshortLongTermDebtEBITDA − capex$24.76MPrincipal due is the current portion of debt.Result 16.99x | $20.87MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$23.46MtotalCashFromOperatingActivitiesCapex$2.59McapitalExpendituresFree cash flow$20.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $20.87M | 143.1%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.85MoperatingIncomeTax expense$2.20MtaxProvisionPretax income$11.76MincomeBeforeTaxTax rate18.7%Equity$64.31MtotalStockholderEquityDebt$336.00KlongTermDebt + shortLongTermDebtCash$57.92McashInvested capital$6.73MResult 143.1% | 0.33xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$11.85MoperatingIncomeNet PP&E$35.62MpropertyPlantAndEquipmentNetResult 0.33x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $35.62M
Inventory: $1.47M
Total assets: $103.26M
Goodwill: $0.00
Intangibles: $143.00K
Liabilities: $38.96M
Tangible book: $64.16M
Shares: 121,374,700
Revenue: $103.48M
Capex: $2.59M
D&A: $14.47M
EBITDA: $27.35M
Interest: $1.12M
Short-term debt: $336.00K
Free cash flow: $20.87M
Operating income: $11.85M
Invested capital: $6.73M
Tax rate: 18.7%