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.
Haier Smart Home Co Ltd
Physical assets are 34.5% of total assets, a mixed footprint. Capex is 1.01x 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. EBITDA after capex covers debt service by 0.97x, which is below 1.
Fixed-asset turnover is 5.48x. Compare it with other names in the same basket.
Physical asset ratio
34.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$55.18BpropertyPlantEquipmentInventory$46.87BinventoryTotal assets$295.92BtotalAssetsResult 34.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.48xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$302.35BtotalRevenueNet PP&E$55.18BpropertyPlantEquipmentResult 5.48x
Revenue per dollar of the physical asset base.
Capex / D&A
1.01xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$8.62BcapitalExpendituresD&A$8.52BdepreciationAndAmortizationResult 1.01x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$9.27Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$295.92BtotalAssetsGoodwill$27.31BgoodWillIntangibles$14.65BintangibleAssetsLiabilities$168.45BtotalLiabTangible book$85.51BShares9,222,976,000commonStockSharesOutstandingResult $9.27
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.04xPrice / tangible bookPrice / tangible book per sharePrice$18.87Latest quoteTangible book / share$9.272025-12-31Result 2.04x
Price $18.87.
Fixed-charge coverage
0.97xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.24BebitdaCapex$8.62BcapitalExpendituresInterest$2.77BinterestExpenseShort-term debt$17.42BshortLongTermDebtEBITDA − capex$19.62BPrincipal due is the current portion of debt.Result 0.97x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$17.33BfreeCashFlowMarket cap$175.46BMarketCapitalizationResult 9.9%
Latest free cash flow divided by current market cap ($175.46B).
ROIC
22.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$23.73BoperatingIncomeTax expense$3.32BincomeTaxExpensePretax income$23.48BincomeBeforeTaxTax rate14.1%Equity$118.75BtotalStockholderEquityDebt$32.09BlongTermDebt + shortLongTermDebtCash$59.67BcashAndShortTermInvestmentsInvested capital$91.17BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 22.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.43x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 26.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$21.27BpropertyPlantEquipmentInventory$22.41BinventoryTotal assets$166.70BtotalAssetsResult 26.2% | 8.62xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$183.32BtotalRevenueNet PP&E$21.27BpropertyPlantEquipmentResult 8.62x | 2.18xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$6.76BcapitalExpendituresD&A$3.10BdepreciationAndAmortizationResult 2.18x | $3.97Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$166.70BtotalAssetsGoodwill$21.16BgoodWillIntangibles$9.75BintangibleAssetsLiabilities$111.57BtotalLiabTangible book$24.23BShares6,097,402,727commonStockSharesOutstandingResult $3.97 | 4.64xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$13.58BebitdaCapex$6.76BcapitalExpendituresInterest$1.46BinterestExpenseShort-term debt$5.00MshortTermDebtEBITDA − capex$6.82BPrincipal due is short-term debt.Result 4.64x | $12.18BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$18.93BtotalCashFromOperatingActivitiesCapex$6.76BcapitalExpendituresFree cash flow$12.18BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $12.18B | 41.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.39BoperatingIncomeTax expense$1.86BincomeTaxExpensePretax income$11.63BincomeBeforeTaxTax rate16.0%Equity$39.40BtotalStockholderEquityDebt$24.83BshortLongTermDebtTotalCash$41.18BcashAndShortTermInvestmentsInvested capital$23.06BResult 41.5% | 0.54xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$11.39BoperatingIncomeNet PP&E$21.27BpropertyPlantEquipmentResult 0.54x |
| 2019 | 29.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$26.33BpropertyPlantAndEquipmentNetInventory$28.23BinventoryTotal assets$187.45BtotalAssetsResult 29.1% | 7.63xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$200.76BtotalRevenueNet PP&E$26.33BpropertyPlantAndEquipmentNetResult 7.63x | 1.36xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$6.19BcapitalExpendituresD&A$4.55BdepreciationAndAmortizationResult 1.36x | $4.46Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$187.45BtotalAssetsGoodwill$23.35BgoodWillIntangibles$10.88BintangibleAssetsLiabilities$122.46BtotalLiabTangible book$30.76BShares6,890,215,874commonStockSharesOutstandingResult $4.46 | 1.40xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$20.93BebitdaCapex$6.19BcapitalExpendituresInterest$1.96BinterestExpenseShort-term debt$8.59BshortLongTermDebtEBITDA − capex$14.74BPrincipal due is the current portion of debt.Result 1.40x | $8.89BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$15.08BtotalCashFromOperatingActivitiesCapex$6.19BcapitalExpendituresFree cash flow$8.89BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.89B | 24.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$14.45BoperatingIncomeTax expense$2.30BincomeTaxExpensePretax income$14.63BincomeBeforeTaxTax rate15.7%Equity$47.89BtotalStockholderEquityDebt$38.16BshortLongTermDebtTotalCash$36.49BcashAndShortTermInvestmentsInvested capital$49.56BResult 24.6% | 0.55xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$14.45BoperatingIncomeNet PP&E$26.33BpropertyPlantAndEquipmentNetResult 0.55x |
| 2020 | 27.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.34BpropertyPlantEquipmentInventory$29.45BinventoryTotal assets$203.46BtotalAssetsResult 27.9% | 7.67xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$209.73BtotalRevenueNet PP&E$27.34BpropertyPlantEquipmentResult 7.67x | 1.58xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$7.77BcapitalExpendituresD&A$4.91BdepreciationAndAmortizationResult 1.58x | $4.04Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$203.46BtotalAssetsGoodwill$22.52BgoodWillIntangibles$10.19BintangibleAssetsLiabilities$135.35BtotalLiabTangible book$35.41BShares8,756,832,468commonStockSharesOutstandingResult $4.04 | 1.71xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$19.79BebitdaCapex$7.77BcapitalExpendituresInterest$1.48BinterestExpenseShort-term debt$5.54BshortTermDebtEBITDA − capex$12.02BPrincipal due is short-term debt.Result 1.71x | $9.83BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$17.60BtotalCashFromOperatingActivitiesCapex$7.77BcapitalExpendituresFree cash flow$9.83BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.83B | 25.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.60BoperatingIncomeTax expense$2.23BincomeTaxExpensePretax income$13.55BincomeBeforeTaxTax rate16.5%Equity$66.82BtotalStockholderEquityDebt$26.18BshortLongTermDebtTotalCash$48.35BcashAndShortTermInvestmentsInvested capital$44.64BResult 25.4% | 0.50xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$13.60BoperatingIncomeNet PP&E$27.34BpropertyPlantEquipmentResult 0.50x |
| 2021 | 31.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.22BpropertyPlantAndEquipmentNetInventory$39.86BinventoryTotal assets$217.46BtotalAssetsResult 31.8% | 7.79xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$227.56BtotalRevenueNet PP&E$29.22BpropertyPlantAndEquipmentNetResult 7.79x | 1.53xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$7.37BcapitalExpendituresD&A$4.81BdepreciationAndAmortizationResult 1.53x | $5.30Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$217.46BtotalAssetsGoodwill$21.83BgoodWillIntangibles$9.78BintangibleAssetsLiabilities$136.38BtotalLiabTangible book$49.48BShares9,342,028,941commonStockSharesOutstandingResult $5.30 | 1.18xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$21.46BebitdaCapex$7.37BcapitalExpendituresInterest$712.45MinterestExpenseShort-term debt$11.23BshortTermDebtEBITDA − capex$14.08BPrincipal due is short-term debt.Result 1.18x | $15.76BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$23.13BtotalCashFromOperatingActivitiesCapex$7.37BcapitalExpendituresFree cash flow$15.76BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $15.76B | 28.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.88BoperatingIncomeTax expense$2.70BincomeTaxExpensePretax income$15.92BincomeBeforeTaxTax rate17.0%Equity$79.81BtotalStockholderEquityDebt$14.64BlongTermDebt + shortLongTermDebtCash$48.64BcashAndShortTermInvestmentsInvested capital$45.80BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 28.8% | 0.54xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$15.88BoperatingIncomeNet PP&E$29.22BpropertyPlantAndEquipmentNetResult 0.54x |
| 2022 | 32.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$35.05BpropertyPlantEquipmentInventory$41.54BinventoryTotal assets$235.84BtotalAssetsResult 32.5% | 6.95xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$243.51BtotalRevenueNet PP&E$35.05BpropertyPlantEquipmentResult 6.95x | 1.45xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$8.20BcapitalExpendituresD&A$5.64BdepreciationAndAmortizationResult 1.45x | $6.45Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$235.84BtotalAssetsGoodwill$23.64BgoodWillIntangibles$10.66BintangibleAssetsLiabilities$141.13BtotalLiabTangible book$60.41BShares9,370,014,963commonStockSharesOutstandingResult $6.45 | 1.53xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$24.42BebitdaCapex$8.20BcapitalExpendituresInterest$984.14MinterestExpenseShort-term debt$9.64BshortLongTermDebtEBITDA − capex$16.21BPrincipal due is the current portion of debt.Result 1.53x | $11.95BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$20.15BtotalCashFromOperatingActivitiesCapex$8.20BcapitalExpendituresFree cash flow$11.95BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $11.95B | 20.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.84BoperatingIncomeTax expense$3.06BincomeTaxExpensePretax income$17.79BincomeBeforeTaxTax rate17.2%Equity$93.42BtotalStockholderEquityDebt$32.35BshortLongTermDebtTotalCash$54.66BcashAndShortTermInvestmentsInvested capital$71.12BResult 20.8% | 0.51xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$17.84BoperatingIncomeNet PP&E$35.05BpropertyPlantEquipmentResult 0.51x |
| 2023 | 34.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$47.94BpropertyPlantEquipmentInventory$39.52BinventoryTotal assets$253.38BtotalAssetsResult 34.5% | 5.45xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$261.43BtotalRevenueNet PP&E$47.94BpropertyPlantEquipmentResult 5.45x | 1.39xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$9.91BcapitalExpendituresD&A$7.13BdepreciationAndAmortizationResult 1.39x | $7.52Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$253.38BtotalAssetsGoodwill$24.48BgoodWillIntangibles$11.27BintangibleAssetsLiabilities$147.47BtotalLiabTangible book$70.16BShares9,323,941,038commonStockSharesOutstandingResult $7.52 | 1.57xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$29.45BebitdaCapex$9.91BcapitalExpendituresInterest$2.11BinterestExpenseShort-term debt$10.32BshortTermDebtEBITDA − capex$19.54BPrincipal due is short-term debt.Result 1.57x | $15.36BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$25.26BtotalCashFromOperatingActivitiesCapex$9.91BcapitalExpendituresFree cash flow$15.36BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $15.36B | 21.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$19.88BoperatingIncomeTax expense$2.98BincomeTaxExpensePretax income$19.71BincomeBeforeTaxTax rate15.1%Equity$103.51BtotalStockholderEquityDebt$32.69BshortLongTermDebtTotalCash$56.97BcashAndShortTermInvestmentsInvested capital$79.23BResult 21.3% | 0.41xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$19.88BoperatingIncomeNet PP&E$47.94BpropertyPlantEquipmentResult 0.41x |
| 2024 | 33.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$52.73BpropertyPlantEquipmentInventory$43.04BinventoryTotal assets$290.11BtotalAssetsResult 33.0% | 5.42xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$285.98BtotalRevenueNet PP&E$52.73BpropertyPlantEquipmentResult 5.42x | 1.32xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$10.07BcapitalExpendituresD&A$7.61BdepreciationAndAmortizationResult 1.32x | $8.17Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$290.11BtotalAssetsGoodwill$27.38BgoodWillIntangibles$14.30BintangibleAssetsLiabilities$171.72BtotalLiabTangible book$76.70BShares9,384,063,000commonStockSharesOutstandingResult $8.17 | 1.39xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$33.07BebitdaCapex$10.07BcapitalExpendituresInterest$2.73BinterestExpenseShort-term debt$13.78BshortTermDebtEBITDA − capex$23.00BPrincipal due is short-term debt.Result 1.39x | $16.47BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$26.54BtotalCashFromOperatingActivitiesCapex$10.07BcapitalExpendituresFree cash flow$16.47BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $16.47B | 23.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$22.91BoperatingIncomeTax expense$3.16BincomeTaxExpensePretax income$22.73BincomeBeforeTaxTax rate13.9%Equity$111.37BtotalStockholderEquityDebt$27.93BshortLongTermDebtTotalCash$56.82BcashAndShortTermInvestmentsInvested capital$82.48BResult 23.9% | 0.43xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$22.91BoperatingIncomeNet PP&E$52.73BpropertyPlantEquipmentResult 0.43x |
| 2025 | 34.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$55.18BpropertyPlantEquipmentInventory$46.87BinventoryTotal assets$295.92BtotalAssetsResult 34.5% | 5.48xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$302.35BtotalRevenueNet PP&E$55.18BpropertyPlantEquipmentResult 5.48x | 1.01xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$8.62BcapitalExpendituresD&A$8.52BdepreciationAndAmortizationResult 1.01x | $9.27Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$295.92BtotalAssetsGoodwill$27.31BgoodWillIntangibles$14.65BintangibleAssetsLiabilities$168.45BtotalLiabTangible book$85.51BShares9,222,976,000commonStockSharesOutstandingResult $9.27 | 0.97xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.24BebitdaCapex$8.62BcapitalExpendituresInterest$2.77BinterestExpenseShort-term debt$17.42BshortLongTermDebtEBITDA − capex$19.62BPrincipal due is the current portion of debt.Result 0.97x | $17.33BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$25.95BtotalCashFromOperatingActivitiesCapex$8.62BcapitalExpendituresFree cash flow$17.33BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $17.33B | 22.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$23.73BoperatingIncomeTax expense$3.32BincomeTaxExpensePretax income$23.48BincomeBeforeTaxTax rate14.1%Equity$118.75BtotalStockholderEquityDebt$32.09BlongTermDebt + shortLongTermDebtCash$59.67BcashAndShortTermInvestmentsInvested capital$91.17BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 22.3% | 0.43xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$23.73BoperatingIncomeNet PP&E$55.18BpropertyPlantEquipmentResult 0.43x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $55.18B
Inventory: $46.87B
Total assets: $295.92B
Goodwill: $27.31B
Intangibles: $14.65B
Liabilities: $168.45B
Tangible book: $85.51B
Shares: 9,222,976,000
Revenue: $302.35B
Capex: $8.62B
D&A: $8.52B
EBITDA: $28.24B
Interest: $2.77B
Short-term debt: $17.42B
Free cash flow: $17.33B
Operating income: $23.73B
Invested capital: $91.17B
Tax rate: 14.1%