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.
Nishi-Nippon Railroad Co Ltd
Physical assets are 68.8% of total assets, a heavy footprint. Capex is 1.61x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.51x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 1.01x.
Physical asset ratio
68.8%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EJPY 467.64BpropertyPlantAndEquipmentNetInventoryJPY 97.31BinventoryTotal assetsJPY 820.85BtotalAssetsResult 68.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.01xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueJPY 474.16BtotalRevenueNet PP&EJPY 467.64BpropertyPlantAndEquipmentNetResult 1.01x
Revenue per dollar of the physical asset base.
Capex / D&A
1.61xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexJPY 38.67BcapitalExpendituresD&AJPY 24.09BdepreciationAndAmortizationResult 1.61x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
JPY 3.72KTangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsJPY 820.85BtotalAssetsGoodwillJPY 3.99BgoodWillIntangiblesJPY 6.22BintangibleAssetsLiabilitiesJPY 527.80BtotalLiabTangible bookJPY 282.84BShares76,074,000commonStockSharesOutstandingResult JPY 3.72K
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.77xPrice / tangible bookPrice / tangible book per sharePriceJPY 2.87KLatest quoteTangible book / shareJPY 3.72K2026-03-31Result 0.77x
Price JPY 2.87K.
Fixed-charge coverage
0.51xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAJPY 73.53BebitdaCapexJPY 38.67BcapitalExpendituresInterestJPY 3.25BinterestExpenseShort-term debtJPY 64.77BshortTermDebtEBITDA − capexJPY 34.86BPrincipal due is short-term debt.Result 0.51x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.0%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow-JPY 63.00MfreeCashFlowMarket capJPY 216.95BMarketCapitalizationResult 0.0%
Latest free cash flow divided by current market cap (JPY 216.95B).
ROIC
3.6%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeJPY 30.21BoperatingIncomeTax expenseJPY 13.33BincomeTaxExpensePretax incomeJPY 46.19BincomeBeforeTaxTax rate28.9%EquityJPY 284.09BtotalStockholderEquityDebtJPY 362.99BshortLongTermDebtTotalCashJPY 46.87BcashInvested capitalJPY 600.21BResult 3.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 72.9%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EJPY 399.87BpropertyPlantEquipmentInventoryJPY 54.42BinventoryTotal assetsJPY 622.82BtotalAssetsResult 72.9% | 0.99xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueJPY 396.84BtotalRevenueNet PP&EJPY 399.87BpropertyPlantEquipmentResult 0.99x | 2.57xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexJPY 52.39BcapitalExpendituresD&AJPY 20.40BdepreciationAndAmortizationResult 2.57x | JPY 2.21KTangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsJPY 622.82BtotalAssetsGoodwillJPY 1.34BgoodWillIntangiblesJPY 5.17BintangibleAssetsLiabilitiesJPY 441.30BtotalLiabTangible bookJPY 175.00BShares79,150,000commonStockSharesOutstandingResult JPY 2.21K | -0.31xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAJPY 40.58BebitdaCapexJPY 52.39BcapitalExpendituresInterestJPY 1.70BinterestExpenseShort-term debtJPY 36.23BshortTermDebtEBITDA − capex-JPY 11.82BPrincipal due is short-term debt.Result -0.31x | -JPY 30.02BFree cash flow · 2019-03-31Reported free cash flowOperating cash flowJPY 22.38BtotalCashFromOperatingActivitiesCapexJPY 52.39BcapitalExpendituresFree cash flow-JPY 30.02BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -JPY 30.02B | 3.3%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeJPY 20.17BoperatingIncomeTax expenseJPY 3.49BincomeTaxExpensePretax incomeJPY 10.25BincomeBeforeTaxTax rate34.1%EquityJPY 176.46BtotalStockholderEquityDebtJPY 248.16BshortLongTermDebtTotalCashJPY 26.39BcashInvested capitalJPY 398.23BResult 3.3% | 0.05xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeJPY 20.17BoperatingIncomeNet PP&EJPY 399.87BpropertyPlantEquipmentResult 0.05x |
| 2020 | 73.8%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EJPY 428.09BpropertyPlantEquipmentInventoryJPY 64.31BinventoryTotal assetsJPY 667.15BtotalAssetsResult 73.8% | 0.91xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueJPY 389.45BtotalRevenueNet PP&EJPY 428.09BpropertyPlantEquipmentResult 0.91x | 2.16xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexJPY 47.17BcapitalExpendituresD&AJPY 21.80BdepreciationAndAmortizationResult 2.16x | JPY 2.21KTangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsJPY 667.15BtotalAssetsGoodwillJPY 828.00MgoodWillIntangiblesJPY 5.12BintangibleAssetsLiabilitiesJPY 486.60BtotalLiabTangible bookJPY 174.60BShares79,074,000commonStockSharesOutstandingResult JPY 2.21K | -0.16xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAJPY 38.22BebitdaCapexJPY 47.17BcapitalExpendituresInterestJPY 1.75BinterestExpenseShort-term debtJPY 53.55BshortTermDebtEBITDA − capex-JPY 8.96BPrincipal due is short-term debt.Result -0.16x | -JPY 28.97BFree cash flow · 2020-03-31Reported free cash flowOperating cash flowJPY 18.21BtotalCashFromOperatingActivitiesCapexJPY 47.17BcapitalExpendituresFree cash flow-JPY 28.97BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -JPY 28.97B | 2.3%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeJPY 16.41BoperatingIncomeTax expenseJPY 5.40BincomeTaxExpensePretax incomeJPY 12.45BincomeBeforeTaxTax rate40.0%EquityJPY 175.33BtotalStockholderEquityDebtJPY 285.28BshortLongTermDebtTotalCashJPY 34.21BcashInvested capitalJPY 426.41BThe effective tax rate was above 40% and was capped at 40%.Result 2.3% | 0.04xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeJPY 16.41BoperatingIncomeNet PP&EJPY 428.09BpropertyPlantEquipmentResult 0.04x |
| 2021 | 62.9%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EJPY 438.00BpropertyPlantEquipmentInventoryJPY 7.02BinventoryTotal assetsJPY 707.80BtotalAssetsResult 62.9% | 0.79xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueJPY 346.12BtotalRevenueNet PP&EJPY 438.00BpropertyPlantEquipmentResult 0.79x | 2.03xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexJPY 42.84BcapitalExpendituresD&AJPY 21.08BdepreciationAndAmortizationResult 2.03x | JPY 2.10KTangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsJPY 707.80BtotalAssetsGoodwillJPY 258.00MgoodWillIntangiblesJPY 4.22BintangibleAssetsLiabilitiesJPY 537.86BtotalLiabTangible bookJPY 165.47BShares78,775,000commonStockSharesOutstandingResult JPY 2.10K | -0.57xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAJPY 11.58BebitdaCapexJPY 42.84BcapitalExpendituresInterestJPY 2.00BinterestExpenseShort-term debtJPY 53.17BshortTermDebtEBITDA − capex-JPY 31.26BPrincipal due is short-term debt.Result -0.57x | -JPY 52.78BFree cash flow · 2021-03-31Reported free cash flowOperating cash flow-JPY 9.94BtotalCashFromOperatingActivitiesCapexJPY 42.84BcapitalExpendituresFree cash flow-JPY 52.78BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -JPY 52.78B | —ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-JPY 9.50BoperatingIncomeTax expense-JPY 881.00MincomeTaxExpensePretax income-JPY 12.59BincomeBeforeTaxTax rate—EquityJPY 164.60BtotalStockholderEquityDebtJPY 348.44BshortLongTermDebtTotalCashJPY 51.38BcashAndShortTermInvestmentsInvested capitalJPY 461.65BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.02xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income-JPY 9.50BoperatingIncomeNet PP&EJPY 438.00BpropertyPlantEquipmentResult -0.02x |
| 2022 | 60.5%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EJPY 437.89BpropertyPlantEquipmentInventoryJPY 6.12BinventoryTotal assetsJPY 734.50BtotalAssetsResult 60.5% | 0.98xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueJPY 427.16BtotalRevenueNet PP&EJPY 437.89BpropertyPlantEquipmentResult 0.98x | 1.32xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexJPY 25.90BcapitalExpendituresD&AJPY 19.58BdepreciationAndAmortizationResult 1.32x | JPY 2.21KTangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsJPY 734.50BtotalAssetsGoodwillJPY 429.00MgoodWillIntangiblesJPY 3.60BintangibleAssetsLiabilitiesJPY 555.42BtotalLiabTangible bookJPY 175.06BShares79,045,000commonStockSharesOutstandingResult JPY 2.21K | 0.24xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAJPY 38.20BebitdaCapexJPY 25.90BcapitalExpendituresInterestJPY 2.48BinterestExpenseShort-term debtJPY 48.90BshortTermDebtEBITDA − capexJPY 12.30BPrincipal due is short-term debt.Result 0.24x | JPY 4.69BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowJPY 30.59BtotalCashFromOperatingActivitiesCapexJPY 25.90BcapitalExpendituresFree cash flowJPY 4.69BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result JPY 4.69B | 1.6%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeJPY 10.45BoperatingIncomeTax expenseJPY 5.21BincomeTaxExpensePretax incomeJPY 16.14BincomeBeforeTaxTax rate32.3%EquityJPY 173.00BtotalStockholderEquityDebtJPY 351.05BshortLongTermDebtTotalCashJPY 70.83BcashAndShortTermInvestmentsInvested capitalJPY 453.22BResult 1.6% | 0.02xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeJPY 10.45BoperatingIncomeNet PP&EJPY 437.89BpropertyPlantEquipmentResult 0.02x |
| 2023 | 55.4%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EJPY 373.21BpropertyPlantEquipmentInventoryJPY 6.38BinventoryTotal assetsJPY 685.80BtotalAssetsResult 55.4% | 1.33xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueJPY 494.64BtotalRevenueNet PP&EJPY 373.21BpropertyPlantEquipmentResult 1.33x | 1.20xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexJPY 22.26BcapitalExpendituresD&AJPY 18.53BdepreciationAndAmortizationResult 1.20x | JPY 2.51KTangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsJPY 685.80BtotalAssetsGoodwillJPY 321.00MgoodWillIntangiblesJPY 3.52BintangibleAssetsLiabilitiesJPY 483.92BtotalLiabTangible bookJPY 198.04BShares78,990,000commonStockSharesOutstandingResult JPY 2.51K | 0.45xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAJPY 48.37BebitdaCapexJPY 22.26BcapitalExpendituresInterestJPY 2.20BinterestExpenseShort-term debtJPY 56.16BshortTermDebtEBITDA − capexJPY 26.11BPrincipal due is short-term debt.Result 0.45x | JPY 21.51BFree cash flow · 2023-03-31Reported free cash flowOperating cash flowJPY 43.78BtotalCashFromOperatingActivitiesCapexJPY 22.26BcapitalExpendituresFree cash flowJPY 21.51BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result JPY 21.51B | 4.0%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeJPY 26.15BoperatingIncomeTax expenseJPY 8.12BincomeTaxExpensePretax incomeJPY 27.65BincomeBeforeTaxTax rate29.4%EquityJPY 195.12BtotalStockholderEquityDebtJPY 340.20BshortLongTermDebtTotalCashJPY 72.80BcashAndShortTermInvestmentsInvested capitalJPY 462.52BResult 4.0% | 0.07xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeJPY 26.15BoperatingIncomeNet PP&EJPY 373.21BpropertyPlantEquipmentResult 0.07x |
| 2024 | 67.3%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EJPY 416.09BpropertyPlantAndEquipmentNetInventoryJPY 73.54BinventoryTotal assetsJPY 727.00BtotalAssetsResult 67.3% | 0.99xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueJPY 411.65BtotalRevenueNet PP&EJPY 416.09BpropertyPlantAndEquipmentNetResult 0.99x | 3.06xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexJPY 56.05BcapitalExpendituresD&AJPY 18.34BdepreciationAndAmortizationResult 3.06x | JPY 2.94KTangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsJPY 727.00BtotalAssetsGoodwillJPY 305.00MgoodWillIntangiblesJPY 3.66BintangibleAssetsLiabilitiesJPY 491.16BtotalLiabTangible bookJPY 231.88BShares78,885,000commonStockSharesOutstandingResult JPY 2.94K | 0.07xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAJPY 60.06BebitdaCapexJPY 56.05BcapitalExpendituresInterestJPY 2.28BinterestExpenseShort-term debtJPY 57.16BshortTermDebtEBITDA − capexJPY 4.01BPrincipal due is short-term debt.Result 0.07x | JPY 6.17BFree cash flow · 2024-03-31Reported free cash flowOperating cash flowJPY 62.21BtotalCashFromOperatingActivitiesCapexJPY 56.05BcapitalExpendituresFree cash flowJPY 6.17BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result JPY 6.17B | 3.5%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeJPY 25.88BoperatingIncomeTax expenseJPY 13.85BincomeTaxExpensePretax incomeJPY 39.43BincomeBeforeTaxTax rate35.1%EquityJPY 229.30BtotalStockholderEquityDebtJPY 316.84BshortLongTermDebtTotalCashJPY 69.62BcashInvested capitalJPY 476.51BResult 3.5% | 0.06xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeJPY 25.88BoperatingIncomeNet PP&EJPY 416.09BpropertyPlantAndEquipmentNetResult 0.06x |
| 2025 | 69.4%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EJPY 457.63BpropertyPlantAndEquipmentNetInventoryJPY 85.51BinventoryTotal assetsJPY 782.13BtotalAssetsResult 69.4% | 0.97xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueJPY 443.50BtotalRevenueNet PP&EJPY 457.63BpropertyPlantAndEquipmentNetResult 0.97x | 4.14xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexJPY 83.48BcapitalExpendituresD&AJPY 20.17BdepreciationAndAmortizationResult 4.14x | JPY 3.22KTangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsJPY 782.13BtotalAssetsGoodwillJPY 298.00MgoodWillIntangiblesJPY 4.28BintangibleAssetsLiabilitiesJPY 526.08BtotalLiabTangible bookJPY 251.47BShares78,005,000commonStockSharesOutstandingResult JPY 3.22K | -0.51xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAJPY 53.74BebitdaCapexJPY 83.48BcapitalExpendituresInterestJPY 2.67BinterestExpenseShort-term debtJPY 56.06BshortTermDebtEBITDA − capex-JPY 29.74BPrincipal due is short-term debt.Result -0.51x | -JPY 67.87BFree cash flow · 2025-03-31Reported free cash flowOperating cash flowJPY 15.61BtotalCashFromOperatingActivitiesCapexJPY 83.48BcapitalExpendituresFree cash flow-JPY 67.87BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -JPY 67.87B | 3.3%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeJPY 26.66BoperatingIncomeTax expenseJPY 9.38BincomeTaxExpensePretax incomeJPY 30.89BincomeBeforeTaxTax rate30.4%EquityJPY 249.27BtotalStockholderEquityDebtJPY 366.16BshortLongTermDebtTotalCashJPY 51.32BcashInvested capitalJPY 564.11BResult 3.3% | 0.06xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeJPY 26.66BoperatingIncomeNet PP&EJPY 457.63BpropertyPlantAndEquipmentNetResult 0.06x |
| 2026 | 68.8%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EJPY 467.64BpropertyPlantAndEquipmentNetInventoryJPY 97.31BinventoryTotal assetsJPY 820.85BtotalAssetsResult 68.8% | 1.01xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueJPY 474.16BtotalRevenueNet PP&EJPY 467.64BpropertyPlantAndEquipmentNetResult 1.01x | 1.61xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexJPY 38.67BcapitalExpendituresD&AJPY 24.09BdepreciationAndAmortizationResult 1.61x | JPY 3.72KTangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsJPY 820.85BtotalAssetsGoodwillJPY 3.99BgoodWillIntangiblesJPY 6.22BintangibleAssetsLiabilitiesJPY 527.80BtotalLiabTangible bookJPY 282.84BShares76,074,000commonStockSharesOutstandingResult JPY 3.72K | 0.51xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAJPY 73.53BebitdaCapexJPY 38.67BcapitalExpendituresInterestJPY 3.25BinterestExpenseShort-term debtJPY 64.77BshortTermDebtEBITDA − capexJPY 34.86BPrincipal due is short-term debt.Result 0.51x | -JPY 63.00MFree cash flow · 2026-03-31Reported free cash flowOperating cash flowJPY 38.61BtotalCashFromOperatingActivitiesCapexJPY 38.67BcapitalExpendituresFree cash flow-JPY 63.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -JPY 63.00M | 3.6%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeJPY 30.21BoperatingIncomeTax expenseJPY 13.33BincomeTaxExpensePretax incomeJPY 46.19BincomeBeforeTaxTax rate28.9%EquityJPY 284.09BtotalStockholderEquityDebtJPY 362.99BshortLongTermDebtTotalCashJPY 46.87BcashInvested capitalJPY 600.21BResult 3.6% | 0.06xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeJPY 30.21BoperatingIncomeNet PP&EJPY 467.64BpropertyPlantAndEquipmentNetResult 0.06x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: JPY 467.64B
Inventory: JPY 97.31B
Total assets: JPY 820.85B
Goodwill: JPY 3.99B
Intangibles: JPY 6.22B
Liabilities: JPY 527.80B
Tangible book: JPY 282.84B
Shares: 76,074,000
Revenue: JPY 474.16B
Capex: JPY 38.67B
D&A: JPY 24.09B
EBITDA: JPY 73.53B
Interest: JPY 3.25B
Short-term debt: JPY 64.77B
Free cash flow: -JPY 63.00M
Operating income: JPY 30.21B
Invested capital: JPY 600.21B
Tax rate: 28.9%