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.
Advance Auto Parts Inc
Physical assets are 59.8% of total assets, a heavy footprint. Capex is 0.93x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by 0.12x, which is below 1.
Fixed-asset turnover is 2.51x. Compare it with other names in the same basket.
Physical asset ratio
59.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.43BpropertyPlantEquipmentInventory$3.65BinventoryTotal assets$11.83BtotalAssetsResult 59.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.51xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.60BtotalRevenueNet PP&E$3.43BpropertyPlantEquipmentResult 2.51x
Revenue per dollar of the physical asset base.
Capex / D&A
0.93xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$252.00McapitalExpendituresD&A$272.00MdepreciationAndAmortizationResult 0.93x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$19.77Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.83BtotalAssetsGoodwill$600.00MgoodWillIntangibles$400.00MintangibleAssetsLiabilities$9.63BtotalLiabTangible book$1.20BShares60,600,000commonStockSharesOutstandingResult $19.77
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.28xPrice / tangible bookPrice / tangible book per sharePrice$45.11Latest quoteTangible book / share$19.772025-12-31Result 2.28x
Price $45.11.
Fixed-charge coverage
0.12xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$320.00MebitdaCapex$252.00McapitalExpendituresInterest$139.00MinterestExpenseShort-term debt$435.00MshortTermDebtEBITDA − capex$68.00MPrincipal due is short-term debt.Result 0.12x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-10.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$298.00MfreeCashFlowMarket cap$2.76BMarketCapitalizationResult -10.8%
Latest free cash flow divided by current market cap ($2.76B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$161.00MoperatingIncomeTax expense-$159.00MincomeTaxExpensePretax income-$91.00MincomeBeforeTaxTax rate—Equity$2.20BtotalStockholderEquityDebt$3.41BlongTermDebt + shortLongTermDebtCash$3.12BcashAndEquivalentsInvested capital$2.49BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.05x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 63.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.37BpropertyPlantEquipmentInventory$4.36BinventoryTotal assets$9.04BtotalAssetsResult 63.4% | 7.00xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$9.58BtotalRevenueNet PP&E$1.37BpropertyPlantEquipmentResult 7.00x | 0.81xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$193.72McapitalExpendituresD&A$238.18MdepreciationAndAmortizationResult 0.81x | $27.17Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.04BtotalAssetsGoodwill$990.24MgoodWillIntangibles$550.59MintangibleAssetsLiabilities$5.49BtotalLiabTangible book$2.01BShares73,991,000commonStockSharesOutstandingResult $27.17 | 11.56xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$850.04MebitdaCapex$193.72McapitalExpendituresInterest$56.59MinterestExpenseShort-term debt$210.00KshortTermDebtEBITDA − capex$656.32MPrincipal due is short-term debt.Result 11.56x | $617.31MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$811.03MtotalCashFromOperatingActivitiesCapex$193.72McapitalExpendituresFree cash flow$617.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $617.31M | 12.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$604.28MoperatingIncomeTax expense$131.42MincomeTaxExpensePretax income$555.26MincomeBeforeTaxTax rate23.7%Equity$3.55BtotalStockholderEquityDebt$1.05BshortLongTermDebtTotalCash$896.53McashAndEquivalentsInvested capital$3.70BResult 12.5% | 0.44xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$604.28MoperatingIncomeNet PP&E$1.37BpropertyPlantEquipmentResult 0.44x |
| 2019 | 73.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.80BpropertyPlantAndEquipmentNetInventory$4.43BinventoryTotal assets$11.25BtotalAssetsResult 73.2% | 2.56xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$9.71BtotalRevenueNet PP&E$3.80BpropertyPlantAndEquipmentNetResult 2.56x | 1.98xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$471.65McapitalExpendituresD&A$238.37MdepreciationAndAmortizationResult 1.98x | $25.95Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.25BtotalAssetsGoodwill$992.24MgoodWillIntangibles$709.76MintangibleAssetsLiabilities$7.70BtotalLiabTangible book$1.85BShares71,165,000commonStockSharesOutstandingResult $25.95 | 0.86xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$916.02MebitdaCapex$471.65McapitalExpendituresInterest$39.90MinterestExpenseShort-term debt$477.98MshortTermDebtEBITDA − capex$444.37MPrincipal due is short-term debt.Result 0.86x | $395.26MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$866.91MtotalCashFromOperatingActivitiesCapex$471.65McapitalExpendituresFree cash flow$395.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $395.26M | 13.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$677.18MoperatingIncomeTax expense$150.85MincomeTaxExpensePretax income$637.75MincomeBeforeTaxTax rate23.7%Equity$3.55BtotalStockholderEquityDebt$747.32MlongTermDebt + shortLongTermDebtCash$418.67McashAndEquivalentsInvested capital$3.88BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 13.3% | 0.18xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$677.18MoperatingIncomeNet PP&E$3.80BpropertyPlantAndEquipmentNetResult 0.18x |
| 2020 | 70.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.84BpropertyPlantAndEquipmentNetInventory$4.54BinventoryTotal assets$11.84BtotalAssetsResult 70.8% | 2.63xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$10.11BtotalRevenueNet PP&E$3.84BpropertyPlantAndEquipmentNetResult 2.63x | 1.07xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$267.81McapitalExpendituresD&A$250.08MdepreciationAndAmortizationResult 1.07x | $27.31Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.84BtotalAssetsGoodwill$993.59MgoodWillIntangibles$681.13MintangibleAssetsLiabilities$8.28BtotalLiabTangible book$1.88BShares69,003,000commonStockSharesOutstandingResult $27.31 | 1.34xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$947.98MebitdaCapex$267.81McapitalExpendituresInterest$46.89MinterestExpenseShort-term debt$462.59MshortTermDebtEBITDA − capex$680.18MPrincipal due is short-term debt.Result 1.34x | $701.88MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$969.69MtotalCashFromOperatingActivitiesCapex$267.81McapitalExpendituresFree cash flow$701.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $701.88M | 15.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$749.91MoperatingIncomeTax expense$157.99MincomeTaxExpensePretax income$651.02MincomeBeforeTaxTax rate24.3%Equity$3.56BtotalStockholderEquityDebt$1.03BlongTermDebt + shortLongTermDebtCash$834.99McashAndEquivalentsInvested capital$3.76BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 15.1% | 0.20xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$749.91MoperatingIncomeNet PP&E$3.84BpropertyPlantAndEquipmentNetResult 0.20x |
| 2021 | 72.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.20BpropertyPlantAndEquipmentNetInventory$4.66BinventoryTotal assets$12.19BtotalAssetsResult 72.7% | 2.62xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$11.00BtotalRevenueNet PP&E$4.20BpropertyPlantAndEquipmentNetResult 2.62x | 1.11xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$289.64McapitalExpendituresD&A$259.93MdepreciationAndAmortizationResult 1.11x | $22.99Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.19BtotalAssetsGoodwill$993.74MgoodWillIntangibles$651.22MintangibleAssetsLiabilities$9.07BtotalLiabTangible book$1.48BShares64,509,000commonStockSharesOutstandingResult $22.99 | 1.57xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.08BebitdaCapex$289.64McapitalExpendituresInterest$37.79MinterestExpenseShort-term debt$465.12MshortTermDebtEBITDA − capex$790.58MPrincipal due is short-term debt.Result 1.57x | $822.62MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.11BtotalCashFromOperatingActivitiesCapex$289.64McapitalExpendituresFree cash flow$822.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $822.62M | 17.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$822.37MoperatingIncomeTax expense$185.88MincomeTaxExpensePretax income$782.49MincomeBeforeTaxTax rate23.8%Equity$3.13BtotalStockholderEquityDebt$1.03BlongTermDebt + shortLongTermDebtCash$601.43McashAndEquivalentsInvested capital$3.56BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 17.6% | 0.20xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$822.37MoperatingIncomeNet PP&E$4.20BpropertyPlantAndEquipmentNetResult 0.20x |
| 2022 | 76.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.30BpropertyPlantEquipmentInventory$4.90BinventoryTotal assets$11.99BtotalAssetsResult 76.7% | 2.13xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$9.15BtotalRevenueNet PP&E$4.30BpropertyPlantEquipmentResult 2.13x | 1.72xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$425.96McapitalExpendituresD&A$248.33MdepreciationAndAmortizationResult 1.72x | $16.27Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.99BtotalAssetsGoodwill$990.47MgoodWillIntangibles$620.90MintangibleAssetsLiabilities$9.39BtotalLiabTangible book$987.82MShares60,717,000commonStockSharesOutstandingResult $16.27 | 1.41xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$759.36MebitdaCapex$425.96McapitalExpendituresInterest$50.84MinterestExpenseShort-term debt$185.00MshortTermDebtEBITDA − capex$333.40MPrincipal due is short-term debt.Result 1.41x | $296.26MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$722.22MtotalCashFromOperatingActivitiesCapex$425.96McapitalExpendituresFree cash flow$296.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $296.26M | 11.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$524.62MoperatingIncomeTax expense$99.66MincomeTaxExpensePretax income$460.19MincomeBeforeTaxTax rate21.7%Equity$2.60BtotalStockholderEquityDebt$1.37BlongTermDebt + shortLongTermDebtCash$270.81McashAndShortTermInvestmentsInvested capital$3.70BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 11.1% | 0.12xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$524.62MoperatingIncomeNet PP&E$4.30BpropertyPlantEquipmentResult 0.12x |
| 2023 | 66.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.23BpropertyPlantEquipmentInventory$3.89BinventoryTotal assets$12.28BtotalAssetsResult 66.2% | 2.18xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$9.21BtotalRevenueNet PP&E$4.23BpropertyPlantEquipmentResult 2.18x | 0.84xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$225.67McapitalExpendituresD&A$269.00MdepreciationAndAmortizationResult 0.84x | $25.15Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.28BtotalAssetsGoodwill$601.16MgoodWillIntangibles$419.16MintangibleAssetsLiabilities$9.76BtotalLiabTangible book$1.50BShares59,608,000commonStockSharesOutstandingResult $25.15 | 0.16xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$310.00MebitdaCapex$225.67McapitalExpendituresInterest$88.00MinterestExpenseShort-term debt$445.06MshortTermDebtEBITDA − capex$84.33MPrincipal due is short-term debt.Result 0.16x | $61.70MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$287.38MtotalCashFromOperatingActivitiesCapex$225.67McapitalExpendituresFree cash flow$61.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $61.70M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$55.00MoperatingIncomeTax expense-$17.00MincomeTaxExpensePretax income-$47.00MincomeBeforeTaxTax rate—Equity$2.52BtotalStockholderEquityDebt$1.79BlongTermDebt + shortLongTermDebtCash$503.47McashAndEquivalentsInvested capital$3.80BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.01xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$55.00MoperatingIncomeNet PP&E$4.23BpropertyPlantEquipmentResult 0.01x |
| 2024 | 66.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.58BpropertyPlantAndEquipmentNetInventory$3.61BinventoryTotal assets$10.80BtotalAssetsResult 66.6% | 2.54xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$9.09BtotalRevenueNet PP&E$3.58BpropertyPlantAndEquipmentNetResult 2.54x | 0.62xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$180.80McapitalExpendituresD&A$292.00MdepreciationAndAmortizationResult 0.62x | $19.55Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.80BtotalAssetsGoodwill$598.00MgoodWillIntangibles$406.00MintangibleAssetsLiabilities$8.63BtotalLiabTangible book$1.17BShares59,647,000commonStockSharesOutstandingResult $19.55 | -7.11xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$395.00MebitdaCapex$180.80McapitalExpendituresInterest$81.00MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex-$575.80MPrincipal due is short-term debt.Result -7.11x | -$96.17MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$84.63MtotalCashFromOperatingActivitiesCapex$180.80McapitalExpendituresFree cash flow-$96.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$96.17M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$404.00MoperatingIncomeTax expense-$181.00MincomeTaxExpensePretax income-$768.00MincomeBeforeTaxTax rate—Equity$2.17BtotalStockholderEquityDebt$1.79BlongTermDebt + shortLongTermDebtCash$1.87BcashAndEquivalentsInvested capital$2.09BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.11xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$404.00MoperatingIncomeNet PP&E$3.58BpropertyPlantAndEquipmentNetResult -0.11x |
| 2025 | 59.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.43BpropertyPlantEquipmentInventory$3.65BinventoryTotal assets$11.83BtotalAssetsResult 59.8% | 2.51xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.60BtotalRevenueNet PP&E$3.43BpropertyPlantEquipmentResult 2.51x | 0.93xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$252.00McapitalExpendituresD&A$272.00MdepreciationAndAmortizationResult 0.93x | $19.77Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.83BtotalAssetsGoodwill$600.00MgoodWillIntangibles$400.00MintangibleAssetsLiabilities$9.63BtotalLiabTangible book$1.20BShares60,600,000commonStockSharesOutstandingResult $19.77 | 0.12xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$320.00MebitdaCapex$252.00McapitalExpendituresInterest$139.00MinterestExpenseShort-term debt$435.00MshortTermDebtEBITDA − capex$68.00MPrincipal due is short-term debt.Result 0.12x | -$298.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$46.00MtotalCashFromOperatingActivitiesCapex$252.00McapitalExpendituresFree cash flow-$298.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$298.00M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$161.00MoperatingIncomeTax expense-$159.00MincomeTaxExpensePretax income-$91.00MincomeBeforeTaxTax rate—Equity$2.20BtotalStockholderEquityDebt$3.41BlongTermDebt + shortLongTermDebtCash$3.12BcashAndEquivalentsInvested capital$2.49BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.05xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$161.00MoperatingIncomeNet PP&E$3.43BpropertyPlantEquipmentResult 0.05x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $3.43B
Inventory: $3.65B
Total assets: $11.83B
Goodwill: $600.00M
Intangibles: $400.00M
Liabilities: $9.63B
Tangible book: $1.20B
Shares: 60,600,000
Revenue: $8.60B
Capex: $252.00M
D&A: $272.00M
EBITDA: $320.00M
Interest: $139.00M
Short-term debt: $435.00M
Free cash flow: -$298.00M
Operating income: $161.00M
Invested capital: $2.49B
Tax rate: —