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.
Alcon AG
Physical assets are 24.1% of total assets, a light footprint. Capex is 0.50x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 4.5%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 1.99x. Compare it with other names in the same basket.
Physical asset ratio
24.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.22BpropertyPlantAndEquipmentNetInventory$2.39BinventoryTotal assets$31.56BtotalAssetsResult 24.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.99xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$10.40BtotalRevenueNet PP&E$5.22BpropertyPlantAndEquipmentNetResult 1.99x
Revenue per dollar of the physical asset base.
Capex / D&A
0.50xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$663.00McapitalExpendituresD&A$1.34BdepreciationAndAmortizationResult 0.50x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$7.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$31.56BtotalAssetsGoodwill$9.26BgoodWillIntangibles$9.01BintangibleAssetsLiabilities$9.52BtotalLiabTangible book$3.77BShares496,200,000commonStockSharesOutstandingResult $7.60
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
9.40xPrice / tangible bookPrice / tangible book per sharePrice$71.45Latest quoteTangible book / share$7.602025-12-31Result 9.40x
Price $71.45.
Fixed-charge coverage
2.37xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.50BebitdaCapex$663.00McapitalExpendituresInterest$204.00MinterestExpenseShort-term debt$569.00MshortLongTermDebtEBITDA − capex$1.83BPrincipal due is the current portion of debt.Result 2.37x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.61BfreeCashFlowMarket cap$34.54BMarketCapitalizationResult 4.7%
Latest free cash flow divided by current market cap ($34.54B).
ROIC
4.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.36BoperatingIncomeTax expense$180.00MincomeTaxExpensePretax income$1.16BincomeBeforeTaxTax rate15.5%Equity$22.03BtotalStockholderEquityDebt$5.25BshortLongTermDebtTotalCash$1.61BcashAndShortTermInvestmentsInvested capital$25.67BResult 4.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.26x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 16.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.88BpropertyPlantEquipmentInventory$1.44BinventoryTotal assets$27.06BtotalAssetsResult 16.0% | 2.48xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$7.15BtotalRevenueNet PP&E$2.88BpropertyPlantEquipmentResult 2.48x | 0.44xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$712.00McapitalExpendituresD&A$1.62BdepreciationAndAmortizationResult 0.44x | $6.26Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.06BtotalAssetsGoodwill$8.90BgoodWillIntangibles$10.68BintangibleAssetsLiabilities$4.42BtotalLiabTangible book$3.06BShares488,700,000commonStockSharesOutstandingResult $6.26 | 8.98xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.35BebitdaCapex$712.00McapitalExpendituresInterest$23.83MinterestExpenseShort-term debt$47.00MshortTermDebtEBITDA − capex$636.00MPrincipal due is short-term debt.Result 8.98x | $428.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.14BtotalCashFromOperatingActivitiesCapex$712.00McapitalExpendituresFree cash flow$428.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $428.00M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$248.00MoperatingIncomeTax expense-$73.00MincomeTaxExpensePretax income-$300.00MincomeBeforeTaxTax rate—Equity$22.64BtotalStockholderEquityDebt$136.00MshortLongTermDebtTotalCash$258.00McashAndShortTermInvestmentsInvested capital$22.52BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.09xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$248.00MoperatingIncomeNet PP&E$2.88BpropertyPlantEquipmentResult -0.09x |
| 2019 | 17.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.44BpropertyPlantEquipmentInventory$1.51BinventoryTotal assets$27.66BtotalAssetsResult 17.9% | 2.18xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$7.51BtotalRevenueNet PP&E$3.44BpropertyPlantEquipmentResult 2.18x | 0.47xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$676.00McapitalExpendituresD&A$1.43BdepreciationAndAmortizationResult 0.47x | $0.34Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.66BtotalAssetsGoodwill$8.91BgoodWillIntangibles$10.23BintangibleAssetsLiabilities$8.35BtotalLiabTangible book$167.00MShares488,200,000commonStockSharesOutstandingResult $0.34 | 1.43xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.22BebitdaCapex$676.00McapitalExpendituresInterest$134.44MinterestExpenseShort-term debt$245.00MshortLongTermDebtEBITDA − capex$542.72MPrincipal due is the current portion of debt.Result 1.43x | $244.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$920.00MtotalCashFromOperatingActivitiesCapex$676.00McapitalExpendituresFree cash flow$244.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $244.00M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$187.00MoperatingIncomeTax expense$324.00MincomeTaxExpensePretax income-$332.00MincomeBeforeTaxTax rate—Equity$19.30BtotalStockholderEquityDebt$3.80BshortLongTermDebtTotalCash$855.00McashAndShortTermInvestmentsInvested capital$22.25BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.05xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$187.00MoperatingIncomeNet PP&E$3.44BpropertyPlantEquipmentResult -0.05x |
| 2020 | 19.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.78BpropertyPlantEquipmentInventory$1.64BinventoryTotal assets$27.60BtotalAssetsResult 19.7% | 1.81xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$6.83BtotalRevenueNet PP&E$3.78BpropertyPlantEquipmentResult 1.81x | 0.35xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$567.00McapitalExpendituresD&A$1.62BdepreciationAndAmortizationResult 0.35x | $1.68Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.60BtotalAssetsGoodwill$8.91BgoodWillIntangibles$9.10BintangibleAssetsLiabilities$8.78BtotalLiabTangible book$820.00MShares489,000,000commonStockSharesOutstandingResult $1.68 | 1.75xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.08BebitdaCapex$567.00McapitalExpendituresInterest$131.67MinterestExpenseShort-term debt$162.00MshortLongTermDebtEBITDA − capex$513.40MPrincipal due is the current portion of debt.Result 1.75x | $256.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$823.00MtotalCashFromOperatingActivitiesCapex$567.00McapitalExpendituresFree cash flow$256.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $256.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$482.00MoperatingIncomeTax expense-$104.00MincomeTaxExpensePretax income-$635.00MincomeBeforeTaxTax rate—Equity$18.82BtotalStockholderEquityDebt$4.50BshortLongTermDebtTotalCash$1.57BcashAndShortTermInvestmentsInvested capital$21.75BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.13xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$482.00MoperatingIncomeNet PP&E$3.78BpropertyPlantEquipmentResult -0.13x |
| 2021 | 21.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.08BpropertyPlantEquipmentInventory$1.90BinventoryTotal assets$28.00BtotalAssetsResult 21.4% | 2.03xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$8.29BtotalRevenueNet PP&E$4.08BpropertyPlantEquipmentResult 2.03x | 0.97xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.18BcapitalExpendituresD&A$1.22BdepreciationAndAmortizationResult 0.97x | $3.21Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$28.00BtotalAssetsGoodwill$8.91BgoodWillIntangibles$8.77BintangibleAssetsLiabilities$8.74BtotalLiabTangible book$1.59BShares493,400,000commonStockSharesOutstandingResult $3.21 | 2.54xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.76BebitdaCapex$1.18BcapitalExpendituresInterest$120.26MinterestExpenseShort-term debt$107.00MshortLongTermDebtEBITDA − capex$578.14MPrincipal due is the current portion of debt.Result 2.54x | $165.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.35BtotalCashFromOperatingActivitiesCapex$1.18BcapitalExpendituresFree cash flow$165.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $165.00M | 2.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$580.00MoperatingIncomeTax expense$42.00MincomeTaxExpensePretax income$418.00MincomeBeforeTaxTax rate10.0%Equity$19.26BtotalStockholderEquityDebt$4.48BshortLongTermDebtTotalCash$1.58BcashAndShortTermInvestmentsInvested capital$22.16BResult 2.4% | 0.14xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$580.00MoperatingIncomeNet PP&E$4.08BpropertyPlantEquipmentResult 0.14x |
| 2022 | 22.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.42BpropertyPlantEquipmentInventory$2.11BinventoryTotal assets$29.21BtotalAssetsResult 22.3% | 1.97xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$8.72BtotalRevenueNet PP&E$4.42BpropertyPlantEquipmentResult 1.97x | 0.66xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$745.00McapitalExpendituresD&A$1.12BdepreciationAndAmortizationResult 0.66x | $2.06Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.21BtotalAssetsGoodwill$8.97BgoodWillIntangibles$9.69BintangibleAssetsLiabilities$9.53BtotalLiabTangible book$1.02BShares494,400,000commonStockSharesOutstandingResult $2.06 | 4.23xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.74BebitdaCapex$745.00McapitalExpendituresInterest$138.40MinterestExpenseShort-term debt$97.00MshortLongTermDebtEBITDA − capex$994.59MPrincipal due is the current portion of debt.Result 4.23x | $472.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.22BtotalCashFromOperatingActivitiesCapex$745.00McapitalExpendituresFree cash flow$472.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $472.00M | 2.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$672.00MoperatingIncomeTax expense$128.00MincomeTaxExpensePretax income$463.00MincomeBeforeTaxTax rate27.6%Equity$19.68BtotalStockholderEquityDebt$5.07BshortLongTermDebtTotalCash$980.00McashInvested capital$23.77BResult 2.0% | 0.15xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$672.00MoperatingIncomeNet PP&E$4.42BpropertyPlantEquipmentResult 0.15x |
| 2023 | 23.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.72BpropertyPlantAndEquipmentNetInventory$2.32BinventoryTotal assets$29.61BtotalAssetsResult 23.8% | 2.00xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$9.46BtotalRevenueNet PP&E$4.72BpropertyPlantAndEquipmentNetResult 2.00x | 0.70xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$851.00McapitalExpendituresD&A$1.22BdepreciationAndAmortizationResult 0.70x | $5.31Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.61BtotalAssetsGoodwill$8.93BgoodWillIntangibles$9.06BintangibleAssetsLiabilities$8.99BtotalLiabTangible book$2.64BShares496,500,000commonStockSharesOutstandingResult $5.31 | 4.52xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.24BebitdaCapex$851.00McapitalExpendituresInterest$189.00MinterestExpenseShort-term debt$119.00MshortTermDebtEBITDA − capex$1.39BPrincipal due is short-term debt.Result 4.52x | $537.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$1.39BtotalCashFromOperatingActivitiesCapex$851.00McapitalExpendituresFree cash flow$537.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $537.00M | 4.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.04BoperatingIncomeTax expense-$142.00MincomeTaxExpensePretax income$832.00MincomeBeforeTaxTax rate0.0%Equity$20.62BtotalStockholderEquityDebt$5.14BshortLongTermDebtTotalCash$1.10BcashAndShortTermInvestmentsInvested capital$24.66BResult 4.2% | 0.22xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.04BoperatingIncomeNet PP&E$4.72BpropertyPlantAndEquipmentNetResult 0.22x |
| 2024 | 23.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.84BpropertyPlantAndEquipmentNetInventory$2.27BinventoryTotal assets$30.35BtotalAssetsResult 23.4% | 2.05xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$9.91BtotalRevenueNet PP&E$4.84BpropertyPlantAndEquipmentNetResult 2.05x | 0.55xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$670.00McapitalExpendituresD&A$1.23BdepreciationAndAmortizationResult 0.55x | $8.08Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$30.35BtotalAssetsGoodwill$8.95BgoodWillIntangibles$8.59BintangibleAssetsLiabilities$8.79BtotalLiabTangible book$4.02BShares497,500,000commonStockSharesOutstandingResult $8.08 | 6.99xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.68BebitdaCapex$670.00McapitalExpendituresInterest$186.18MinterestExpenseShort-term debt$101.00MshortLongTermDebtEBITDA − capex$2.01BPrincipal due is the current portion of debt.Result 6.99x | $1.41BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$2.08BtotalCashFromOperatingActivitiesCapex$670.00McapitalExpendituresFree cash flow$1.41BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.41B | 4.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.41BoperatingIncomeTax expense$238.00MincomeTaxExpensePretax income$1.26BincomeBeforeTaxTax rate18.9%Equity$21.55BtotalStockholderEquityDebt$5.14BshortLongTermDebtTotalCash$1.83BcashAndShortTermInvestmentsInvested capital$24.86BResult 4.6% | 0.29xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.41BoperatingIncomeNet PP&E$4.84BpropertyPlantAndEquipmentNetResult 0.29x |
| 2025 | 24.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.22BpropertyPlantAndEquipmentNetInventory$2.39BinventoryTotal assets$31.56BtotalAssetsResult 24.1% | 1.99xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$10.40BtotalRevenueNet PP&E$5.22BpropertyPlantAndEquipmentNetResult 1.99x | 0.50xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$663.00McapitalExpendituresD&A$1.34BdepreciationAndAmortizationResult 0.50x | $7.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$31.56BtotalAssetsGoodwill$9.26BgoodWillIntangibles$9.01BintangibleAssetsLiabilities$9.52BtotalLiabTangible book$3.77BShares496,200,000commonStockSharesOutstandingResult $7.60 | 2.37xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.50BebitdaCapex$663.00McapitalExpendituresInterest$204.00MinterestExpenseShort-term debt$569.00MshortLongTermDebtEBITDA − capex$1.83BPrincipal due is the current portion of debt.Result 2.37x | $1.61BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$2.27BtotalCashFromOperatingActivitiesCapex$663.00McapitalExpendituresFree cash flow$1.61BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.61B | 4.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.36BoperatingIncomeTax expense$180.00MincomeTaxExpensePretax income$1.16BincomeBeforeTaxTax rate15.5%Equity$22.03BtotalStockholderEquityDebt$5.25BshortLongTermDebtTotalCash$1.61BcashAndShortTermInvestmentsInvested capital$25.67BResult 4.5% | 0.26xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.36BoperatingIncomeNet PP&E$5.22BpropertyPlantAndEquipmentNetResult 0.26x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $5.22B
Inventory: $2.39B
Total assets: $31.56B
Goodwill: $9.26B
Intangibles: $9.01B
Liabilities: $9.52B
Tangible book: $3.77B
Shares: 496,200,000
Revenue: $10.40B
Capex: $663.00M
D&A: $1.34B
EBITDA: $2.50B
Interest: $204.00M
Short-term debt: $569.00M
Free cash flow: $1.61B
Operating income: $1.36B
Invested capital: $25.67B
Tax rate: 15.5%