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.
Associated British Foods plc
Physical assets are 62.4% of total assets, a heavy footprint. Capex is 1.50x 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. ROIC is 15.2%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.99x. Compare it with other names in the same basket.
Physical asset ratio
62.4%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$8.74BpropertyPlantAndEquipmentNetInventory$3.29BinventoryTotal assets$19.29BtotalAssetsResult 62.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.99xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$26.14BtotalRevenueNet PP&E$8.74BpropertyPlantAndEquipmentNetResult 2.99x
Revenue per dollar of the physical asset base.
Capex / D&A
1.50xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$1.48BcapitalExpendituresD&A$988.00MdepreciationAndAmortizationResult 1.50x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$11.94Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.29BtotalAssetsGoodwill$1.74BgoodWillIntangibles$799.80MintangibleAssetsLiabilities$8.11BtotalLiabTangible book$8.64BShares724,000,000commonStockSharesOutstandingResult $11.94
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.97xPrice / tangible bookPrice / tangible book per sharePrice$23.48Latest quoteTangible book / share$11.942025-09-30Result 1.97x
Price $23.48.
Fixed-charge coverage
3.33xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$2.93BebitdaCapex$1.48BcapitalExpendituresInterest$177.43MinterestExpenseShort-term debt$258.00MshortLongTermDebtEBITDA − capex$1.45BPrincipal due is the current portion of debt.Result 3.33x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.6%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow$1.54BfreeCashFlowMarket cap$20.28BMarketCapitalizationResult 7.6%
Latest free cash flow divided by current market cap ($20.28B).
ROIC
15.2%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.19BoperatingIncomeTax expense$494.67MincomeTaxExpensePretax income$1.90BincomeBeforeTaxTax rate26.0%Equity$11.06BtotalStockholderEquityDebt$667.00MlongTermDebt + shortLongTermDebtCash$1.06BcashInvested capital$10.67BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 15.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.25x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 58.6%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E$5.75BpropertyPlantEquipmentInventory$2.27BinventoryTotal assets$13.69BtotalAssetsResult 58.6% | 2.71xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$15.57BtotalRevenueNet PP&E$5.75BpropertyPlantEquipmentResult 2.71x | 1.51xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$868.00McapitalExpendituresD&A$574.00MdepreciationAndAmortizationResult 1.51x | $9.70Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.69BtotalAssetsGoodwill$1.21BgoodWillIntangibles$422.00MintangibleAssetsLiabilities$4.40BtotalLiabTangible book$7.66BShares790,000,000commonStockSharesOutstandingResult $9.70 | 2.12xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.86BebitdaCapex$868.00McapitalExpendituresInterest$50.00MinterestExpenseShort-term debt$418.00MshortLongTermDebtEBITDA − capex$993.00MPrincipal due is the current portion of debt.Result 2.12x | $562.00MFree cash flow · 2018-09-30Reported free cash flowOperating cash flow$1.43BtotalCashFromOperatingActivitiesCapex$868.00McapitalExpendituresFree cash flow$562.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $562.00M | 12.5%ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.34BoperatingIncomeTax expense$257.00MincomeTaxExpensePretax income$1.28BincomeBeforeTaxTax rate20.1%Equity$9.21BtotalStockholderEquityDebt$778.00MshortLongTermDebtTotalCash$1.39BcashAndShortTermInvestmentsInvested capital$8.60BResult 12.5% | 0.23xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income$1.34BoperatingIncomeNet PP&E$5.75BpropertyPlantEquipmentResult 0.23x |
| 2019 | 59.9%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$5.77BpropertyPlantEquipmentInventory$2.47BinventoryTotal assets$13.76BtotalAssetsResult 59.9% | 2.74xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$15.82BtotalRevenueNet PP&E$5.77BpropertyPlantEquipmentResult 2.74x | 1.20xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$737.00McapitalExpendituresD&A$612.00MdepreciationAndAmortizationResult 1.20x | $9.96Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.76BtotalAssetsGoodwill$1.20BgoodWillIntangibles$478.00MintangibleAssetsLiabilities$4.21BtotalLiabTangible book$7.87BShares790,000,000commonStockSharesOutstandingResult $9.96 | 4.43xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.93BebitdaCapex$737.00McapitalExpendituresInterest$42.00MinterestExpenseShort-term debt$226.00MshortLongTermDebtEBITDA − capex$1.19BPrincipal due is the current portion of debt.Result 4.43x | $772.00MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$1.51BtotalCashFromOperatingActivitiesCapex$737.00McapitalExpendituresFree cash flow$772.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $772.00M | 11.5%ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.28BoperatingIncomeTax expense$277.00MincomeTaxExpensePretax income$1.17BincomeBeforeTaxTax rate23.6%Equity$9.45BtotalStockholderEquityDebt$588.00MshortLongTermDebtTotalCash$1.52BcashAndShortTermInvestmentsInvested capital$8.52BResult 11.5% | 0.22xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$1.28BoperatingIncomeNet PP&E$5.77BpropertyPlantEquipmentResult 0.22x |
| 2020 | 65.2%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$8.64BpropertyPlantEquipmentInventory$2.22BinventoryTotal assets$16.67BtotalAssetsResult 65.2% | 1.61xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$13.94BtotalRevenueNet PP&E$8.64BpropertyPlantEquipmentResult 1.61x | 0.68xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$622.00McapitalExpendituresD&A$916.00MdepreciationAndAmortizationResult 0.68x | $9.89Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.67BtotalAssetsGoodwill$1.17BgoodWillIntangibles$463.00MintangibleAssetsLiabilities$7.23BtotalLiabTangible book$7.81BShares790,000,000commonStockSharesOutstandingResult $9.89 | 4.27xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.81BebitdaCapex$622.00McapitalExpendituresInterest$123.00MinterestExpenseShort-term debt$154.00MshortLongTermDebtEBITDA − capex$1.18BPrincipal due is the current portion of debt.Result 4.27x | $1.13BFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$1.75BtotalCashFromOperatingActivitiesCapex$622.00McapitalExpendituresFree cash flow$1.13BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.13B | 7.0%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$810.00MoperatingIncomeTax expense$221.00MincomeTaxExpensePretax income$686.00MincomeBeforeTaxTax rate32.2%Equity$9.36BtotalStockholderEquityDebt$472.00MlongTermDebt + shortLongTermDebtCash$2.03BcashAndShortTermInvestmentsInvested capital$7.80BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 7.0% | 0.09xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$810.00MoperatingIncomeNet PP&E$8.64BpropertyPlantEquipmentResult 0.09x |
| 2021 | 60.2%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$7.94BpropertyPlantEquipmentInventory$2.24BinventoryTotal assets$16.90BtotalAssetsResult 60.2% | 1.75xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$13.88BtotalRevenueNet PP&E$7.94BpropertyPlantEquipmentResult 1.75x | 0.70xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$627.00McapitalExpendituresD&A$897.00MdepreciationAndAmortizationResult 0.70x | $10.66Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.90BtotalAssetsGoodwill$1.12BgoodWillIntangibles$457.00MintangibleAssetsLiabilities$6.89BtotalLiabTangible book$8.42BShares790,000,000commonStockSharesOutstandingResult $10.66 | 2.30xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.80BebitdaCapex$627.00McapitalExpendituresInterest$180.00MinterestExpenseShort-term debt$330.00MshortLongTermDebtEBITDA − capex$1.18BPrincipal due is the current portion of debt.Result 2.30x | $786.00MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow$1.41BtotalCashFromOperatingActivitiesCapex$627.00McapitalExpendituresFree cash flow$786.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $786.00M | 6.9%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$808.00MoperatingIncomeTax expense$227.00MincomeTaxExpensePretax income$725.00MincomeBeforeTaxTax rate31.3%Equity$9.92BtotalStockholderEquityDebt$406.00MlongTermDebt + shortLongTermDebtCash$2.31BcashAndShortTermInvestmentsInvested capital$8.02BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 6.9% | 0.10xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$808.00MoperatingIncomeNet PP&E$7.94BpropertyPlantEquipmentResult 0.10x |
| 2022 | 57.7%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$8.06BpropertyPlantEquipmentInventory$3.36BinventoryTotal assets$19.78BtotalAssetsResult 57.7% | 2.11xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$17.00BtotalRevenueNet PP&E$8.06BpropertyPlantEquipmentResult 2.11x | 0.88xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$769.00McapitalExpendituresD&A$870.00MdepreciationAndAmortizationResult 0.88x | $12.28Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.78BtotalAssetsGoodwill$1.29BgoodWillIntangibles$576.00MintangibleAssetsLiabilities$8.22BtotalLiabTangible book$9.69BShares789,000,000commonStockSharesOutstandingResult $12.28 | 5.12xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$2.13BebitdaCapex$769.00McapitalExpendituresInterest$109.00MinterestExpenseShort-term debt$157.00MshortLongTermDebtEBITDA − capex$1.36BPrincipal due is the current portion of debt.Result 5.12x | $384.00MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow$1.15BtotalCashFromOperatingActivitiesCapex$769.00McapitalExpendituresFree cash flow$384.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $384.00M | 7.9%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.18BoperatingIncomeTax expense$356.00MincomeTaxExpensePretax income$1.08BincomeBeforeTaxTax rate33.1%Equity$11.45BtotalStockholderEquityDebt$637.00MlongTermDebt + shortLongTermDebtCash$2.13BcashAndShortTermInvestmentsInvested capital$9.96BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 7.9% | 0.15xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income$1.18BoperatingIncomeNet PP&E$8.06BpropertyPlantEquipmentResult 0.15x |
| 2023 | 60.6%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$8.12BpropertyPlantAndEquipmentNetInventory$3.31BinventoryTotal assets$18.84BtotalAssetsResult 60.6% | 2.43xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$19.75BtotalRevenueNet PP&E$8.12BpropertyPlantAndEquipmentNetResult 2.43x | 1.21xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$1.07BcapitalExpendituresD&A$886.00MdepreciationAndAmortizationResult 1.21x | $11.98Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.84BtotalAssetsGoodwill$1.27BgoodWillIntangibles$604.00MintangibleAssetsLiabilities$7.65BtotalLiabTangible book$9.32BShares778,000,000commonStockSharesOutstandingResult $11.98 | 3.36xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$2.48BebitdaCapex$1.07BcapitalExpendituresInterest$250.00MinterestExpenseShort-term debt$168.00MshortLongTermDebtEBITDA − capex$1.40BPrincipal due is the current portion of debt.Result 3.36x | $581.00MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow$1.65BtotalCashFromOperatingActivitiesCapex$1.07BcapitalExpendituresFree cash flow$581.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $581.00M | 10.8%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.38BoperatingIncomeTax expense$272.00MincomeTaxExpensePretax income$1.34BincomeBeforeTaxTax rate20.3%Equity$11.09BtotalStockholderEquityDebt$562.00MlongTermDebt + shortLongTermDebtCash$1.46BcashAndShortTermInvestmentsInvested capital$10.19BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 10.8% | 0.17xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income$1.38BoperatingIncomeNet PP&E$8.12BpropertyPlantAndEquipmentNetResult 0.17x |
| 2024 | 59.7%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$8.31BpropertyPlantAndEquipmentNetInventory$3.04BinventoryTotal assets$19.01BtotalAssetsResult 59.7% | 2.42xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$20.07BtotalRevenueNet PP&E$8.31BpropertyPlantAndEquipmentNetResult 2.42x | 1.25xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$1.18BcapitalExpendituresD&A$949.00MdepreciationAndAmortizationResult 1.25x | $12.49Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.01BtotalAssetsGoodwill$1.31BgoodWillIntangibles$585.00MintangibleAssetsLiabilities$7.74BtotalLiabTangible book$9.38BShares751,000,000commonStockSharesOutstandingResult $12.49 | 4.58xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$3.13BebitdaCapex$1.18BcapitalExpendituresInterest$266.00MinterestExpenseShort-term debt$159.00MshortLongTermDebtEBITDA − capex$1.95BPrincipal due is the current portion of debt.Result 4.58x | $1.69BFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$2.87BtotalCashFromOperatingActivitiesCapex$1.18BcapitalExpendituresFree cash flow$1.69BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.69B | 14.7%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.93BoperatingIncomeTax expense$437.00MincomeTaxExpensePretax income$1.92BincomeBeforeTaxTax rate22.8%Equity$11.19BtotalStockholderEquityDebt$613.00MlongTermDebt + shortLongTermDebtCash$1.66BcashAndShortTermInvestmentsInvested capital$10.14BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 14.7% | 0.23xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$1.93BoperatingIncomeNet PP&E$8.31BpropertyPlantAndEquipmentNetResult 0.23x |
| 2025 | 62.4%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$8.74BpropertyPlantAndEquipmentNetInventory$3.29BinventoryTotal assets$19.29BtotalAssetsResult 62.4% | 2.99xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$26.14BtotalRevenueNet PP&E$8.74BpropertyPlantAndEquipmentNetResult 2.99x | 1.50xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$1.48BcapitalExpendituresD&A$988.00MdepreciationAndAmortizationResult 1.50x | $11.94Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.29BtotalAssetsGoodwill$1.74BgoodWillIntangibles$799.80MintangibleAssetsLiabilities$8.11BtotalLiabTangible book$8.64BShares724,000,000commonStockSharesOutstandingResult $11.94 | 3.33xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$2.93BebitdaCapex$1.48BcapitalExpendituresInterest$177.43MinterestExpenseShort-term debt$258.00MshortLongTermDebtEBITDA − capex$1.45BPrincipal due is the current portion of debt.Result 3.33x | $1.54BFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$3.02BtotalCashFromOperatingActivitiesCapex$1.48BcapitalExpendituresFree cash flow$1.54BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.54B | 15.2%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.19BoperatingIncomeTax expense$494.67MincomeTaxExpensePretax income$1.90BincomeBeforeTaxTax rate26.0%Equity$11.06BtotalStockholderEquityDebt$667.00MlongTermDebt + shortLongTermDebtCash$1.06BcashInvested capital$10.67BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 15.2% | 0.25xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$2.19BoperatingIncomeNet PP&E$8.74BpropertyPlantAndEquipmentNetResult 0.25x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $8.74B
Inventory: $3.29B
Total assets: $19.29B
Goodwill: $1.74B
Intangibles: $799.80M
Liabilities: $8.11B
Tangible book: $8.64B
Shares: 724,000,000
Revenue: $26.14B
Capex: $1.48B
D&A: $988.00M
EBITDA: $2.93B
Interest: $177.43M
Short-term debt: $258.00M
Free cash flow: $1.54B
Operating income: $2.19B
Invested capital: $10.67B
Tax rate: 26.0%