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.
Bath & Body Works Inc.
Physical assets are 54.6% of total assets, a heavy footprint. Capex is 0.93x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 30.4%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.53x. Compare it with other names in the same basket.
Physical asset ratio
54.6%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$2.07BpropertyPlantEquipmentInventory$699.00MinventoryTotal assets$5.07BtotalAssetsResult 54.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.53xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$7.29BtotalRevenueNet PP&E$2.07BpropertyPlantEquipmentResult 3.53x
Revenue per dollar of the physical asset base.
Capex / D&A
0.93xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$237.00McapitalExpendituresD&A$254.00MdepreciationAndAmortizationResult 0.93x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$9.79Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.07BtotalAssetsGoodwill$628.00MgoodWillIntangibles$165.00MintangibleAssetsLiabilities$6.35BtotalLiabTangible book-$2.07BShares211,611,794commonStockSharesOutstandingResult -$9.79
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$22.77Latest quoteTangible book / share-$9.792026-01-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $22.77.
Fixed-charge coverage
2.11xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.41BebitdaCapex$237.00McapitalExpendituresInterest$276.00MinterestExpenseShort-term debt$280.00MshortLongTermDebtEBITDA − capex$1.18BPrincipal due is the current portion of debt.Result 2.11x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
18.8%Free cash flow yield · 2026-01-31Latest free cash flow / current market capFree cash flow$865.00MfreeCashFlowMarket cap$4.59BMarketCapitalizationResult 18.8%
Latest free cash flow divided by current market cap ($4.59B).
ROIC
30.4%ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.13BoperatingIncomeTax expense$233.00MincomeTaxExpensePretax income$882.00MincomeBeforeTaxTax rate26.4%Equity-$1.28BtotalStockholderEquityDebt$4.95BshortLongTermDebtTotalCash$953.00McashAndEquivalentsInvested capital$2.72BResult 30.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.54x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 50.3%Physical asset ratio · 2019-01-31(Net PP&E + inventory) / total assetsNet PP&E$2.82BpropertyPlantEquipmentInventory$1.25BinventoryTotal assets$8.09BtotalAssetsResult 50.3% | 4.70xFixed asset turnover · 2019-01-31Revenue / net PP&ERevenue$13.24BtotalRevenueNet PP&E$2.82BpropertyPlantEquipmentResult 4.70x | 1.07xCapex / D&A · 2019-01-31Capital expenditures / depreciation and amortizationCapex$629.00McapitalExpendituresD&A$590.00MdepreciationAndAmortizationResult 1.07x | -$9.50Tangible book / share · 2019-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.09BtotalAssetsGoodwill$1.35BgoodWillIntangibles$411.00MintangibleAssetsLiabilities$8.96BtotalLiabTangible book-$2.62BShares276,163,000commonStockSharesOutstandingResult -$9.50 | 2.63xFixed-charge coverage · 2019-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.83BebitdaCapex$629.00McapitalExpendituresInterest$385.00MinterestExpenseShort-term debt$72.00MshortLongTermDebtEBITDA − capex$1.20BPrincipal due is the current portion of debt.Result 2.63x | $748.00MFree cash flow · 2019-01-31Reported free cash flowOperating cash flow$1.38BtotalCashFromOperatingActivitiesCapex$629.00McapitalExpendituresFree cash flow$748.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $748.00M | 26.3%ROIC · 2019-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.24BoperatingIncomeTax expense$213.00MincomeTaxExpensePretax income$857.00MincomeBeforeTaxTax rate24.9%Equity-$869.00MtotalStockholderEquityDebt$5.81BshortLongTermDebtTotalCash$1.41BcashInvested capital$3.53BResult 26.3% | 0.44xEBIT / PP&E · 2019-01-31Operating income / net PP&EOperating income$1.24BoperatingIncomeNet PP&E$2.82BpropertyPlantEquipmentResult 0.44x |
| 2020 | 67.4%Physical asset ratio · 2020-01-31(Net PP&E + inventory) / total assetsNet PP&E$5.54BpropertyPlantEquipmentInventory$1.29BinventoryTotal assets$10.13BtotalAssetsResult 67.4% | 0.98xFixed asset turnover · 2020-01-31Revenue / net PP&ERevenue$5.41BtotalRevenueNet PP&E$5.54BpropertyPlantEquipmentResult 0.98x | 0.78xCapex / D&A · 2020-01-31Capital expenditures / depreciation and amortizationCapex$458.00McapitalExpendituresD&A$588.00MdepreciationAndAmortizationResult 0.78x | -$9.18Tangible book / share · 2020-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.13BtotalAssetsGoodwill$628.00MgoodWillIntangibles$411.00MintangibleAssetsLiabilities$11.62BtotalLiabTangible book-$2.53BShares276,000,000commonStockSharesOutstandingResult -$9.18 | 2.57xFixed-charge coverage · 2020-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.57BebitdaCapex$458.00McapitalExpendituresInterest$370.00MinterestExpenseShort-term debt$61.00MshortLongTermDebtEBITDA − capex$1.11BPrincipal due is the current portion of debt.Result 2.57x | $778.00MFree cash flow · 2020-01-31Reported free cash flowOperating cash flow$1.24BtotalCashFromOperatingActivitiesCapex$458.00McapitalExpendituresFree cash flow$778.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $778.00M | 30.9%ROIC · 2020-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.04BoperatingIncomeTax expense$148.00MincomeTaxExpensePretax income$608.00MincomeBeforeTaxTax rate24.3%Equity-$1.50BtotalStockholderEquityDebt$5.55BlongTermDebt + shortLongTermDebtCash$1.50BcashInvested capital$2.55BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 30.9% | 0.19xEBIT / PP&E · 2020-01-31Operating income / net PP&EOperating income$1.04BoperatingIncomeNet PP&E$5.54BpropertyPlantEquipmentResult 0.19x |
| 2021 | 45.2%Physical asset ratio · 2021-01-31(Net PP&E + inventory) / total assetsNet PP&E$4.65BpropertyPlantEquipmentInventory$572.00MinventoryTotal assets$11.57BtotalAssetsUses the property line, which is larger than net PP&E ($1.99B, propertyPlantAndEquipmentNet).Result 45.2% | 1.38xFixed asset turnover · 2021-01-31Revenue / net PP&ERevenue$6.43BtotalRevenueNet PP&E$4.65BpropertyPlantEquipmentResult 1.38x | 0.44xCapex / D&A · 2021-01-31Capital expenditures / depreciation and amortizationCapex$228.00McapitalExpendituresD&A$521.00MdepreciationAndAmortizationResult 0.44x | -$5.17Tangible book / share · 2021-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.57BtotalAssetsGoodwill$628.00MgoodWillIntangibles$165.00MintangibleAssetsLiabilities$12.23BtotalLiabTangible book-$1.45BShares281,000,000commonStockSharesOutstandingResult -$5.17 | 3.05xFixed-charge coverage · 2021-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.08BebitdaCapex$228.00McapitalExpendituresInterest$432.00MinterestExpenseShort-term debt$173.00MshortTermDebtEBITDA − capex$1.85BPrincipal due is short-term debt.Result 3.05x | $1.81BFree cash flow · 2021-01-31Reported free cash flowOperating cash flow$2.04BtotalCashFromOperatingActivitiesCapex$228.00McapitalExpendituresFree cash flow$1.81BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.81B | 42.4%ROIC · 2021-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.60BoperatingIncomeTax expense$257.00MincomeTaxExpensePretax income$1.12BincomeBeforeTaxTax rate22.9%Equity-$662.00MtotalStockholderEquityDebt$7.48BshortLongTermDebtTotalCash$3.90BcashAndEquivalentsInvested capital$2.92BResult 42.4% | 0.34xEBIT / PP&E · 2021-01-31Operating income / net PP&EOperating income$1.60BoperatingIncomeNet PP&E$4.65BpropertyPlantEquipmentResult 0.34x |
| 2022 | 45.5%Physical asset ratio · 2022-01-31(Net PP&E + inventory) / total assetsNet PP&E$2.03BpropertyPlantAndEquipmentNetInventory$709.00MinventoryTotal assets$6.03BtotalAssetsResult 45.5% | 3.88xFixed asset turnover · 2022-01-31Revenue / net PP&ERevenue$7.88BtotalRevenueNet PP&E$2.03BpropertyPlantAndEquipmentNetResult 3.88x | 0.74xCapex / D&A · 2022-01-31Capital expenditures / depreciation and amortizationCapex$270.00McapitalExpendituresD&A$363.00MdepreciationAndAmortizationResult 0.74x | -$8.46Tangible book / share · 2022-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.03BtotalAssetsGoodwill$628.00MgoodWillIntangibles$165.00MintangibleAssetsLiabilities$7.54BtotalLiabTangible book-$2.31BShares273,000,000commonStockSharesOutstandingResult -$8.46 | 3.41xFixed-charge coverage · 2022-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.17BebitdaCapex$270.00McapitalExpendituresInterest$388.00MinterestExpenseShort-term debt$170.00MshortTermDebtEBITDA − capex$1.90BPrincipal due is short-term debt.Result 3.41x | $1.22BFree cash flow · 2022-01-31Reported free cash flowOperating cash flow$1.49BtotalCashFromOperatingActivitiesCapex$270.00McapitalExpendituresFree cash flow$1.22BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.22B | 60.3%ROIC · 2022-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.01BoperatingIncomeTax expense$348.00MincomeTaxExpensePretax income$1.42BincomeBeforeTaxTax rate24.5%Equity-$1.52BtotalStockholderEquityDebt$6.01BshortLongTermDebtTotalCash$1.98BcashAndEquivalentsInvested capital$2.52BResult 60.3% | 0.99xEBIT / PP&E · 2022-01-31Operating income / net PP&EOperating income$2.01BoperatingIncomeNet PP&E$2.03BpropertyPlantAndEquipmentNetResult 0.99x |
| 2023 | 53.7%Physical asset ratio · 2023-01-31(Net PP&E + inventory) / total assetsNet PP&E$2.24BpropertyPlantAndEquipmentNetInventory$709.00MinventoryTotal assets$5.49BtotalAssetsResult 53.7% | 3.37xFixed asset turnover · 2023-01-31Revenue / net PP&ERevenue$7.56BtotalRevenueNet PP&E$2.24BpropertyPlantAndEquipmentNetResult 3.37x | 1.48xCapex / D&A · 2023-01-31Capital expenditures / depreciation and amortizationCapex$328.00McapitalExpendituresD&A$221.00MdepreciationAndAmortizationResult 1.48x | -$12.87Tangible book / share · 2023-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.49BtotalAssetsGoodwill$628.00MgoodWillIntangibles$165.00MintangibleAssetsLiabilities$7.70BtotalLiabTangible book-$3.00BShares233,000,000commonStockSharesOutstandingResult -$12.87 | 2.45xFixed-charge coverage · 2023-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.61BebitdaCapex$328.00McapitalExpendituresInterest$348.00MinterestExpenseShort-term debt$177.00MshortTermDebtEBITDA − capex$1.29BPrincipal due is short-term debt.Result 2.45x | $816.00MFree cash flow · 2023-01-31Reported free cash flowOperating cash flow$1.14BtotalCashFromOperatingActivitiesCapex$328.00McapitalExpendituresFree cash flow$816.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $816.00M | 40.0%ROIC · 2023-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.38BoperatingIncomeTax expense$251.00MincomeTaxExpensePretax income$1.05BincomeBeforeTaxTax rate24.0%Equity-$2.21BtotalStockholderEquityDebt$6.05BshortLongTermDebtTotalCash$1.23BcashAndEquivalentsInvested capital$2.62BResult 40.0% | 0.61xEBIT / PP&E · 2023-01-31Operating income / net PP&EOperating income$1.38BoperatingIncomeNet PP&E$2.24BpropertyPlantAndEquipmentNetResult 0.61x |
| 2024 | 54.7%Physical asset ratio · 2024-01-31(Net PP&E + inventory) / total assetsNet PP&E$2.28BpropertyPlantEquipmentInventory$710.00MinventoryTotal assets$5.46BtotalAssetsResult 54.7% | 3.26xFixed asset turnover · 2024-01-31Revenue / net PP&ERevenue$7.43BtotalRevenueNet PP&E$2.28BpropertyPlantEquipmentResult 3.26x | 1.11xCapex / D&A · 2024-01-31Capital expenditures / depreciation and amortizationCapex$298.00McapitalExpendituresD&A$269.00MdepreciationAndAmortizationResult 1.11x | -$10.56Tangible book / share · 2024-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.46BtotalAssetsGoodwill$628.00MgoodWillIntangibles$165.00MintangibleAssetsLiabilities$7.09BtotalLiabTangible book-$2.42BShares229,000,000commonStockSharesOutstandingResult -$10.56 | 2.54xFixed-charge coverage · 2024-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.64BebitdaCapex$298.00McapitalExpendituresInterest$345.00MinterestExpenseShort-term debt$181.00MshortTermDebtEBITDA − capex$1.34BPrincipal due is short-term debt.Result 2.54x | $656.00MFree cash flow · 2024-01-31Reported free cash flowOperating cash flow$954.00MtotalCashFromOperatingActivitiesCapex$298.00McapitalExpendituresFree cash flow$656.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $656.00M | 38.6%ROIC · 2024-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.29BoperatingIncomeTax expense$143.00MincomeTaxExpensePretax income$1.02BincomeBeforeTaxTax rate14.0%Equity-$1.63BtotalStockholderEquityDebt$5.57BshortLongTermDebtTotalCash$1.08BcashAndEquivalentsInvested capital$2.86BResult 38.6% | 0.56xEBIT / PP&E · 2024-01-31Operating income / net PP&EOperating income$1.29BoperatingIncomeNet PP&E$2.28BpropertyPlantEquipmentResult 0.56x |
| 2025 | 57.7%Physical asset ratio · 2025-01-31(Net PP&E + inventory) / total assetsNet PP&E$2.08BpropertyPlantEquipmentInventory$734.00MinventoryTotal assets$4.87BtotalAssetsResult 57.7% | 3.52xFixed asset turnover · 2025-01-31Revenue / net PP&ERevenue$7.31BtotalRevenueNet PP&E$2.08BpropertyPlantEquipmentResult 3.52x | 0.80xCapex / D&A · 2025-01-31Capital expenditures / depreciation and amortizationCapex$226.00McapitalExpendituresD&A$282.00MdepreciationAndAmortizationResult 0.80x | -$9.85Tangible book / share · 2025-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.87BtotalAssetsGoodwill$628.00MgoodWillIntangibles$165.00MintangibleAssetsLiabilities$6.26BtotalLiabTangible book-$2.18BShares221,000,000commonStockSharesOutstandingResult -$9.85 | 2.77xFixed-charge coverage · 2025-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.62BebitdaCapex$226.00McapitalExpendituresInterest$312.00MinterestExpenseShort-term debt$192.00MshortTermDebtEBITDA − capex$1.40BPrincipal due is short-term debt.Result 2.77x | $660.00MFree cash flow · 2025-01-31Reported free cash flowOperating cash flow$886.00MtotalCashFromOperatingActivitiesCapex$226.00McapitalExpendituresFree cash flow$660.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $660.00M | 33.9%ROIC · 2025-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.27BoperatingIncomeTax expense$230.00MincomeTaxExpensePretax income$1.03BincomeBeforeTaxTax rate22.4%Equity-$1.39BtotalStockholderEquityDebt$4.96BshortLongTermDebtTotalCash$674.00McashAndEquivalentsInvested capital$2.90BResult 33.9% | 0.61xEBIT / PP&E · 2025-01-31Operating income / net PP&EOperating income$1.27BoperatingIncomeNet PP&E$2.08BpropertyPlantEquipmentResult 0.61x |
| 2026 | 54.6%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$2.07BpropertyPlantEquipmentInventory$699.00MinventoryTotal assets$5.07BtotalAssetsResult 54.6% | 3.53xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$7.29BtotalRevenueNet PP&E$2.07BpropertyPlantEquipmentResult 3.53x | 0.93xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$237.00McapitalExpendituresD&A$254.00MdepreciationAndAmortizationResult 0.93x | -$9.79Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.07BtotalAssetsGoodwill$628.00MgoodWillIntangibles$165.00MintangibleAssetsLiabilities$6.35BtotalLiabTangible book-$2.07BShares211,611,794commonStockSharesOutstandingResult -$9.79 | 2.11xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.41BebitdaCapex$237.00McapitalExpendituresInterest$276.00MinterestExpenseShort-term debt$280.00MshortLongTermDebtEBITDA − capex$1.18BPrincipal due is the current portion of debt.Result 2.11x | $865.00MFree cash flow · 2026-01-31Reported free cash flowOperating cash flow$1.10BtotalCashFromOperatingActivitiesCapex$237.00McapitalExpendituresFree cash flow$865.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $865.00M | 30.4%ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.13BoperatingIncomeTax expense$233.00MincomeTaxExpensePretax income$882.00MincomeBeforeTaxTax rate26.4%Equity-$1.28BtotalStockholderEquityDebt$4.95BshortLongTermDebtTotalCash$953.00McashAndEquivalentsInvested capital$2.72BResult 30.4% | 0.54xEBIT / PP&E · 2026-01-31Operating income / net PP&EOperating income$1.13BoperatingIncomeNet PP&E$2.07BpropertyPlantEquipmentResult 0.54x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $2.07B
Inventory: $699.00M
Total assets: $5.07B
Goodwill: $628.00M
Intangibles: $165.00M
Liabilities: $6.35B
Tangible book: -$2.07B
Shares: 211,611,794
Revenue: $7.29B
Capex: $237.00M
D&A: $254.00M
EBITDA: $1.41B
Interest: $276.00M
Short-term debt: $280.00M
Free cash flow: $865.00M
Operating income: $1.13B
Invested capital: $2.72B
Tax rate: 26.4%