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.
Booking Holdings Inc
Physical assets are 2.8% of total assets, a light footprint. Capex is 0.42x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 33.35x. Compare it with other names in the same basket.
Physical asset ratio
2.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$807.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$29.26BtotalAssetsInventory was not reported and is treated as zero.Result 2.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
33.35xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$26.92BtotalRevenueNet PP&E$807.00MpropertyPlantAndEquipmentNetResult 33.35x
Revenue per dollar of the physical asset base.
Capex / D&A
0.42xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$322.00McapitalExpendituresD&A$768.00MdepreciationAndAmortizationResult 0.42x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$11.23Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.26BtotalAssetsGoodwill$2.67BgoodWillIntangibles$918.00MintangibleAssetsLiabilities$34.84BtotalLiabTangible book-$9.17BShares815,975,000commonStockSharesOutstandingResult -$11.23
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$148.13Latest quoteTangible book / share-$11.232025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $148.13.
Fixed-charge coverage
2.54xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.22BebitdaCapex$322.00McapitalExpendituresInterest$1.62BinterestExpenseShort-term debt$1.88BshortTermDebtEBITDA − capex$8.90BPrincipal due is short-term debt.Result 2.54x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$9.09BfreeCashFlowMarket cap$114.78BMarketCapitalizationResult 7.9%
Latest free cash flow divided by current market cap ($114.78B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.28BoperatingIncomeTax expense$1.43BincomeTaxExpensePretax income$6.83BincomeBeforeTaxTax rate20.9%Equity-$5.58BtotalStockholderEquityDebt$19.29BshortLongTermDebtTotalCash$17.79BcashAndShortTermInvestmentsInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 11.50x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 2.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$656.00MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$22.69BtotalAssetsInventory was not reported and is treated as zero.Result 2.9% | 22.14xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$14.53BtotalRevenueNet PP&E$656.00MpropertyPlantEquipmentResult 22.14x | 1.04xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$442.00McapitalExpendituresD&A$426.00MdepreciationAndAmortizationResult 1.04x | $3.12Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$22.69BtotalAssetsGoodwill$2.91BgoodWillIntangibles$2.13BintangibleAssetsLiabilities$13.90BtotalLiabTangible book$3.75BShares1,200,425,000commonStockSharesOutstandingResult $3.12 | 17.31xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.53BebitdaCapex$442.00McapitalExpendituresInterest$269.00MinterestExpenseShort-term debt$25.00MshortTermDebtEBITDA − capex$5.09BPrincipal due is short-term debt.Result 17.31x | $4.90BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$5.34BtotalCashFromOperatingActivitiesCapex$442.00McapitalExpendituresFree cash flow$4.90BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.90B | 39.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.34BoperatingIncomeTax expense$837.00MincomeTaxExpensePretax income$4.84BincomeBeforeTaxTax rate17.3%Equity$8.79BtotalStockholderEquityDebt$8.67BshortLongTermDebtTotalCash$6.28BcashAndShortTermInvestmentsInvested capital$11.18BResult 39.5% | 8.14xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$5.34BoperatingIncomeNet PP&E$656.00MpropertyPlantEquipmentResult 8.14x |
| 2019 | 6.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.36BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$21.40BtotalAssetsInventory was not reported and is treated as zero.Result 6.3% | 11.09xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$15.07BtotalRevenueNet PP&E$1.36BpropertyPlantAndEquipmentNetResult 11.09x | 0.57xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$368.00McapitalExpendituresD&A$641.00MdepreciationAndAmortizationResult 0.57x | $0.98Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.40BtotalAssetsGoodwill$2.91BgoodWillIntangibles$1.95BintangibleAssetsLiabilities$15.47BtotalLiabTangible book$1.07BShares1,087,725,000commonStockSharesOutstandingResult $0.98 | 5.18xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.87BebitdaCapex$368.00McapitalExpendituresInterest$266.00MinterestExpenseShort-term debt$988.00MshortTermDebtEBITDA − capex$6.50BPrincipal due is short-term debt.Result 5.18x | $4.50BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$4.87BtotalCashFromOperatingActivitiesCapex$368.00McapitalExpendituresFree cash flow$4.50BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.50B | 56.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.35BoperatingIncomeTax expense$1.09BincomeTaxExpensePretax income$5.96BincomeBeforeTaxTax rate18.3%Equity$5.93BtotalStockholderEquityDebt$9.09BshortLongTermDebtTotalCash$7.31BcashAndShortTermInvestmentsInvested capital$7.71BResult 56.6% | 3.94xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$5.35BoperatingIncomeNet PP&E$1.36BpropertyPlantAndEquipmentNetResult 3.94x |
| 2020 | 7.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.29BpropertyPlantAndEquipmentNetInventory$337.00MinventoryTotal assets$21.87BtotalAssetsResult 7.4% | 5.29xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$6.80BtotalRevenueNet PP&E$1.29BpropertyPlantAndEquipmentNetResult 5.29x | 0.45xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$286.00McapitalExpendituresD&A$642.00MdepreciationAndAmortizationResult 0.45x | $1.15Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.87BtotalAssetsGoodwill$1.90BgoodWillIntangibles$1.81BintangibleAssetsLiabilities$16.98BtotalLiabTangible book$1.19BShares1,029,000,000commonStockSharesOutstandingResult $1.15 | 0.95xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.57BebitdaCapex$286.00McapitalExpendituresInterest$356.00MinterestExpenseShort-term debt$985.00MshortTermDebtEBITDA − capex$1.28BPrincipal due is short-term debt.Result 0.95x | -$201.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$85.00MtotalCashFromOperatingActivitiesCapex$286.00McapitalExpendituresFree cash flow-$201.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$201.00M | -6.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$631.00MoperatingIncomeTax expense$508.00MincomeTaxExpensePretax income$567.00MincomeBeforeTaxTax rate40.0%Equity$4.89BtotalStockholderEquityDebt$12.38BshortLongTermDebtTotalCash$11.06BcashAndShortTermInvestmentsInvested capital$6.21BThe effective tax rate was above 40% and was capped at 40%.Result -6.1% | -0.49xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$631.00MoperatingIncomeNet PP&E$1.29BpropertyPlantAndEquipmentNetResult -0.49x |
| 2021 | 7.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.32BpropertyPlantAndEquipmentNetInventory$404.00MinventoryTotal assets$23.64BtotalAssetsResult 7.3% | 8.31xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$10.96BtotalRevenueNet PP&E$1.32BpropertyPlantAndEquipmentNetResult 8.31x | 0.51xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$304.00McapitalExpendituresD&A$599.00MdepreciationAndAmortizationResult 0.51x | $1.19Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.64BtotalAssetsGoodwill$2.89BgoodWillIntangibles$2.06BintangibleAssetsLiabilities$17.46BtotalLiabTangible book$1.23BShares1,034,050,000commonStockSharesOutstandingResult $1.19 | 0.90xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.40BebitdaCapex$304.00McapitalExpendituresInterest$334.00MinterestExpenseShort-term debt$1.99BshortTermDebtEBITDA − capex$2.09BPrincipal due is short-term debt.Result 0.90x | $2.52BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.82BtotalCashFromOperatingActivitiesCapex$304.00McapitalExpendituresFree cash flow$2.52BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.52B | 31.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.50BoperatingIncomeTax expense$300.00MincomeTaxExpensePretax income$1.47BincomeBeforeTaxTax rate20.5%Equity$6.18BtotalStockholderEquityDebt$11.28BshortLongTermDebtTotalCash$11.15BcashAndShortTermInvestmentsInvested capital$6.30BResult 31.5% | 1.89xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.50BoperatingIncomeNet PP&E$1.32BpropertyPlantAndEquipmentNetResult 1.89x |
| 2022 | 7.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.31BpropertyPlantAndEquipmentNetInventory$477.00MinventoryTotal assets$25.36BtotalAssetsResult 7.1% | 13.01xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$17.09BtotalRevenueNet PP&E$1.31BpropertyPlantAndEquipmentNetResult 13.01x | 0.61xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$368.00McapitalExpendituresD&A$607.00MdepreciationAndAmortizationResult 0.61x | -$1.85Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$25.36BtotalAssetsGoodwill$2.81BgoodWillIntangibles$1.83BintangibleAssetsLiabilities$22.58BtotalLiabTangible book-$1.85BShares1,001,300,000commonStockSharesOutstandingResult -$1.85 | 5.11xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.92BebitdaCapex$368.00McapitalExpendituresInterest$391.00MinterestExpenseShort-term debt$500.00MshortTermDebtEBITDA − capex$4.55BPrincipal due is short-term debt.Result 5.11x | $6.19BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$6.55BtotalCashFromOperatingActivitiesCapex$368.00McapitalExpendituresFree cash flow$6.19BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.19B | 117.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.10BoperatingIncomeTax expense$865.00MincomeTaxExpensePretax income$3.92BincomeBeforeTaxTax rate22.0%Equity$2.78BtotalStockholderEquityDebt$13.04BshortLongTermDebtTotalCash$12.43BcashAndShortTermInvestmentsInvested capital$3.39BResult 117.2% | 3.88xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$5.10BoperatingIncomeNet PP&E$1.31BpropertyPlantAndEquipmentNetResult 3.88x |
| 2023 | 3.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.49BpropertyPlantAndEquipmentNetInventory-$644.00MinventoryTotal assets$24.34BtotalAssetsResult 3.5% | 14.35xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$21.37BtotalRevenueNet PP&E$1.49BpropertyPlantAndEquipmentNetResult 14.35x | 0.52xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$345.00McapitalExpendituresD&A$665.00MdepreciationAndAmortizationResult 0.52x | -$7.87Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.34BtotalAssetsGoodwill$2.83BgoodWillIntangibles$1.61BintangibleAssetsLiabilities$27.09BtotalLiabTangible book-$7.18BShares913,250,000commonStockSharesOutstandingResult -$7.87 | 2.34xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.04BebitdaCapex$345.00McapitalExpendituresInterest$897.00MinterestExpenseShort-term debt$1.96BshortTermDebtEBITDA − capex$6.70BPrincipal due is short-term debt.Result 2.34x | $7.00BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$7.34BtotalCashFromOperatingActivitiesCapex$345.00McapitalExpendituresFree cash flow$7.00BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.00B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.84BoperatingIncomeTax expense$1.19BincomeTaxExpensePretax income$5.48BincomeBeforeTaxTax rate21.7%Equity-$2.74BtotalStockholderEquityDebt$14.78BshortLongTermDebtTotalCash$12.68BcashAndShortTermInvestmentsInvested capital—Result — | 3.92xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$5.84BoperatingIncomeNet PP&E$1.49BpropertyPlantAndEquipmentNetResult 3.92x |
| 2024 | 5.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.39BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$27.71BtotalAssetsInventory was not reported and is treated as zero.Result 5.0% | 17.07xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$23.74BtotalRevenueNet PP&E$1.39BpropertyPlantAndEquipmentNetResult 17.07x | 0.57xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$429.00McapitalExpendituresD&A$751.00MdepreciationAndAmortizationResult 0.57x | -$9.63Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.71BtotalAssetsGoodwill$2.80BgoodWillIntangibles$1.38BintangibleAssetsLiabilities$31.73BtotalLiabTangible book-$8.20BShares851,600,000commonStockSharesOutstandingResult -$9.63 | 2.93xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.34BebitdaCapex$429.00McapitalExpendituresInterest$1.30BinterestExpenseShort-term debt$1.75BshortTermDebtEBITDA − capex$8.91BPrincipal due is short-term debt.Result 2.93x | $7.89BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$8.32BtotalCashFromOperatingActivitiesCapex$429.00McapitalExpendituresFree cash flow$7.89BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.89B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.56BoperatingIncomeTax expense$1.41BincomeTaxExpensePretax income$7.29BincomeBeforeTaxTax rate19.3%Equity-$4.02BtotalStockholderEquityDebt$17.08BshortLongTermDebtTotalCash$16.16BcashInvested capital—Result — | 5.43xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$7.56BoperatingIncomeNet PP&E$1.39BpropertyPlantAndEquipmentNetResult 5.43x |
| 2025 | 2.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$807.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$29.26BtotalAssetsInventory was not reported and is treated as zero.Result 2.8% | 33.35xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$26.92BtotalRevenueNet PP&E$807.00MpropertyPlantAndEquipmentNetResult 33.35x | 0.42xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$322.00McapitalExpendituresD&A$768.00MdepreciationAndAmortizationResult 0.42x | -$11.23Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.26BtotalAssetsGoodwill$2.67BgoodWillIntangibles$918.00MintangibleAssetsLiabilities$34.84BtotalLiabTangible book-$9.17BShares815,975,000commonStockSharesOutstandingResult -$11.23 | 2.54xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.22BebitdaCapex$322.00McapitalExpendituresInterest$1.62BinterestExpenseShort-term debt$1.88BshortTermDebtEBITDA − capex$8.90BPrincipal due is short-term debt.Result 2.54x | $9.09BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$9.41BtotalCashFromOperatingActivitiesCapex$322.00McapitalExpendituresFree cash flow$9.09BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.09B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.28BoperatingIncomeTax expense$1.43BincomeTaxExpensePretax income$6.83BincomeBeforeTaxTax rate20.9%Equity-$5.58BtotalStockholderEquityDebt$19.29BshortLongTermDebtTotalCash$17.79BcashAndShortTermInvestmentsInvested capital—Result — | 11.50xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$9.28BoperatingIncomeNet PP&E$807.00MpropertyPlantAndEquipmentNetResult 11.50x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $807.00M
Inventory: $0.00
Total assets: $29.26B
Goodwill: $2.67B
Intangibles: $918.00M
Liabilities: $34.84B
Tangible book: -$9.17B
Shares: 815,975,000
Revenue: $26.92B
Capex: $322.00M
D&A: $768.00M
EBITDA: $9.22B
Interest: $1.62B
Short-term debt: $1.88B
Free cash flow: $9.09B
Operating income: $9.28B
Invested capital: —
Tax rate: 20.9%