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.
BlackRock Inc
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.33x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 7.74x. Compare it with other names in the same basket.
Physical asset ratio
1.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.13BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$170.00BtotalAssetsInventory was not reported and is treated as zero.Result 1.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.74xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$24.22BtotalRevenueNet PP&E$3.13BpropertyPlantEquipmentResult 7.74x
Revenue per dollar of the physical asset base.
Capex / D&A
0.33xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$375.00McapitalExpendituresD&A$1.13BdepreciationAndAmortizationResult 0.33x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$10.62Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$170.00BtotalAssetsGoodwill$35.28BgoodWillIntangibles$27.97BintangibleAssetsLiabilities$108.46BtotalLiabTangible book-$1.71BShares160,900,000commonStockSharesOutstandingResult -$10.62
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$1.14KLatest quoteTangible book / share-$10.622025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $1.14K.
Fixed-charge coverage
8.20xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.11BebitdaCapex$375.00McapitalExpendituresInterest$706.00MinterestExpenseShort-term debt$237.00MshortTermDebtEBITDA − capex$7.73BPrincipal due is short-term debt.Result 8.20x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$3.55BfreeCashFlowMarket cap$191.11BMarketCapitalizationResult 1.9%
Latest free cash flow divided by current market cap ($191.11B).
ROIC
9.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.04BoperatingIncomeTax expense$1.68BincomeTaxExpensePretax income$7.62BincomeBeforeTaxTax rate22.0%Equity$55.89BtotalStockholderEquityDebt$15.00BshortLongTermDebtTotalCash$14.26BcashAndShortTermInvestmentsInvested capital$56.63BResult 9.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.25x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 19.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$643.00MpropertyPlantEquipmentInventory$30.65BinventoryTotal assets$159.57BtotalAssetsResult 19.6% | 22.08xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$14.20BtotalRevenueNet PP&E$643.00MpropertyPlantEquipmentResult 22.08x | 0.93xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$204.00McapitalExpendituresD&A$220.00MdepreciationAndAmortizationResult 0.93x | $13.38Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$159.57BtotalAssetsGoodwill$13.53BgoodWillIntangibles$17.84BintangibleAssetsLiabilities$126.03BtotalLiabTangible book$2.18BShares162,599,126commonStockSharesOutstandingResult $13.38 | 4.73xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.80BebitdaCapex$204.00McapitalExpendituresInterest$184.00MinterestExpenseShort-term debt$1.00BshortTermDebtEBITDA − capex$5.60BPrincipal due is short-term debt.Result 4.73x | $2.87BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$3.08BtotalCashFromOperatingActivitiesCapex$204.00McapitalExpendituresFree cash flow$2.87BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.87B | 13.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.46BoperatingIncomeTax expense$1.08BincomeTaxExpensePretax income$5.38BincomeBeforeTaxTax rate20.0%Equity$33.54BtotalStockholderEquityDebt$5.98BshortLongTermDebtTotalCash$6.49BcashAndEquivalentsInvested capital$33.03BResult 13.2% | 8.49xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$5.46BoperatingIncomeNet PP&E$643.00MpropertyPlantEquipmentResult 8.49x |
| 2019 | 14.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$715.00MpropertyPlantEquipmentInventory$24.40BinventoryTotal assets$168.62BtotalAssetsResult 14.9% | 20.33xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$14.54BtotalRevenueNet PP&E$715.00MpropertyPlantEquipmentResult 20.33x | 0.86xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$254.00McapitalExpendituresD&A$296.00MdepreciationAndAmortizationResult 0.86x | $12.69Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$168.62BtotalAssetsGoodwill$14.56BgoodWillIntangibles$18.37BintangibleAssetsLiabilities$133.69BtotalLiabTangible book$2.00BShares157,459,546commonStockSharesOutstandingResult $12.69 | 15.90xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.90BebitdaCapex$254.00McapitalExpendituresInterest$203.00MinterestExpenseShort-term debt$152.00MshortTermDebtEBITDA − capex$5.65BPrincipal due is short-term debt.Result 15.90x | $2.63BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$2.88BtotalCashFromOperatingActivitiesCapex$254.00McapitalExpendituresFree cash flow$2.63BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.63B | 12.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.55BoperatingIncomeTax expense$1.26BincomeTaxExpensePretax income$5.79BincomeBeforeTaxTax rate21.8%Equity$34.93BtotalStockholderEquityDebt$5.11BshortLongTermDebtTotalCash$4.83BcashAndEquivalentsInvested capital$35.21BResult 12.3% | 7.76xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$5.55BoperatingIncomeNet PP&E$715.00MpropertyPlantEquipmentResult 7.76x |
| 2020 | 17.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$681.00MpropertyPlantEquipmentInventory$29.62BinventoryTotal assets$176.98BtotalAssetsResult 17.1% | 23.80xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$16.21BtotalRevenueNet PP&E$681.00MpropertyPlantEquipmentResult 23.80x | 0.54xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$194.00McapitalExpendituresD&A$358.00MdepreciationAndAmortizationResult 0.54x | $31.27Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$176.98BtotalAssetsGoodwill$14.55BgoodWillIntangibles$18.26BintangibleAssetsLiabilities$139.33BtotalLiabTangible book$4.84BShares154,840,582commonStockSharesOutstandingResult $31.27 | 6.16xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.08BebitdaCapex$194.00McapitalExpendituresInterest$205.00MinterestExpenseShort-term debt$750.00MshortTermDebtEBITDA − capex$5.88BPrincipal due is short-term debt.Result 6.16x | $3.55BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$3.74BtotalCashFromOperatingActivitiesCapex$194.00McapitalExpendituresFree cash flow$3.55BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.55B | 12.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.70BoperatingIncomeTax expense$1.24BincomeTaxExpensePretax income$6.52BincomeBeforeTaxTax rate19.0%Equity$37.66BtotalStockholderEquityDebt$8.01BshortLongTermDebtTotalCash$8.66BcashAndEquivalentsInvested capital$37.01BResult 12.5% | 8.36xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$5.70BoperatingIncomeNet PP&E$681.00MpropertyPlantEquipmentResult 8.36x |
| 2021 | 16.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.38BpropertyPlantAndEquipmentNetInventory$22.13BinventoryTotal assets$152.65BtotalAssetsResult 16.1% | 8.13xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$19.37BtotalRevenueNet PP&E$2.38BpropertyPlantAndEquipmentNetResult 8.13x | 0.82xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$341.00McapitalExpendituresD&A$415.00MdepreciationAndAmortizationResult 0.82x | $32.96Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$152.65BtotalAssetsGoodwill$15.35BgoodWillIntangibles$18.45BintangibleAssetsLiabilities$113.76BtotalLiabTangible book$5.09BShares154,404,357commonStockSharesOutstandingResult $32.96 | 34.51xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.90BebitdaCapex$341.00McapitalExpendituresInterest$205.00MinterestExpenseShort-term debt$14.00MshortTermDebtEBITDA − capex$7.56BPrincipal due is short-term debt.Result 34.51x | $4.60BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$4.94BtotalCashFromOperatingActivitiesCapex$341.00McapitalExpendituresFree cash flow$4.60BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.60B | 15.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.45BoperatingIncomeTax expense$1.97BincomeTaxExpensePretax income$8.17BincomeBeforeTaxTax rate24.1%Equity$37.69BtotalStockholderEquityDebt$9.32BshortLongTermDebtTotalCash$9.32BcashAndEquivalentsInvested capital$37.69BResult 15.0% | 3.13xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$7.45BoperatingIncomeNet PP&E$2.38BpropertyPlantAndEquipmentNetResult 3.13x |
| 2022 | 2.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.55BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$117.63BtotalAssetsInventory was not reported and is treated as zero.Result 2.2% | 7.02xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$17.87BtotalRevenueNet PP&E$2.55BpropertyPlantEquipmentResult 7.02x | 1.28xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$533.00McapitalExpendituresD&A$418.00MdepreciationAndAmortizationResult 1.28x | $33.73Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$117.63BtotalAssetsGoodwill$15.34BgoodWillIntangibles$18.30BintangibleAssetsLiabilities$78.84BtotalLiabTangible book$5.14BShares152,440,471commonStockSharesOutstandingResult $33.73 | 5.25xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.90BebitdaCapex$533.00McapitalExpendituresInterest$212.00MinterestExpenseShort-term debt$1.00BshortTermDebtEBITDA − capex$6.36BPrincipal due is short-term debt.Result 5.25x | $4.42BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$4.96BtotalCashFromOperatingActivitiesCapex$533.00McapitalExpendituresFree cash flow$4.42BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.42B | 13.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.39BoperatingIncomeTax expense$1.30BincomeTaxExpensePretax income$6.29BincomeBeforeTaxTax rate20.6%Equity$37.74BtotalStockholderEquityDebt$8.49BshortLongTermDebtTotalCash$8.75BcashAndShortTermInvestmentsInvested capital$37.49BResult 13.5% | 2.51xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$6.39BoperatingIncomeNet PP&E$2.55BpropertyPlantEquipmentResult 2.51x |
| 2023 | 2.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.53BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$123.21BtotalAssetsInventory was not reported and is treated as zero.Result 2.1% | 7.05xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$17.86BtotalRevenueNet PP&E$2.53BpropertyPlantEquipmentResult 7.05x | 0.81xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$344.00McapitalExpendituresD&A$427.00MdepreciationAndAmortizationResult 0.81x | $49.49Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$123.21BtotalAssetsGoodwill$15.52BgoodWillIntangibles$18.26BintangibleAssetsLiabilities$81.97BtotalLiabTangible book$7.46BShares150,706,451commonStockSharesOutstandingResult $49.49 | 13.62xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.77BebitdaCapex$344.00McapitalExpendituresInterest$292.00MinterestExpenseShort-term debt$180.00MshortTermDebtEBITDA − capex$6.43BPrincipal due is short-term debt.Result 13.62x | $3.82BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$4.17BtotalCashFromOperatingActivitiesCapex$344.00McapitalExpendituresFree cash flow$3.82BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.82B | 12.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.28BoperatingIncomeTax expense$1.48BincomeTaxExpensePretax income$7.16BincomeBeforeTaxTax rate20.7%Equity$39.35BtotalStockholderEquityDebt$9.70BshortLongTermDebtTotalCash$10.61BcashAndShortTermInvestmentsInvested capital$38.44BResult 12.9% | 2.48xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$6.28BoperatingIncomeNet PP&E$2.53BpropertyPlantEquipmentResult 2.48x |
| 2024 | 1.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.62BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$138.62BtotalAssetsInventory was not reported and is treated as zero.Result 1.9% | 7.78xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$20.41BtotalRevenueNet PP&E$2.62BpropertyPlantEquipmentResult 7.78x | 0.48xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$255.00McapitalExpendituresD&A$529.00MdepreciationAndAmortizationResult 0.48x | $17.57Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$138.62BtotalAssetsGoodwill$25.95BgoodWillIntangibles$20.74BintangibleAssetsLiabilities$89.26BtotalLiabTangible book$2.66BShares151,600,000commonStockSharesOutstandingResult $17.57 | 5.44xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.21BebitdaCapex$255.00McapitalExpendituresInterest$538.00MinterestExpenseShort-term debt$923.00MshortTermDebtEBITDA − capex$7.95BPrincipal due is short-term debt.Result 5.44x | $4.70BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$4.96BtotalCashFromOperatingActivitiesCapex$255.00McapitalExpendituresFree cash flow$4.70BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.70B | 12.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.57BoperatingIncomeTax expense$1.78BincomeTaxExpensePretax income$8.30BincomeBeforeTaxTax rate21.5%Equity$47.50BtotalStockholderEquityDebt$14.22BshortLongTermDebtTotalCash$14.59BcashAndShortTermInvestmentsInvested capital$47.13BResult 12.6% | 2.89xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$7.57BoperatingIncomeNet PP&E$2.62BpropertyPlantEquipmentResult 2.89x |
| 2025 | 1.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.13BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$170.00BtotalAssetsInventory was not reported and is treated as zero.Result 1.8% | 7.74xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$24.22BtotalRevenueNet PP&E$3.13BpropertyPlantEquipmentResult 7.74x | 0.33xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$375.00McapitalExpendituresD&A$1.13BdepreciationAndAmortizationResult 0.33x | -$10.62Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$170.00BtotalAssetsGoodwill$35.28BgoodWillIntangibles$27.97BintangibleAssetsLiabilities$108.46BtotalLiabTangible book-$1.71BShares160,900,000commonStockSharesOutstandingResult -$10.62 | 8.20xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.11BebitdaCapex$375.00McapitalExpendituresInterest$706.00MinterestExpenseShort-term debt$237.00MshortTermDebtEBITDA − capex$7.73BPrincipal due is short-term debt.Result 8.20x | $3.55BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$3.93BtotalCashFromOperatingActivitiesCapex$375.00McapitalExpendituresFree cash flow$3.55BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.55B | 9.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.04BoperatingIncomeTax expense$1.68BincomeTaxExpensePretax income$7.62BincomeBeforeTaxTax rate22.0%Equity$55.89BtotalStockholderEquityDebt$15.00BshortLongTermDebtTotalCash$14.26BcashAndShortTermInvestmentsInvested capital$56.63BResult 9.7% | 2.25xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$7.04BoperatingIncomeNet PP&E$3.13BpropertyPlantEquipmentResult 2.25x |
- 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: $3.13B
Inventory: $0.00
Total assets: $170.00B
Goodwill: $35.28B
Intangibles: $27.97B
Liabilities: $108.46B
Tangible book: -$1.71B
Shares: 160,900,000
Revenue: $24.22B
Capex: $375.00M
D&A: $1.13B
EBITDA: $8.11B
Interest: $706.00M
Short-term debt: $237.00M
Free cash flow: $3.55B
Operating income: $7.04B
Invested capital: $56.63B
Tax rate: 22.0%