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.
BRF SA ADR
Physical assets are 39.3% of total assets, a mixed footprint. Capex is 0.95x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 17.5%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.08x. Compare it with other names in the same basket.
Physical asset ratio
39.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.05BpropertyPlantAndEquipmentNetInventory$9.57BinventoryTotal assets$62.68BtotalAssetsResult 39.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.08xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$61.38BtotalRevenueNet PP&E$15.05BpropertyPlantAndEquipmentNetResult 4.08x
Revenue per dollar of the physical asset base.
Capex / D&A
0.95xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.26BcapitalExpendituresD&A$2.39BdepreciationAndAmortizationResult 0.95x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$6.06Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62.68BtotalAssetsGoodwill$3.77BgoodWillIntangibles$2.90BintangibleAssetsLiabilities$46.18BtotalLiabTangible book$9.83BShares1,620,844,000commonStockSharesOutstandingResult $6.06
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$6.062024-12-31A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
1.55xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.13BebitdaCapex$2.26BcapitalExpendituresInterest$3.20BinterestExpenseShort-term debt$1.23BshortLongTermDebtEBITDA − capex$6.87BPrincipal due is the current portion of debt.Result 1.55x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
149.6%Free cash flow yield · 2024-12-31Latest free cash flow / current market capFree cash flow$8.51BfreeCashFlowMarket cap$5.69BMarketCapitalizationResult 149.6%
Latest free cash flow divided by current market cap ($5.69B).
ROIC
17.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.63BoperatingIncomeTax expense$1.36BincomeTaxExpensePretax income$5.05BincomeBeforeTaxTax rate26.9%Equity$15.09BtotalStockholderEquityDebt$24.73BshortLongTermDebtTotalCash$12.06BcashAndShortTermInvestmentsInvested capital$27.76BResult 17.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.44x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2017 | 41.2%Physical asset ratio · 2017-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.19BpropertyPlantAndEquipmentNetInventory$6.46BinventoryTotal assets$45.23BtotalAssetsResult 41.2% | 2.75xFixed asset turnover · 2017-12-31Revenue / net PP&ERevenue$33.47BtotalRevenueNet PP&E$12.19BpropertyPlantAndEquipmentNetResult 2.75x | 0.57xCapex / D&A · 2017-12-31Capital expenditures / depreciation and amortizationCapex$938.22McapitalExpendituresD&A$1.63BdepreciationAndAmortizationResult 0.57x | $5.35Tangible book / share · 2017-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$45.23BtotalAssetsGoodwill$4.19BgoodWillIntangibles$3.01BintangibleAssetsLiabilities$33.52BtotalLiabTangible book$4.52BShares844,159,620commonStockSharesOutstandingResult $5.35 | 0.20xFixed-charge coverage · 2017-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.38BebitdaCapex$938.22McapitalExpendituresInterest$2.28BinterestExpenseShort-term debt$5.03BshortTermDebtEBITDA − capex$1.44BPrincipal due is short-term debt.Result 0.20x | -$285.41MFree cash flow · 2017-12-31Reported free cash flowOperating cash flow$652.81MtotalCashFromOperatingActivitiesCapex$938.22McapitalExpendituresFree cash flow-$285.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$285.41M | —ROIC · 2017-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$736.08MoperatingIncomeTax expense-$246.65MincomeTaxExpensePretax income-$1.35BincomeBeforeTaxTax rate—Equity$11.20BtotalStockholderEquityDebt$20.44BshortLongTermDebtTotalCash$6.24BcashAndShortTermInvestmentsInvested capital$25.41BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.06xEBIT / PP&E · 2017-12-31Operating income / net PP&EOperating income$736.08MoperatingIncomeNet PP&E$12.19BpropertyPlantAndEquipmentNetResult 0.06x |
| 2018 | 38.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.70BpropertyPlantAndEquipmentNetInventory$5.39BinventoryTotal assets$42.38BtotalAssetsResult 38.0% | 2.82xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$30.19BtotalRevenueNet PP&E$10.70BpropertyPlantAndEquipmentNetResult 2.82x | 0.34xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$598.57McapitalExpendituresD&A$1.75BdepreciationAndAmortizationResult 0.34x | $2.95Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$42.38BtotalAssetsGoodwill$2.69BgoodWillIntangibles$2.32BintangibleAssetsLiabilities$34.85BtotalLiabTangible book$2.51BShares852,284,893commonStockSharesOutstandingResult $2.95 | 0.07xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.06BebitdaCapex$598.57McapitalExpendituresInterest$2.04BinterestExpenseShort-term debt$4.55BshortLongTermDebtEBITDA − capex$463.96MPrincipal due is the current portion of debt.Result 0.07x | -$302.89MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$295.69MtotalCashFromOperatingActivitiesCapex$598.57McapitalExpendituresFree cash flow-$302.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$302.89M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$206.33MoperatingIncomeTax expense-$333.30MincomeTaxExpensePretax income-$2.45BincomeBeforeTaxTax rate—Equity$6.96BtotalStockholderEquityDebt$22.17BshortLongTermDebtTotalCash$5.38BcashAndShortTermInvestmentsInvested capital$23.75BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.02xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$206.33MoperatingIncomeNet PP&E$10.70BpropertyPlantAndEquipmentNetResult -0.02x |
| 2019 | 42.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.29BpropertyPlantEquipmentInventory$5.49BinventoryTotal assets$41.70BtotalAssetsResult 42.6% | 2.72xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$33.45BtotalRevenueNet PP&E$12.29BpropertyPlantEquipmentResult 2.72x | 0.18xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$420.63McapitalExpendituresD&A$2.30BdepreciationAndAmortizationResult 0.18x | $3.98Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.70BtotalAssetsGoodwill$2.71BgoodWillIntangibles$2.19BintangibleAssetsLiabilities$33.55BtotalLiabTangible book$3.24BShares813,867,119commonStockSharesOutstandingResult $3.98 | 0.98xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.25BebitdaCapex$420.63McapitalExpendituresInterest$2.84BinterestExpenseShort-term debt$3.13BshortLongTermDebtEBITDA − capex$5.83BPrincipal due is the current portion of debt.Result 0.98x | $586.34MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.01BtotalCashFromOperatingActivitiesCapex$420.63McapitalExpendituresFree cash flow$586.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $586.34M | 16.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.95BoperatingIncomeTax expense-$125.89MincomeTaxExpensePretax income$1.09BincomeBeforeTaxTax rate0.0%Equity$7.90BtotalStockholderEquityDebt$21.05BshortLongTermDebtTotalCash$4.66BcashAndShortTermInvestmentsInvested capital$24.29BResult 16.2% | 0.32xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$3.95BoperatingIncomeNet PP&E$12.29BpropertyPlantEquipmentResult 0.32x |
| 2020 | 42.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.24BpropertyPlantEquipmentInventory$8.93BinventoryTotal assets$49.66BtotalAssetsResult 42.6% | 3.22xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$39.47BtotalRevenueNet PP&E$12.24BpropertyPlantEquipmentResult 3.22x | 0.38xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$900.79McapitalExpendituresD&A$2.39BdepreciationAndAmortizationResult 0.38x | $4.43Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$49.66BtotalAssetsGoodwill$2.94BgoodWillIntangibles$2.28BintangibleAssetsLiabilities$40.85BtotalLiabTangible book$3.59BShares811,348,808commonStockSharesOutstandingResult $4.43 | 1.41xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.55BebitdaCapex$900.79McapitalExpendituresInterest$2.25BinterestExpenseShort-term debt$1.06BshortLongTermDebtEBITDA − capex$4.65BPrincipal due is the current portion of debt.Result 1.41x | $3.52BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$4.42BtotalCashFromOperatingActivitiesCapex$900.79McapitalExpendituresFree cash flow$3.52BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.52B | 11.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.85BoperatingIncomeTax expense-$242.27MincomeTaxExpensePretax income$1.15BincomeBeforeTaxTax rate0.0%Equity$8.59BtotalStockholderEquityDebt$24.94BshortLongTermDebtTotalCash$7.89BcashAndShortTermInvestmentsInvested capital$25.64BResult 11.1% | 0.23xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$2.85BoperatingIncomeNet PP&E$12.24BpropertyPlantEquipmentResult 0.23x |
| 2021 | 45.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.04BpropertyPlantAndEquipmentNetInventory$12.55BinventoryTotal assets$55.90BtotalAssetsResult 45.8% | 3.71xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$48.34BtotalRevenueNet PP&E$13.04BpropertyPlantAndEquipmentNetResult 3.71x | 0.63xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.74BcapitalExpendituresD&A$2.75BdepreciationAndAmortizationResult 0.63x | $3.31Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$55.90BtotalAssetsGoodwill$3.43BgoodWillIntangibles$2.72BintangibleAssetsLiabilities$47.08BtotalLiabTangible book$2.68BShares808,678,648commonStockSharesOutstandingResult $3.31 | 0.51xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.85BebitdaCapex$1.74BcapitalExpendituresInterest$2.86BinterestExpenseShort-term debt$3.20BshortLongTermDebtEBITDA − capex$3.12BPrincipal due is the current portion of debt.Result 0.51x | $2.19BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$3.92BtotalCashFromOperatingActivitiesCapex$1.74BcapitalExpendituresFree cash flow$2.19BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.19B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.01BoperatingIncomeTax expense-$552.10MincomeTaxExpensePretax income-$34.79MincomeBeforeTaxTax rate—Equity$8.46BtotalStockholderEquityDebt$27.94BshortLongTermDebtTotalCash$7.88BcashAndShortTermInvestmentsInvested capital$28.52BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.23xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$3.01BoperatingIncomeNet PP&E$13.04BpropertyPlantAndEquipmentNetResult 0.23x |
| 2022 | 45.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.29BpropertyPlantAndEquipmentNetInventory$11.81BinventoryTotal assets$57.85BtotalAssetsResult 45.1% | 3.76xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$53.81BtotalRevenueNet PP&E$14.29BpropertyPlantAndEquipmentNetResult 3.76x | 0.56xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.68BcapitalExpendituresD&A$2.99BdepreciationAndAmortizationResult 0.56x | $5.12Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$57.85BtotalAssetsGoodwill$3.47BgoodWillIntangibles$2.96BintangibleAssetsLiabilities$46.03BtotalLiabTangible book$5.39BShares1,052,606,000commonStockSharesOutstandingResult $5.12 | 0.24xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.42BebitdaCapex$1.68BcapitalExpendituresInterest$3.23BinterestExpenseShort-term debt$3.88BshortLongTermDebtEBITDA − capex$1.74BPrincipal due is the current portion of debt.Result 0.24x | $194.92MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.88BtotalCashFromOperatingActivitiesCapex$1.68BcapitalExpendituresFree cash flow$194.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $194.92M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$484.11MoperatingIncomeTax expense$285.63MincomeTaxExpensePretax income-$2.81BincomeBeforeTaxTax rate—Equity$11.27BtotalStockholderEquityDebt$26.56BshortLongTermDebtTotalCash$8.55BcashAndShortTermInvestmentsInvested capital$29.28BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.03xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$484.11MoperatingIncomeNet PP&E$14.29BpropertyPlantAndEquipmentNetResult 0.03x |
| 2023 | 41.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.61BpropertyPlantAndEquipmentNetInventory$9.33BinventoryTotal assets$57.27BtotalAssetsResult 41.8% | 3.67xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$53.62BtotalRevenueNet PP&E$14.61BpropertyPlantAndEquipmentNetResult 3.67x | 0.75xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.42BcapitalExpendituresD&A$3.22BdepreciationAndAmortizationResult 0.75x | $6.99Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$57.27BtotalAssetsGoodwill$3.39BgoodWillIntangibles$2.75BintangibleAssetsLiabilities$41.63BtotalLiabTangible book$9.50BShares1,360,268,402commonStockSharesOutstandingResult $6.99 | 0.28xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.13BebitdaCapex$2.42BcapitalExpendituresInterest$3.68BinterestExpenseShort-term debt$2.45BshortLongTermDebtEBITDA − capex$1.71BPrincipal due is the current portion of debt.Result 0.28x | $1.52BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$3.94BtotalCashFromOperatingActivitiesCapex$2.42BcapitalExpendituresFree cash flow$1.52BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.52B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$487.66MoperatingIncomeTax expense-$115.85MincomeTaxExpensePretax income-$1.98BincomeBeforeTaxTax rate—Equity$14.92BtotalStockholderEquityDebt$23.82BshortLongTermDebtTotalCash$9.71BcashAndShortTermInvestmentsInvested capital$29.03BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.03xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$487.66MoperatingIncomeNet PP&E$14.61BpropertyPlantAndEquipmentNetResult 0.03x |
| 2024 | 39.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.05BpropertyPlantAndEquipmentNetInventory$9.57BinventoryTotal assets$62.68BtotalAssetsResult 39.3% | 4.08xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$61.38BtotalRevenueNet PP&E$15.05BpropertyPlantAndEquipmentNetResult 4.08x | 0.95xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.26BcapitalExpendituresD&A$2.39BdepreciationAndAmortizationResult 0.95x | $6.06Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62.68BtotalAssetsGoodwill$3.77BgoodWillIntangibles$2.90BintangibleAssetsLiabilities$46.18BtotalLiabTangible book$9.83BShares1,620,844,000commonStockSharesOutstandingResult $6.06 | 1.55xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.13BebitdaCapex$2.26BcapitalExpendituresInterest$3.20BinterestExpenseShort-term debt$1.23BshortLongTermDebtEBITDA − capex$6.87BPrincipal due is the current portion of debt.Result 1.55x | $8.51BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$10.78BtotalCashFromOperatingActivitiesCapex$2.26BcapitalExpendituresFree cash flow$8.51BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.51B | 17.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.63BoperatingIncomeTax expense$1.36BincomeTaxExpensePretax income$5.05BincomeBeforeTaxTax rate26.9%Equity$15.09BtotalStockholderEquityDebt$24.73BshortLongTermDebtTotalCash$12.06BcashAndShortTermInvestmentsInvested capital$27.76BResult 17.5% | 0.44xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$6.63BoperatingIncomeNet PP&E$15.05BpropertyPlantAndEquipmentNetResult 0.44x |
- Principal due is the current portion of debt.
Latest year inputs (2024)
Net PP&E: $15.05B
Inventory: $9.57B
Total assets: $62.68B
Goodwill: $3.77B
Intangibles: $2.90B
Liabilities: $46.18B
Tangible book: $9.83B
Shares: 1,620,844,000
Revenue: $61.38B
Capex: $2.26B
D&A: $2.39B
EBITDA: $9.13B
Interest: $3.20B
Short-term debt: $1.23B
Free cash flow: $8.51B
Operating income: $6.63B
Invested capital: $27.76B
Tax rate: 26.9%