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.
CVS Health Corp
Physical assets are 18.1% of total assets, a light footprint. Capex is 0.61x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.98x, which is below 1.
Fixed-asset turnover is 14.33x. Compare it with other names in the same basket.
Physical asset ratio
18.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.06BpropertyPlantEquipmentInventory$19.25BinventoryTotal assets$261.06BtotalAssetsResult 18.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
14.33xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$402.07BtotalRevenueNet PP&E$28.06BpropertyPlantEquipmentResult 14.33x
Revenue per dollar of the physical asset base.
Capex / D&A
0.61xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.83BcapitalExpendituresD&A$4.61BdepreciationAndAmortizationResult 0.61x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$28.01Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$261.06BtotalAssetsGoodwill$85.48BgoodWillIntangibles$25.51BintangibleAssetsLiabilities$185.68BtotalLiabTangible book-$35.60BShares1,271,000,000commonStockSharesOutstandingResult -$28.01
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$90.25Latest quoteTangible book / share-$28.012025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $90.25.
Fixed-charge coverage
0.98xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.86BebitdaCapex$2.83BcapitalExpendituresInterest$3.12BinterestExpenseShort-term debt$4.07BshortLongTermDebtEBITDA − capex$7.03BPrincipal due is the current portion of debt.Result 0.98x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$7.81BfreeCashFlowMarket cap$115.43BMarketCapitalizationResult 6.8%
Latest free cash flow divided by current market cap ($115.43B).
ROIC
5.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.39BoperatingIncomeTax expense$408.00MincomeTaxExpensePretax income$2.14BincomeBeforeTaxTax rate19.1%Equity$75.21BtotalStockholderEquityDebt$93.59BshortLongTermDebtTotalCash$10.66BcashAndShortTermInvestmentsInvested capital$158.15BResult 5.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.37x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 14.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.35BpropertyPlantEquipmentInventory$16.45BinventoryTotal assets$196.46BtotalAssetsResult 14.2% | 17.15xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$194.58BtotalRevenueNet PP&E$11.35BpropertyPlantEquipmentResult 17.15x | 0.75xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.04BcapitalExpendituresD&A$2.72BdepreciationAndAmortizationResult 0.75x | -$54.27Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$196.46BtotalAssetsGoodwill$78.68BgoodWillIntangibles$36.52BintangibleAssetsLiabilities$137.91BtotalLiabTangible book-$56.66BShares1,044,000,000commonStockSharesOutstandingResult -$54.27 | 1.02xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.74BebitdaCapex$2.04BcapitalExpendituresInterest$2.62BinterestExpenseShort-term debt$1.99BshortTermDebtEBITDA − capex$4.71BPrincipal due is short-term debt.Result 1.02x | $6.83BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$8.87BtotalCashFromOperatingActivitiesCapex$2.04BcapitalExpendituresFree cash flow$6.83BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.83B | 1.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.02BoperatingIncomeTax expense$2.00BincomeTaxExpensePretax income$1.41BincomeBeforeTaxTax rate40.0%Equity$58.23BtotalStockholderEquityDebt$73.43BshortLongTermDebtTotalCash$6.58BcashAndShortTermInvestmentsInvested capital$125.07BThe effective tax rate was above 40% and was capped at 40%.Result 1.9% | 0.35xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$4.02BoperatingIncomeNet PP&E$11.35BpropertyPlantEquipmentResult 0.35x |
| 2019 | 22.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.90BpropertyPlantEquipmentInventory$17.52BinventoryTotal assets$222.45BtotalAssetsResult 22.7% | 7.80xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$256.78BtotalRevenueNet PP&E$32.90BpropertyPlantEquipmentResult 7.80x | 0.56xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.46BcapitalExpendituresD&A$4.37BdepreciationAndAmortizationResult 0.56x | -$37.32Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$222.45BtotalAssetsGoodwill$79.75BgoodWillIntangibles$33.12BintangibleAssetsLiabilities$158.28BtotalLiabTangible book-$48.70BShares1,305,000,000commonStockSharesOutstandingResult -$37.32 | 2.05xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$16.40BebitdaCapex$2.46BcapitalExpendituresInterest$3.04BinterestExpenseShort-term debt$3.78BshortLongTermDebtEBITDA − capex$13.95BPrincipal due is the current portion of debt.Result 2.05x | $10.39BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$12.85BtotalCashFromOperatingActivitiesCapex$2.46BcapitalExpendituresFree cash flow$10.39BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.39B | 6.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.99BoperatingIncomeTax expense$2.37BincomeTaxExpensePretax income$9.00BincomeBeforeTaxTax rate26.3%Equity$63.86BtotalStockholderEquityDebt$89.00BshortLongTermDebtTotalCash$8.06BcashAndShortTermInvestmentsInvested capital$144.81BResult 6.1% | 0.36xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$11.99BoperatingIncomeNet PP&E$32.90BpropertyPlantEquipmentResult 0.36x |
| 2020 | 22.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$33.34BpropertyPlantAndEquipmentNetInventory$18.50BinventoryTotal assets$230.72BtotalAssetsResult 22.5% | 8.06xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$268.71BtotalRevenueNet PP&E$33.34BpropertyPlantAndEquipmentNetResult 8.06x | 0.55xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.44BcapitalExpendituresD&A$4.44BdepreciationAndAmortizationResult 0.55x | -$31.20Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$230.72BtotalAssetsGoodwill$79.55BgoodWillIntangibles$31.14BintangibleAssetsLiabilities$161.01BtotalLiabTangible book-$40.99BShares1,314,000,000commonStockSharesOutstandingResult -$31.20 | 1.76xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$17.12BebitdaCapex$2.44BcapitalExpendituresInterest$2.91BinterestExpenseShort-term debt$5.44BshortLongTermDebtEBITDA − capex$14.68BPrincipal due is the current portion of debt.Result 1.76x | $13.43BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$15.87BtotalCashFromOperatingActivitiesCapex$2.44BcapitalExpendituresFree cash flow$13.43BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $13.43B | 7.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.91BoperatingIncomeTax expense$2.57BincomeTaxExpensePretax income$9.77BincomeBeforeTaxTax rate26.3%Equity$69.39BtotalStockholderEquityDebt$85.04BshortLongTermDebtTotalCash$10.85BcashAndShortTermInvestmentsInvested capital$143.58BResult 7.1% | 0.42xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$13.91BoperatingIncomeNet PP&E$33.34BpropertyPlantAndEquipmentNetResult 0.42x |
| 2021 | 21.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.02BpropertyPlantAndEquipmentNetInventory$17.76BinventoryTotal assets$233.00BtotalAssetsResult 21.4% | 9.12xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$292.11BtotalRevenueNet PP&E$32.02BpropertyPlantAndEquipmentNetResult 9.12x | 0.56xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$2.52BcapitalExpendituresD&A$4.49BdepreciationAndAmortizationResult 0.56x | -$24.65Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$233.00BtotalAssetsGoodwill$79.12BgoodWillIntangibles$29.03BintangibleAssetsLiabilities$157.62BtotalLiabTangible book-$32.77BShares1,329,000,000commonStockSharesOutstandingResult -$24.65 | 2.24xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$17.53BebitdaCapex$2.52BcapitalExpendituresInterest$2.50BinterestExpenseShort-term debt$4.21BshortLongTermDebtEBITDA − capex$15.01BPrincipal due is the current portion of debt.Result 2.24x | $15.75BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$18.27BtotalCashFromOperatingActivitiesCapex$2.52BcapitalExpendituresFree cash flow$15.75BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $15.75B | 7.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.31BoperatingIncomeTax expense$2.55BincomeTaxExpensePretax income$10.54BincomeBeforeTaxTax rate24.2%Equity$75.08BtotalStockholderEquityDebt$76.00BshortLongTermDebtTotalCash$12.53BcashAndShortTermInvestmentsInvested capital$138.55BResult 7.3% | 0.42xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$13.31BoperatingIncomeNet PP&E$32.02BpropertyPlantAndEquipmentNetResult 0.42x |
| 2022 | 21.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.75BpropertyPlantAndEquipmentNetInventory$19.09BinventoryTotal assets$228.28BtotalAssetsResult 21.8% | 10.49xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$322.47BtotalRevenueNet PP&E$30.75BpropertyPlantAndEquipmentNetResult 10.49x | 0.65xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$2.73BcapitalExpendituresD&A$4.22BdepreciationAndAmortizationResult 0.65x | -$23.57Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$228.28BtotalAssetsGoodwill$78.15BgoodWillIntangibles$24.80BintangibleAssetsLiabilities$156.51BtotalLiabTangible book-$31.18BShares1,323,000,000commonStockSharesOutstandingResult -$23.57 | 2.37xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$12.35BebitdaCapex$2.73BcapitalExpendituresInterest$2.29BinterestExpenseShort-term debt$1.78BshortLongTermDebtEBITDA − capex$9.62BPrincipal due is the current portion of debt.Result 2.37x | $13.45BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$16.18BtotalCashFromOperatingActivitiesCapex$2.73BcapitalExpendituresFree cash flow$13.45BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $13.45B | 4.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.95BoperatingIncomeTax expense$1.51BincomeTaxExpensePretax income$5.84BincomeBeforeTaxTax rate25.9%Equity$71.47BtotalStockholderEquityDebt$70.73BshortLongTermDebtTotalCash$15.72BcashAndShortTermInvestmentsInvested capital$126.48BResult 4.7% | 0.26xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$7.95BoperatingIncomeNet PP&E$30.75BpropertyPlantAndEquipmentNetResult 0.26x |
| 2023 | 19.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.44BpropertyPlantEquipmentInventory$18.03BinventoryTotal assets$249.73BtotalAssetsResult 19.4% | 11.76xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$357.78BtotalRevenueNet PP&E$30.44BpropertyPlantEquipmentResult 11.76x | 0.69xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$3.03BcapitalExpendituresD&A$4.37BdepreciationAndAmortizationResult 0.69x | -$34.01Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$249.73BtotalAssetsGoodwill$91.27BgoodWillIntangibles$29.23BintangibleAssetsLiabilities$173.09BtotalLiabTangible book-$43.87BShares1,290,000,000commonStockSharesOutstandingResult -$34.01 | 1.90xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$13.74BebitdaCapex$3.03BcapitalExpendituresInterest$2.66BinterestExpenseShort-term debt$2.97BshortLongTermDebtEBITDA − capex$10.71BPrincipal due is the current portion of debt.Result 1.90x | $10.40BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$13.43BtotalCashFromOperatingActivitiesCapex$3.03BcapitalExpendituresFree cash flow$10.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.40B | 7.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.74BoperatingIncomeTax expense$2.81BincomeTaxExpensePretax income$11.17BincomeBeforeTaxTax rate25.1%Equity$76.46BtotalStockholderEquityDebt$79.39BshortLongTermDebtTotalCash$11.46BcashAndShortTermInvestmentsInvested capital$144.39BResult 7.1% | 0.45xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$13.74BoperatingIncomeNet PP&E$30.44BpropertyPlantEquipmentResult 0.45x |
| 2024 | 18.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.94BpropertyPlantEquipmentInventory$18.11BinventoryTotal assets$253.22BtotalAssetsResult 18.6% | 12.88xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$372.81BtotalRevenueNet PP&E$28.94BpropertyPlantEquipmentResult 12.88x | 0.60xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.78BcapitalExpendituresD&A$4.60BdepreciationAndAmortizationResult 0.60x | -$33.97Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$253.22BtotalAssetsGoodwill$91.27BgoodWillIntangibles$27.32BintangibleAssetsLiabilities$177.49BtotalLiabTangible book-$42.87BShares1,262,000,000commonStockSharesOutstandingResult -$33.97 | 1.25xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$13.68BebitdaCapex$2.78BcapitalExpendituresInterest$2.96BinterestExpenseShort-term debt$5.74BshortLongTermDebtEBITDA − capex$10.90BPrincipal due is the current portion of debt.Result 1.25x | $6.33BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$9.11BtotalCashFromOperatingActivitiesCapex$2.78BcapitalExpendituresFree cash flow$6.33BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.33B | 4.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.52BoperatingIncomeTax expense$1.56BincomeTaxExpensePretax income$6.15BincomeBeforeTaxTax rate25.4%Equity$75.56BtotalStockholderEquityDebt$82.92BshortLongTermDebtTotalCash$10.99BcashAndShortTermInvestmentsInvested capital$147.49BResult 4.3% | 0.29xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$8.52BoperatingIncomeNet PP&E$28.94BpropertyPlantEquipmentResult 0.29x |
| 2025 | 18.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.06BpropertyPlantEquipmentInventory$19.25BinventoryTotal assets$261.06BtotalAssetsResult 18.1% | 14.33xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$402.07BtotalRevenueNet PP&E$28.06BpropertyPlantEquipmentResult 14.33x | 0.61xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.83BcapitalExpendituresD&A$4.61BdepreciationAndAmortizationResult 0.61x | -$28.01Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$261.06BtotalAssetsGoodwill$85.48BgoodWillIntangibles$25.51BintangibleAssetsLiabilities$185.68BtotalLiabTangible book-$35.60BShares1,271,000,000commonStockSharesOutstandingResult -$28.01 | 0.98xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.86BebitdaCapex$2.83BcapitalExpendituresInterest$3.12BinterestExpenseShort-term debt$4.07BshortLongTermDebtEBITDA − capex$7.03BPrincipal due is the current portion of debt.Result 0.98x | $7.81BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$10.64BtotalCashFromOperatingActivitiesCapex$2.83BcapitalExpendituresFree cash flow$7.81BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.81B | 5.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.39BoperatingIncomeTax expense$408.00MincomeTaxExpensePretax income$2.14BincomeBeforeTaxTax rate19.1%Equity$75.21BtotalStockholderEquityDebt$93.59BshortLongTermDebtTotalCash$10.66BcashAndShortTermInvestmentsInvested capital$158.15BResult 5.3% | 0.37xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$10.39BoperatingIncomeNet PP&E$28.06BpropertyPlantEquipmentResult 0.37x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $28.06B
Inventory: $19.25B
Total assets: $261.06B
Goodwill: $85.48B
Intangibles: $25.51B
Liabilities: $185.68B
Tangible book: -$35.60B
Shares: 1,271,000,000
Revenue: $402.07B
Capex: $2.83B
D&A: $4.61B
EBITDA: $9.86B
Interest: $3.12B
Short-term debt: $4.07B
Free cash flow: $7.81B
Operating income: $10.39B
Invested capital: $158.15B
Tax rate: 19.1%