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.
Daicel Corporation
Physical assets are 61.0% of total assets, a heavy footprint. Capex is 1.51x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. EBITDA after capex covers debt service by 0.30x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 1.73x.
Physical asset ratio
61.0%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$336.47BpropertyPlantAndEquipmentNetInventory$175.61BinventoryTotal assets$839.18BtotalAssetsResult 61.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.73xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$583.28BtotalRevenueNet PP&E$336.47BpropertyPlantAndEquipmentNetResult 1.73x
Revenue per dollar of the physical asset base.
Capex / D&A
1.51xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$65.74BcapitalExpendituresD&A$43.62BdepreciationAndAmortizationResult 1.51x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.38KTangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$839.18BtotalAssetsGoodwill$52.33MgoodWillIntangibles$11.10BintangibleAssetsLiabilities$466.46BtotalLiabTangible book$361.56BShares262,751,000commonStockSharesOutstandingResult $1.38K
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.01xPrice / tangible bookPrice / tangible book per sharePrice$9.38Latest quoteTangible book / share$1.38K2026-03-31Result 0.01x
Price $9.38.
Fixed-charge coverage
0.30xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$85.95BebitdaCapex$65.74BcapitalExpendituresInterest$3.22BinterestExpenseShort-term debt$64.27BshortLongTermDebtEBITDA − capex$20.21BPrincipal due is the current portion of debt.Result 0.30x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
92.5%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$2.53BfreeCashFlowMarket cap$2.73BMarketCapitalizationResult 92.5%
Latest free cash flow divided by current market cap ($2.73B).
ROIC
4.3%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$42.33BoperatingIncomeTax expense$14.81BincomeTaxExpensePretax income$26.33BincomeBeforeTaxTax rate40.0%Equity$357.84BtotalStockholderEquityDebt$306.17BshortLongTermDebtTotalCash$69.24BcashInvested capital$594.76BThe effective tax rate was above 40% and was capped at 40%.Result 4.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.13x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 49.4%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$197.43BpropertyPlantEquipmentInventory$126.15BinventoryTotal assets$654.79BtotalAssetsResult 49.4% | 2.35xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$464.86BtotalRevenueNet PP&E$197.43BpropertyPlantEquipmentResult 2.35x | 1.40xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$43.58BcapitalExpendituresD&A$31.05BdepreciationAndAmortizationResult 1.40x | $1.23KTangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$654.79BtotalAssetsGoodwill$3.83BgoodWillIntangibles$8.84BintangibleAssetsLiabilities$231.55BtotalLiabTangible book$410.57BShares334,988,000commonStockSharesOutstandingResult $1.23K | 1.44xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$85.97BebitdaCapex$43.58BcapitalExpendituresInterest$1.19BinterestExpenseShort-term debt$28.25BshortTermDebtEBITDA − capex$42.39BPrincipal due is short-term debt.Result 1.44x | $14.94BFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$58.52BtotalCashFromOperatingActivitiesCapex$43.58BcapitalExpendituresFree cash flow$14.94BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.94B | 10.6%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$51.17BoperatingIncomeTax expense$11.80BincomeTaxExpensePretax income$53.73BincomeBeforeTaxTax rate22.0%Equity$393.60BtotalStockholderEquityDebt$104.29BshortLongTermDebtTotalCash$120.27BcashAndShortTermInvestmentsInvested capital$377.62BResult 10.6% | 0.26xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$51.17BoperatingIncomeNet PP&E$197.43BpropertyPlantEquipmentResult 0.26x |
| 2020 | 53.8%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$204.35BpropertyPlantEquipmentInventory$117.41BinventoryTotal assets$597.99BtotalAssetsResult 53.8% | 2.02xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$412.83BtotalRevenueNet PP&E$204.35BpropertyPlantEquipmentResult 2.02x | 1.54xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$46.31BcapitalExpendituresD&A$30.12BdepreciationAndAmortizationResult 1.54x | $1.18KTangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$597.99BtotalAssetsGoodwill$5.19BgoodWillIntangibles$8.18BintangibleAssetsLiabilities$205.41BtotalLiabTangible book$379.20BShares321,385,000commonStockSharesOutstandingResult $1.18K | 0.09xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$47.95BebitdaCapex$46.31BcapitalExpendituresInterest$1.17BinterestExpenseShort-term debt$17.24BshortTermDebtEBITDA − capex$1.64BPrincipal due is short-term debt.Result 0.09x | $10.88BFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$57.19BtotalCashFromOperatingActivitiesCapex$46.31BcapitalExpendituresFree cash flow$10.88BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.88B | 5.5%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$29.64BoperatingIncomeTax expense$5.22BincomeTaxExpensePretax income$16.66BincomeBeforeTaxTax rate31.3%Equity$362.54BtotalStockholderEquityDebt$89.44BshortLongTermDebtTotalCash$81.38BcashAndShortTermInvestmentsInvested capital$370.60BResult 5.5% | 0.15xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$29.64BoperatingIncomeNet PP&E$204.35BpropertyPlantEquipmentResult 0.15x |
| 2021 | 51.3%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$219.72BpropertyPlantEquipmentInventory$108.66BinventoryTotal assets$640.39BtotalAssetsResult 51.3% | 1.79xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$393.57BtotalRevenueNet PP&E$219.72BpropertyPlantEquipmentResult 1.79x | 1.34xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$36.79BcapitalExpendituresD&A$27.40BdepreciationAndAmortizationResult 1.34x | $774.99Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$640.39BtotalAssetsGoodwill$2.41BgoodWillIntangibles$8.20BintangibleAssetsLiabilities$395.39BtotalLiabTangible book$234.39BShares302,448,000commonStockSharesOutstandingResult $774.99 | 1.69xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$59.13BebitdaCapex$36.79BcapitalExpendituresInterest$1.20BinterestExpenseShort-term debt$12.03BshortTermDebtEBITDA − capex$22.34BPrincipal due is short-term debt.Result 1.69x | $21.08BFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$57.87BtotalCashFromOperatingActivitiesCapex$36.79BcapitalExpendituresFree cash flow$21.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.08B | 5.2%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$31.72BoperatingIncomeTax expense$10.61BincomeTaxExpensePretax income$33.04BincomeBeforeTaxTax rate32.1%Equity$237.85BtotalStockholderEquityDebt$267.60BshortLongTermDebtTotalCash$91.54BcashAndShortTermInvestmentsInvested capital$413.91BResult 5.2% | 0.14xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$31.72BoperatingIncomeNet PP&E$219.72BpropertyPlantEquipmentResult 0.14x |
| 2022 | 53.2%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$229.84BpropertyPlantEquipmentInventory$142.00BinventoryTotal assets$698.84BtotalAssetsResult 53.2% | 2.04xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$467.94BtotalRevenueNet PP&E$229.84BpropertyPlantEquipmentResult 2.04x | 1.68xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$47.47BcapitalExpendituresD&A$28.20BdepreciationAndAmortizationResult 1.68x | $897.91Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$698.84BtotalAssetsGoodwill$363.00MgoodWillIntangibles$9.70BintangibleAssetsLiabilities$419.29BtotalLiabTangible book$269.48BShares300,115,000commonStockSharesOutstandingResult $897.91 | 0.69xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$78.89BebitdaCapex$47.47BcapitalExpendituresInterest$1.36BinterestExpenseShort-term debt$44.47BshortTermDebtEBITDA − capex$31.42BPrincipal due is short-term debt.Result 0.69x | -$4.48BFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$42.99BtotalCashFromOperatingActivitiesCapex$47.47BcapitalExpendituresFree cash flow-$4.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.48B | 7.6%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$50.70BoperatingIncomeTax expense$14.23BincomeTaxExpensePretax income$46.28BincomeBeforeTaxTax rate30.7%Equity$272.02BtotalStockholderEquityDebt$280.50BshortLongTermDebtTotalCash$90.53BcashAndShortTermInvestmentsInvested capital$461.99BResult 7.6% | 0.22xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$50.70BoperatingIncomeNet PP&E$229.84BpropertyPlantEquipmentResult 0.22x |
| 2023 | 56.6%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$256.13BpropertyPlantAndEquipmentNetInventory$177.17BinventoryTotal assets$765.61BtotalAssetsResult 56.6% | 2.10xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$538.03BtotalRevenueNet PP&E$256.13BpropertyPlantAndEquipmentNetResult 2.10x | 1.64xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$51.92BcapitalExpendituresD&A$31.58BdepreciationAndAmortizationResult 1.64x | $1.02KTangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$765.61BtotalAssetsGoodwill$338.00MgoodWillIntangibles$10.85BintangibleAssetsLiabilities$455.17BtotalLiabTangible book$299.24BShares292,957,000commonStockSharesOutstandingResult $1.02K | 0.25xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$79.08BebitdaCapex$51.92BcapitalExpendituresInterest$1.43BinterestExpenseShort-term debt$109.01BshortTermDebtEBITDA − capex$27.16BPrincipal due is short-term debt.Result 0.25x | -$25.08BFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$26.85BtotalCashFromOperatingActivitiesCapex$51.92BcapitalExpendituresFree cash flow-$25.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$25.08B | 6.9%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$47.51BoperatingIncomeTax expense$13.33BincomeTaxExpensePretax income$54.97BincomeBeforeTaxTax rate24.2%Equity$295.21BtotalStockholderEquityDebt$317.83BshortLongTermDebtTotalCash$93.84BcashInvested capital$519.20BResult 6.9% | 0.19xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$47.51BoperatingIncomeNet PP&E$256.13BpropertyPlantAndEquipmentNetResult 0.19x |
| 2024 | 58.6%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$308.95BpropertyPlantAndEquipmentNetInventory$182.51BinventoryTotal assets$839.17BtotalAssetsResult 58.6% | 1.81xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$558.06BtotalRevenueNet PP&E$308.95BpropertyPlantAndEquipmentNetResult 1.81x | 2.05xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$69.21BcapitalExpendituresD&A$33.70BdepreciationAndAmortizationResult 2.05x | $1.29KTangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$839.17BtotalAssetsGoodwill$85.00MgoodWillIntangibles$10.69BintangibleAssetsLiabilities$464.31BtotalLiabTangible book$364.09BShares282,617,000commonStockSharesOutstandingResult $1.29K | 0.49xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$111.40BebitdaCapex$69.21BcapitalExpendituresInterest$1.67BinterestExpenseShort-term debt$85.05BshortTermDebtEBITDA − capex$42.19BPrincipal due is short-term debt.Result 0.49x | $7.52BFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$76.73BtotalCashFromOperatingActivitiesCapex$69.21BcapitalExpendituresFree cash flow$7.52BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.52B | 7.9%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$62.39BoperatingIncomeTax expense$19.49BincomeTaxExpensePretax income$76.03BincomeBeforeTaxTax rate25.6%Equity$358.89BtotalStockholderEquityDebt$299.79BshortLongTermDebtTotalCash$73.18BcashInvested capital$585.50BResult 7.9% | 0.20xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$62.39BoperatingIncomeNet PP&E$308.95BpropertyPlantAndEquipmentNetResult 0.20x |
| 2025 | 61.1%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$319.43BpropertyPlantAndEquipmentNetInventory$177.88BinventoryTotal assets$813.83BtotalAssetsResult 61.1% | 1.84xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$586.53BtotalRevenueNet PP&E$319.43BpropertyPlantAndEquipmentNetResult 1.84x | 1.75xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$72.34BcapitalExpendituresD&A$41.37BdepreciationAndAmortizationResult 1.75x | $1.34KTangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$813.83BtotalAssetsGoodwill$66.00MgoodWillIntangibles$10.58BintangibleAssetsLiabilities$438.80BtotalLiabTangible book$364.39BShares272,707,000commonStockSharesOutstandingResult $1.34K | 0.49xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$108.85BebitdaCapex$72.34BcapitalExpendituresInterest$1.98BinterestExpenseShort-term debt$72.90BshortTermDebtEBITDA − capex$36.51BPrincipal due is short-term debt.Result 0.49x | $21.06BFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$93.41BtotalCashFromOperatingActivitiesCapex$72.34BcapitalExpendituresFree cash flow$21.06BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.06B | 8.2%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$61.01BoperatingIncomeTax expense$15.02BincomeTaxExpensePretax income$65.50BincomeBeforeTaxTax rate22.9%Equity$359.98BtotalStockholderEquityDebt$280.92BshortLongTermDebtTotalCash$65.14BcashInvested capital$575.76BResult 8.2% | 0.19xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$61.01BoperatingIncomeNet PP&E$319.43BpropertyPlantAndEquipmentNetResult 0.19x |
| 2026 | 61.0%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$336.47BpropertyPlantAndEquipmentNetInventory$175.61BinventoryTotal assets$839.18BtotalAssetsResult 61.0% | 1.73xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$583.28BtotalRevenueNet PP&E$336.47BpropertyPlantAndEquipmentNetResult 1.73x | 1.51xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$65.74BcapitalExpendituresD&A$43.62BdepreciationAndAmortizationResult 1.51x | $1.38KTangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$839.18BtotalAssetsGoodwill$52.33MgoodWillIntangibles$11.10BintangibleAssetsLiabilities$466.46BtotalLiabTangible book$361.56BShares262,751,000commonStockSharesOutstandingResult $1.38K | 0.30xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$85.95BebitdaCapex$65.74BcapitalExpendituresInterest$3.22BinterestExpenseShort-term debt$64.27BshortLongTermDebtEBITDA − capex$20.21BPrincipal due is the current portion of debt.Result 0.30x | $2.53BFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$68.27BtotalCashFromOperatingActivitiesCapex$65.74BcapitalExpendituresFree cash flow$2.53BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.53B | 4.3%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$42.33BoperatingIncomeTax expense$14.81BincomeTaxExpensePretax income$26.33BincomeBeforeTaxTax rate40.0%Equity$357.84BtotalStockholderEquityDebt$306.17BshortLongTermDebtTotalCash$69.24BcashInvested capital$594.76BThe effective tax rate was above 40% and was capped at 40%.Result 4.3% | 0.13xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$42.33BoperatingIncomeNet PP&E$336.47BpropertyPlantAndEquipmentNetResult 0.13x |
- Principal due is the current portion of debt.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2026)
Net PP&E: $336.47B
Inventory: $175.61B
Total assets: $839.18B
Goodwill: $52.33M
Intangibles: $11.10B
Liabilities: $466.46B
Tangible book: $361.56B
Shares: 262,751,000
Revenue: $583.28B
Capex: $65.74B
D&A: $43.62B
EBITDA: $85.95B
Interest: $3.22B
Short-term debt: $64.27B
Free cash flow: $2.53B
Operating income: $42.33B
Invested capital: $594.76B
Tax rate: 40.0%