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.
Dollar Tree Inc
Physical assets are 88.3% of total assets, a heavy footprint. Capex is 1.75x 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. ROIC is 22.7%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.07x. Compare it with other names in the same basket.
Physical asset ratio
88.3%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$9.39BpropertyPlantAndEquipmentNetInventory$2.50BinventoryTotal assets$13.47BtotalAssetsResult 88.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.07xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$19.41BtotalRevenueNet PP&E$9.39BpropertyPlantAndEquipmentNetResult 2.07x
Revenue per dollar of the physical asset base.
Capex / D&A
1.75xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$1.13BcapitalExpendituresD&A$648.10MdepreciationAndAmortizationResult 1.75x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$16.15Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.47BtotalAssetsGoodwill$423.20MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$9.71BtotalLiabTangible book$3.33BShares206,300,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $16.15
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
7.88xPrice / tangible bookPrice / tangible book per sharePrice$127.18Latest quoteTangible book / share$16.152026-01-31Result 7.88x
Price $127.18.
Fixed-charge coverage
1.13xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.36BebitdaCapex$1.13BcapitalExpendituresInterest$85.50MinterestExpenseShort-term debt$1.00BshortTermDebtEBITDA − capex$1.23BPrincipal due is short-term debt.Result 1.13x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.0%Free cash flow yield · 2026-01-31Latest free cash flow / current market capFree cash flow$1.40BfreeCashFlowMarket cap$23.44BMarketCapitalizationResult 6.0%
Latest free cash flow divided by current market cap ($23.44B).
ROIC
22.7%ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.65BoperatingIncomeTax expense$404.20MincomeTaxExpensePretax income$1.63BincomeBeforeTaxTax rate24.8%Equity$3.75BtotalStockholderEquityDebt$2.43BlongTermDebt + shortLongTermDebtCash$717.80McashInvested capital$5.47BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 22.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.18x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 51.7%Physical asset ratio · 2019-01-31(Net PP&E + inventory) / total assetsNet PP&E$3.45BpropertyPlantEquipmentInventory$3.54BinventoryTotal assets$13.50BtotalAssetsResult 51.7% | 6.62xFixed asset turnover · 2019-01-31Revenue / net PP&ERevenue$22.82BtotalRevenueNet PP&E$3.45BpropertyPlantEquipmentResult 6.62x | 1.32xCapex / D&A · 2019-01-31Capital expenditures / depreciation and amortizationCapex$817.10McapitalExpendituresD&A$621.10MdepreciationAndAmortizationResult 1.32x | -$0.18Tangible book / share · 2019-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.50BtotalAssetsGoodwill$2.30BgoodWillIntangibles$3.39BintangibleAssetsLiabilities$7.86BtotalLiabTangible book-$42.40MShares238,700,000commonStockSharesOutstandingResult -$0.18 | -2.58xFixed-charge coverage · 2019-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$317.90MebitdaCapex$817.10McapitalExpendituresInterest$370.00MinterestExpenseShort-term debt$69.40MshortLongTermDebtTotal − longTermDebtEBITDA − capex-$1.14BShort-term debt is total debt minus long-term debt.Result -2.58x | $948.90MFree cash flow · 2019-01-31Reported free cash flowOperating cash flow$1.77BtotalCashFromOperatingActivitiesCapex$817.10McapitalExpendituresFree cash flow$948.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $948.90M | —ROIC · 2019-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$939.50MoperatingIncomeTax expense$281.80MincomeTaxExpensePretax income-$1.31BincomeBeforeTaxTax rate—Equity$5.64BtotalStockholderEquityDebt$4.33BshortLongTermDebtTotalCash$422.10McashInvested capital$9.56BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.27xEBIT / PP&E · 2019-01-31Operating income / net PP&EOperating income-$939.50MoperatingIncomeNet PP&E$3.45BpropertyPlantEquipmentResult -0.27x |
| 2020 | 69.6%Physical asset ratio · 2020-01-31(Net PP&E + inventory) / total assetsNet PP&E$10.11BpropertyPlantAndEquipmentNetInventory$3.52BinventoryTotal assets$19.57BtotalAssetsResult 69.6% | 2.34xFixed asset turnover · 2020-01-31Revenue / net PP&ERevenue$23.61BtotalRevenueNet PP&E$10.11BpropertyPlantAndEquipmentNetResult 2.34x | 1.61xCapex / D&A · 2020-01-31Capital expenditures / depreciation and amortizationCapex$1.04BcapitalExpendituresD&A$645.40MdepreciationAndAmortizationResult 1.61x | $4.92Tangible book / share · 2020-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.57BtotalAssetsGoodwill$1.98BgoodWillIntangibles$3.10BintangibleAssetsLiabilities$13.32BtotalLiabTangible book$1.17BShares238,300,000commonStockSharesOutstandingResult $4.92 | 2.11xFixed-charge coverage · 2020-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.91BebitdaCapex$1.04BcapitalExpendituresInterest$162.10MinterestExpenseShort-term debt$250.00MshortLongTermDebtEBITDA − capex$869.50MPrincipal due is the current portion of debt.Result 2.11x | $833.10MFree cash flow · 2020-01-31Reported free cash flowOperating cash flow$1.87BtotalCashFromOperatingActivitiesCapex$1.04BcapitalExpendituresFree cash flow$833.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $833.10M | 10.0%ROIC · 2020-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.26BoperatingIncomeTax expense$271.70MincomeTaxExpensePretax income$1.10BincomeBeforeTaxTax rate24.7%Equity$6.25BtotalStockholderEquityDebt$3.77BlongTermDebt + shortLongTermDebtCash$539.20McashInvested capital$9.49BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 10.0% | 0.12xEBIT / PP&E · 2020-01-31Operating income / net PP&EOperating income$1.26BoperatingIncomeNet PP&E$10.11BpropertyPlantAndEquipmentNetResult 0.12x |
| 2021 | 67.0%Physical asset ratio · 2021-01-31(Net PP&E + inventory) / total assetsNet PP&E$10.44BpropertyPlantEquipmentInventory$3.43BinventoryTotal assets$20.70BtotalAssetsResult 67.0% | 2.44xFixed asset turnover · 2021-01-31Revenue / net PP&ERevenue$25.51BtotalRevenueNet PP&E$10.44BpropertyPlantEquipmentResult 2.44x | 1.31xCapex / D&A · 2021-01-31Capital expenditures / depreciation and amortizationCapex$898.80McapitalExpendituresD&A$686.60MdepreciationAndAmortizationResult 1.31x | $9.27Tangible book / share · 2021-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$20.70BtotalAssetsGoodwill$1.98BgoodWillIntangibles$3.10BintangibleAssetsLiabilities$13.41BtotalLiabTangible book$2.20BShares237,300,000commonStockSharesOutstandingResult $9.27 | 0.59xFixed-charge coverage · 2021-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.57BebitdaCapex$898.80McapitalExpendituresInterest$147.30MinterestExpenseShort-term debt$2.70BshortTermDebtEBITDA − capex$1.67BPrincipal due is short-term debt.Result 0.59x | $1.82BFree cash flow · 2021-01-31Reported free cash flowOperating cash flow$2.72BtotalCashFromOperatingActivitiesCapex$898.80McapitalExpendituresFree cash flow$1.82BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.82B | 16.0%ROIC · 2021-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.89BoperatingIncomeTax expense$397.90MincomeTaxExpensePretax income$1.74BincomeBeforeTaxTax rate22.9%Equity$7.29BtotalStockholderEquityDebt$3.23BlongTermDebt + shortLongTermDebtCash$1.42BcashInvested capital$9.09BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 16.0% | 0.18xEBIT / PP&E · 2021-01-31Operating income / net PP&EOperating income$1.89BoperatingIncomeNet PP&E$10.44BpropertyPlantEquipmentResult 0.18x |
| 2022 | 70.3%Physical asset ratio · 2022-01-31(Net PP&E + inventory) / total assetsNet PP&E$10.90BpropertyPlantEquipmentInventory$4.37BinventoryTotal assets$21.72BtotalAssetsResult 70.3% | 2.41xFixed asset turnover · 2022-01-31Revenue / net PP&ERevenue$26.32BtotalRevenueNet PP&E$10.90BpropertyPlantEquipmentResult 2.41x | 1.43xCapex / D&A · 2022-01-31Capital expenditures / depreciation and amortizationCapex$1.02BcapitalExpendituresD&A$716.00MdepreciationAndAmortizationResult 1.43x | $11.50Tangible book / share · 2022-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.72BtotalAssetsGoodwill$1.98BgoodWillIntangibles$3.10BintangibleAssetsLiabilities$14.00BtotalLiabTangible book$2.63BShares229,000,000commonStockSharesOutstandingResult $11.50 | 0.50xFixed-charge coverage · 2022-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.53BebitdaCapex$1.02BcapitalExpendituresInterest$178.90MinterestExpenseShort-term debt$2.82BshortTermDebtEBITDA − capex$1.50BPrincipal due is short-term debt.Result 0.50x | $408.70MFree cash flow · 2022-01-31Reported free cash flowOperating cash flow$1.43BtotalCashFromOperatingActivitiesCapex$1.02BcapitalExpendituresFree cash flow$408.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $408.70M | 14.5%ROIC · 2022-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.81BoperatingIncomeTax expense$304.30MincomeTaxExpensePretax income$1.63BincomeBeforeTaxTax rate18.6%Equity$7.72BtotalStockholderEquityDebt$3.42BlongTermDebt + shortLongTermDebtCash$984.90McashInvested capital$10.15BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 14.5% | 0.17xEBIT / PP&E · 2022-01-31Operating income / net PP&EOperating income$1.81BoperatingIncomeNet PP&E$10.90BpropertyPlantEquipmentResult 0.17x |
| 2023 | 73.3%Physical asset ratio · 2023-01-31(Net PP&E + inventory) / total assetsNet PP&E$11.43BpropertyPlantAndEquipmentNetInventory$5.45BinventoryTotal assets$23.02BtotalAssetsResult 73.3% | 1.35xFixed asset turnover · 2023-01-31Revenue / net PP&ERevenue$15.41BtotalRevenueNet PP&E$11.43BpropertyPlantAndEquipmentNetResult 1.35x | 1.63xCapex / D&A · 2023-01-31Capital expenditures / depreciation and amortizationCapex$1.25BcapitalExpendituresD&A$767.90MdepreciationAndAmortizationResult 1.63x | $16.37Tangible book / share · 2023-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.02BtotalAssetsGoodwill$1.98BgoodWillIntangibles$3.10BintangibleAssetsLiabilities$14.27BtotalLiabTangible book$3.67BShares224,100,000commonStockSharesOutstandingResult $16.37 | 0.53xFixed-charge coverage · 2023-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.87BebitdaCapex$1.25BcapitalExpendituresInterest$127.20MinterestExpenseShort-term debt$2.90BshortTermDebtEBITDA − capex$1.61BPrincipal due is short-term debt.Result 0.53x | $361.00MFree cash flow · 2023-01-31Reported free cash flowOperating cash flow$1.61BtotalCashFromOperatingActivitiesCapex$1.25BcapitalExpendituresFree cash flow$361.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $361.00M | 13.9%ROIC · 2023-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.10BoperatingIncomeTax expense$471.60MincomeTaxExpensePretax income$1.97BincomeBeforeTaxTax rate23.9%Equity$8.75BtotalStockholderEquityDebt$3.42BlongTermDebt + shortLongTermDebtCash$642.80McashInvested capital$11.53BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 13.9% | 0.18xEBIT / PP&E · 2023-01-31Operating income / net PP&EOperating income$2.10BoperatingIncomeNet PP&E$11.43BpropertyPlantAndEquipmentNetResult 0.18x |
| 2024 | 80.6%Physical asset ratio · 2024-01-31(Net PP&E + inventory) / total assetsNet PP&E$12.63BpropertyPlantAndEquipmentNetInventory$5.11BinventoryTotal assets$22.02BtotalAssetsResult 80.6% | 1.33xFixed asset turnover · 2024-01-31Revenue / net PP&ERevenue$16.78BtotalRevenueNet PP&E$12.63BpropertyPlantAndEquipmentNetResult 1.33x | 5.26xCapex / D&A · 2024-01-31Capital expenditures / depreciation and amortizationCapex$2.11BcapitalExpendituresD&A$400.50MdepreciationAndAmortizationResult 5.26x | $19.36Tangible book / share · 2024-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$22.02BtotalAssetsGoodwill$913.80MgoodWillIntangibles$2.15BintangibleAssetsLiabilities$14.71BtotalLiabTangible book$4.25BShares219,500,000commonStockSharesOutstandingResult $19.36 | 0.04xFixed-charge coverage · 2024-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.17BebitdaCapex$2.11BcapitalExpendituresInterest$112.50MinterestExpenseShort-term debt$1.51BshortTermDebtEBITDA − capex$67.30MPrincipal due is short-term debt.Result 0.04x | $576.90MFree cash flow · 2024-01-31Reported free cash flowOperating cash flow$2.68BtotalCashFromOperatingActivitiesCapex$2.11BcapitalExpendituresFree cash flow$576.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $576.90M | 13.4%ROIC · 2024-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.77BoperatingIncomeTax expense$396.10MincomeTaxExpensePretax income$1.66BincomeBeforeTaxTax rate23.8%Equity$7.31BtotalStockholderEquityDebt$3.43BlongTermDebt + shortLongTermDebtCash$684.90McashInvested capital$10.05BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 13.4% | 0.14xEBIT / PP&E · 2024-01-31Operating income / net PP&EOperating income$1.77BoperatingIncomeNet PP&E$12.63BpropertyPlantAndEquipmentNetResult 0.14x |
| 2025 | 60.7%Physical asset ratio · 2025-01-31(Net PP&E + inventory) / total assetsNet PP&E$8.65BpropertyPlantAndEquipmentNetInventory$2.67BinventoryTotal assets$18.64BtotalAssetsResult 60.7% | 2.03xFixed asset turnover · 2025-01-31Revenue / net PP&ERevenue$17.58BtotalRevenueNet PP&E$8.65BpropertyPlantAndEquipmentNetResult 2.03x | 2.47xCapex / D&A · 2025-01-31Capital expenditures / depreciation and amortizationCapex$1.30BcapitalExpendituresD&A$526.90MdepreciationAndAmortizationResult 2.47x | $16.47Tangible book / share · 2025-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.64BtotalAssetsGoodwill$421.20MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$14.67BtotalLiabTangible book$3.56BShares215,900,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $16.47 | 0.65xFixed-charge coverage · 2025-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.02BebitdaCapex$1.30BcapitalExpendituresInterest$107.50MinterestExpenseShort-term debt$1.00BshortLongTermDebtEBITDA − capex$718.60MPrincipal due is the current portion of debt.Result 0.65x | $1.56BFree cash flow · 2025-01-31Reported free cash flowOperating cash flow$2.86BtotalCashFromOperatingActivitiesCapex$1.30BcapitalExpendituresFree cash flow$1.56BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.56B | 17.9%ROIC · 2025-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.46BoperatingIncomeTax expense$341.10MincomeTaxExpensePretax income$1.38BincomeBeforeTaxTax rate24.7%Equity$3.98BtotalStockholderEquityDebt$3.43BlongTermDebt + shortLongTermDebtCash$1.26BcashInvested capital$6.15BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 17.9% | 0.17xEBIT / PP&E · 2025-01-31Operating income / net PP&EOperating income$1.46BoperatingIncomeNet PP&E$8.65BpropertyPlantAndEquipmentNetResult 0.17x |
| 2026 | 88.3%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$9.39BpropertyPlantAndEquipmentNetInventory$2.50BinventoryTotal assets$13.47BtotalAssetsResult 88.3% | 2.07xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$19.41BtotalRevenueNet PP&E$9.39BpropertyPlantAndEquipmentNetResult 2.07x | 1.75xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$1.13BcapitalExpendituresD&A$648.10MdepreciationAndAmortizationResult 1.75x | $16.15Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.47BtotalAssetsGoodwill$423.20MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$9.71BtotalLiabTangible book$3.33BShares206,300,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $16.15 | 1.13xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.36BebitdaCapex$1.13BcapitalExpendituresInterest$85.50MinterestExpenseShort-term debt$1.00BshortTermDebtEBITDA − capex$1.23BPrincipal due is short-term debt.Result 1.13x | $1.40BFree cash flow · 2026-01-31Reported free cash flowOperating cash flow$2.53BtotalCashFromOperatingActivitiesCapex$1.13BcapitalExpendituresFree cash flow$1.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.40B | 22.7%ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.65BoperatingIncomeTax expense$404.20MincomeTaxExpensePretax income$1.63BincomeBeforeTaxTax rate24.8%Equity$3.75BtotalStockholderEquityDebt$2.43BlongTermDebt + shortLongTermDebtCash$717.80McashInvested capital$5.47BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 22.7% | 0.18xEBIT / PP&E · 2026-01-31Operating income / net PP&EOperating income$1.65BoperatingIncomeNet PP&E$9.39BpropertyPlantAndEquipmentNetResult 0.18x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: $9.39B
Inventory: $2.50B
Total assets: $13.47B
Goodwill: $423.20M
Intangibles: $0.00
Liabilities: $9.71B
Tangible book: $3.33B
Shares: 206,300,000
Revenue: $19.41B
Capex: $1.13B
D&A: $648.10M
EBITDA: $2.36B
Interest: $85.50M
Short-term debt: $1.00B
Free cash flow: $1.40B
Operating income: $1.65B
Invested capital: $5.47B
Tax rate: 24.8%