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.
Elevance Health Inc
Physical assets are 4.2% of total assets, a light footprint. Capex is 0.72x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 10.1%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 38.81x. Compare it with other names in the same basket.
Physical asset ratio
4.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.13BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$121.49BtotalAssetsInventory was not reported and is treated as zero.Result 4.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
38.81xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$199.13BtotalRevenueNet PP&E$5.13BpropertyPlantAndEquipmentNetResult 38.81x
Revenue per dollar of the physical asset base.
Capex / D&A
0.72xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.12BcapitalExpendituresD&A$1.55BdepreciationAndAmortizationResult 0.72x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$20.21Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$121.49BtotalAssetsGoodwill$28.34BgoodWillIntangibles$11.20BintangibleAssetsLiabilities$77.47BtotalLiabTangible book$4.48BShares221,800,000commonStockSharesOutstandingResult $20.21
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
20.79xPrice / tangible bookPrice / tangible book per sharePrice$420.07Latest quoteTangible book / share$20.212025-12-31Result 20.79x
Price $420.07.
Fixed-charge coverage
3.22xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.66BebitdaCapex$1.12BcapitalExpendituresInterest$1.40BinterestExpenseShort-term debt$1.25BshortLongTermDebtEBITDA − capex$8.54BPrincipal due is the current portion of debt.Result 3.22x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$3.17BfreeCashFlowMarket cap$91.52BMarketCapitalizationResult 3.5%
Latest free cash flow divided by current market cap ($91.52B).
ROIC
10.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.11BoperatingIncomeTax expense$1.05BincomeTaxExpensePretax income$6.71BincomeBeforeTaxTax rate15.6%Equity$43.88BtotalStockholderEquityDebt$33.24BshortLongTermDebtTotalCash$9.49BcashAndEquivalentsInvested capital$67.63BResult 10.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.58x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -31.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.74BpropertyPlantEquipmentInventory-$25.55BinventoryTotal assets$72.47BtotalAssetsResult -31.5% | 33.68xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$92.11BtotalRevenueNet PP&E$2.74BpropertyPlantEquipmentResult 33.68x | 1.07xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.21BcapitalExpendituresD&A$1.13BdepreciationAndAmortizationResult 1.07x | -$3.81Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$72.47BtotalAssetsGoodwill$20.50BgoodWillIntangibles$9.01BintangibleAssetsLiabilities$43.93BtotalLiabTangible book-$970.00MShares254,300,000commonStockSharesOutstandingResult -$3.81 | 2.09xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.95BebitdaCapex$1.21BcapitalExpendituresInterest$753.00MinterestExpenseShort-term debt$1.99BshortTermDebtEBITDA − capex$5.75BPrincipal due is short-term debt.Result 2.09x | $2.62BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$3.83BtotalCashFromOperatingActivitiesCapex$1.21BcapitalExpendituresFree cash flow$2.62BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.62B | 9.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.84BoperatingIncomeTax expense$1.32BincomeTaxExpensePretax income$5.07BincomeBeforeTaxTax rate26.0%Equity$28.54BtotalStockholderEquityDebt$19.21BshortLongTermDebtTotalCash$3.93BcashAndEquivalentsInvested capital$43.82BResult 9.9% | 2.13xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$5.84BoperatingIncomeNet PP&E$2.74BpropertyPlantEquipmentResult 2.13x |
| 2019 | -32.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.71BpropertyPlantAndEquipmentNetInventory-$29.05BinventoryTotal assets$78.25BtotalAssetsResult -32.4% | 28.10xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$104.21BtotalRevenueNet PP&E$3.71BpropertyPlantAndEquipmentNetResult 28.10x | 0.95xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.08BcapitalExpendituresD&A$1.13BdepreciationAndAmortizationResult 0.95x | $9.81Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$78.25BtotalAssetsGoodwill$20.50BgoodWillIntangibles$8.67BintangibleAssetsLiabilities$46.53BtotalLiabTangible book$2.55BShares260,300,000commonStockSharesOutstandingResult $9.81 | 2.23xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.86BebitdaCapex$1.08BcapitalExpendituresInterest$746.00MinterestExpenseShort-term debt$2.30BshortLongTermDebtEBITDA − capex$6.79BPrincipal due is the current portion of debt.Result 2.23x | $4.98BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$6.06BtotalCashFromOperatingActivitiesCapex$1.08BcapitalExpendituresFree cash flow$4.98BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.98B | 11.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.73BoperatingIncomeTax expense$1.18BincomeTaxExpensePretax income$5.99BincomeBeforeTaxTax rate19.7%Equity$31.73BtotalStockholderEquityDebt$21.21BshortLongTermDebtTotalCash$4.94BcashAndEquivalentsInvested capital$48.00BResult 11.3% | 1.82xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$6.73BoperatingIncomeNet PP&E$3.71BpropertyPlantAndEquipmentNetResult 1.82x |
| 2020 | -34.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.13BpropertyPlantAndEquipmentNetInventory-$34.33BinventoryTotal assets$88.28BtotalAssetsResult -34.2% | 29.51xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$121.87BtotalRevenueNet PP&E$4.13BpropertyPlantAndEquipmentNetResult 29.51x | 0.88xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.02BcapitalExpendituresD&A$1.15BdepreciationAndAmortizationResult 0.88x | $8.27Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$88.28BtotalAssetsGoodwill$21.69BgoodWillIntangibles$9.41BintangibleAssetsLiabilities$55.08BtotalLiabTangible book$2.10BShares254,300,000commonStockSharesOutstandingResult $8.27 | 4.82xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.18BebitdaCapex$1.02BcapitalExpendituresInterest$784.00MinterestExpenseShort-term debt$700.00MshortLongTermDebtEBITDA − capex$7.16BPrincipal due is the current portion of debt.Result 4.82x | $9.67BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$10.69BtotalCashFromOperatingActivitiesCapex$1.02BcapitalExpendituresFree cash flow$9.67BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.67B | 11.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.71BoperatingIncomeTax expense$1.67BincomeTaxExpensePretax income$6.24BincomeBeforeTaxTax rate26.7%Equity$33.20BtotalStockholderEquityDebt$21.84BshortLongTermDebtTotalCash$5.74BcashAndEquivalentsInvested capital$49.30BResult 11.5% | 1.87xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$7.71BoperatingIncomeNet PP&E$4.13BpropertyPlantAndEquipmentNetResult 1.87x |
| 2021 | -34.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.55BpropertyPlantAndEquipmentNetInventory-$38.48BinventoryTotal assets$97.46BtotalAssetsResult -34.8% | 30.49xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$138.64BtotalRevenueNet PP&E$4.55BpropertyPlantAndEquipmentNetResult 30.49x | 0.83xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.09BcapitalExpendituresD&A$1.30BdepreciationAndAmortizationResult 0.83x | $5.21Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$97.46BtotalAssetsGoodwill$24.23BgoodWillIntangibles$10.62BintangibleAssetsLiabilities$61.33BtotalLiabTangible book$1.29BShares246,800,000commonStockSharesOutstandingResult $5.21 | 3.35xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.03BebitdaCapex$1.09BcapitalExpendituresInterest$798.00MinterestExpenseShort-term debt$1.87BshortLongTermDebtEBITDA − capex$8.94BPrincipal due is the current portion of debt.Result 3.35x | $7.28BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$8.36BtotalCashFromOperatingActivitiesCapex$1.09BcapitalExpendituresFree cash flow$7.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.28B | 12.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.95BoperatingIncomeTax expense$1.83BincomeTaxExpensePretax income$7.93BincomeBeforeTaxTax rate23.1%Equity$36.06BtotalStockholderEquityDebt$24.89BshortLongTermDebtTotalCash$4.88BcashAndEquivalentsInvested capital$56.07BResult 12.3% | 1.97xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$8.95BoperatingIncomeNet PP&E$4.55BpropertyPlantAndEquipmentNetResult 1.97x |
| 2022 | -6.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.92BpropertyPlantAndEquipmentNetInventory-$11.38BinventoryTotal assets$102.76BtotalAssetsResult -6.3% | 31.83xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$156.60BtotalRevenueNet PP&E$4.92BpropertyPlantAndEquipmentNetResult 31.83x | 0.69xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.15BcapitalExpendituresD&A$1.68BdepreciationAndAmortizationResult 0.69x | $6.72Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$102.76BtotalAssetsGoodwill$24.38BgoodWillIntangibles$10.32BintangibleAssetsLiabilities$66.43BtotalLiabTangible book$1.63BShares242,800,000commonStockSharesOutstandingResult $6.72 | 3.43xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.13BebitdaCapex$1.15BcapitalExpendituresInterest$851.00MinterestExpenseShort-term debt$1.77BshortLongTermDebtEBITDA − capex$8.97BPrincipal due is the current portion of debt.Result 3.43x | $7.25BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$8.40BtotalCashFromOperatingActivitiesCapex$1.15BcapitalExpendituresFree cash flow$7.25BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.25B | 12.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.45BoperatingIncomeTax expense$1.71BincomeTaxExpensePretax income$7.60BincomeBeforeTaxTax rate22.5%Equity$36.24BtotalStockholderEquityDebt$25.80BshortLongTermDebtTotalCash$7.39BcashAndEquivalentsInvested capital$54.65BResult 12.0% | 1.72xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$8.45BoperatingIncomeNet PP&E$4.92BpropertyPlantAndEquipmentNetResult 1.72x |
| 2023 | -38.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.94BpropertyPlantEquipmentInventory-$46.33BinventoryTotal assets$108.93BtotalAssetsResult -38.0% | 34.66xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$171.34BtotalRevenueNet PP&E$4.94BpropertyPlantEquipmentResult 34.66x | 0.74xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.30BcapitalExpendituresD&A$1.75BdepreciationAndAmortizationResult 0.74x | $16.07Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$108.93BtotalAssetsGoodwill$25.32BgoodWillIntangibles$10.27BintangibleAssetsLiabilities$69.52BtotalLiabTangible book$3.82BShares237,400,000commonStockSharesOutstandingResult $16.07 | 3.17xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.49BebitdaCapex$1.30BcapitalExpendituresInterest$1.03BinterestExpenseShort-term debt$1.87BshortLongTermDebtEBITDA − capex$9.19BPrincipal due is the current portion of debt.Result 3.17x | $6.77BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$8.06BtotalCashFromOperatingActivitiesCapex$1.30BcapitalExpendituresFree cash flow$6.77BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.77B | 11.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.75BoperatingIncomeTax expense$1.72BincomeTaxExpensePretax income$7.72BincomeBeforeTaxTax rate22.3%Equity$39.31BtotalStockholderEquityDebt$26.65BshortLongTermDebtTotalCash$6.53BcashAndEquivalentsInvested capital$59.43BResult 11.4% | 1.77xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$8.75BoperatingIncomeNet PP&E$4.94BpropertyPlantEquipmentResult 1.77x |
| 2024 | 4.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.22BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$116.89BtotalAssetsInventory was not reported and is treated as zero.Result 4.5% | 33.88xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$176.81BtotalRevenueNet PP&E$5.22BpropertyPlantEquipmentResult 33.88x | 0.90xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.26BcapitalExpendituresD&A$1.39BdepreciationAndAmortizationResult 0.90x | $4.53Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$116.89BtotalAssetsGoodwill$28.28BgoodWillIntangibles$12.09BintangibleAssetsLiabilities$75.46BtotalLiabTangible book$1.06BShares232,900,000commonStockSharesOutstandingResult $4.53 | 2.88xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.48BebitdaCapex$1.26BcapitalExpendituresInterest$1.19BinterestExpenseShort-term debt$2.01BshortLongTermDebtEBITDA − capex$9.23BPrincipal due is the current portion of debt.Result 2.88x | $4.55BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$5.81BtotalCashFromOperatingActivitiesCapex$1.26BcapitalExpendituresFree cash flow$4.55BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.55B | 10.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.89BoperatingIncomeTax expense$1.93BincomeTaxExpensePretax income$7.90BincomeBeforeTaxTax rate24.5%Equity$41.32BtotalStockholderEquityDebt$32.70BshortLongTermDebtTotalCash$8.29BcashAndEquivalentsInvested capital$65.73BResult 10.2% | 1.70xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$8.89BoperatingIncomeNet PP&E$5.22BpropertyPlantEquipmentResult 1.70x |
| 2025 | 4.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.13BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$121.49BtotalAssetsInventory was not reported and is treated as zero.Result 4.2% | 38.81xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$199.13BtotalRevenueNet PP&E$5.13BpropertyPlantAndEquipmentNetResult 38.81x | 0.72xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.12BcapitalExpendituresD&A$1.55BdepreciationAndAmortizationResult 0.72x | $20.21Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$121.49BtotalAssetsGoodwill$28.34BgoodWillIntangibles$11.20BintangibleAssetsLiabilities$77.47BtotalLiabTangible book$4.48BShares221,800,000commonStockSharesOutstandingResult $20.21 | 3.22xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.66BebitdaCapex$1.12BcapitalExpendituresInterest$1.40BinterestExpenseShort-term debt$1.25BshortLongTermDebtEBITDA − capex$8.54BPrincipal due is the current portion of debt.Result 3.22x | $3.17BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$4.29BtotalCashFromOperatingActivitiesCapex$1.12BcapitalExpendituresFree cash flow$3.17BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.17B | 10.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.11BoperatingIncomeTax expense$1.05BincomeTaxExpensePretax income$6.71BincomeBeforeTaxTax rate15.6%Equity$43.88BtotalStockholderEquityDebt$33.24BshortLongTermDebtTotalCash$9.49BcashAndEquivalentsInvested capital$67.63BResult 10.1% | 1.58xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$8.11BoperatingIncomeNet PP&E$5.13BpropertyPlantAndEquipmentNetResult 1.58x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $5.13B
Inventory: $0.00
Total assets: $121.49B
Goodwill: $28.34B
Intangibles: $11.20B
Liabilities: $77.47B
Tangible book: $4.48B
Shares: 221,800,000
Revenue: $199.13B
Capex: $1.12B
D&A: $1.55B
EBITDA: $9.66B
Interest: $1.40B
Short-term debt: $1.25B
Free cash flow: $3.17B
Operating income: $8.11B
Invested capital: $67.63B
Tax rate: 15.6%