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.
Equinix Inc
Physical assets are 62.2% of total assets, a heavy footprint. Capex is 2.09x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.13x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.37x.
Physical asset ratio
62.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$24.98BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$40.14BtotalAssetsInventory was not reported and is treated as zero.Result 62.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.37xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$9.26BtotalRevenueNet PP&E$24.98BpropertyPlantAndEquipmentNetResult 0.37x
Revenue per dollar of the physical asset base.
Capex / D&A
2.09xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.31BcapitalExpendituresD&A$2.07BdepreciationAndAmortizationResult 2.09x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$70.10Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$40.14BtotalAssetsGoodwill$5.98BgoodWillIntangibles$1.32BintangibleAssetsLiabilities$25.96BtotalLiabTangible book$6.88BShares98,123,000commonStockSharesOutstandingResult $70.10
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
14.38xPrice / tangible bookPrice / tangible book per sharePrice$1.01KLatest quoteTangible book / share$70.102025-12-31Result 14.38x
Price $1.01K.
Fixed-charge coverage
-0.13xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.07BebitdaCapex$4.31BcapitalExpendituresInterest$569.00MinterestExpenseShort-term debt$1.32BshortLongTermDebtEBITDA − capex-$239.00MPrincipal due is the current portion of debt.Result -0.13x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-0.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$400.00MfreeCashFlowMarket cap$98.61BMarketCapitalizationResult -0.4%
Latest free cash flow divided by current market cap ($98.61B).
ROIC
4.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.85BoperatingIncomeTax expense$160.00MincomeTaxExpensePretax income$1.51BincomeBeforeTaxTax rate10.6%Equity$14.16BtotalStockholderEquityDebt$22.73BshortLongTermDebtTotalCash$3.23BcashAndShortTermInvestmentsInvested capital$33.66BResult 4.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.07x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 54.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.03BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$20.24BtotalAssetsResult 54.5% | 0.46xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$5.07BtotalRevenueNet PP&E$11.03BpropertyPlantEquipmentResult 0.46x | 1.71xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.10BcapitalExpendituresD&A$1.23BdepreciationAndAmortizationResult 1.71x | $0.62Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$20.24BtotalAssetsGoodwill$4.84BgoodWillIntangibles$2.33BintangibleAssetsLiabilities$13.03BtotalLiabTangible book$49.60MShares80,197,000commonStockSharesOutstandingResult $0.62 | 0.10xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.18BebitdaCapex$2.10BcapitalExpendituresInterest$521.49MinterestExpenseShort-term debt$374.13MshortLongTermDebtEBITDA − capex$85.85MPrincipal due is the current portion of debt.Result 0.10x | -$280.75MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.82BtotalCashFromOperatingActivitiesCapex$2.10BcapitalExpendituresFree cash flow-$280.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$280.75M | 4.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$977.38MoperatingIncomeTax expense$67.68MincomeTaxExpensePretax income$433.04MincomeBeforeTaxTax rate15.6%Equity$7.22BtotalStockholderEquityDebt$11.33BshortLongTermDebtTotalCash$610.71McashAndShortTermInvestmentsInvested capital$17.94BResult 4.6% | 0.09xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$977.38MoperatingIncomeNet PP&E$11.03BpropertyPlantEquipmentResult 0.09x |
| 2019 | 50.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.15BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$23.97BtotalAssetsResult 50.7% | 0.46xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$5.56BtotalRevenueNet PP&E$12.15BpropertyPlantEquipmentResult 0.46x | 1.62xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.08BcapitalExpendituresD&A$1.28BdepreciationAndAmortizationResult 1.62x | $23.10Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.97BtotalAssetsGoodwill$4.78BgoodWillIntangibles$2.10BintangibleAssetsLiabilities$15.13BtotalLiabTangible book$1.96BShares84,679,000commonStockSharesOutstandingResult $23.10 | 0.31xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.46BebitdaCapex$2.08BcapitalExpendituresInterest$479.68MinterestExpenseShort-term debt$720.83MshortLongTermDebtEBITDA − capex$377.60MPrincipal due is the current portion of debt.Result 0.31x | -$86.79MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.99BtotalCashFromOperatingActivitiesCapex$2.08BcapitalExpendituresFree cash flow-$86.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$86.79M | 4.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.17BoperatingIncomeTax expense$185.35MincomeTaxExpensePretax income$692.60MincomeBeforeTaxTax rate26.8%Equity$8.84BtotalStockholderEquityDebt$13.29BshortLongTermDebtTotalCash$1.88BcashAndShortTermInvestmentsInvested capital$20.25BResult 4.2% | 0.10xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.17BoperatingIncomeNet PP&E$12.15BpropertyPlantEquipmentResult 0.10x |
| 2020 | 53.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.50BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$27.04BtotalAssetsInventory was not reported and is treated as zero.Result 53.6% | 0.41xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$6.00BtotalRevenueNet PP&E$14.50BpropertyPlantEquipmentResult 0.41x | 1.60xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.28BcapitalExpendituresD&A$1.42BdepreciationAndAmortizationResult 1.60x | $33.83Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.04BtotalAssetsGoodwill$5.47BgoodWillIntangibles$2.17BintangibleAssetsLiabilities$16.40BtotalLiabTangible book$2.99BShares88,410,000commonStockSharesOutstandingResult $33.83 | 0.10xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.35BebitdaCapex$2.28BcapitalExpendituresInterest$406.47MinterestExpenseShort-term debt$232.48MshortLongTermDebtEBITDA − capex$63.56MPrincipal due is the current portion of debt.Result 0.10x | $27.32MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$2.31BtotalCashFromOperatingActivitiesCapex$2.28BcapitalExpendituresFree cash flow$27.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $27.32M | 3.3%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.05BoperatingIncomeTax expense$146.15MincomeTaxExpensePretax income$516.23MincomeBeforeTaxTax rate28.3%Equity$10.63BtotalStockholderEquityDebt$13.92BshortLongTermDebtTotalCash$1.61BcashAndShortTermInvestmentsInvested capital$22.95BResult 3.3% | 0.07xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$1.05BoperatingIncomeNet PP&E$14.50BpropertyPlantEquipmentResult 0.07x |
| 2021 | 60.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$16.73BpropertyPlantEquipmentInventory$276.20MinventoryTotal assets$27.92BtotalAssetsResult 60.9% | 0.40xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$6.64BtotalRevenueNet PP&E$16.73BpropertyPlantEquipmentResult 0.40x | 1.66xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$2.75BcapitalExpendituresD&A$1.66BdepreciationAndAmortizationResult 1.66x | $39.54Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.92BtotalAssetsGoodwill$5.37BgoodWillIntangibles$1.94BintangibleAssetsLiabilities$17.04BtotalLiabTangible book$3.57BShares90,409,000commonStockSharesOutstandingResult $39.54 | -0.41xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.60BebitdaCapex$2.75BcapitalExpendituresInterest$336.08MinterestExpenseShort-term debt$33.09MshortLongTermDebtEBITDA − capex-$150.19MPrincipal due is the current portion of debt.Result -0.41x | -$204.31MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.55BtotalCashFromOperatingActivitiesCapex$2.75BcapitalExpendituresFree cash flow-$204.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$204.31M | 3.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.11BoperatingIncomeTax expense$109.22MincomeTaxExpensePretax income$608.95MincomeBeforeTaxTax rate17.9%Equity$10.88BtotalStockholderEquityDebt$14.99BshortLongTermDebtTotalCash$1.54BcashInvested capital$24.34BResult 3.7% | 0.07xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.11BoperatingIncomeNet PP&E$16.73BpropertyPlantEquipmentResult 0.07x |
| 2022 | 55.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$16.65BpropertyPlantEquipmentInventory$84.32MinventoryTotal assets$30.31BtotalAssetsResult 55.2% | 0.44xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$7.26BtotalRevenueNet PP&E$16.65BpropertyPlantEquipmentResult 0.44x | 1.31xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$2.28BcapitalExpendituresD&A$1.74BdepreciationAndAmortizationResult 1.31x | $43.06Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$30.31BtotalAssetsGoodwill$5.65BgoodWillIntangibles$1.90BintangibleAssetsLiabilities$18.80BtotalLiabTangible book$3.95BShares91,828,000commonStockSharesOutstandingResult $43.06 | 1.76xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.92BebitdaCapex$2.28BcapitalExpendituresInterest$356.00MinterestExpenseShort-term debt$9.85MshortLongTermDebtEBITDA − capex$644.00MPrincipal due is the current portion of debt.Result 1.76x | $685.18MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$2.96BtotalCashFromOperatingActivitiesCapex$2.28BcapitalExpendituresFree cash flow$685.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $685.18M | 3.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.20BoperatingIncomeTax expense$124.00MincomeTaxExpensePretax income$829.00MincomeBeforeTaxTax rate15.0%Equity$11.51BtotalStockholderEquityDebt$16.47BshortLongTermDebtTotalCash$1.91BcashInvested capital$26.07BResult 3.9% | 0.07xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.20BoperatingIncomeNet PP&E$16.65BpropertyPlantEquipmentResult 0.07x |
| 2023 | 57.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.60BpropertyPlantEquipmentInventory$0.00inventoryTotal assets$32.65BtotalAssetsResult 57.0% | 0.44xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$8.19BtotalRevenueNet PP&E$18.60BpropertyPlantEquipmentResult 0.44x | 1.51xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.78BcapitalExpendituresD&A$1.84BdepreciationAndAmortizationResult 1.51x | $53.95Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$32.65BtotalAssetsGoodwill$5.74BgoodWillIntangibles$1.70BintangibleAssetsLiabilities$20.14BtotalLiabTangible book$5.07BShares94,009,000commonStockSharesOutstandingResult $53.95 | 0.42xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.37BebitdaCapex$2.78BcapitalExpendituresInterest$402.00MinterestExpenseShort-term debt$1.01BshortLongTermDebtEBITDA − capex$588.98MPrincipal due is the current portion of debt.Result 0.42x | $562.12MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$3.34BtotalCashFromOperatingActivitiesCapex$2.78BcapitalExpendituresFree cash flow$562.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $562.12M | 4.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.44BoperatingIncomeTax expense$155.00MincomeTaxExpensePretax income$1.12BincomeBeforeTaxTax rate13.8%Equity$12.51BtotalStockholderEquityDebt$17.46BshortLongTermDebtTotalCash$2.14BcashAndShortTermInvestmentsInvested capital$27.83BResult 4.5% | 0.08xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.44BoperatingIncomeNet PP&E$18.60BpropertyPlantEquipmentResult 0.08x |
| 2024 | 58.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$20.67BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$35.09BtotalAssetsInventory was not reported and is treated as zero.Result 58.9% | 0.42xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$8.75BtotalRevenueNet PP&E$20.67BpropertyPlantAndEquipmentNetResult 0.42x | 1.53xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$3.07BcapitalExpendituresD&A$2.01BdepreciationAndAmortizationResult 1.53x | $68.16Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$35.09BtotalAssetsGoodwill$5.50BgoodWillIntangibles$1.42BintangibleAssetsLiabilities$21.53BtotalLiabTangible book$6.63BShares97,287,000commonStockSharesOutstandingResult $68.16 | 0.47xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.44BebitdaCapex$3.07BcapitalExpendituresInterest$457.00MinterestExpenseShort-term debt$338.00MshortTermDebtEBITDA − capex$375.00MPrincipal due is short-term debt.Result 0.47x | $183.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$3.25BtotalCashFromOperatingActivitiesCapex$3.07BcapitalExpendituresFree cash flow$183.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $183.00M | 4.1%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.33BoperatingIncomeTax expense$161.00MincomeTaxExpensePretax income$975.00MincomeBeforeTaxTax rate16.5%Equity$13.55BtotalStockholderEquityDebt$17.12BshortLongTermDebtTotalCash$3.61BcashAndShortTermInvestmentsInvested capital$27.06BResult 4.1% | 0.06xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.33BoperatingIncomeNet PP&E$20.67BpropertyPlantAndEquipmentNetResult 0.06x |
| 2025 | 62.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$24.98BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$40.14BtotalAssetsInventory was not reported and is treated as zero.Result 62.2% | 0.37xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$9.26BtotalRevenueNet PP&E$24.98BpropertyPlantAndEquipmentNetResult 0.37x | 2.09xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.31BcapitalExpendituresD&A$2.07BdepreciationAndAmortizationResult 2.09x | $70.10Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$40.14BtotalAssetsGoodwill$5.98BgoodWillIntangibles$1.32BintangibleAssetsLiabilities$25.96BtotalLiabTangible book$6.88BShares98,123,000commonStockSharesOutstandingResult $70.10 | -0.13xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.07BebitdaCapex$4.31BcapitalExpendituresInterest$569.00MinterestExpenseShort-term debt$1.32BshortLongTermDebtEBITDA − capex-$239.00MPrincipal due is the current portion of debt.Result -0.13x | -$400.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$3.91BtotalCashFromOperatingActivitiesCapex$4.31BcapitalExpendituresFree cash flow-$400.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$400.00M | 4.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.85BoperatingIncomeTax expense$160.00MincomeTaxExpensePretax income$1.51BincomeBeforeTaxTax rate10.6%Equity$14.16BtotalStockholderEquityDebt$22.73BshortLongTermDebtTotalCash$3.23BcashAndShortTermInvestmentsInvested capital$33.66BResult 4.9% | 0.07xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.85BoperatingIncomeNet PP&E$24.98BpropertyPlantAndEquipmentNetResult 0.07x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $24.98B
Inventory: $0.00
Total assets: $40.14B
Goodwill: $5.98B
Intangibles: $1.32B
Liabilities: $25.96B
Tangible book: $6.88B
Shares: 98,123,000
Revenue: $9.26B
Capex: $4.31B
D&A: $2.07B
EBITDA: $4.07B
Interest: $569.00M
Short-term debt: $1.32B
Free cash flow: -$400.00M
Operating income: $1.85B
Invested capital: $33.66B
Tax rate: 10.6%