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.
Elbit Systems Ltd
Physical assets are 39.7% of total assets, a mixed footprint. Capex is 1.42x 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 16.8%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 4.18x.
Physical asset ratio
39.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.90BpropertyPlantAndEquipmentNetInventory$3.13BinventoryTotal assets$12.66BtotalAssetsResult 39.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.18xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$7.94BtotalRevenueNet PP&E$1.90BpropertyPlantAndEquipmentNetResult 4.18x
Revenue per dollar of the physical asset base.
Capex / D&A
1.42xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$244.17McapitalExpendituresD&A$171.43MdepreciationAndAmortizationResult 1.42x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$49.21Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.66BtotalAssetsGoodwill$1.50BgoodWillIntangibles$324.72MintangibleAssetsLiabilities$8.53BtotalLiabTangible book$2.31BShares46,918,000commonStockSharesOutstandingResult $49.21
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
15.85xPrice / tangible bookPrice / tangible book per sharePrice$779.68Latest quoteTangible book / share$49.212025-12-31Result 15.85x
Price $779.68.
Fixed-charge coverage
3.09xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$804.92MebitdaCapex$244.17McapitalExpendituresInterest$47.25MinterestExpenseShort-term debt$133.98MshortLongTermDebtEBITDA − capex$560.75MPrincipal due is the current portion of debt.Result 3.09x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$598.40MfreeCashFlowMarket cap$36.54BMarketCapitalizationResult 1.6%
Latest free cash flow divided by current market cap ($36.54B).
ROIC
16.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$687.18MoperatingIncomeTax expense$55.54MincomeTaxExpensePretax income$591.16MincomeBeforeTaxTax rate9.4%Equity$4.13BtotalStockholderEquityDebt$389.61MlongTermDebt + shortLongTermDebtCash$815.91McashAndShortTermInvestmentsInvested capital$3.70BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 16.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.36x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 28.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$686.62MpropertyPlantEquipmentInventory$1.14BinventoryTotal assets$6.45BtotalAssetsResult 28.3% | 5.36xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.68BtotalRevenueNet PP&E$686.62MpropertyPlantEquipmentResult 5.36x | 0.87xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$102.30McapitalExpendituresD&A$118.21MdepreciationAndAmortizationResult 0.87x | $13.39Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.45BtotalAssetsGoodwill$1.02BgoodWillIntangibles$258.73MintangibleAssetsLiabilities$4.60BtotalLiabTangible book$573.06MShares42,789,000commonStockSharesOutstandingResult $13.39 | 0.93xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$383.81MebitdaCapex$102.30McapitalExpendituresInterest$32.80MinterestExpenseShort-term debt$271.37MshortTermDebtEBITDA − capex$281.51MPrincipal due is short-term debt.Result 0.93x | $89.36MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$191.66MtotalCashFromOperatingActivitiesCapex$102.30McapitalExpendituresFree cash flow$89.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $89.36M | 10.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$292.83MoperatingIncomeTax expense$26.45MincomeTaxExpensePretax income$235.10MincomeBeforeTaxTax rate11.2%Equity$1.83BtotalStockholderEquityDebt$795.32MshortLongTermDebtTotalCash$224.93McashAndShortTermInvestmentsInvested capital$2.40BResult 10.8% | 0.43xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$292.83MoperatingIncomeNet PP&E$686.62MpropertyPlantEquipmentResult 0.43x |
| 2019 | 32.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.13BpropertyPlantEquipmentInventory$1.22BinventoryTotal assets$7.34BtotalAssetsResult 32.1% | 3.98xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$4.51BtotalRevenueNet PP&E$1.13BpropertyPlantEquipmentResult 3.98x | 1.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$137.60McapitalExpendituresD&A$137.15MdepreciationAndAmortizationResult 1.00x | $11.95Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.34BtotalAssetsGoodwill$1.34BgoodWillIntangibles$295.32MintangibleAssetsLiabilities$5.18BtotalLiabTangible book$523.90MShares43,848,000commonStockSharesOutstandingResult $11.95 | 0.61xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$411.63MebitdaCapex$137.60McapitalExpendituresInterest$39.63MinterestExpenseShort-term debt$408.28MshortLongTermDebtEBITDA − capex$274.02MPrincipal due is the current portion of debt.Result 0.61x | -$190.92MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$53.32MtotalCashFromOperatingActivitiesCapex$137.60McapitalExpendituresFree cash flow-$190.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$190.92M | 9.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$321.61MoperatingIncomeTax expense$19.41MincomeTaxExpensePretax income$248.07MincomeBeforeTaxTax rate7.8%Equity$2.14BtotalStockholderEquityDebt$1.23BshortLongTermDebtTotalCash$223.27McashAndShortTermInvestmentsInvested capital$3.15BResult 9.4% | 0.28xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$321.61MoperatingIncomeNet PP&E$1.13BpropertyPlantEquipmentResult 0.28x |
| 2020 | 30.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.21BpropertyPlantEquipmentInventory$1.22BinventoryTotal assets$8.06BtotalAssetsResult 30.2% | 3.85xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.66BtotalRevenueNet PP&E$1.21BpropertyPlantEquipmentResult 3.85x | 0.92xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$132.21McapitalExpendituresD&A$144.42MdepreciationAndAmortizationResult 0.92x | $14.11Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.06BtotalAssetsGoodwill$1.32BgoodWillIntangibles$290.85MintangibleAssetsLiabilities$5.83BtotalLiabTangible book$623.75MShares44,215,000commonStockSharesOutstandingResult $14.11 | 0.74xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$430.18MebitdaCapex$132.21McapitalExpendituresInterest$71.27MinterestExpenseShort-term debt$330.97MshortLongTermDebtEBITDA − capex$297.97MPrincipal due is the current portion of debt.Result 0.74x | $146.62MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$278.83MtotalCashFromOperatingActivitiesCapex$132.21McapitalExpendituresFree cash flow$146.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $146.62M | 10.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$325.69MoperatingIncomeTax expense$36.44MincomeTaxExpensePretax income$274.43MincomeBeforeTaxTax rate13.3%Equity$2.22BtotalStockholderEquityDebt$739.79MlongTermDebt + shortLongTermDebtCash$280.32McashAndShortTermInvestmentsInvested capital$2.68BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 10.5% | 0.27xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$325.69MoperatingIncomeNet PP&E$1.21BpropertyPlantEquipmentResult 0.27x |
| 2021 | 30.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.32BpropertyPlantEquipmentInventory$1.49BinventoryTotal assets$9.32BtotalAssetsResult 30.2% | 4.00xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$5.28BtotalRevenueNet PP&E$1.32BpropertyPlantEquipmentResult 4.00x | 1.23xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$188.62McapitalExpendituresD&A$153.09MdepreciationAndAmortizationResult 1.23x | $11.79Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.32BtotalAssetsGoodwill$1.55BgoodWillIntangibles$473.87MintangibleAssetsLiabilities$6.77BtotalLiabTangible book$521.85MShares44,278,000commonStockSharesOutstandingResult $11.79 | 2.97xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$560.80MebitdaCapex$188.62McapitalExpendituresInterest$18.90MinterestExpenseShort-term debt$106.36MshortLongTermDebtEBITDA − capex$372.18MPrincipal due is the current portion of debt.Result 2.97x | $228.31MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$416.93MtotalCashFromOperatingActivitiesCapex$188.62McapitalExpendituresFree cash flow$228.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $228.31M | 7.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$406.79MoperatingIncomeTax expense$131.39MincomeTaxExpensePretax income$406.05MincomeBeforeTaxTax rate32.4%Equity$2.53BtotalStockholderEquityDebt$1.45BshortLongTermDebtTotalCash$260.18McashAndShortTermInvestmentsInvested capital$3.73BResult 7.4% | 0.31xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$406.79MoperatingIncomeNet PP&E$1.32BpropertyPlantEquipmentResult 0.31x |
| 2022 | 35.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.35BpropertyPlantEquipmentInventory$1.95BinventoryTotal assets$9.22BtotalAssetsResult 35.8% | 4.07xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$5.51BtotalRevenueNet PP&E$1.35BpropertyPlantEquipmentResult 4.07x | 1.27xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$205.11McapitalExpendituresD&A$161.29MdepreciationAndAmortizationResult 1.27x | $18.40Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.22BtotalAssetsGoodwill$1.50BgoodWillIntangibles$435.06MintangibleAssetsLiabilities$6.46BtotalLiabTangible book$820.12MShares44,581,000commonStockSharesOutstandingResult $18.40 | 1.19xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$495.00MebitdaCapex$205.11McapitalExpendituresInterest$51.36MinterestExpenseShort-term debt$191.63MshortLongTermDebtEBITDA − capex$289.89MPrincipal due is the current portion of debt.Result 1.19x | $34.96MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$240.07MtotalCashFromOperatingActivitiesCapex$205.11McapitalExpendituresFree cash flow$34.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $34.96M | 8.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$362.93MoperatingIncomeTax expense$24.13MincomeTaxExpensePretax income$299.60MincomeBeforeTaxTax rate8.1%Equity$2.76BtotalStockholderEquityDebt$1.29BshortLongTermDebtTotalCash$212.15McashAndShortTermInvestmentsInvested capital$3.83BResult 8.7% | 0.27xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$362.93MoperatingIncomeNet PP&E$1.35BpropertyPlantEquipmentResult 0.27x |
| 2023 | 36.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.51BpropertyPlantAndEquipmentNetInventory$2.03BinventoryTotal assets$9.74BtotalAssetsResult 36.4% | 3.95xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$5.97BtotalRevenueNet PP&E$1.51BpropertyPlantAndEquipmentNetResult 3.95x | 1.13xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$187.04McapitalExpendituresD&A$164.80MdepreciationAndAmortizationResult 1.13x | $23.79Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.74BtotalAssetsGoodwill$1.50BgoodWillIntangibles$390.52MintangibleAssetsLiabilities$6.79BtotalLiabTangible book$1.06BShares44,592,000commonStockSharesOutstandingResult $23.79 | 0.41xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$488.62MebitdaCapex$187.04McapitalExpendituresInterest$76.47MinterestExpenseShort-term debt$651.88MshortLongTermDebtEBITDA − capex$301.58MPrincipal due is the current portion of debt.Result 0.41x | -$73.33MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$113.71MtotalCashFromOperatingActivitiesCapex$187.04McapitalExpendituresFree cash flow-$73.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$73.33M | 7.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$362.51MoperatingIncomeTax expense$22.91MincomeTaxExpensePretax income$238.77MincomeBeforeTaxTax rate9.6%Equity$2.95BtotalStockholderEquityDebt$1.47BshortLongTermDebtTotalCash$207.95McashAndShortTermInvestmentsInvested capital$4.21BResult 7.8% | 0.24xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$362.51MoperatingIncomeNet PP&E$1.51BpropertyPlantAndEquipmentNetResult 0.24x |
| 2024 | 41.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.80BpropertyPlantAndEquipmentNetInventory$2.77BinventoryTotal assets$10.97BtotalAssetsResult 41.7% | 3.78xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$6.83BtotalRevenueNet PP&E$1.80BpropertyPlantAndEquipmentNetResult 3.78x | 1.36xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$215.05McapitalExpendituresD&A$158.39MdepreciationAndAmortizationResult 1.36x | $32.11Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.97BtotalAssetsGoodwill$1.49BgoodWillIntangibles$354.76MintangibleAssetsLiabilities$7.69BtotalLiabTangible book$1.44BShares44,709,000commonStockSharesOutstandingResult $32.11 | 0.63xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$632.80MebitdaCapex$215.05McapitalExpendituresInterest$132.67MinterestExpenseShort-term debt$525.42MshortLongTermDebtEBITDA − capex$417.75MPrincipal due is the current portion of debt.Result 0.63x | $319.56MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$534.61MtotalCashFromOperatingActivitiesCapex$215.05McapitalExpendituresFree cash flow$319.56MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $319.56M | 11.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$509.96MoperatingIncomeTax expense$39.06MincomeTaxExpensePretax income$360.92MincomeBeforeTaxTax rate10.8%Equity$3.28BtotalStockholderEquityDebt$831.34MlongTermDebt + shortLongTermDebtCash$266.68McashAndShortTermInvestmentsInvested capital$3.84BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 11.8% | 0.28xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$509.96MoperatingIncomeNet PP&E$1.80BpropertyPlantAndEquipmentNetResult 0.28x |
| 2025 | 39.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.90BpropertyPlantAndEquipmentNetInventory$3.13BinventoryTotal assets$12.66BtotalAssetsResult 39.7% | 4.18xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$7.94BtotalRevenueNet PP&E$1.90BpropertyPlantAndEquipmentNetResult 4.18x | 1.42xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$244.17McapitalExpendituresD&A$171.43MdepreciationAndAmortizationResult 1.42x | $49.21Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.66BtotalAssetsGoodwill$1.50BgoodWillIntangibles$324.72MintangibleAssetsLiabilities$8.53BtotalLiabTangible book$2.31BShares46,918,000commonStockSharesOutstandingResult $49.21 | 3.09xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$804.92MebitdaCapex$244.17McapitalExpendituresInterest$47.25MinterestExpenseShort-term debt$133.98MshortLongTermDebtEBITDA − capex$560.75MPrincipal due is the current portion of debt.Result 3.09x | $598.40MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$842.57MtotalCashFromOperatingActivitiesCapex$244.17McapitalExpendituresFree cash flow$598.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $598.40M | 16.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$687.18MoperatingIncomeTax expense$55.54MincomeTaxExpensePretax income$591.16MincomeBeforeTaxTax rate9.4%Equity$4.13BtotalStockholderEquityDebt$389.61MlongTermDebt + shortLongTermDebtCash$815.91McashAndShortTermInvestmentsInvested capital$3.70BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 16.8% | 0.36xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$687.18MoperatingIncomeNet PP&E$1.90BpropertyPlantAndEquipmentNetResult 0.36x |
- 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: $1.90B
Inventory: $3.13B
Total assets: $12.66B
Goodwill: $1.50B
Intangibles: $324.72M
Liabilities: $8.53B
Tangible book: $2.31B
Shares: 46,918,000
Revenue: $7.94B
Capex: $244.17M
D&A: $171.43M
EBITDA: $804.92M
Interest: $47.25M
Short-term debt: $133.98M
Free cash flow: $598.40M
Operating income: $687.18M
Invested capital: $3.70B
Tax rate: 9.4%