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.
Expedia Group Inc.
Physical assets are 11.2% of total assets, a light footprint. Capex is 0.87x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 269.2%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 5.37x. Compare it with other names in the same basket.
Physical asset ratio
11.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.74BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$24.45BtotalAssetsInventory was not reported and is treated as zero.Result 11.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.37xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$14.73BtotalRevenueNet PP&E$2.74BpropertyPlantAndEquipmentNetResult 5.37x
Revenue per dollar of the physical asset base.
Capex / D&A
0.87xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$770.00McapitalExpendituresD&A$887.00MdepreciationAndAmortizationResult 0.87x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$38.99Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.45BtotalAssetsGoodwill$6.87BgoodWillIntangibles$819.00MintangibleAssetsLiabilities$21.91BtotalLiabTangible book-$5.14BShares131,943,000commonStockSharesOutstandingResult -$38.99
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$285.93Latest quoteTangible book / share-$38.992025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $285.93.
Fixed-charge coverage
1.01xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.78BebitdaCapex$770.00McapitalExpendituresInterest$299.00MinterestExpenseShort-term debt$1.69BshortTermDebtEBITDA − capex$2.01BPrincipal due is short-term debt.Result 1.01x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$3.11BfreeCashFlowMarket cap$33.93BMarketCapitalizationResult 9.2%
Latest free cash flow divided by current market cap ($33.93B).
ROIC
269.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.16BoperatingIncomeTax expense$290.00MincomeTaxExpensePretax income$1.59BincomeBeforeTaxTax rate18.2%Equity$1.28BtotalStockholderEquityDebt$6.67BshortLongTermDebtTotalCash$7.30BcashAndShortTermInvestmentsInvested capital$657.00MResult 269.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.79x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 11.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.88BpropertyPlantEquipmentInventory$259.00MinventoryTotal assets$18.03BtotalAssetsResult 11.8% | 5.98xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$11.22BtotalRevenueNet PP&E$1.88BpropertyPlantEquipmentResult 5.98x | 0.92xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$878.00McapitalExpendituresD&A$959.00MdepreciationAndAmortizationResult 0.92x | -$28.98Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.03BtotalAssetsGoodwill$8.12BgoodWillIntangibles$1.99BintangibleAssetsLiabilities$12.35BtotalLiabTangible book-$4.43BShares152,889,000commonStockSharesOutstandingResult -$28.98 | 2.86xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.63BebitdaCapex$878.00McapitalExpendituresInterest$190.00MinterestExpenseShort-term debt$74.00MshortTermDebtEBITDA − capex$756.00MPrincipal due is short-term debt.Result 2.86x | $1.10BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.98BtotalCashFromOperatingActivitiesCapex$878.00McapitalExpendituresFree cash flow$1.10BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.10B | 8.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$714.00MoperatingIncomeTax expense$87.00MincomeTaxExpensePretax income$485.00MincomeBeforeTaxTax rate17.9%Equity$5.68BtotalStockholderEquityDebt$3.79BshortLongTermDebtTotalCash$2.47BcashAndShortTermInvestmentsInvested capital$7.00BResult 8.4% | 0.38xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$714.00MoperatingIncomeNet PP&E$1.88BpropertyPlantEquipmentResult 0.38x |
| 2019 | 16.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.81BpropertyPlantAndEquipmentNetInventory$779.00MinventoryTotal assets$21.42BtotalAssetsResult 16.8% | 4.30xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$12.07BtotalRevenueNet PP&E$2.81BpropertyPlantAndEquipmentNetResult 4.30x | 1.27xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.16BcapitalExpendituresD&A$910.00MdepreciationAndAmortizationResult 1.27x | -$29.32Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.42BtotalAssetsGoodwill$8.13BgoodWillIntangibles$1.80BintangibleAssetsLiabilities$15.88BtotalLiabTangible book-$4.40BShares149,884,000commonStockSharesOutstandingResult -$29.32 | 0.75xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.85BebitdaCapex$1.16BcapitalExpendituresInterest$173.00MinterestExpenseShort-term debt$749.00MshortTermDebtEBITDA − capex$691.00MPrincipal due is short-term debt.Result 0.75x | $1.61BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$2.77BtotalCashFromOperatingActivitiesCapex$1.16BcapitalExpendituresFree cash flow$1.61BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.61B | 11.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$903.00MoperatingIncomeTax expense$203.00MincomeTaxExpensePretax income$775.00MincomeBeforeTaxTax rate26.2%Equity$3.97BtotalStockholderEquityDebt$5.47BshortLongTermDebtTotalCash$3.84BcashAndShortTermInvestmentsInvested capital$5.60BResult 11.9% | 0.32xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$903.00MoperatingIncomeNet PP&E$2.81BpropertyPlantAndEquipmentNetResult 0.32x |
| 2020 | 19.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.83BpropertyPlantAndEquipmentNetInventory$772.00MinventoryTotal assets$18.69BtotalAssetsResult 19.3% | 1.84xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$5.20BtotalRevenueNet PP&E$2.83BpropertyPlantAndEquipmentNetResult 1.84x | 0.75xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$797.00McapitalExpendituresD&A$1.07BdepreciationAndAmortizationResult 0.75x | -$34.43Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.69BtotalAssetsGoodwill$7.38BgoodWillIntangibles$1.52BintangibleAssetsLiabilities$14.66BtotalLiabTangible book-$4.87BShares141,414,000commonStockSharesOutstandingResult -$34.43 | -2.52xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$428.00MebitdaCapex$797.00McapitalExpendituresInterest$360.00MinterestExpenseShort-term debt$126.00MshortTermDebtEBITDA − capex-$1.23BPrincipal due is short-term debt.Result -2.52x | -$4.63BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$3.83BtotalCashFromOperatingActivitiesCapex$797.00McapitalExpendituresFree cash flow-$4.63BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.63B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.72BoperatingIncomeTax expense-$423.00MincomeTaxExpensePretax income-$3.15BincomeBeforeTaxTax rate—Equity$2.53BtotalStockholderEquityDebt$8.73BshortLongTermDebtTotalCash$3.39BcashAndShortTermInvestmentsInvested capital$7.87BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.96xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$2.72BoperatingIncomeNet PP&E$2.83BpropertyPlantAndEquipmentNetResult -0.96x |
| 2021 | 19.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.59BpropertyPlantAndEquipmentNetInventory$1.69BinventoryTotal assets$21.55BtotalAssetsResult 19.9% | 3.32xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$8.60BtotalRevenueNet PP&E$2.59BpropertyPlantAndEquipmentNetResult 3.32x | 0.83xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$673.00McapitalExpendituresD&A$814.00MdepreciationAndAmortizationResult 0.83x | -$33.47Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.55BtotalAssetsGoodwill$7.17BgoodWillIntangibles$1.39BintangibleAssetsLiabilities$18.00BtotalLiabTangible book-$5.01BShares149,734,000commonStockSharesOutstandingResult -$33.47 | 0.37xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.08BebitdaCapex$673.00McapitalExpendituresInterest$351.00MinterestExpenseShort-term debt$735.00MshortTermDebtEBITDA − capex$403.00MPrincipal due is short-term debt.Result 0.37x | $3.08BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$3.75BtotalCashFromOperatingActivitiesCapex$673.00McapitalExpendituresFree cash flow$3.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.08B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$186.00MoperatingIncomeTax expense$53.00MincomeTaxExpensePretax income-$38.00MincomeBeforeTaxTax rate—Equity$2.06BtotalStockholderEquityDebt$8.81BshortLongTermDebtTotalCash$4.31BcashAndShortTermInvestmentsInvested capital$6.56BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.07xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$186.00MoperatingIncomeNet PP&E$2.59BpropertyPlantAndEquipmentNetResult 0.07x |
| 2022 | 20.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.57BpropertyPlantAndEquipmentNetInventory$1.76BinventoryTotal assets$21.56BtotalAssetsResult 20.1% | 4.53xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$11.67BtotalRevenueNet PP&E$2.57BpropertyPlantAndEquipmentNetResult 4.53x | 0.84xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$662.00McapitalExpendituresD&A$792.00MdepreciationAndAmortizationResult 0.84x | -$28.59Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.56BtotalAssetsGoodwill$7.14BgoodWillIntangibles$1.21BintangibleAssetsLiabilities$17.83BtotalLiabTangible book-$4.62BShares161,751,000commonStockSharesOutstandingResult -$28.59 | 2.67xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.61BebitdaCapex$662.00McapitalExpendituresInterest$277.00MinterestExpenseShort-term debt$77.00MshortTermDebtEBITDA − capex$945.00MPrincipal due is short-term debt.Result 2.67x | $2.78BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$3.44BtotalCashFromOperatingActivitiesCapex$662.00McapitalExpendituresFree cash flow$2.78BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.78B | 14.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.09BoperatingIncomeTax expense$195.00MincomeTaxExpensePretax income$538.00MincomeBeforeTaxTax rate36.2%Equity$2.28BtotalStockholderEquityDebt$6.55BshortLongTermDebtTotalCash$4.14BcashAndShortTermInvestmentsInvested capital$4.69BResult 14.7% | 0.42xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.09BoperatingIncomeNet PP&E$2.57BpropertyPlantAndEquipmentNetResult 0.42x |
| 2023 | 14.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.72BpropertyPlantAndEquipmentNetInventory$365.00MinventoryTotal assets$21.64BtotalAssetsResult 14.2% | 4.73xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$12.84BtotalRevenueNet PP&E$2.72BpropertyPlantAndEquipmentNetResult 4.73x | 1.05xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$846.00McapitalExpendituresD&A$807.00MdepreciationAndAmortizationResult 1.05x | -$33.86Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.64BtotalAssetsGoodwill$6.85BgoodWillIntangibles$1.02BintangibleAssetsLiabilities$18.86BtotalLiabTangible book-$5.09BShares150,228,000commonStockSharesOutstandingResult -$33.86 | 3.94xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.07BebitdaCapex$846.00McapitalExpendituresInterest$245.00MinterestExpenseShort-term debt$66.00MshortTermDebtEBITDA − capex$1.22BPrincipal due is short-term debt.Result 3.94x | $1.84BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$2.69BtotalCashFromOperatingActivitiesCapex$846.00McapitalExpendituresFree cash flow$1.84BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.84B | 18.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.03BoperatingIncomeTax expense$330.00MincomeTaxExpensePretax income$1.02BincomeBeforeTaxTax rate32.4%Equity$1.53BtotalStockholderEquityDebt$6.57BshortLongTermDebtTotalCash$4.25BcashAndShortTermInvestmentsInvested capital$3.85BResult 18.1% | 0.38xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.03BoperatingIncomeNet PP&E$2.72BpropertyPlantAndEquipmentNetResult 0.38x |
| 2024 | 12.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.72BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$22.39BtotalAssetsInventory was not reported and is treated as zero.Result 12.1% | 5.04xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$13.69BtotalRevenueNet PP&E$2.72BpropertyPlantAndEquipmentNetResult 5.04x | 0.90xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$756.00McapitalExpendituresD&A$838.00MdepreciationAndAmortizationResult 0.90x | -$35.25Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$22.39BtotalAssetsGoodwill$6.84BgoodWillIntangibles$817.00MintangibleAssetsLiabilities$19.59BtotalLiabTangible book-$4.86BShares137,919,000commonStockSharesOutstandingResult -$35.25 | 1.45xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.63BebitdaCapex$756.00McapitalExpendituresInterest$246.00MinterestExpenseShort-term debt$1.04BshortTermDebtEBITDA − capex$1.87BPrincipal due is short-term debt.Result 1.45x | $2.33BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$3.09BtotalCashFromOperatingActivitiesCapex$756.00McapitalExpendituresFree cash flow$2.33BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.33B | 29.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.32BoperatingIncomeTax expense$318.00MincomeTaxExpensePretax income$1.54BincomeBeforeTaxTax rate20.6%Equity$1.56BtotalStockholderEquityDebt$6.53BshortLongTermDebtTotalCash$4.48BcashAndShortTermInvestmentsInvested capital$3.61BResult 29.0% | 0.49xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.32BoperatingIncomeNet PP&E$2.72BpropertyPlantAndEquipmentNetResult 0.49x |
| 2025 | 11.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.74BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$24.45BtotalAssetsInventory was not reported and is treated as zero.Result 11.2% | 5.37xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$14.73BtotalRevenueNet PP&E$2.74BpropertyPlantAndEquipmentNetResult 5.37x | 0.87xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$770.00McapitalExpendituresD&A$887.00MdepreciationAndAmortizationResult 0.87x | -$38.99Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.45BtotalAssetsGoodwill$6.87BgoodWillIntangibles$819.00MintangibleAssetsLiabilities$21.91BtotalLiabTangible book-$5.14BShares131,943,000commonStockSharesOutstandingResult -$38.99 | 1.01xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.78BebitdaCapex$770.00McapitalExpendituresInterest$299.00MinterestExpenseShort-term debt$1.69BshortTermDebtEBITDA − capex$2.01BPrincipal due is short-term debt.Result 1.01x | $3.11BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$3.88BtotalCashFromOperatingActivitiesCapex$770.00McapitalExpendituresFree cash flow$3.11BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.11B | 269.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.16BoperatingIncomeTax expense$290.00MincomeTaxExpensePretax income$1.59BincomeBeforeTaxTax rate18.2%Equity$1.28BtotalStockholderEquityDebt$6.67BshortLongTermDebtTotalCash$7.30BcashAndShortTermInvestmentsInvested capital$657.00MResult 269.2% | 0.79xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$2.16BoperatingIncomeNet PP&E$2.74BpropertyPlantAndEquipmentNetResult 0.79x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $2.74B
Inventory: $0.00
Total assets: $24.45B
Goodwill: $6.87B
Intangibles: $819.00M
Liabilities: $21.91B
Tangible book: -$5.14B
Shares: 131,943,000
Revenue: $14.73B
Capex: $770.00M
D&A: $887.00M
EBITDA: $2.78B
Interest: $299.00M
Short-term debt: $1.69B
Free cash flow: $3.11B
Operating income: $2.16B
Invested capital: $657.00M
Tax rate: 18.2%