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.
First Hawaiian Inc
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.95x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. That coverage ratio uses interest only, because short-term debt was not on the balance sheet.
Fixed-asset turnover is 3.85x. Compare it with other names in the same basket.
Physical asset ratio
1.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$303.50MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$23.96BtotalAssetsInventory was not reported and is treated as zero.Result 1.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.85xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.17BtotalRevenueNet PP&E$303.50MpropertyPlantAndEquipmentNetResult 3.85x
Revenue per dollar of the physical asset base.
Capex / D&A
0.95xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$31.78McapitalExpendituresD&A$33.56MdepreciationAndAmortizationResult 0.95x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$14.10Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.96BtotalAssetsGoodwill$995.49MgoodWillIntangibles$4.64MintangibleAssetsLiabilities$21.19BtotalLiabTangible book$1.77BShares125,509,146commonStockSharesOutstandingResult $14.10
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.79xPrice / tangible bookPrice / tangible book per sharePrice$25.20Latest quoteTangible book / share$14.102025-12-31Result 1.79x
Price $25.20.
Fixed-charge coverage
1.24xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDA$387.81MebitdaCapex$31.78McapitalExpendituresInterest$287.56MinterestExpenseEBITDA − capex$356.03MShort-term debt was not reported, so the denominator is interest only.Result 1.24x
EBITDA minus capex, divided by interest only.
FCF yield
9.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$303.29MfreeCashFlowMarket cap$3.07BMarketCapitalizationResult 9.9%
Latest free cash flow divided by current market cap ($3.07B).
ROIC
10.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$354.24MoperatingIncomeTax expense$77.98MincomeTaxExpensePretax income$354.24MincomeBeforeTaxTax rate22.0%Equity$2.77BtotalStockholderEquityDebt$0.00shortLongTermDebtCash$228.73McashInvested capital$2.54BResult 10.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.17x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$305.00MpropertyPlantEquipmentInventory$751.00KinventoryTotal assets$20.70BtotalAssetsResult 1.5% | 2.62xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$800.18MtotalRevenueNet PP&E$305.00MpropertyPlantEquipmentResult 2.62x | 0.77xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$42.32McapitalExpendituresD&A$54.90MdepreciationAndAmortizationResult 0.77x | $11.04Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$20.70BtotalAssetsGoodwill$995.49MgoodWillIntangibles$16.16MintangibleAssetsLiabilities$18.17BtotalLiabTangible book$1.51BShares137,111,000commonStockSharesOutstandingResult $11.04 | 4.65xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$413.08MebitdaCapex$42.32McapitalExpendituresInterest$79.73MinterestExpenseShort-term debt$8.00KshortTermDebtEBITDA − capex$370.76MPrincipal due is short-term debt.Result 4.65x | $309.09MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$351.41MtotalCashFromOperatingActivitiesCapex$42.32McapitalExpendituresFree cash flow$309.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $309.09M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$358.18MoperatingIncomeTax expense$93.78MincomeTaxExpensePretax income$358.18MincomeBeforeTaxTax rate26.2%Equity$2.52BtotalStockholderEquityDebt$600.03MshortLongTermDebtTotalCash$5.50BcashAndShortTermInvestmentsInvested capital—Result — | 1.17xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$358.18MoperatingIncomeNet PP&E$305.00MpropertyPlantEquipmentResult 1.17x |
| 2019 | -1.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$361.19MpropertyPlantEquipmentInventory-$739.58MinventoryTotal assets$20.17BtotalAssetsResult -1.9% | 2.33xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$841.26MtotalRevenueNet PP&E$361.19MpropertyPlantEquipmentResult 2.33x | 0.43xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$29.35McapitalExpendituresD&A$67.82MdepreciationAndAmortizationResult 0.43x | $12.24Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$20.17BtotalAssetsGoodwill$995.49MgoodWillIntangibles$12.67MintangibleAssetsLiabilities$17.53BtotalLiabTangible book$1.63BShares133,387,000commonStockSharesOutstandingResult $12.24 | 0.83xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$449.52MebitdaCapex$29.35McapitalExpendituresInterest$105.29MinterestExpenseShort-term debt$400.00MshortLongTermDebtEBITDA − capex$420.17MPrincipal due is the current portion of debt.Result 0.83x | $267.15MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$296.50MtotalCashFromOperatingActivitiesCapex$29.35McapitalExpendituresFree cash flow$267.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $267.15M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$381.70MoperatingIncomeTax expense$97.31MincomeTaxExpensePretax income$381.70MincomeBeforeTaxTax rate25.5%Equity$2.64BtotalStockholderEquityDebt$600.00MlongTermDebt + shortLongTermDebtCash$4.77BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 1.06xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$381.70MoperatingIncomeNet PP&E$361.19MpropertyPlantEquipmentResult 1.06x |
| 2020 | -3.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$322.40MpropertyPlantEquipmentInventory-$1.11BinventoryTotal assets$22.66BtotalAssetsResult -3.5% | 2.35xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$758.03MtotalRevenueNet PP&E$322.40MpropertyPlantEquipmentResult 2.35x | 0.53xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$33.39McapitalExpendituresD&A$63.07MdepreciationAndAmortizationResult 0.53x | $13.35Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$22.66BtotalAssetsGoodwill$995.49MgoodWillIntangibles$10.73MintangibleAssetsLiabilities$19.92BtotalLiabTangible book$1.74BShares130,220,000commonStockSharesOutstandingResult $13.35 | 4.89xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$306.80MebitdaCapex$33.39McapitalExpendituresInterest$47.03MinterestExpenseShort-term debt$8.94MshortTermDebtEBITDA − capex$273.41MPrincipal due is short-term debt.Result 4.89x | $176.12MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$209.51MtotalCashFromOperatingActivitiesCapex$33.39McapitalExpendituresFree cash flow$176.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $176.12M | 9.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$243.72MoperatingIncomeTax expense$57.97MincomeTaxExpensePretax income$243.72MincomeBeforeTaxTax rate23.8%Equity$2.74BtotalStockholderEquityDebt$200.01MshortLongTermDebtTotalCash$1.04BcashInvested capital$1.90BResult 9.8% | 0.76xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$243.72MoperatingIncomeNet PP&E$322.40MpropertyPlantEquipmentResult 0.76x |
| 2021 | -4.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$318.45MpropertyPlantEquipmentInventory-$1.32BinventoryTotal assets$24.99BtotalAssetsResult -4.0% | 2.23xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$708.98MtotalRevenueNet PP&E$318.45MpropertyPlantEquipmentResult 2.23x | 0.39xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$20.46McapitalExpendituresD&A$51.84MdepreciationAndAmortizationResult 0.39x | $12.76Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.99BtotalAssetsGoodwill$995.49MgoodWillIntangibles$8.30MintangibleAssetsLiabilities$22.34BtotalLiabTangible book$1.65BShares129,538,000commonStockSharesOutstandingResult $12.76 | 14.35xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$400.84MebitdaCapex$20.46McapitalExpendituresInterest$18.75MinterestExpenseShort-term debt$7.76MshortTermDebtEBITDA − capex$380.38MPrincipal due is short-term debt.Result 14.35x | $396.67MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$417.13MtotalCashFromOperatingActivitiesCapex$20.46McapitalExpendituresFree cash flow$396.67MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $396.67M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$349.00MoperatingIncomeTax expense$83.26MincomeTaxExpensePretax income$349.00MincomeBeforeTaxTax rate23.9%Equity$2.66BtotalStockholderEquityDebt$65.80MshortLongTermDebtTotalCash$9.69BcashAndShortTermInvestmentsInvested capital—Result — | 1.10xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$349.00MoperatingIncomeNet PP&E$318.45MpropertyPlantEquipmentResult 1.10x |
| 2022 | -1.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$280.36MpropertyPlantEquipmentInventory-$604.91MinventoryTotal assets$24.58BtotalAssetsResult -1.3% | 2.90xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$811.76MtotalRevenueNet PP&E$280.36MpropertyPlantEquipmentResult 2.90x | 0.23xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$13.30McapitalExpendituresD&A$56.75MdepreciationAndAmortizationResult 0.23x | $9.90Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.58BtotalAssetsGoodwill$995.49MgoodWillIntangibles$6.56MintangibleAssetsLiabilities$22.31BtotalLiabTangible book$1.27BShares127,982,000commonStockSharesOutstandingResult $9.90 | 3.17xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$407.96MebitdaCapex$13.30McapitalExpendituresInterest$49.67MinterestExpenseShort-term debt$75.00MshortTermDebtEBITDA − capex$394.66MPrincipal due is short-term debt.Result 3.17x | $417.32MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$430.61MtotalCashFromOperatingActivitiesCapex$13.30McapitalExpendituresFree cash flow$417.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $417.32M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$351.21MoperatingIncomeTax expense$85.53MincomeTaxExpensePretax income$351.21MincomeBeforeTaxTax rate24.4%Equity$2.27BtotalStockholderEquityDebt$75.00MshortLongTermDebtTotalCash$3.68BcashAndShortTermInvestmentsInvested capital—Result — | 1.25xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$351.21MoperatingIncomeNet PP&E$280.36MpropertyPlantEquipmentResult 1.25x |
| 2023 | 0.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$281.46MpropertyPlantAndEquipmentNetInventory-$277.46MinventoryTotal assets$24.93BtotalAssetsResult 0.0% | 3.88xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.09BtotalRevenueNet PP&E$281.46MpropertyPlantAndEquipmentNetResult 3.88x | 0.37xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$15.99McapitalExpendituresD&A$42.77MdepreciationAndAmortizationResult 0.37x | $11.61Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.93BtotalAssetsGoodwill$995.49MgoodWillIntangibles$5.70MintangibleAssetsLiabilities$22.44BtotalLiabTangible book$1.48BShares127,916,000commonStockSharesOutstandingResult $11.61 | 0.43xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$351.94MebitdaCapex$15.99McapitalExpendituresInterest$287.45MinterestExpenseShort-term debt$500.00MshortTermDebtEBITDA − capex$335.95MPrincipal due is short-term debt.Result 0.43x | $239.04MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$255.03MtotalCashFromOperatingActivitiesCapex$15.99McapitalExpendituresFree cash flow$239.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $239.04M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$309.17MoperatingIncomeTax expense$74.19MincomeTaxExpensePretax income$309.17MincomeBeforeTaxTax rate24.0%Equity$2.49BtotalStockholderEquityDebt$500.00MshortLongTermDebtTotalCash$4.00BcashAndShortTermInvestmentsInvested capital—Result — | 1.10xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$309.17MoperatingIncomeNet PP&E$281.46MpropertyPlantAndEquipmentNetResult 1.10x |
| 2024 | 1.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$288.53MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$23.83BtotalAssetsInventory was not reported and is treated as zero.Result 1.2% | 3.92xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.13BtotalRevenueNet PP&E$288.53MpropertyPlantAndEquipmentNetResult 3.92x | 0.76xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$28.77McapitalExpendituresD&A$38.01MdepreciationAndAmortizationResult 0.76x | $12.60Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.83BtotalAssetsGoodwill$995.49MgoodWillIntangibles$5.08MintangibleAssetsLiabilities$21.21BtotalLiabTangible book$1.62BShares128,326,000commonStockSharesOutstandingResult $12.60 | 0.50xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$330.61MebitdaCapex$28.77McapitalExpendituresInterest$357.31MinterestExpenseShort-term debt$250.00MshortTermDebtEBITDA − capex$301.84MPrincipal due is short-term debt.Result 0.50x | $288.74MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$317.51MtotalCashFromOperatingActivitiesCapex$28.77McapitalExpendituresFree cash flow$288.74MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $288.74M | 13.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$292.60MoperatingIncomeTax expense$62.47MincomeTaxExpensePretax income$292.60MincomeBeforeTaxTax rate21.4%Equity$2.62BtotalStockholderEquityDebt$250.00MshortLongTermDebtTotalCash$1.18BcashAndShortTermInvestmentsInvested capital$1.69BResult 13.6% | 1.01xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$292.60MoperatingIncomeNet PP&E$288.53MpropertyPlantAndEquipmentNetResult 1.01x |
| 2025 | 1.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$303.50MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$23.96BtotalAssetsInventory was not reported and is treated as zero.Result 1.3% | 3.85xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.17BtotalRevenueNet PP&E$303.50MpropertyPlantAndEquipmentNetResult 3.85x | 0.95xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$31.78McapitalExpendituresD&A$33.56MdepreciationAndAmortizationResult 0.95x | $14.10Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.96BtotalAssetsGoodwill$995.49MgoodWillIntangibles$4.64MintangibleAssetsLiabilities$21.19BtotalLiabTangible book$1.77BShares125,509,146commonStockSharesOutstandingResult $14.10 | 1.24xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDA$387.81MebitdaCapex$31.78McapitalExpendituresInterest$287.56MinterestExpenseEBITDA − capex$356.03MShort-term debt was not reported, so the denominator is interest only.Result 1.24x | $303.29MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$335.07MtotalCashFromOperatingActivitiesCapex$31.78McapitalExpendituresFree cash flow$303.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $303.29M | 10.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$354.24MoperatingIncomeTax expense$77.98MincomeTaxExpensePretax income$354.24MincomeBeforeTaxTax rate22.0%Equity$2.77BtotalStockholderEquityDebt$0.00shortLongTermDebtCash$228.73McashInvested capital$2.54BResult 10.9% | 1.17xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$354.24MoperatingIncomeNet PP&E$303.50MpropertyPlantAndEquipmentNetResult 1.17x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2025)
Net PP&E: $303.50M
Inventory: $0.00
Total assets: $23.96B
Goodwill: $995.49M
Intangibles: $4.64M
Liabilities: $21.19B
Tangible book: $1.77B
Shares: 125,509,146
Revenue: $1.17B
Capex: $31.78M
D&A: $33.56M
EBITDA: $387.81M
Interest: $287.56M
Short-term debt: —
Free cash flow: $303.29M
Operating income: $354.24M
Invested capital: $2.54B
Tax rate: 22.0%