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.
Global Business Travel Group Inc
Physical assets are 7.6% of total assets, a light footprint. Capex is 0.67x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 5.0%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 7.27x. Compare it with other names in the same basket.
Physical asset ratio
7.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$374.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$4.92BtotalAssetsInventory was not reported and is treated as zero.Result 7.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.27xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.72BtotalRevenueNet PP&E$374.00MpropertyPlantAndEquipmentNetResult 7.27x
Revenue per dollar of the physical asset base.
Capex / D&A
0.67xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$129.00McapitalExpendituresD&A$192.00MdepreciationAndAmortizationResult 0.67x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$1.64Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.92BtotalAssetsGoodwill$1.67BgoodWillIntangibles$851.00MintangibleAssetsLiabilities$3.26BtotalLiabTangible book-$861.00MShares523,585,000commonStockSharesOutstandingResult -$1.64
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share-$1.642025-12-31A live quote was not available, so price / tangible book could not be calculated.Tangible book per share is not positive, so the multiple is left blank.Result —
Quote unavailable.
Fixed-charge coverage
1.99xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$434.00MebitdaCapex$129.00McapitalExpendituresInterest$95.00MinterestExpenseShort-term debt$58.00MshortLongTermDebtEBITDA − capex$305.00MPrincipal due is the current portion of debt.Result 1.99x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$104.00MfreeCashFlowMarket cap$4.96BMarketCapitalizationResult 2.1%
Latest free cash flow divided by current market cap ($4.96B).
ROIC
5.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$182.00MoperatingIncomeTax expense$40.00MincomeTaxExpensePretax income$151.00MincomeBeforeTaxTax rate26.5%Equity$1.61BtotalStockholderEquityDebt$1.51BshortLongTermDebtTotalCash$434.00McashInvested capital$2.68BResult 5.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.49x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets—Not reportedResult — | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.90BtotalRevenueNet PP&E—Not reportedResult — | 0.79xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$66.00McapitalExpendituresD&A$84.00MdepreciationAndAmortizationResult 0.79x | —Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares128,750,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$182.00MebitdaCapex$66.00McapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex$116.00MResult — | $71.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$137.00MtotalCashFromOperatingActivitiesCapex$66.00McapitalExpendituresFree cash flow$71.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $71.00M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$98.00MoperatingIncomeTax expense$18.00MincomeTaxExpensePretax income$40.00MincomeBeforeTaxTax rate40.0%Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—The effective tax rate was above 40% and was capped at 40%.Result — | —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$98.00MoperatingIncomeNet PP&E—Not reportedResult — |
| 2019 | -30.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$225.00MpropertyPlantEquipmentInventory-$1.16BinventoryTotal assets$3.09BtotalAssetsResult -30.3% | 9.42xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$2.12BtotalRevenueNet PP&E$225.00MpropertyPlantEquipmentResult 9.42x | 0.44xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$62.00McapitalExpendituresD&A$141.00MdepreciationAndAmortizationResult 0.44x | $1.95Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.09BtotalAssetsGoodwill$1.02BgoodWillIntangibles$408.00MintangibleAssetsLiabilities$1.41BtotalLiabTangible book$251.00MShares128,750,000commonStockSharesOutstandingResult $1.95 | 15.94xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$349.00MebitdaCapex$62.00McapitalExpendituresInterest$15.00MinterestExpenseShort-term debt$3.00MshortTermDebtEBITDA − capex$287.00MPrincipal due is short-term debt.Result 15.94x | $165.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$227.00MtotalCashFromOperatingActivitiesCapex$62.00McapitalExpendituresFree cash flow$165.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $165.00M | 10.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$206.00MoperatingIncomeTax expense$60.00MincomeTaxExpensePretax income$198.00MincomeBeforeTaxTax rate30.3%Equity$1.68BtotalStockholderEquityDebt$237.00MshortLongTermDebtTotalCash$496.00McashInvested capital$1.42BResult 10.1% | 0.92xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$206.00MoperatingIncomeNet PP&E$225.00MpropertyPlantEquipmentResult 0.92x |
| 2020 | 11.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$249.00MpropertyPlantEquipmentInventory$53.87MinventoryTotal assets$2.76BtotalAssetsResult 11.0% | 3.18xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$793.00MtotalRevenueNet PP&E$249.00MpropertyPlantEquipmentResult 3.18x | 0.32xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$47.00McapitalExpendituresD&A$148.00MdepreciationAndAmortizationResult 0.32x | -$0.94Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.76BtotalAssetsGoodwill$1.03BgoodWillIntangibles$348.00MintangibleAssetsLiabilities$1.77BtotalLiabTangible book-$392.00MShares419,154,778commonStockSharesOutstandingResult -$0.94 | -18.56xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$584.00MebitdaCapex$47.00McapitalExpendituresInterest$27.00MinterestExpenseShort-term debt$7.00MshortLongTermDebtEBITDA − capex-$631.00MPrincipal due is the current portion of debt.Result -18.56x | -$297.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$250.00MtotalCashFromOperatingActivitiesCapex$47.00McapitalExpendituresFree cash flow-$297.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$297.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$747.00MoperatingIncomeTax expense-$145.00MincomeTaxExpensePretax income-$759.00MincomeBeforeTaxTax rate—Equity$981.00MtotalStockholderEquityDebt$702.00MshortLongTermDebtTotalCash$584.00McashInvested capital$1.10BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.00xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$747.00MoperatingIncomeNet PP&E$249.00MpropertyPlantEquipmentResult -3.00x |
| 2021 | 9.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$275.00MpropertyPlantEquipmentInventory$93.50MinventoryTotal assets$4.01BtotalAssetsResult 9.2% | 2.77xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$763.00MtotalRevenueNet PP&E$275.00MpropertyPlantEquipmentResult 2.77x | 0.29xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$44.00McapitalExpendituresD&A$154.00MdepreciationAndAmortizationResult 0.29x | -$1.46Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.01BtotalAssetsGoodwill$1.36BgoodWillIntangibles$746.00MintangibleAssetsLiabilities$2.52BtotalLiabTangible book-$610.00MShares419,154,778commonStockSharesOutstandingResult -$1.46 | -8.75xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$446.00MebitdaCapex$44.00McapitalExpendituresInterest$53.00MinterestExpenseShort-term debt$3.00MshortLongTermDebtEBITDA − capex-$490.00MPrincipal due is the current portion of debt.Result -8.75x | -$556.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$512.00MtotalCashFromOperatingActivitiesCapex$44.00McapitalExpendituresFree cash flow-$556.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$556.00M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$560.00MoperatingIncomeTax expense-$186.00MincomeTaxExpensePretax income-$661.00MincomeBeforeTaxTax rate—Equity$1.49BtotalStockholderEquityDebt$1.11BshortLongTermDebtTotalCash$516.00McashInvested capital$2.08BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.04xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$560.00MoperatingIncomeNet PP&E$275.00MpropertyPlantEquipmentResult -2.04x |
| 2022 | 6.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$276.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$4.18BtotalAssetsInventory was not reported and is treated as zero.Result 6.6% | 6.71xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.85BtotalRevenueNet PP&E$276.00MpropertyPlantAndEquipmentNetResult 6.71x | 0.52xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$94.00McapitalExpendituresD&A$182.00MdepreciationAndAmortizationResult 0.52x | -$1.08Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.18BtotalAssetsGoodwill$1.19BgoodWillIntangibles$636.00MintangibleAssetsLiabilities$2.81BtotalLiabTangible book-$453.00MShares419,154,778commonStockSharesOutstandingResult -$1.08 | -1.00xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$7.00MebitdaCapex$94.00McapitalExpendituresInterest$98.00MinterestExpenseShort-term debt$3.00MshortLongTermDebtEBITDA − capex-$101.00MPrincipal due is the current portion of debt.Result -1.00x | -$488.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$394.00MtotalCashFromOperatingActivitiesCapex$94.00McapitalExpendituresFree cash flow-$488.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$488.00M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$198.00MoperatingIncomeTax expense-$61.00MincomeTaxExpensePretax income-$290.00MincomeBeforeTaxTax rate—Equity$152.00MtotalStockholderEquityDebt$1.30BshortLongTermDebtTotalCash$303.00McashInvested capital$1.15BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.72xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$198.00MoperatingIncomeNet PP&E$276.00MpropertyPlantAndEquipmentNetResult -0.72x |
| 2023 | 7.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$282.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.75BtotalAssetsInventory was not reported and is treated as zero.Result 7.5% | 8.12xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.29BtotalRevenueNet PP&E$282.00MpropertyPlantAndEquipmentNetResult 8.12x | 0.58xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$113.00McapitalExpendituresD&A$194.00MdepreciationAndAmortizationResult 0.58x | -$1.21Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.75BtotalAssetsGoodwill$1.21BgoodWillIntangibles$552.00MintangibleAssetsLiabilities$2.54BtotalLiabTangible book-$552.00MShares458,055,525commonStockSharesOutstandingResult -$1.21 | 0.52xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$190.00MebitdaCapex$113.00McapitalExpendituresInterest$141.00MinterestExpenseShort-term debt$7.00MshortLongTermDebtEBITDA − capex$77.00MPrincipal due is the current portion of debt.Result 0.52x | $49.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$162.00MtotalCashFromOperatingActivitiesCapex$113.00McapitalExpendituresFree cash flow$49.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $49.00M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$8.00MoperatingIncomeTax expense-$9.00MincomeTaxExpensePretax income-$145.00MincomeBeforeTaxTax rate—Equity$1.21BtotalStockholderEquityDebt$1.43BshortLongTermDebtTotalCash$476.00McashInvested capital$2.17BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.03xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$8.00MoperatingIncomeNet PP&E$282.00MpropertyPlantAndEquipmentNetResult -0.03x |
| 2024 | 8.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$291.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.62BtotalAssetsInventory was not reported and is treated as zero.Result 8.0% | 8.33xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.42BtotalRevenueNet PP&E$291.00MpropertyPlantAndEquipmentNetResult 8.33x | 0.60xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$107.00McapitalExpendituresD&A$178.00MdepreciationAndAmortizationResult 0.60x | -$1.35Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.62BtotalAssetsGoodwill$1.20BgoodWillIntangibles$480.00MintangibleAssetsLiabilities$2.57BtotalLiabTangible book-$624.00MShares462,695,000commonStockSharesOutstandingResult -$1.35 | 0.86xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$222.00MebitdaCapex$107.00McapitalExpendituresInterest$115.00MinterestExpenseShort-term debt$19.00MshortLongTermDebtEBITDA − capex$115.00MPrincipal due is the current portion of debt.Result 0.86x | $165.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$272.00MtotalCashFromOperatingActivitiesCapex$107.00McapitalExpendituresFree cash flow$165.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $165.00M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$115.00MoperatingIncomeTax expense$66.00MincomeTaxExpensePretax income-$68.00MincomeBeforeTaxTax rate—Equity$1.05BtotalStockholderEquityDebt$1.46BshortLongTermDebtTotalCash$536.00McashInvested capital$1.98BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.40xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$115.00MoperatingIncomeNet PP&E$291.00MpropertyPlantAndEquipmentNetResult 0.40x |
| 2025 | 7.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$374.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$4.92BtotalAssetsInventory was not reported and is treated as zero.Result 7.6% | 7.27xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.72BtotalRevenueNet PP&E$374.00MpropertyPlantAndEquipmentNetResult 7.27x | 0.67xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$129.00McapitalExpendituresD&A$192.00MdepreciationAndAmortizationResult 0.67x | -$1.64Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.92BtotalAssetsGoodwill$1.67BgoodWillIntangibles$851.00MintangibleAssetsLiabilities$3.26BtotalLiabTangible book-$861.00MShares523,585,000commonStockSharesOutstandingResult -$1.64 | 1.99xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$434.00MebitdaCapex$129.00McapitalExpendituresInterest$95.00MinterestExpenseShort-term debt$58.00MshortLongTermDebtEBITDA − capex$305.00MPrincipal due is the current portion of debt.Result 1.99x | $104.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$233.00MtotalCashFromOperatingActivitiesCapex$129.00McapitalExpendituresFree cash flow$104.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $104.00M | 5.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$182.00MoperatingIncomeTax expense$40.00MincomeTaxExpensePretax income$151.00MincomeBeforeTaxTax rate26.5%Equity$1.61BtotalStockholderEquityDebt$1.51BshortLongTermDebtTotalCash$434.00McashInvested capital$2.68BResult 5.0% | 0.49xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$182.00MoperatingIncomeNet PP&E$374.00MpropertyPlantAndEquipmentNetResult 0.49x |
- 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: $374.00M
Inventory: $0.00
Total assets: $4.92B
Goodwill: $1.67B
Intangibles: $851.00M
Liabilities: $3.26B
Tangible book: -$861.00M
Shares: 523,585,000
Revenue: $2.72B
Capex: $129.00M
D&A: $192.00M
EBITDA: $434.00M
Interest: $95.00M
Short-term debt: $58.00M
Free cash flow: $104.00M
Operating income: $182.00M
Invested capital: $2.68B
Tax rate: 26.5%