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.
General Dynamics Corporation
Physical assets are 29.3% of total assets, a light footprint. Capex is 1.26x 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 13.4%, 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 6.98x.
Physical asset ratio
29.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.53BpropertyPlantEquipmentInventory$9.23BinventoryTotal assets$57.25BtotalAssetsResult 29.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.98xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$52.55BtotalRevenueNet PP&E$7.53BpropertyPlantEquipmentResult 6.98x
Revenue per dollar of the physical asset base.
Capex / D&A
1.26xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.16BcapitalExpendituresD&A$924.00MdepreciationAndAmortizationResult 1.26x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$11.82Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$57.25BtotalAssetsGoodwill$21.01BgoodWillIntangibles$1.38BintangibleAssetsLiabilities$31.63BtotalLiabTangible book$3.24BShares273,900,000commonStockSharesOutstandingResult $11.82
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
29.97xPrice / tangible bookPrice / tangible book per sharePrice$354.35Latest quoteTangible book / share$11.822025-12-31Result 29.97x
Price $354.35.
Fixed-charge coverage
3.92xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.34BebitdaCapex$1.16BcapitalExpendituresInterest$314.00MinterestExpenseShort-term debt$1.01BshortLongTermDebtEBITDA − capex$5.18BPrincipal due is the current portion of debt.Result 3.92x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$3.96BfreeCashFlowMarket cap$96.02BMarketCapitalizationResult 4.1%
Latest free cash flow divided by current market cap ($96.02B).
ROIC
13.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.36BoperatingIncomeTax expense$893.00MincomeTaxExpensePretax income$5.10BincomeBeforeTaxTax rate17.5%Equity$25.62BtotalStockholderEquityDebt$9.79BshortLongTermDebtTotalCash$2.33BcashAndEquivalentsInvested capital$33.08BResult 13.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.71x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 22.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.35BpropertyPlantEquipmentInventory$5.98BinventoryTotal assets$45.41BtotalAssetsResult 22.7% | 8.32xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$36.19BtotalRevenueNet PP&E$4.35BpropertyPlantEquipmentResult 8.32x | 0.90xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$690.00McapitalExpendituresD&A$763.00MdepreciationAndAmortizationResult 0.90x | -$34.92Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$45.41BtotalAssetsGoodwill$19.59BgoodWillIntangibles$2.59BintangibleAssetsLiabilities$33.68BtotalLiabTangible book-$10.45BShares299,200,000commonStockSharesOutstandingResult -$34.92 | 3.36xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.22BebitdaCapex$690.00McapitalExpendituresInterest$374.00MinterestExpenseShort-term debt$973.00MshortTermDebtEBITDA − capex$4.53BPrincipal due is short-term debt.Result 3.36x | $2.46BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$3.15BtotalCashFromOperatingActivitiesCapex$690.00McapitalExpendituresFree cash flow$2.46BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.46B | 15.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.39BoperatingIncomeTax expense$727.00MincomeTaxExpensePretax income$4.09BincomeBeforeTaxTax rate17.8%Equity$11.73BtotalStockholderEquityDebt$12.42BshortLongTermDebtTotalCash$963.00McashAndEquivalentsInvested capital$23.19BResult 15.6% | 1.01xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$4.39BoperatingIncomeNet PP&E$4.35BpropertyPlantEquipmentResult 1.01x |
| 2019 | 22.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.48BpropertyPlantEquipmentInventory$6.31BinventoryTotal assets$48.84BtotalAssetsResult 22.1% | 8.79xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$39.35BtotalRevenueNet PP&E$4.48BpropertyPlantEquipmentResult 8.79x | 1.19xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$987.00McapitalExpendituresD&A$829.00MdepreciationAndAmortizationResult 1.19x | -$28.93Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$48.84BtotalAssetsGoodwill$19.68BgoodWillIntangibles$2.32BintangibleAssetsLiabilities$35.26BtotalLiabTangible book-$8.42BShares290,836,000commonStockSharesOutstandingResult -$28.93 | 1.33xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.50BebitdaCapex$987.00McapitalExpendituresInterest$472.00MinterestExpenseShort-term debt$2.92BshortLongTermDebtEBITDA − capex$4.52BPrincipal due is the current portion of debt.Result 1.33x | $1.99BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$2.98BtotalCashFromOperatingActivitiesCapex$987.00McapitalExpendituresFree cash flow$1.99BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.99B | 14.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.57BoperatingIncomeTax expense$718.00MincomeTaxExpensePretax income$4.20BincomeBeforeTaxTax rate17.1%Equity$13.58BtotalStockholderEquityDebt$13.43BshortLongTermDebtTotalCash$902.00McashAndEquivalentsInvested capital$26.11BResult 14.5% | 1.02xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$4.57BoperatingIncomeNet PP&E$4.48BpropertyPlantEquipmentResult 1.02x |
| 2020 | 21.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.10BpropertyPlantEquipmentInventory$5.75BinventoryTotal assets$51.31BtotalAssetsResult 21.1% | 7.44xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$37.93BtotalRevenueNet PP&E$5.10BpropertyPlantEquipmentResult 7.44x | 1.10xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$967.00McapitalExpendituresD&A$878.00MdepreciationAndAmortizationResult 1.10x | -$22.61Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.31BtotalAssetsGoodwill$20.05BgoodWillIntangibles$2.12BintangibleAssetsLiabilities$35.65BtotalLiabTangible book-$6.51BShares287,913,000commonStockSharesOutstandingResult -$22.61 | 1.18xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.11BebitdaCapex$967.00McapitalExpendituresInterest$489.00MinterestExpenseShort-term debt$3.00BshortLongTermDebtEBITDA − capex$4.14BPrincipal due is the current portion of debt.Result 1.18x | $2.89BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$3.86BtotalCashFromOperatingActivitiesCapex$967.00McapitalExpendituresFree cash flow$2.89BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.89B | 12.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.13BoperatingIncomeTax expense$571.00MincomeTaxExpensePretax income$3.74BincomeBeforeTaxTax rate15.3%Equity$15.66BtotalStockholderEquityDebt$14.73BshortLongTermDebtTotalCash$2.82BcashAndEquivalentsInvested capital$27.57BResult 12.7% | 0.81xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$4.13BoperatingIncomeNet PP&E$5.10BpropertyPlantEquipmentResult 0.81x |
| 2021 | 21.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.42BpropertyPlantEquipmentInventory$5.34BinventoryTotal assets$50.07BtotalAssetsResult 21.5% | 7.10xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$38.47BtotalRevenueNet PP&E$5.42BpropertyPlantEquipmentResult 7.10x | 1.00xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$887.00McapitalExpendituresD&A$890.00MdepreciationAndAmortizationResult 1.00x | -$15.73Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$50.07BtotalAssetsGoodwill$20.10BgoodWillIntangibles$1.98BintangibleAssetsLiabilities$32.43BtotalLiabTangible book-$4.44BShares282,017,000commonStockSharesOutstandingResult -$15.73 | 3.00xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.19BebitdaCapex$887.00McapitalExpendituresInterest$431.00MinterestExpenseShort-term debt$1.01BshortLongTermDebtEBITDA − capex$4.31BPrincipal due is the current portion of debt.Result 3.00x | $3.38BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$4.27BtotalCashFromOperatingActivitiesCapex$887.00McapitalExpendituresFree cash flow$3.38BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.38B | 12.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.16BoperatingIncomeTax expense$616.00MincomeTaxExpensePretax income$3.87BincomeBeforeTaxTax rate15.9%Equity$17.64BtotalStockholderEquityDebt$13.18BshortLongTermDebtTotalCash$1.60BcashAndEquivalentsInvested capital$29.21BResult 12.0% | 0.77xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$4.16BoperatingIncomeNet PP&E$5.42BpropertyPlantEquipmentResult 0.77x |
| 2022 | 23.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.90BpropertyPlantEquipmentInventory$6.32BinventoryTotal assets$51.59BtotalAssetsResult 23.7% | 6.68xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$39.41BtotalRevenueNet PP&E$5.90BpropertyPlantEquipmentResult 6.68x | 1.26xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.11BcapitalExpendituresD&A$884.00MdepreciationAndAmortizationResult 1.26x | -$12.91Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.59BtotalAssetsGoodwill$20.33BgoodWillIntangibles$1.82BintangibleAssetsLiabilities$33.02BtotalLiabTangible book-$3.59BShares278,169,000commonStockSharesOutstandingResult -$12.91 | 2.55xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.31BebitdaCapex$1.11BcapitalExpendituresInterest$391.00MinterestExpenseShort-term debt$1.25BshortLongTermDebtEBITDA − capex$4.20BPrincipal due is the current portion of debt.Result 2.55x | $3.47BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$4.58BtotalCashFromOperatingActivitiesCapex$1.11BcapitalExpendituresFree cash flow$3.47BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.47B | 12.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.21BoperatingIncomeTax expense$646.00MincomeTaxExpensePretax income$4.04BincomeBeforeTaxTax rate16.0%Equity$18.57BtotalStockholderEquityDebt$12.11BshortLongTermDebtTotalCash$1.24BcashAndEquivalentsInvested capital$29.44BResult 12.0% | 0.71xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$4.21BoperatingIncomeNet PP&E$5.90BpropertyPlantEquipmentResult 0.71x |
| 2023 | 30.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.89BpropertyPlantEquipmentInventory$8.58BinventoryTotal assets$54.81BtotalAssetsUses the property line, which is larger than net PP&E ($6.20B, propertyPlantAndEquipmentNet).Result 30.0% | 5.36xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$42.27BtotalRevenueNet PP&E$7.89BpropertyPlantEquipmentResult 5.36x | 1.05xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$904.00McapitalExpendituresD&A$863.00MdepreciationAndAmortizationResult 1.05x | -$3.42Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$54.81BtotalAssetsGoodwill$20.59BgoodWillIntangibles$1.66BintangibleAssetsLiabilities$33.51BtotalLiabTangible book-$943.00MShares275,725,000commonStockSharesOutstandingResult -$3.42 | 3.69xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.25BebitdaCapex$904.00McapitalExpendituresInterest$399.00MinterestExpenseShort-term debt$507.00MshortLongTermDebtEBITDA − capex$3.34BPrincipal due is the current portion of debt.Result 3.69x | $3.81BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$4.71BtotalCashFromOperatingActivitiesCapex$904.00McapitalExpendituresFree cash flow$3.81BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.81B | 13.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.25BoperatingIncomeTax expense-$669.00MincomeTaxExpensePretax income$3.98BincomeBeforeTaxTax rate0.0%Equity$21.30BtotalStockholderEquityDebt$11.08BshortLongTermDebtTotalCash$1.91BcashAndEquivalentsInvested capital$30.47BResult 13.9% | 0.54xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$4.25BoperatingIncomeNet PP&E$7.89BpropertyPlantEquipmentResult 0.54x |
| 2024 | 32.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.26BpropertyPlantEquipmentInventory$9.72BinventoryTotal assets$55.88BtotalAssetsUses the property line, which is larger than net PP&E ($6.47B, propertyPlantAndEquipmentNet).Result 32.2% | 5.77xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$47.72BtotalRevenueNet PP&E$8.26BpropertyPlantEquipmentResult 5.77x | 1.03xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$916.00McapitalExpendituresD&A$886.00MdepreciationAndAmortizationResult 1.03x | -$0.05Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$55.88BtotalAssetsGoodwill$20.56BgoodWillIntangibles$1.52BintangibleAssetsLiabilities$33.82BtotalLiabTangible book-$13.00MShares277,485,000commonStockSharesOutstandingResult -$0.05 | 2.59xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.82BebitdaCapex$916.00McapitalExpendituresInterest$393.00MinterestExpenseShort-term debt$1.50BshortLongTermDebtEBITDA − capex$4.90BPrincipal due is the current portion of debt.Result 2.59x | $3.20BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$4.11BtotalCashFromOperatingActivitiesCapex$916.00McapitalExpendituresFree cash flow$3.20BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.20B | 12.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.80BoperatingIncomeTax expense$758.00MincomeTaxExpensePretax income$4.54BincomeBeforeTaxTax rate16.7%Equity$22.06BtotalStockholderEquityDebt$10.68BshortLongTermDebtTotalCash$1.70BcashAndEquivalentsInvested capital$31.04BResult 12.9% | 0.58xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$4.80BoperatingIncomeNet PP&E$8.26BpropertyPlantEquipmentResult 0.58x |
| 2025 | 29.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.53BpropertyPlantEquipmentInventory$9.23BinventoryTotal assets$57.25BtotalAssetsResult 29.3% | 6.98xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$52.55BtotalRevenueNet PP&E$7.53BpropertyPlantEquipmentResult 6.98x | 1.26xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.16BcapitalExpendituresD&A$924.00MdepreciationAndAmortizationResult 1.26x | $11.82Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$57.25BtotalAssetsGoodwill$21.01BgoodWillIntangibles$1.38BintangibleAssetsLiabilities$31.63BtotalLiabTangible book$3.24BShares273,900,000commonStockSharesOutstandingResult $11.82 | 3.92xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.34BebitdaCapex$1.16BcapitalExpendituresInterest$314.00MinterestExpenseShort-term debt$1.01BshortLongTermDebtEBITDA − capex$5.18BPrincipal due is the current portion of debt.Result 3.92x | $3.96BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$5.12BtotalCashFromOperatingActivitiesCapex$1.16BcapitalExpendituresFree cash flow$3.96BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.96B | 13.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.36BoperatingIncomeTax expense$893.00MincomeTaxExpensePretax income$5.10BincomeBeforeTaxTax rate17.5%Equity$25.62BtotalStockholderEquityDebt$9.79BshortLongTermDebtTotalCash$2.33BcashAndEquivalentsInvested capital$33.08BResult 13.4% | 0.71xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$5.36BoperatingIncomeNet PP&E$7.53BpropertyPlantEquipmentResult 0.71x |
- 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: $7.53B
Inventory: $9.23B
Total assets: $57.25B
Goodwill: $21.01B
Intangibles: $1.38B
Liabilities: $31.63B
Tangible book: $3.24B
Shares: 273,900,000
Revenue: $52.55B
Capex: $1.16B
D&A: $924.00M
EBITDA: $6.34B
Interest: $314.00M
Short-term debt: $1.01B
Free cash flow: $3.96B
Operating income: $5.36B
Invested capital: $33.08B
Tax rate: 17.5%