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.
International Bancshares Corporation
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 0.78x 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 2.49x. Compare it with other names in the same basket.
Physical asset ratio
2.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$422.99MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$16.68BtotalAssetsInventory was not reported and is treated as zero.Result 2.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.49xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.05BtotalRevenueNet PP&E$422.99MpropertyPlantAndEquipmentNetResult 2.49x
Revenue per dollar of the physical asset base.
Capex / D&A
0.78xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$18.12McapitalExpendituresD&A$23.35MdepreciationAndAmortizationResult 0.78x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$47.69Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.68BtotalAssetsGoodwill$282.53MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$13.43BtotalLiabTangible book$2.97BShares62,256,907commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $47.69
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.40xPrice / tangible bookPrice / tangible book per sharePrice$66.86Latest quoteTangible book / share$47.692025-12-31Result 1.40x
Price $66.86.
Fixed-charge coverage
2.46xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDA$543.71MebitdaCapex$18.12McapitalExpendituresInterest$213.85MinterestExpenseEBITDA − capex$525.59MShort-term debt was not reported, so the denominator is interest only.Result 2.46x
EBITDA minus capex, divided by interest only.
FCF yield
11.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$472.94MfreeCashFlowMarket cap$4.16BMarketCapitalizationResult 11.4%
Latest free cash flow divided by current market cap ($4.16B).
ROIC
14.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$520.36MoperatingIncomeTax expense$108.07MincomeTaxExpensePretax income$520.36MincomeBeforeTaxTax rate20.8%Equity$3.25BtotalStockholderEquityDebt$119.20MlongTermDebt + shortLongTermDebtCash$536.49McashInvested capital$2.83BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 14.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.23x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 4.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$506.90MpropertyPlantEquipmentInventory$63.80MinventoryTotal assets$11.87BtotalAssetsResult 4.8% | 1.24xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$630.86MtotalRevenueNet PP&E$506.90MpropertyPlantEquipmentResult 1.24x | 0.83xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$21.40McapitalExpendituresD&A$25.87MdepreciationAndAmortizationResult 0.83x | $24.87Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.87BtotalAssetsGoodwill$282.53MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$9.93BtotalLiabTangible book$1.66BShares66,634,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $24.87 | 4.34xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$298.46MebitdaCapex$21.40McapitalExpendituresInterest$52.67MinterestExpenseShort-term debt$11.14MshortLongTermDebtEBITDA − capex$277.06MPrincipal due is the current portion of debt.Result 4.34x | $208.45MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$229.85MtotalCashFromOperatingActivitiesCapex$21.40McapitalExpendituresFree cash flow$208.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $208.45M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$272.58MoperatingIncomeTax expense$56.65MincomeTaxExpensePretax income$272.58MincomeBeforeTaxTax rate20.8%Equity$1.94BtotalStockholderEquityDebt$171.55MlongTermDebt + shortLongTermDebtCash$3.73BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.54xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$272.58MoperatingIncomeNet PP&E$506.90MpropertyPlantEquipmentResult 0.54x |
| 2019 | 1.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$506.60MpropertyPlantEquipmentInventory-$371.68MinventoryTotal assets$12.11BtotalAssetsResult 1.1% | 1.28xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$647.23MtotalRevenueNet PP&E$506.60MpropertyPlantEquipmentResult 1.28x | 1.05xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$29.59McapitalExpendituresD&A$28.27MdepreciationAndAmortizationResult 1.05x | $27.94Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.11BtotalAssetsGoodwill$282.53MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$9.99BtotalLiabTangible book$1.84BShares65,686,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $27.94 | 3.70xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$288.22MebitdaCapex$29.59McapitalExpendituresInterest$58.63MinterestExpenseShort-term debt$11.29MshortLongTermDebtEBITDA − capex$258.63MPrincipal due is the current portion of debt.Result 3.70x | $281.98MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$311.57MtotalCashFromOperatingActivitiesCapex$29.59McapitalExpendituresFree cash flow$281.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $281.98M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$259.95MoperatingIncomeTax expense$54.85MincomeTaxExpensePretax income$259.95MincomeBeforeTaxTax rate21.1%Equity$2.12BtotalStockholderEquityDebt$145.94MlongTermDebt + shortLongTermDebtCash$3.64BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.51xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$259.95MoperatingIncomeNet PP&E$506.60MpropertyPlantEquipmentResult 0.51x |
| 2020 | -11.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$479.88MpropertyPlantEquipmentInventory-$2.10BinventoryTotal assets$14.03BtotalAssetsResult -11.5% | 1.20xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$577.59MtotalRevenueNet PP&E$479.88MpropertyPlantEquipmentResult 1.20x | 0.24xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$6.73McapitalExpendituresD&A$28.32MdepreciationAndAmortizationResult 0.24x | $29.68Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.03BtotalAssetsGoodwill$282.53MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$11.85BtotalLiabTangible book$1.90BShares63,853,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $29.68 | 0.50xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$240.08MebitdaCapex$6.73McapitalExpendituresInterest$39.12MinterestExpenseShort-term debt$428.15MshortTermDebtEBITDA − capex$233.35MPrincipal due is short-term debt.Result 0.50x | $298.41MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$305.13MtotalCashFromOperatingActivitiesCapex$6.73McapitalExpendituresFree cash flow$298.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $298.41M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$211.76MoperatingIncomeTax expense$44.44MincomeTaxExpensePretax income$211.76MincomeBeforeTaxTax rate21.0%Equity$2.18BtotalStockholderEquityDebt$134.64MlongTermDebt + shortLongTermDebtCash$5.08BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.44xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$211.76MoperatingIncomeNet PP&E$479.88MpropertyPlantEquipmentResult 0.44x |
| 2021 | -17.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$447.08MpropertyPlantEquipmentInventory-$3.28BinventoryTotal assets$16.05BtotalAssetsResult -17.7% | 1.39xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$620.43MtotalRevenueNet PP&E$447.08MpropertyPlantEquipmentResult 1.39x | 0.42xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$10.39McapitalExpendituresD&A$25.03MdepreciationAndAmortizationResult 0.42x | $239.31Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.05BtotalAssetsGoodwill$282.53MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$570.78MtotalLiabTangible book$15.19BShares63,486,366commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $239.31 | 0.72xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$347.36MebitdaCapex$10.39McapitalExpendituresInterest$26.83MinterestExpenseShort-term debt$439.67MshortTermDebtEBITDA − capex$336.97MPrincipal due is short-term debt.Result 0.72x | $281.29MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$291.68MtotalCashFromOperatingActivitiesCapex$10.39McapitalExpendituresFree cash flow$281.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $281.29M | 3.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$322.33MoperatingIncomeTax expense$68.41MincomeTaxExpensePretax income$322.33MincomeBeforeTaxTax rate21.2%Equity$15.48BtotalStockholderEquityDebt$134.64MlongTermDebt + shortLongTermDebtCash$7.42BcashAndShortTermInvestmentsInvested capital$8.19BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 3.1% | 0.72xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$322.33MoperatingIncomeNet PP&E$447.08MpropertyPlantEquipmentResult 0.72x |
| 2022 | -11.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$431.61MpropertyPlantEquipmentInventory-$2.17BinventoryTotal assets$15.50BtotalAssetsResult -11.2% | 1.65xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$712.92MtotalRevenueNet PP&E$431.61MpropertyPlantEquipmentResult 1.65x | 0.88xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$19.21McapitalExpendituresD&A$21.82MdepreciationAndAmortizationResult 0.88x | $28.06Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.50BtotalAssetsGoodwill$282.53MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$13.46BtotalLiabTangible book$1.76BShares62,810,234commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $28.06 | 0.82xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$404.46MebitdaCapex$19.21McapitalExpendituresInterest$38.16MinterestExpenseShort-term debt$431.19MshortTermDebtEBITDA − capex$385.25MPrincipal due is short-term debt.Result 0.82x | $368.73MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$387.94MtotalCashFromOperatingActivitiesCapex$19.21McapitalExpendituresFree cash flow$368.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $368.73M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$382.64MoperatingIncomeTax expense$82.41MincomeTaxExpensePretax income$382.64MincomeBeforeTaxTax rate21.5%Equity$2.04BtotalStockholderEquityDebt$134.64MlongTermDebt + shortLongTermDebtCash$6.51BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.89xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$382.64MoperatingIncomeNet PP&E$431.61MpropertyPlantEquipmentResult 0.89x |
| 2023 | -33.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$437.09MpropertyPlantAndEquipmentNetInventory-$5.54BinventoryTotal assets$15.07BtotalAssetsResult -33.9% | 2.22xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$970.10MtotalRevenueNet PP&E$437.09MpropertyPlantAndEquipmentNetResult 2.22x | 1.25xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$27.50McapitalExpendituresD&A$21.94MdepreciationAndAmortizationResult 1.25x | $34.80Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.07BtotalAssetsGoodwill$282.53MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$12.62BtotalLiabTangible book$2.17BShares62,222,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $34.80 | 0.78xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$545.46MebitdaCapex$27.50McapitalExpendituresInterest$136.66MinterestExpenseShort-term debt$530.42MshortTermDebtEBITDA − capex$517.96MPrincipal due is short-term debt.Result 0.78x | $446.94MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$474.43MtotalCashFromOperatingActivitiesCapex$27.50McapitalExpendituresFree cash flow$446.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $446.94M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$523.51MoperatingIncomeTax expense$111.74MincomeTaxExpensePretax income$523.51MincomeBeforeTaxTax rate21.3%Equity$2.45BtotalStockholderEquityDebt$119.61MlongTermDebt + shortLongTermDebtCash$5.47BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 1.20xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$523.51MoperatingIncomeNet PP&E$437.09MpropertyPlantAndEquipmentNetResult 1.20x |
| 2024 | 2.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$428.22MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$15.74BtotalAssetsInventory was not reported and is treated as zero.Result 2.7% | 2.44xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.04BtotalRevenueNet PP&E$428.22MpropertyPlantAndEquipmentNetResult 2.44x | 0.63xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$14.15McapitalExpendituresD&A$22.52MdepreciationAndAmortizationResult 0.63x | $40.36Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.74BtotalAssetsGoodwill$282.53MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$12.94BtotalLiabTangible book$2.51BShares62,298,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $40.36 | 0.69xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$531.24MebitdaCapex$14.15McapitalExpendituresInterest$209.26MinterestExpenseShort-term debt$535.32MshortTermDebtEBITDA − capex$517.10MPrincipal due is short-term debt.Result 0.69x | $459.80MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$473.95MtotalCashFromOperatingActivitiesCapex$14.15McapitalExpendituresFree cash flow$459.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $459.80M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$508.72MoperatingIncomeTax expense$99.55MincomeTaxExpensePretax income$508.72MincomeBeforeTaxTax rate19.6%Equity$2.80BtotalStockholderEquityDebt$119.41MlongTermDebt + shortLongTermDebtCash$5.34BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 1.19xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$508.72MoperatingIncomeNet PP&E$428.22MpropertyPlantAndEquipmentNetResult 1.19x |
| 2025 | 2.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$422.99MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$16.68BtotalAssetsInventory was not reported and is treated as zero.Result 2.5% | 2.49xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.05BtotalRevenueNet PP&E$422.99MpropertyPlantAndEquipmentNetResult 2.49x | 0.78xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$18.12McapitalExpendituresD&A$23.35MdepreciationAndAmortizationResult 0.78x | $47.69Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.68BtotalAssetsGoodwill$282.53MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$13.43BtotalLiabTangible book$2.97BShares62,256,907commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $47.69 | 2.46xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDA$543.71MebitdaCapex$18.12McapitalExpendituresInterest$213.85MinterestExpenseEBITDA − capex$525.59MShort-term debt was not reported, so the denominator is interest only.Result 2.46x | $472.94MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$491.06MtotalCashFromOperatingActivitiesCapex$18.12McapitalExpendituresFree cash flow$472.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $472.94M | 14.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$520.36MoperatingIncomeTax expense$108.07MincomeTaxExpensePretax income$520.36MincomeBeforeTaxTax rate20.8%Equity$3.25BtotalStockholderEquityDebt$119.20MlongTermDebt + shortLongTermDebtCash$536.49McashInvested capital$2.83BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 14.5% | 1.23xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$520.36MoperatingIncomeNet PP&E$422.99MpropertyPlantAndEquipmentNetResult 1.23x |
- 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: $422.99M
Inventory: $0.00
Total assets: $16.68B
Goodwill: $282.53M
Intangibles: $0.00
Liabilities: $13.43B
Tangible book: $2.97B
Shares: 62,256,907
Revenue: $1.05B
Capex: $18.12M
D&A: $23.35M
EBITDA: $543.71M
Interest: $213.85M
Short-term debt: —
Free cash flow: $472.94M
Operating income: $520.36M
Invested capital: $2.83B
Tax rate: 20.8%