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.
Imperial Brands PLC
Physical assets are 22.2% of total assets, a light footprint. Capex is 0.57x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 18.5%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 16.96x. Compare it with other names in the same basket.
Physical asset ratio
22.2%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&EGBX 1.90BpropertyPlantAndEquipmentNetInventoryGBX 4.47BinventoryTotal assetsGBX 28.72BtotalAssetsResult 22.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
16.96xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenueGBX 32.17BtotalRevenueNet PP&EGBX 1.90BpropertyPlantAndEquipmentNetResult 16.96x
Revenue per dollar of the physical asset base.
Capex / D&A
0.57xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapexGBX 384.00McapitalExpendituresD&AGBX 675.00MdepreciationAndAmortizationResult 0.57x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-GBX 12.97Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 28.72BtotalAssetsGoodwillGBX 12.11BgoodWillIntangiblesGBX 4.10BintangibleAssetsLiabilitiesGBX 23.28BtotalLiabTangible book-GBX 10.78BShares830,600,000commonStockSharesOutstandingResult -GBX 12.97
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePriceGBX 2.94KLatest quoteTangible book / share-GBX 12.972025-09-30Tangible book per share is not positive, so the multiple is left blank.Result —
Price GBX 2.94K.
Fixed-charge coverage
2.54xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 4.26BebitdaCapexGBX 384.00McapitalExpendituresInterestGBX 456.00MinterestExpenseShort-term debtGBX 1.07BshortLongTermDebtEBITDA − capexGBX 3.88BPrincipal due is the current portion of debt.Result 2.54x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
13.0%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flowGBX 2.86BfreeCashFlowMarket capGBX 22.01BMarketCapitalizationResult 13.0%
Latest free cash flow divided by current market cap (GBX 22.01B).
ROIC
18.5%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 3.49BoperatingIncomeTax expenseGBX 908.00MincomeTaxExpensePretax incomeGBX 3.13BincomeBeforeTaxTax rate29.0%EquityGBX 4.82BtotalStockholderEquityDebtGBX 10.00BshortLongTermDebtTotalCashGBX 1.44BcashInvested capitalGBX 13.38BResult 18.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.84x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 18.1%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&EGBX 1.89BpropertyPlantEquipmentInventoryGBX 3.69BinventoryTotal assetsGBX 30.85BtotalAssetsResult 18.1% | 15.90xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenueGBX 30.07BtotalRevenueNet PP&EGBX 1.89BpropertyPlantEquipmentResult 15.90x | 0.26xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapexGBX 327.00McapitalExpendituresD&AGBX 1.27BdepreciationAndAmortizationResult 0.26x | -GBX 13.26Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 30.85BtotalAssetsGoodwillGBX 12.46BgoodWillIntangiblesGBX 6.65BintangibleAssetsLiabilitiesGBX 24.40BtotalLiabTangible book-GBX 12.67BShares955,400,000commonStockSharesOutstandingResult -GBX 13.26 | 1.12xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 3.73BebitdaCapexGBX 327.00McapitalExpendituresInterestGBX 639.00MinterestExpenseShort-term debtGBX 2.40BshortTermDebtEBITDA − capexGBX 3.40BPrincipal due is short-term debt.Result 1.12x | GBX 2.76BFree cash flow · 2018-09-30Reported free cash flowOperating cash flowGBX 3.09BtotalCashFromOperatingActivitiesCapexGBX 327.00McapitalExpendituresFree cash flowGBX 2.76BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 2.76B | 11.1%ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 2.41BoperatingIncomeTax expenseGBX 396.00MincomeTaxExpensePretax incomeGBX 1.82BincomeBeforeTaxTax rate21.7%EquityGBX 5.77BtotalStockholderEquityDebtGBX 12.00BshortLongTermDebtTotalCashGBX 803.00McashAndShortTermInvestmentsInvested capitalGBX 16.96BResult 11.1% | 1.27xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating incomeGBX 2.41BoperatingIncomeNet PP&EGBX 1.89BpropertyPlantEquipmentResult 1.27x |
| 2019 | 18.3%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&EGBX 1.98BpropertyPlantEquipmentInventoryGBX 4.08BinventoryTotal assetsGBX 33.07BtotalAssetsResult 18.3% | 15.96xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenueGBX 31.59BtotalRevenueNet PP&EGBX 1.98BpropertyPlantEquipmentResult 15.96x | 0.31xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapexGBX 409.00McapitalExpendituresD&AGBX 1.32BdepreciationAndAmortizationResult 0.31x | -GBX 13.63Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 33.07BtotalAssetsGoodwillGBX 12.39BgoodWillIntangiblesGBX 6.21BintangibleAssetsLiabilitiesGBX 27.49BtotalLiabTangible book-GBX 13.01BShares954,900,000commonStockSharesOutstandingResult -GBX 13.63 | 1.26xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 3.62BebitdaCapexGBX 409.00McapitalExpendituresInterestGBX 613.00MinterestExpenseShort-term debtGBX 1.94BshortTermDebtEBITDA − capexGBX 3.21BPrincipal due is short-term debt.Result 1.26x | GBX 2.83BFree cash flow · 2019-09-30Reported free cash flowOperating cash flowGBX 3.24BtotalCashFromOperatingActivitiesCapexGBX 409.00McapitalExpendituresFree cash flowGBX 2.83BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 2.83B | 8.6%ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 2.20BoperatingIncomeTax expenseGBX 609.00MincomeTaxExpensePretax incomeGBX 1.69BincomeBeforeTaxTax rate36.0%EquityGBX 4.94BtotalStockholderEquityDebtGBX 13.63BshortLongTermDebtTotalCashGBX 2.31BcashAndShortTermInvestmentsInvested capitalGBX 16.26BResult 8.6% | 1.11xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating incomeGBX 2.20BoperatingIncomeNet PP&EGBX 1.98BpropertyPlantEquipmentResult 1.11x |
| 2020 | 19.4%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&EGBX 2.19BpropertyPlantEquipmentInventoryGBX 4.07BinventoryTotal assetsGBX 32.31BtotalAssetsResult 19.4% | 14.85xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenueGBX 32.56BtotalRevenueNet PP&EGBX 2.19BpropertyPlantEquipmentResult 14.85x | 0.54xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapexGBX 448.00McapitalExpendituresD&AGBX 825.00MdepreciationAndAmortizationResult 0.54x | -GBX 26.63Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 32.31BtotalAssetsGoodwillGBX 12.54BgoodWillIntangiblesGBX 18.16BintangibleAssetsLiabilitiesGBX 26.79BtotalLiabTangible book-GBX 25.18BShares945,800,000commonStockSharesOutstandingResult -GBX 26.63 | 1.55xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 3.53BebitdaCapexGBX 448.00McapitalExpendituresInterestGBX 543.00MinterestExpenseShort-term debtGBX 1.44BshortLongTermDebtEBITDA − capexGBX 3.09BPrincipal due is the current portion of debt.Result 1.55x | GBX 3.16BFree cash flow · 2020-09-30Reported free cash flowOperating cash flowGBX 3.61BtotalCashFromOperatingActivitiesCapexGBX 448.00McapitalExpendituresFree cash flowGBX 3.16BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 3.16B | 12.9%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 2.73BoperatingIncomeTax expenseGBX 608.00MincomeTaxExpensePretax incomeGBX 2.17BincomeBeforeTaxTax rate28.1%EquityGBX 4.87BtotalStockholderEquityDebtGBX 11.95BshortLongTermDebtTotalCashGBX 1.63BcashInvested capitalGBX 15.20BResult 12.9% | 1.25xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating incomeGBX 2.73BoperatingIncomeNet PP&EGBX 2.19BpropertyPlantEquipmentResult 1.25x |
| 2021 | 19.9%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&EGBX 1.96BpropertyPlantEquipmentInventoryGBX 3.83BinventoryTotal assetsGBX 29.09BtotalAssetsResult 19.9% | 16.76xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenueGBX 32.79BtotalRevenueNet PP&EGBX 1.96BpropertyPlantEquipmentResult 16.76x | 0.29xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapexGBX 200.00McapitalExpendituresD&AGBX 678.00MdepreciationAndAmortizationResult 0.29x | -GBX 23.86Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 29.09BtotalAssetsGoodwillGBX 11.88BgoodWillIntangiblesGBX 16.67BintangibleAssetsLiabilitiesGBX 23.15BtotalLiabTangible book-GBX 22.61BShares947,500,000commonStockSharesOutstandingResult -GBX 23.86 | 2.60xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 4.44BebitdaCapexGBX 200.00McapitalExpendituresInterestGBX 522.00MinterestExpenseShort-term debtGBX 1.11BshortLongTermDebtEBITDA − capexGBX 4.24BPrincipal due is the current portion of debt.Result 2.60x | GBX 1.57BFree cash flow · 2021-09-30Reported free cash flowOperating cash flowGBX 1.77BtotalCashFromOperatingActivitiesCapexGBX 200.00McapitalExpendituresFree cash flowGBX 1.57BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 1.57B | 20.0%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 3.15BoperatingIncomeTax expenseGBX 331.00MincomeTaxExpensePretax incomeGBX 3.24BincomeBeforeTaxTax rate10.2%EquityGBX 5.35BtotalStockholderEquityDebtGBX 10.07BshortLongTermDebtTotalCashGBX 1.29BcashInvested capitalGBX 14.14BResult 20.0% | 1.61xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating incomeGBX 3.15BoperatingIncomeNet PP&EGBX 1.96BpropertyPlantEquipmentResult 1.61x |
| 2022 | 19.5%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&EGBX 1.89BpropertyPlantEquipmentInventoryGBX 4.14BinventoryTotal assetsGBX 30.96BtotalAssetsResult 19.5% | 17.25xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenueGBX 32.55BtotalRevenueNet PP&EGBX 1.89BpropertyPlantEquipmentResult 17.25x | 0.37xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapexGBX 243.00McapitalExpendituresD&AGBX 660.00MdepreciationAndAmortizationResult 0.37x | -GBX 24.08Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 30.96BtotalAssetsGoodwillGBX 12.64BgoodWillIntangiblesGBX 17.78BintangibleAssetsLiabilitiesGBX 23.49BtotalLiabTangible book-GBX 22.95BShares953,000,000commonStockSharesOutstandingResult -GBX 24.08 | 1.72xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 4.93BebitdaCapexGBX 243.00McapitalExpendituresInterestGBX 1.72BinterestExpenseShort-term debtGBX 1.01BshortLongTermDebtEBITDA − capexGBX 4.69BPrincipal due is the current portion of debt.Result 1.72x | GBX 2.59BFree cash flow · 2022-09-30Reported free cash flowOperating cash flowGBX 2.83BtotalCashFromOperatingActivitiesCapexGBX 243.00McapitalExpendituresFree cash flowGBX 2.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 2.59B | 14.3%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 3.35BoperatingIncomeTax expenseGBX 886.00MincomeTaxExpensePretax incomeGBX 2.55BincomeBeforeTaxTax rate34.7%EquityGBX 6.86BtotalStockholderEquityDebtGBX 10.26BshortLongTermDebtTotalCashGBX 1.85BcashInvested capitalGBX 15.27BResult 14.3% | 1.78xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating incomeGBX 3.35BoperatingIncomeNet PP&EGBX 1.89BpropertyPlantEquipmentResult 1.78x |
| 2023 | 21.9%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&EGBX 1.94BpropertyPlantAndEquipmentNetInventoryGBX 4.52BinventoryTotal assetsGBX 29.49BtotalAssetsResult 21.9% | 16.71xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenueGBX 32.48BtotalRevenueNet PP&EGBX 1.94BpropertyPlantAndEquipmentNetResult 16.71x | 0.29xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapexGBX 183.00McapitalExpendituresD&AGBX 632.00MdepreciationAndAmortizationResult 0.29x | -GBX 11.10Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 29.49BtotalAssetsGoodwillGBX 12.23BgoodWillIntangiblesGBX 4.72BintangibleAssetsLiabilitiesGBX 22.85BtotalLiabTangible book-GBX 10.30BShares928,200,000commonStockSharesOutstandingResult -GBX 11.10 | 2.03xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 4.25BebitdaCapexGBX 183.00McapitalExpendituresInterestGBX 502.00MinterestExpenseShort-term debtGBX 1.50BshortLongTermDebtEBITDA − capexGBX 4.06BPrincipal due is the current portion of debt.Result 2.03x | GBX 2.95BFree cash flow · 2023-09-30Reported free cash flowOperating cash flowGBX 2.72BtotalCashFromOperatingActivitiesCapexGBX 183.00McapitalExpendituresFree cash flowGBX 2.95BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 2.95B | 18.6%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 3.40BoperatingIncomeTax expenseGBX 655.00MincomeTaxExpensePretax incomeGBX 3.11BincomeBeforeTaxTax rate21.1%EquityGBX 6.02BtotalStockholderEquityDebtGBX 9.73BshortLongTermDebtTotalCashGBX 1.35BcashInvested capitalGBX 14.41BResult 18.6% | 1.75xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating incomeGBX 3.40BoperatingIncomeNet PP&EGBX 1.94BpropertyPlantAndEquipmentNetResult 1.75x |
| 2024 | 21.6%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&EGBX 1.92BpropertyPlantAndEquipmentNetInventoryGBX 4.08BinventoryTotal assetsGBX 27.83BtotalAssetsResult 21.6% | 16.85xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenueGBX 32.41BtotalRevenueNet PP&EGBX 1.92BpropertyPlantAndEquipmentNetResult 16.85x | 0.06xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapexGBX 42.00McapitalExpendituresD&AGBX 647.00MdepreciationAndAmortizationResult 0.06x | -GBX 11.34Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 27.83BtotalAssetsGoodwillGBX 11.68BgoodWillIntangiblesGBX 4.25BintangibleAssetsLiabilitiesGBX 21.80BtotalLiabTangible book-GBX 9.91BShares873,900,000commonStockSharesOutstandingResult -GBX 11.34 | 2.48xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 4.14BebitdaCapexGBX 42.00McapitalExpendituresInterestGBX 461.00MinterestExpenseShort-term debtGBX 1.19BshortLongTermDebtEBITDA − capexGBX 4.10BPrincipal due is the current portion of debt.Result 2.48x | GBX 3.27BFree cash flow · 2024-09-30Reported free cash flowOperating cash flowGBX 3.31BtotalCashFromOperatingActivitiesCapexGBX 42.00McapitalExpendituresFree cash flowGBX 3.27BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 3.27B | 24.0%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 3.55BoperatingIncomeTax expenseGBX 282.00MincomeTaxExpensePretax incomeGBX 3.03BincomeBeforeTaxTax rate9.3%EquityGBX 5.44BtotalStockholderEquityDebtGBX 9.08BshortLongTermDebtTotalCashGBX 1.08BcashInvested capitalGBX 13.45BResult 24.0% | 1.85xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating incomeGBX 3.55BoperatingIncomeNet PP&EGBX 1.92BpropertyPlantAndEquipmentNetResult 1.85x |
| 2025 | 22.2%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&EGBX 1.90BpropertyPlantAndEquipmentNetInventoryGBX 4.47BinventoryTotal assetsGBX 28.72BtotalAssetsResult 22.2% | 16.96xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenueGBX 32.17BtotalRevenueNet PP&EGBX 1.90BpropertyPlantAndEquipmentNetResult 16.96x | 0.57xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapexGBX 384.00McapitalExpendituresD&AGBX 675.00MdepreciationAndAmortizationResult 0.57x | -GBX 12.97Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 28.72BtotalAssetsGoodwillGBX 12.11BgoodWillIntangiblesGBX 4.10BintangibleAssetsLiabilitiesGBX 23.28BtotalLiabTangible book-GBX 10.78BShares830,600,000commonStockSharesOutstandingResult -GBX 12.97 | 2.54xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 4.26BebitdaCapexGBX 384.00McapitalExpendituresInterestGBX 456.00MinterestExpenseShort-term debtGBX 1.07BshortLongTermDebtEBITDA − capexGBX 3.88BPrincipal due is the current portion of debt.Result 2.54x | GBX 2.86BFree cash flow · 2025-09-30Reported free cash flowOperating cash flowGBX 3.24BtotalCashFromOperatingActivitiesCapexGBX 384.00McapitalExpendituresFree cash flowGBX 2.86BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 2.86B | 18.5%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 3.49BoperatingIncomeTax expenseGBX 908.00MincomeTaxExpensePretax incomeGBX 3.13BincomeBeforeTaxTax rate29.0%EquityGBX 4.82BtotalStockholderEquityDebtGBX 10.00BshortLongTermDebtTotalCashGBX 1.44BcashInvested capitalGBX 13.38BResult 18.5% | 1.84xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating incomeGBX 3.49BoperatingIncomeNet PP&EGBX 1.90BpropertyPlantAndEquipmentNetResult 1.84x |
- 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: GBX 1.90B
Inventory: GBX 4.47B
Total assets: GBX 28.72B
Goodwill: GBX 12.11B
Intangibles: GBX 4.10B
Liabilities: GBX 23.28B
Tangible book: -GBX 10.78B
Shares: 830,600,000
Revenue: GBX 32.17B
Capex: GBX 384.00M
D&A: GBX 675.00M
EBITDA: GBX 4.26B
Interest: GBX 456.00M
Short-term debt: GBX 1.07B
Free cash flow: GBX 2.86B
Operating income: GBX 3.49B
Invested capital: GBX 13.38B
Tax rate: 29.0%