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.
JPMorgan Chase & Co
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 0.00x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by 0.50x, which is below 1.
Fixed-asset turnover is 7.72x. Compare it with other names in the same basket.
Physical asset ratio
0.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$36.24BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$4,424.90BtotalAssetsInventory was not reported and is treated as zero.Result 0.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.72xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$279.75BtotalRevenueNet PP&E$36.24BpropertyPlantEquipmentResult 7.72x
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$8.82BdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$106.66Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4,424.90BtotalAssetsGoodwill$52.73BgoodWillIntangibles$11.73BintangibleAssetsLiabilities$4,062.46BtotalLiabTangible book$297.98BShares2,793,700,000commonStockSharesOutstandingResult $106.66
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.16xPrice / tangible bookPrice / tangible book per sharePrice$337.04Latest quoteTangible book / share$106.662025-12-31Result 3.16x
Price $337.04.
Fixed-charge coverage
0.50xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$81.42BebitdaCapex$0.00capitalExpendituresInterest$97.90BinterestExpenseShort-term debt$66.01BshortLongTermDebtEBITDA − capex$81.42BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.50x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-16.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$147.78BfreeCashFlowMarket cap$912.41BMarketCapitalizationResult -16.2%
Latest free cash flow divided by current market cap ($912.41B).
ROIC
480.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$72.60BoperatingIncomeTax expense$15.55BincomeTaxExpensePretax income$72.60BincomeBeforeTaxTax rate21.4%Equity$362.44BtotalStockholderEquityDebt$499.98BshortLongTermDebtTotalCash$850.54BcashAndShortTermInvestmentsInvested capital$11.88BResult 480.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.00x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -47.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.93BpropertyPlantEquipmentInventory-$1,253.77BinventoryTotal assets$2,622.53BtotalAssetsResult -47.2% | 8.69xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$129.82BtotalRevenueNet PP&E$14.93BpropertyPlantEquipmentResult 8.69x | 0.00xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$7.79BdepreciationAndAmortizationResult 0.00x | $59.22Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,622.53BtotalAssetsGoodwill$47.47BgoodWillIntangibles$6.88BintangibleAssetsLiabilities$2,366.02BtotalLiabTangible book$202.17BShares3,414,000,000commonStockSharesOutstandingResult $59.22 | 0.54xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$48.56BebitdaCapex$0.00capitalExpendituresInterest$21.04BinterestExpenseShort-term debt$69.28BshortLongTermDebtEBITDA − capex$48.56BPrincipal due is the current portion of debt.Result 0.54x | $15.61BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$15.61BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$15.61BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $15.61B | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$40.76BoperatingIncomeTax expense$8.29BincomeTaxExpensePretax income$40.76BincomeBeforeTaxTax rate20.3%Equity$256.52BtotalStockholderEquityDebt$234.29BlongTermDebt + shortLongTermDebtCash$509.19BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 2.73xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$40.76BoperatingIncomeNet PP&E$14.93BpropertyPlantEquipmentResult 2.73x |
| 2019 | -41.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.81BpropertyPlantEquipmentInventory-$1,136.85BinventoryTotal assets$2,687.38BtotalAssetsResult -41.3% | 5.52xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$142.52BtotalRevenueNet PP&E$25.81BpropertyPlantEquipmentResult 5.52x | 0.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$8.37BdepreciationAndAmortizationResult 0.00x | $64.38Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,687.38BtotalAssetsGoodwill$47.82BgoodWillIntangibles$5.52BintangibleAssetsLiabilities$2,426.05BtotalLiabTangible book$207.99BShares3,230,400,000commonStockSharesOutstandingResult $64.38 | 0.79xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$53.23BebitdaCapex$0.00capitalExpendituresInterest$26.80BinterestExpenseShort-term debt$40.92BshortLongTermDebtEBITDA − capex$53.23BPrincipal due is the current portion of debt.Result 0.79x | $4.09BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$4.09BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$4.09BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.09B | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$44.87BoperatingIncomeTax expense$8.44BincomeTaxExpensePretax income$44.87BincomeBeforeTaxTax rate18.8%Equity$261.33BtotalStockholderEquityDebt$178.04BlongTermDebt + shortLongTermDebtCash$604.01BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 1.74xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$44.87BoperatingIncomeNet PP&E$25.81BpropertyPlantEquipmentResult 1.74x |
| 2020 | -45.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.11BpropertyPlantEquipmentInventory-$1,578.41BinventoryTotal assets$3,384.76BtotalAssetsResult -45.8% | 4.79xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$129.84BtotalRevenueNet PP&E$27.11BpropertyPlantEquipmentResult 4.79x | 0.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$8.61BdepreciationAndAmortizationResult 0.00x | $73.18Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3,384.76BtotalAssetsGoodwill$49.25BgoodWillIntangibles$4.18BintangibleAssetsLiabilities$3,105.40BtotalLiabTangible book$225.93BShares3,087,400,000commonStockSharesOutstandingResult $73.18 | 0.81xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$44.43BebitdaCapex$0.00capitalExpendituresInterest$9.96BinterestExpenseShort-term debt$45.21BshortLongTermDebtEBITDA − capex$44.43BPrincipal due is the current portion of debt.Result 0.81x | -$79.91BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$79.91BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$79.91BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$79.91B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$35.82BoperatingIncomeTax expense$6.68BincomeTaxExpensePretax income$35.82BincomeBeforeTaxTax rate18.7%Equity$279.35BtotalStockholderEquityDebt$232.97BlongTermDebt + shortLongTermDebtCash$883.56BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 1.32xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$35.82BoperatingIncomeNet PP&E$27.11BpropertyPlantEquipmentResult 1.32x |
| 2021 | -45.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.07BpropertyPlantEquipmentInventory-$1,744.96BinventoryTotal assets$3,743.57BtotalAssetsResult -45.9% | 4.70xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$127.24BtotalRevenueNet PP&E$27.07BpropertyPlantEquipmentResult 4.70x | 0.00xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$7.93BdepreciationAndAmortizationResult 0.00x | $78.45Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3,743.57BtotalAssetsGoodwill$50.32BgoodWillIntangibles$6.38BintangibleAssetsLiabilities$3,449.44BtotalLiabTangible book$237.44BShares3,026,600,000commonStockSharesOutstandingResult $78.45 | 1.14xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$67.49BebitdaCapex$0.00capitalExpendituresInterest$5.55BinterestExpenseShort-term debt$53.59BshortLongTermDebtEBITDA − capex$67.49BPrincipal due is the current portion of debt.Result 1.14x | $78.08BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$78.08BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$78.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $78.08B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$59.56BoperatingIncomeTax expense$11.23BincomeTaxExpensePretax income$59.56BincomeBeforeTaxTax rate18.9%Equity$294.13BtotalStockholderEquityDebt$354.60BlongTermDebt + shortLongTermDebtCash$1,031.09BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 2.20xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$59.56BoperatingIncomeNet PP&E$27.07BpropertyPlantEquipmentResult 2.20x |
| 2022 | -44.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.73BpropertyPlantEquipmentInventory-$1,647.39BinventoryTotal assets$3,665.74BtotalAssetsResult -44.2% | 5.55xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$153.82BtotalRevenueNet PP&E$27.73BpropertyPlantEquipmentResult 5.55x | 0.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$7.05BdepreciationAndAmortizationResult 0.00x | $77.94Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3,665.74BtotalAssetsGoodwill$51.66BgoodWillIntangibles$9.20BintangibleAssetsLiabilities$3,373.41BtotalLiabTangible book$231.47BShares2,970,000,000commonStockSharesOutstandingResult $77.94 | 0.76xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$53.22BebitdaCapex$0.00capitalExpendituresInterest$26.10BinterestExpenseShort-term debt$44.03BshortLongTermDebtEBITDA − capex$53.22BPrincipal due is the current portion of debt.Result 0.76x | $107.12BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$107.12BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$107.12BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $107.12B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$46.17BoperatingIncomeTax expense$8.49BincomeTaxExpensePretax income$46.17BincomeBeforeTaxTax rate18.4%Equity$292.33BtotalStockholderEquityDebt$234.61BlongTermDebt + shortLongTermDebtCash$763.93BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 1.66xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$46.17BoperatingIncomeNet PP&E$27.73BpropertyPlantEquipmentResult 1.66x |
| 2023 | -47.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.16BpropertyPlantEquipmentInventory-$1,856.35BinventoryTotal assets$3,875.39BtotalAssetsResult -47.1% | 7.83xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$236.27BtotalRevenueNet PP&E$30.16BpropertyPlantEquipmentResult 7.83x | 0.17xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.29BcapitalExpendituresD&A$7.51BdepreciationAndAmortizationResult 0.17x | $89.53Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3,875.39BtotalAssetsGoodwill$52.63BgoodWillIntangibles$11.75BintangibleAssetsLiabilities$3,547.52BtotalLiabTangible book$263.50BShares2,943,100,000commonStockSharesOutstandingResult $89.53 | 0.54xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$69.12BebitdaCapex$1.29BcapitalExpendituresInterest$81.32BinterestExpenseShort-term debt$44.71BshortLongTermDebtEBITDA − capex$67.83BPrincipal due is the current portion of debt.Result 0.54x | $11.68BFree cash flow · 2023-12-31Operating cash flow − capexOperating cash flow$12.97BtotalCashFromOperatingActivitiesCapex$1.29BcapitalExpendituresFree cash flow$11.68BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $11.68B | 30.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$61.61BoperatingIncomeTax expense$12.06BincomeTaxExpensePretax income$61.61BincomeBeforeTaxTax rate19.6%Equity$327.88BtotalStockholderEquityDebt$653.07BshortLongTermDebtTotalCash$816.64BcashAndShortTermInvestmentsInvested capital$164.31BResult 30.2% | 2.04xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$61.61BoperatingIncomeNet PP&E$30.16BpropertyPlantEquipmentResult 2.04x |
| 2024 | 0.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.22BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$4,002.81BtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 8.40xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$270.79BtotalRevenueNet PP&E$32.22BpropertyPlantEquipmentResult 8.40x | 0.00xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$7.94BdepreciationAndAmortizationResult 0.00x | $97.32Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4,002.81BtotalAssetsGoodwill$52.57BgoodWillIntangibles$12.00BintangibleAssetsLiabilities$3,658.06BtotalLiabTangible book$280.20BShares2,879,000,000commonStockSharesOutstandingResult $97.32 | 0.50xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$83.02BebitdaCapex$0.00capitalExpendituresInterest$101.35BinterestExpenseShort-term debt$64.48BshortLongTermDebtEBITDA − capex$83.02BPrincipal due is the current portion of debt.Result 0.50x | -$42.01BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$42.01BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$42.01BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$42.01B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$75.08BoperatingIncomeTax expense$16.61BincomeTaxExpensePretax income$75.08BincomeBeforeTaxTax rate22.1%Equity$344.76BtotalStockholderEquityDebt$454.31BlongTermDebt + shortLongTermDebtCash$1,662.72BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 2.33xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$75.08BoperatingIncomeNet PP&E$32.22BpropertyPlantEquipmentResult 2.33x |
| 2025 | 0.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$36.24BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$4,424.90BtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 7.72xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$279.75BtotalRevenueNet PP&E$36.24BpropertyPlantEquipmentResult 7.72x | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$8.82BdepreciationAndAmortizationResult 0.00x | $106.66Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4,424.90BtotalAssetsGoodwill$52.73BgoodWillIntangibles$11.73BintangibleAssetsLiabilities$4,062.46BtotalLiabTangible book$297.98BShares2,793,700,000commonStockSharesOutstandingResult $106.66 | 0.50xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$81.42BebitdaCapex$0.00capitalExpendituresInterest$97.90BinterestExpenseShort-term debt$66.01BshortLongTermDebtEBITDA − capex$81.42BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.50x | -$147.78BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$147.78BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$147.78BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$147.78B | 480.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$72.60BoperatingIncomeTax expense$15.55BincomeTaxExpensePretax income$72.60BincomeBeforeTaxTax rate21.4%Equity$362.44BtotalStockholderEquityDebt$499.98BshortLongTermDebtTotalCash$850.54BcashAndShortTermInvestmentsInvested capital$11.88BResult 480.0% | 2.00xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$72.60BoperatingIncomeNet PP&E$36.24BpropertyPlantEquipmentResult 2.00x |
- 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.
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2025)
Net PP&E: $36.24B
Inventory: $0.00
Total assets: $4,424.90B
Goodwill: $52.73B
Intangibles: $11.73B
Liabilities: $4,062.46B
Tangible book: $297.98B
Shares: 2,793,700,000
Revenue: $279.75B
Capex: $0.00
D&A: $8.82B
EBITDA: $81.42B
Interest: $97.90B
Short-term debt: $66.01B
Free cash flow: -$147.78B
Operating income: $72.60B
Invested capital: $11.88B
Tax rate: 21.4%