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.
Legal & General Group PLC
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.
Fixed-asset turnover is 72.43x. Compare it with other names in the same basket.
Physical asset ratio
0.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 332.00MpropertyPlantAndEquipmentNetInventoryGBX 395.00MinventoryTotal assetsGBX 582.27BtotalAssetsResult 0.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
72.43xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueGBX 24.05BtotalRevenueNet PP&EGBX 332.00MpropertyPlantAndEquipmentNetResult 72.43x
Revenue per dollar of the physical asset base.
Capex / D&A
—Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexGBX 51.00McapitalExpendituresD&A—Not reportedResult —
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
GBX 0.32Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 582.27BtotalAssetsGoodwillGBX 54.00MgoodWillIntangiblesGBX 341.00MintangibleAssetsLiabilitiesGBX 579.96BtotalLiabTangible bookGBX 1.92BShares6,076,000,000commonStockSharesOutstandingResult GBX 0.32
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
964.49xPrice / tangible bookPrice / tangible book per sharePriceGBX 304.30Latest quoteTangible book / shareGBX 0.322025-12-31Result 964.49x
Price GBX 304.30.
Fixed-charge coverage
1.88xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.11BebitdaCapexGBX 51.00McapitalExpendituresInterestGBX 282.00MinterestExpenseShort-term debtGBX 278.00MshortLongTermDebtEBITDA − capexGBX 1.06BPrincipal due is the current portion of debt.Result 1.88x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
27.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowGBX 4.50BfreeCashFlowMarket capGBX 16.22BMarketCapitalizationResult 27.7%
Latest free cash flow divided by current market cap (GBX 16.22B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 824.00MoperatingIncomeTax expenseGBX 304.00MincomeTaxExpensePretax incomeGBX 824.00MincomeBeforeTaxTax rate36.9%EquityGBX 2.28BtotalStockholderEquityDebtGBX 4.90BlongTermDebt + shortLongTermDebtCashGBX 17.10BcashInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.48x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 57.00MpropertyPlantEquipmentInventoryGBX 1.69BinventoryTotal assetsGBX 492.52BtotalAssetsResult 0.4% | 223.46xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueGBX 12.74BtotalRevenueNet PP&EGBX 57.00MpropertyPlantEquipmentResult 223.46x | 8.91xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexGBX 401.00McapitalExpendituresD&AGBX 45.00MdepreciationAndAmortizationResult 8.91x | GBX 1.38Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 492.52BtotalAssetsGoodwillGBX 65.00MgoodWillIntangiblesGBX 363.00MintangibleAssetsLiabilitiesGBX 483.87BtotalLiabTangible bookGBX 8.22BShares5,962,000,000commonStockSharesOutstandingResult GBX 1.38 | 2.31xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 2.41BebitdaCapexGBX 401.00McapitalExpendituresInterestGBX 238.00MinterestExpenseShort-term debtGBX 632.00MshortTermDebtEBITDA − capexGBX 2.01BPrincipal due is short-term debt.Result 2.31x | -GBX 762.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-GBX 361.00MtotalCashFromOperatingActivitiesCapexGBX 401.00McapitalExpendituresFree cash flow-GBX 762.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 762.00M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 2.13BoperatingIncomeTax expenseGBX 364.00MincomeTaxExpensePretax incomeGBX 2.13BincomeBeforeTaxTax rate17.1%EquityGBX 8.58BtotalStockholderEquityDebtGBX 4.89BshortLongTermDebtTotalCashGBX 17.32BcashInvested capital—Result — | 37.35xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeGBX 2.13BoperatingIncomeNet PP&EGBX 57.00MpropertyPlantEquipmentResult 37.35x |
| 2019 | 0.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 298.00MpropertyPlantEquipmentInventoryGBX 2.12BinventoryTotal assetsGBX 554.79BtotalAssetsResult 0.4% | 224.11xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueGBX 66.79BtotalRevenueNet PP&EGBX 298.00MpropertyPlantEquipmentResult 224.11x | 1.25xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexGBX 89.00McapitalExpendituresD&AGBX 71.00MdepreciationAndAmortizationResult 1.25x | GBX 1.47Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 554.79BtotalAssetsGoodwillGBX 64.00MgoodWillIntangiblesGBX 254.00MintangibleAssetsLiabilitiesGBX 545.70BtotalLiabTangible bookGBX 8.78BShares5,965,000,000commonStockSharesOutstandingResult GBX 1.47 | 3.13xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 2.50BebitdaCapexGBX 89.00McapitalExpendituresInterestGBX 269.00MinterestExpenseShort-term debtGBX 500.00MshortTermDebtEBITDA − capexGBX 2.41BPrincipal due is short-term debt.Result 3.13x | -GBX 3.37BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-GBX 3.29BtotalCashFromOperatingActivitiesCapexGBX 89.00McapitalExpendituresFree cash flow-GBX 3.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 3.37B | 965.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 2.16BoperatingIncomeTax expenseGBX 369.00MincomeTaxExpensePretax incomeGBX 2.16BincomeBeforeTaxTax rate17.1%EquityGBX 9.04BtotalStockholderEquityDebtGBX 5.38BshortLongTermDebtTotalCashGBX 14.23BcashAndShortTermInvestmentsInvested capitalGBX 185.00MResult 965.9% | 7.23xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeGBX 2.16BoperatingIncomeNet PP&EGBX 298.00MpropertyPlantEquipmentResult 7.23x |
| 2020 | 0.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 274.00MpropertyPlantEquipmentInventoryGBX 2.18BinventoryTotal assetsGBX 563.63BtotalAssetsResult 0.4% | 183.32xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueGBX 50.23BtotalRevenueNet PP&EGBX 274.00MpropertyPlantEquipmentResult 183.32x | 2.25xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexGBX 164.00McapitalExpendituresD&AGBX 73.00MdepreciationAndAmortizationResult 2.25x | GBX 1.51Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 563.63BtotalAssetsGoodwillGBX 68.00MgoodWillIntangiblesGBX 397.00MintangibleAssetsLiabilitiesGBX 553.66BtotalLiabTangible bookGBX 9.50BShares6,277,000,000commonStockSharesOutstandingResult GBX 1.51 | 4.83xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.88BebitdaCapexGBX 164.00McapitalExpendituresInterestGBX 305.00MinterestExpenseShort-term debtGBX 50.00MshortLongTermDebtEBITDA − capexGBX 1.71BPrincipal due is the current portion of debt.Result 4.83x | GBX 4.14BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowGBX 4.30BtotalCashFromOperatingActivitiesCapexGBX 164.00McapitalExpendituresFree cash flowGBX 4.14BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 4.14B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 1.50BoperatingIncomeTax expenseGBX 218.00MincomeTaxExpensePretax incomeGBX 1.50BincomeBeforeTaxTax rate14.5%EquityGBX 10.00BtotalStockholderEquityDebtGBX 5.84BshortLongTermDebtTotalCashGBX 43.29BcashInvested capital—Result — | 5.47xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeGBX 1.50BoperatingIncomeNet PP&EGBX 274.00MpropertyPlantEquipmentResult 5.47x |
| 2021 | 0.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 316.00MpropertyPlantEquipmentInventoryGBX 2.04BinventoryTotal assetsGBX 575.46BtotalAssetsUses the property line, which is larger than net PP&E (GBX 242.00M, propertyPlantAndEquipmentNet).Result 0.4% | 61.27xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueGBX 19.36BtotalRevenueNet PP&EGBX 316.00MpropertyPlantEquipmentResult 61.27x | 2.20xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexGBX 205.00McapitalExpendituresD&AGBX 93.00MdepreciationAndAmortizationResult 2.20x | GBX 1.66Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 575.46BtotalAssetsGoodwillGBX 68.00MgoodWillIntangiblesGBX 433.00MintangibleAssetsLiabilitiesGBX 564.52BtotalLiabTangible bookGBX 10.44BShares6,295,000,000commonStockSharesOutstandingResult GBX 1.66 | 8.18xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 3.02BebitdaCapexGBX 205.00McapitalExpendituresInterestGBX 294.00MinterestExpenseShort-term debtGBX 50.00MshortLongTermDebtEBITDA − capexGBX 2.81BPrincipal due is the current portion of debt.Result 8.18x | -GBX 374.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-GBX 169.00MtotalCashFromOperatingActivitiesCapexGBX 205.00McapitalExpendituresFree cash flow-GBX 374.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 374.00M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 2.63BoperatingIncomeTax expenseGBX 589.00MincomeTaxExpensePretax incomeGBX 2.63BincomeBeforeTaxTax rate22.4%EquityGBX 10.98BtotalStockholderEquityDebtGBX 5.39BshortLongTermDebtTotalCashGBX 16.49BcashInvested capital—Result — | 8.33xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeGBX 2.63BoperatingIncomeNet PP&EGBX 316.00MpropertyPlantEquipmentResult 8.33x |
| 2022 | 0.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 326.00MpropertyPlantEquipmentInventoryGBX 1.97BinventoryTotal assetsGBX 506.32BtotalAssetsUses the property line, which is larger than net PP&E (GBX 252.00M, propertyPlantAndEquipmentNet).Result 0.5% | 104.61xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueGBX 34.10BtotalRevenueNet PP&EGBX 326.00MpropertyPlantEquipmentResult 104.61x | 1.82xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexGBX 187.00McapitalExpendituresD&AGBX 103.00MdepreciationAndAmortizationResult 1.82x | GBX 1.84Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 506.32BtotalAssetsGoodwillGBX 71.00MgoodWillIntangiblesGBX 512.00MintangibleAssetsLiabilitiesGBX 494.18BtotalLiabTangible bookGBX 11.56BShares6,279,000,000commonStockSharesOutstandingResult GBX 1.84 | 2.48xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.33BebitdaCapexGBX 187.00McapitalExpendituresInterestGBX 290.00MinterestExpenseShort-term debtGBX 172.00MshortLongTermDebtEBITDA − capexGBX 1.15BPrincipal due is the current portion of debt.Result 2.48x | GBX 20.28BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowGBX 20.46BtotalCashFromOperatingActivitiesCapexGBX 187.00McapitalExpendituresFree cash flowGBX 20.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 20.28B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 939.00MoperatingIncomeTax expenseGBX 157.00MincomeTaxExpensePretax incomeGBX 939.00MincomeBeforeTaxTax rate16.7%EquityGBX 5.56BtotalStockholderEquityDebtGBX 5.48BshortLongTermDebtTotalCashGBX 36.26BcashInvested capital—Result — | 2.88xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeGBX 939.00MoperatingIncomeNet PP&EGBX 326.00MpropertyPlantEquipmentResult 2.88x |
| 2023 | 0.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 315.00MpropertyPlantAndEquipmentNetInventoryGBX 1.93BinventoryTotal assetsGBX 522.10BtotalAssetsResult 0.4% | 81.83xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueGBX 25.78BtotalRevenueNet PP&EGBX 315.00MpropertyPlantAndEquipmentNetResult 81.83x | 2.47xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexGBX 237.00McapitalExpendituresD&AGBX 96.00MdepreciationAndAmortizationResult 2.47x | GBX 0.67Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 522.10BtotalAssetsGoodwillGBX 73.00MgoodWillIntangiblesGBX 477.00MintangibleAssetsLiabilitiesGBX 517.31BtotalLiabTangible bookGBX 4.23BShares6,281,000,000commonStockSharesOutstandingResult GBX 0.67 | 0.65xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 638.00MebitdaCapexGBX 237.00McapitalExpendituresInterestGBX 347.00MinterestExpenseShort-term debtGBX 269.00MshortLongTermDebtEBITDA − capexGBX 401.00MPrincipal due is the current portion of debt.Result 0.65x | -GBX 14.48BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-GBX 14.24BtotalCashFromOperatingActivitiesCapexGBX 237.00McapitalExpendituresFree cash flow-GBX 14.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 14.48B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 195.00MoperatingIncomeTax expense-GBX 248.00MincomeTaxExpensePretax incomeGBX 195.00MincomeBeforeTaxTax rate0.0%EquityGBX 4.83BtotalStockholderEquityDebtGBX 6.12BshortLongTermDebtTotalCashGBX 22.54BcashAndShortTermInvestmentsInvested capital—Result — | 0.62xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeGBX 195.00MoperatingIncomeNet PP&EGBX 315.00MpropertyPlantAndEquipmentNetResult 0.62x |
| 2024 | 0.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 395.00MpropertyPlantAndEquipmentNetInventoryGBX 531.00MinventoryTotal assetsGBX 544.17BtotalAssetsResult 0.2% | 58.77xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueGBX 23.21BtotalRevenueNet PP&EGBX 395.00MpropertyPlantAndEquipmentNetResult 58.77x | 0.45xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexGBX 95.00McapitalExpendituresD&AGBX 210.00MdepreciationAndAmortizationResult 0.45x | GBX 0.51Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 544.17BtotalAssetsGoodwillGBX 30.00MgoodWillIntangiblesGBX 450.00MintangibleAssetsLiabilitiesGBX 540.66BtotalLiabTangible bookGBX 3.03BShares5,948,000,000commonStockSharesOutstandingResult GBX 0.51 | 1.07xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 721.00MebitdaCapexGBX 95.00McapitalExpendituresInterestGBX 273.00MinterestExpenseShort-term debtGBX 314.00MshortLongTermDebtEBITDA − capexGBX 626.00MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 1.07x | -GBX 4.54BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-GBX 4.45BtotalCashFromOperatingActivitiesCapexGBX 95.00McapitalExpendituresFree cash flow-GBX 4.54BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 4.54B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 448.00MoperatingIncomeTax expenseGBX 318.00MincomeTaxExpensePretax incomeGBX 448.00MincomeBeforeTaxTax rate40.0%EquityGBX 3.55BtotalStockholderEquityDebtGBX 7.70BshortLongTermDebtTotalCashGBX 18.58BcashAndShortTermInvestmentsInvested capital—The effective tax rate was above 40% and was capped at 40%.Result — | 1.13xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeGBX 448.00MoperatingIncomeNet PP&EGBX 395.00MpropertyPlantAndEquipmentNetResult 1.13x |
| 2025 | 0.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 332.00MpropertyPlantAndEquipmentNetInventoryGBX 395.00MinventoryTotal assetsGBX 582.27BtotalAssetsResult 0.1% | 72.43xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueGBX 24.05BtotalRevenueNet PP&EGBX 332.00MpropertyPlantAndEquipmentNetResult 72.43x | —Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexGBX 51.00McapitalExpendituresD&A—Not reportedResult — | GBX 0.32Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 582.27BtotalAssetsGoodwillGBX 54.00MgoodWillIntangiblesGBX 341.00MintangibleAssetsLiabilitiesGBX 579.96BtotalLiabTangible bookGBX 1.92BShares6,076,000,000commonStockSharesOutstandingResult GBX 0.32 | 1.88xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.11BebitdaCapexGBX 51.00McapitalExpendituresInterestGBX 282.00MinterestExpenseShort-term debtGBX 278.00MshortLongTermDebtEBITDA − capexGBX 1.06BPrincipal due is the current portion of debt.Result 1.88x | GBX 4.50BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowGBX 4.55BtotalCashFromOperatingActivitiesCapexGBX 51.00McapitalExpendituresFree cash flowGBX 4.50BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 4.50B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 824.00MoperatingIncomeTax expenseGBX 304.00MincomeTaxExpensePretax incomeGBX 824.00MincomeBeforeTaxTax rate36.9%EquityGBX 2.28BtotalStockholderEquityDebtGBX 4.90BlongTermDebt + shortLongTermDebtCashGBX 17.10BcashInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 2.48xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeGBX 824.00MoperatingIncomeNet PP&EGBX 332.00MpropertyPlantAndEquipmentNetResult 2.48x |
- 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 332.00M
Inventory: GBX 395.00M
Total assets: GBX 582.27B
Goodwill: GBX 54.00M
Intangibles: GBX 341.00M
Liabilities: GBX 579.96B
Tangible book: GBX 1.92B
Shares: 6,076,000,000
Revenue: GBX 24.05B
Capex: GBX 51.00M
D&A: —
EBITDA: GBX 1.11B
Interest: GBX 282.00M
Short-term debt: GBX 278.00M
Free cash flow: GBX 4.50B
Operating income: GBX 824.00M
Invested capital: —
Tax rate: 36.9%