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.
Monster Beverage Corp
Physical assets are 18.8% of total assets, a light footprint. Capex is 1.16x 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. That coverage ratio uses interest only, because short-term debt was not on the balance sheet.
Fixed-asset turnover is 7.67x. Compare it with other names in the same basket.
Physical asset ratio
18.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.08BpropertyPlantAndEquipmentNetInventory$799.62MinventoryTotal assets$9.99BtotalAssetsResult 18.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.67xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.29BtotalRevenueNet PP&E$1.08BpropertyPlantAndEquipmentNetResult 7.67x
Revenue per dollar of the physical asset base.
Capex / D&A
1.16xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$132.28McapitalExpendituresD&A$114.44MdepreciationAndAmortizationResult 1.16x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.82Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.99BtotalAssetsGoodwill$1.33BgoodWillIntangibles$1.38BintangibleAssetsLiabilities$1.73BtotalLiabTangible book$5.54BShares1,968,902,000commonStockSharesOutstandingResult $2.82
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
16.81xPrice / tangible bookPrice / tangible book per sharePrice$47.34Latest quoteTangible book / share$2.822025-12-31Result 16.81x
Price $47.34.
Fixed-charge coverage
374.44xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDA$2.60BebitdaCapex$132.28McapitalExpendituresInterest$6.60MinterestExpenseEBITDA − capex$2.47BShort-term debt was not reported, so the denominator is interest only.Result 374.44x
EBITDA minus capex, divided by interest only.
FCF yield
2.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.97BfreeCashFlowMarket cap$92.74BMarketCapitalizationResult 2.1%
Latest free cash flow divided by current market cap ($92.74B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.42BoperatingIncomeTax expense$577.10MincomeTaxExpensePretax income$2.48BincomeBeforeTaxTax rate23.2%Equity$8.25BtotalStockholderEquityDebt—Not reportedCash$2.77BcashAndShortTermInvestmentsInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.24x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 11.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$243.05MpropertyPlantEquipmentInventory$277.71MinventoryTotal assets$4.53BtotalAssetsResult 11.5% | 15.66xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.81BtotalRevenueNet PP&E$243.05MpropertyPlantEquipmentResult 15.66x | 1.31xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$74.93McapitalExpendituresD&A$56.98MdepreciationAndAmortizationResult 1.31x | $0.55Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.53BtotalAssetsGoodwill$1.33BgoodWillIntangibles$1.05BintangibleAssetsLiabilities$915.99MtotalLiabTangible book$1.23BShares2,257,016,000commonStockSharesOutstandingResult $0.55 | 59.27xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.34BebitdaCapex$74.93McapitalExpendituresInterest$9.65MinterestExpenseShort-term debt$11.70MshortTermDebtEBITDA − capex$1.27BPrincipal due is short-term debt.Result 59.27x | $1.09BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.16BtotalCashFromOperatingActivitiesCapex$74.93McapitalExpendituresFree cash flow$1.09BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.09B | 37.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.28BoperatingIncomeTax expense$300.27MincomeTaxExpensePretax income$1.29BincomeBeforeTaxTax rate23.2%Equity$3.61BtotalStockholderEquityDebt$11.70MshortLongTermDebtTotalCash$958.16McashAndShortTermInvestmentsInvested capital$2.66BResult 37.0% | 5.28xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.28BoperatingIncomeNet PP&E$243.05MpropertyPlantEquipmentResult 5.28x |
| 2019 | 12.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$298.64MpropertyPlantEquipmentInventory$360.73MinventoryTotal assets$5.15BtotalAssetsResult 12.8% | 14.07xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$4.20BtotalRevenueNet PP&E$298.64MpropertyPlantEquipmentResult 14.07x | 1.70xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$110.40McapitalExpendituresD&A$64.81MdepreciationAndAmortizationResult 1.70x | $0.82Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.15BtotalAssetsGoodwill$1.33BgoodWillIntangibles$1.05BintangibleAssetsLiabilities$979.07MtotalLiabTangible book$1.79BShares2,186,432,000commonStockSharesOutstandingResult $0.82 | 16.66xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.47BebitdaCapex$110.40McapitalExpendituresInterest$77.84MinterestExpenseShort-term debt$3.66MshortTermDebtEBITDA − capex$1.36BPrincipal due is short-term debt.Result 16.66x | $1.00BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.11BtotalCashFromOperatingActivitiesCapex$110.40McapitalExpendituresFree cash flow$1.00BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.00B | 38.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.40BoperatingIncomeTax expense$308.13MincomeTaxExpensePretax income$1.42BincomeBeforeTaxTax rate21.8%Equity$4.17BtotalStockholderEquityDebt$28.46MshortLongTermDebtTotalCash$1.33BcashAndShortTermInvestmentsInvested capital$2.87BResult 38.3% | 4.70xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.40BoperatingIncomeNet PP&E$298.64MpropertyPlantEquipmentResult 4.70x |
| 2020 | 10.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$314.66MpropertyPlantEquipmentInventory$333.09MinventoryTotal assets$6.20BtotalAssetsResult 10.4% | 14.61xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.60BtotalRevenueNet PP&E$314.66MpropertyPlantEquipmentResult 14.61x | 1.10xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$67.27McapitalExpendituresD&A$60.97MdepreciationAndAmortizationResult 1.10x | $1.29Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.20BtotalAssetsGoodwill$1.33BgoodWillIntangibles$1.06BintangibleAssetsLiabilities$1.04BtotalLiabTangible book$2.77BShares2,139,228,000commonStockSharesOutstandingResult $1.29 | 28.86xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.69BebitdaCapex$67.27McapitalExpendituresInterest$53.98MinterestExpenseShort-term debt$2.40MshortTermDebtEBITDA − capex$1.63BPrincipal due is short-term debt.Result 28.86x | $1.30BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$1.36BtotalCashFromOperatingActivitiesCapex$67.27McapitalExpendituresFree cash flow$1.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.30B | 45.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.63BoperatingIncomeTax expense$216.56MincomeTaxExpensePretax income$1.63BincomeBeforeTaxTax rate13.3%Equity$5.16BtotalStockholderEquityDebt$18.14MshortLongTermDebtTotalCash$2.06BcashAndShortTermInvestmentsInvested capital$3.12BResult 45.4% | 5.19xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$1.63BoperatingIncomeNet PP&E$314.66MpropertyPlantEquipmentResult 5.19x |
| 2021 | 11.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$313.75MpropertyPlantEquipmentInventory$593.36MinventoryTotal assets$7.80BtotalAssetsResult 11.6% | 17.66xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$5.54BtotalRevenueNet PP&E$313.75MpropertyPlantEquipmentResult 17.66x | 1.15xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$57.45McapitalExpendituresD&A$50.16MdepreciationAndAmortizationResult 1.15x | $1.94Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.80BtotalAssetsGoodwill$1.33BgoodWillIntangibles$1.07BintangibleAssetsLiabilities$1.24BtotalLiabTangible book$4.16BShares2,142,556,000commonStockSharesOutstandingResult $1.94 | 27.60xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.85BebitdaCapex$57.45McapitalExpendituresInterest$54.11MinterestExpenseShort-term debt$10.75MshortTermDebtEBITDA − capex$1.79BPrincipal due is short-term debt.Result 27.60x | $1.10BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.16BtotalCashFromOperatingActivitiesCapex$57.45McapitalExpendituresFree cash flow$1.10BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.10B | 39.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.80BoperatingIncomeTax expense$423.94MincomeTaxExpensePretax income$1.80BincomeBeforeTaxTax rate23.5%Equity$6.57BtotalStockholderEquityDebt$28.18MshortLongTermDebtTotalCash$3.08BcashAndShortTermInvestmentsInvested capital$3.52BResult 39.1% | 5.73xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.80BoperatingIncomeNet PP&E$313.75MpropertyPlantEquipmentResult 5.73x |
| 2022 | 17.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$516.90MpropertyPlantEquipmentInventory$935.63MinventoryTotal assets$8.29BtotalAssetsResult 17.5% | 12.21xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$6.31BtotalRevenueNet PP&E$516.90MpropertyPlantEquipmentResult 12.21x | 3.46xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$212.15McapitalExpendituresD&A$61.24MdepreciationAndAmortizationResult 3.46x | $2.06Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.29BtotalAssetsGoodwill$1.42BgoodWillIntangibles$1.22BintangibleAssetsLiabilities$1.27BtotalLiabTangible book$4.39BShares2,132,884,000commonStockSharesOutstandingResult $2.06 | 49.34xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.65BebitdaCapex$212.15McapitalExpendituresInterest$12.76MinterestExpenseShort-term debt$16.30MshortTermDebtEBITDA − capex$1.43BPrincipal due is short-term debt.Result 49.34x | $675.55MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$887.70MtotalCashFromOperatingActivitiesCapex$212.15McapitalExpendituresFree cash flow$675.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $675.55M | 27.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.58BoperatingIncomeTax expense$380.34MincomeTaxExpensePretax income$1.57BincomeBeforeTaxTax rate24.2%Equity$7.03BtotalStockholderEquityDebt$45.93MshortLongTermDebtTotalCash$2.67BcashAndShortTermInvestmentsInvested capital$4.40BResult 27.3% | 3.07xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.58BoperatingIncomeNet PP&E$516.90MpropertyPlantEquipmentResult 3.07x |
| 2023 | 19.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$890.80MpropertyPlantAndEquipmentNetInventory$971.41MinventoryTotal assets$9.69BtotalAssetsResult 19.2% | 8.02xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$7.14BtotalRevenueNet PP&E$890.80MpropertyPlantAndEquipmentNetResult 8.02x | 3.41xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$234.72McapitalExpendituresD&A$68.90MdepreciationAndAmortizationResult 3.41x | $2.54Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.69BtotalAssetsGoodwill$1.42BgoodWillIntangibles$1.43BintangibleAssetsLiabilities$1.46BtotalLiabTangible book$5.38BShares2,115,962,000commonStockSharesOutstandingResult $2.54 | 12.95xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.95BebitdaCapex$234.72McapitalExpendituresInterest$115.13MinterestExpenseShort-term debt$17.54MshortTermDebtEBITDA − capex$1.72BPrincipal due is short-term debt.Result 12.95x | $1.48BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$1.72BtotalCashFromOperatingActivitiesCapex$234.72McapitalExpendituresFree cash flow$1.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.48B | 30.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.95BoperatingIncomeTax expense$437.49MincomeTaxExpensePretax income$2.07BincomeBeforeTaxTax rate21.2%Equity$8.23BtotalStockholderEquityDebt$66.02MshortLongTermDebtTotalCash$3.25BcashAndShortTermInvestmentsInvested capital$5.04BResult 30.6% | 2.19xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.95BoperatingIncomeNet PP&E$890.80MpropertyPlantAndEquipmentNetResult 2.19x |
| 2024 | 23.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.10BpropertyPlantAndEquipmentNetInventory$737.11MinventoryTotal assets$7.72BtotalAssetsResult 23.8% | 6.80xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$7.49BtotalRevenueNet PP&E$1.10BpropertyPlantAndEquipmentNetResult 6.80x | 3.28xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$264.07McapitalExpendituresD&A$80.43MdepreciationAndAmortizationResult 3.28x | $1.59Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.72BtotalAssetsGoodwill$1.33BgoodWillIntangibles$1.41BintangibleAssetsLiabilities$1.76BtotalLiabTangible book$3.21BShares2,026,214,000commonStockSharesOutstandingResult $1.59 | 41.08xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.10BebitdaCapex$264.07McapitalExpendituresInterest$27.90MinterestExpenseShort-term debt$16.74MshortTermDebtEBITDA − capex$1.83BPrincipal due is short-term debt.Result 41.08x | $1.66BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$1.93BtotalCashFromOperatingActivitiesCapex$264.07McapitalExpendituresFree cash flow$1.66BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.66B | 30.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.93BoperatingIncomeTax expense$480.41MincomeTaxExpensePretax income$1.99BincomeBeforeTaxTax rate24.1%Equity$5.96BtotalStockholderEquityDebt$373.95MshortLongTermDebtTotalCash$1.53BcashInvested capital$4.80BResult 30.5% | 1.75xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.93BoperatingIncomeNet PP&E$1.10BpropertyPlantAndEquipmentNetResult 1.75x |
| 2025 | 18.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.08BpropertyPlantAndEquipmentNetInventory$799.62MinventoryTotal assets$9.99BtotalAssetsResult 18.8% | 7.67xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.29BtotalRevenueNet PP&E$1.08BpropertyPlantAndEquipmentNetResult 7.67x | 1.16xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$132.28McapitalExpendituresD&A$114.44MdepreciationAndAmortizationResult 1.16x | $2.82Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.99BtotalAssetsGoodwill$1.33BgoodWillIntangibles$1.38BintangibleAssetsLiabilities$1.73BtotalLiabTangible book$5.54BShares1,968,902,000commonStockSharesOutstandingResult $2.82 | 374.44xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDA$2.60BebitdaCapex$132.28McapitalExpendituresInterest$6.60MinterestExpenseEBITDA − capex$2.47BShort-term debt was not reported, so the denominator is interest only.Result 374.44x | $1.97BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$2.10BtotalCashFromOperatingActivitiesCapex$132.28McapitalExpendituresFree cash flow$1.97BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.97B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.42BoperatingIncomeTax expense$577.10MincomeTaxExpensePretax income$2.48BincomeBeforeTaxTax rate23.2%Equity$8.25BtotalStockholderEquityDebt—Not reportedCash$2.77BcashAndShortTermInvestmentsInvested capital—Result — | 2.24xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$2.42BoperatingIncomeNet PP&E$1.08BpropertyPlantAndEquipmentNetResult 2.24x |
- 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.
- 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: $1.08B
Inventory: $799.62M
Total assets: $9.99B
Goodwill: $1.33B
Intangibles: $1.38B
Liabilities: $1.73B
Tangible book: $5.54B
Shares: 1,968,902,000
Revenue: $8.29B
Capex: $132.28M
D&A: $114.44M
EBITDA: $2.60B
Interest: $6.60M
Short-term debt: —
Free cash flow: $1.97B
Operating income: $2.42B
Invested capital: —
Tax rate: 23.2%