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.
Altria Group
Physical assets are 7.9% of total assets, a light footprint. Capex is 0.81x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 50.2%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 11.78x. Compare it with other names in the same basket.
Physical asset ratio
7.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.71BpropertyPlantEquipmentInventory$1.07BinventoryTotal assets$35.02BtotalAssetsResult 7.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
11.78xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$20.14BtotalRevenueNet PP&E$1.71BpropertyPlantEquipmentResult 11.78x
Revenue per dollar of the physical asset base.
Capex / D&A
0.81xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$216.00McapitalExpendituresD&A$266.00MdepreciationAndAmortizationResult 0.81x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$12.59Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$35.02BtotalAssetsGoodwill$5.79BgoodWillIntangibles$11.88BintangibleAssetsLiabilities$38.47BtotalLiabTangible book-$21.12BShares1,677,000,000commonStockSharesOutstandingResult -$12.59
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$78.03Latest quoteTangible book / share-$12.592025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $78.03.
Fixed-charge coverage
3.87xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.83BebitdaCapex$216.00McapitalExpendituresInterest$1.18BinterestExpenseShort-term debt$1.57BshortTermDebtEBITDA − capex$10.62BPrincipal due is short-term debt.Result 3.87x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$9.07BfreeCashFlowMarket cap$129.80BMarketCapitalizationResult 7.0%
Latest free cash flow divided by current market cap ($129.80B).
ROIC
50.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$12.04BoperatingIncomeTax expense$2.44BincomeTaxExpensePretax income$9.39BincomeBeforeTaxTax rate26.0%Equity-$3.50BtotalStockholderEquityDebt$25.71BshortLongTermDebtTotalCash$4.48BcashAndShortTermInvestmentsInvested capital$17.73BResult 50.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 7.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 7.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.94BpropertyPlantEquipmentInventory$2.33BinventoryTotal assets$55.64BtotalAssetsResult 7.7% | 13.09xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$25.36BtotalRevenueNet PP&E$1.94BpropertyPlantEquipmentResult 13.09x | 1.05xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$238.00McapitalExpendituresD&A$227.00MdepreciationAndAmortizationResult 1.05x | -$1.42Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$55.64BtotalAssetsGoodwill$5.20BgoodWillIntangibles$12.28BintangibleAssetsLiabilities$40.85BtotalLiabTangible book-$2.69BShares1,888,000,000commonStockSharesOutstandingResult -$1.42 | 0.69xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.26BebitdaCapex$238.00McapitalExpendituresInterest$697.00MinterestExpenseShort-term debt$13.85BshortTermDebtEBITDA − capex$10.02BPrincipal due is short-term debt.Result 0.69x | $8.15BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$8.39BtotalCashFromOperatingActivitiesCapex$238.00McapitalExpendituresFree cash flow$8.15BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.15B | 17.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.12BoperatingIncomeTax expense$2.37BincomeTaxExpensePretax income$9.34BincomeBeforeTaxTax rate25.4%Equity$14.79BtotalStockholderEquityDebt$25.75BshortLongTermDebtTotalCash$1.33BcashAndEquivalentsInvested capital$39.20BResult 17.3% | 4.70xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$9.12BoperatingIncomeNet PP&E$1.94BpropertyPlantEquipmentResult 4.70x |
| 2019 | 8.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.00BpropertyPlantEquipmentInventory$2.29BinventoryTotal assets$49.27BtotalAssetsResult 8.7% | 12.56xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$25.11BtotalRevenueNet PP&E$2.00BpropertyPlantEquipmentResult 12.56x | 1.09xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$246.00McapitalExpendituresD&A$226.00MdepreciationAndAmortizationResult 1.09x | -$6.18Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$49.27BtotalAssetsGoodwill$5.18BgoodWillIntangibles$12.69BintangibleAssetsLiabilities$42.95BtotalLiabTangible book-$11.55BShares1,869,000,000commonStockSharesOutstandingResult -$6.18 | 0.89xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.32BebitdaCapex$246.00McapitalExpendituresInterest$1.32BinterestExpenseShort-term debt$1.00BshortTermDebtEBITDA − capex$2.07BPrincipal due is short-term debt.Result 0.89x | $7.59BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$7.84BtotalCashFromOperatingActivitiesCapex$246.00McapitalExpendituresFree cash flow$7.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.59B | 19.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.33BoperatingIncomeTax expense$2.06BincomeTaxExpensePretax income$766.00MincomeBeforeTaxTax rate40.0%Equity$6.22BtotalStockholderEquityDebt$28.04BshortLongTermDebtTotalCash$2.12BcashAndEquivalentsInvested capital$32.15BThe effective tax rate was above 40% and was capped at 40%.Result 19.3% | 5.17xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$10.33BoperatingIncomeNet PP&E$2.00BpropertyPlantEquipmentResult 5.17x |
| 2020 | 8.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.01BpropertyPlantEquipmentInventory$1.97BinventoryTotal assets$47.41BtotalAssetsResult 8.4% | 13.00xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$26.15BtotalRevenueNet PP&E$2.01BpropertyPlantEquipmentResult 13.00x | 0.90xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$231.00McapitalExpendituresD&A$257.00MdepreciationAndAmortizationResult 0.90x | -$8.00Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47.41BtotalAssetsGoodwill$5.18BgoodWillIntangibles$12.62BintangibleAssetsLiabilities$44.49BtotalLiabTangible book-$14.87BShares1,859,000,000commonStockSharesOutstandingResult -$8.00 | 2.99xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.38BebitdaCapex$231.00McapitalExpendituresInterest$1.22BinterestExpenseShort-term debt$1.50BshortTermDebtEBITDA − capex$8.15BPrincipal due is short-term debt.Result 2.99x | $8.15BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$8.39BtotalCashFromOperatingActivitiesCapex$231.00McapitalExpendituresFree cash flow$8.15BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.15B | 25.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.87BoperatingIncomeTax expense$2.44BincomeTaxExpensePretax income$6.89BincomeBeforeTaxTax rate35.4%Equity$2.84BtotalStockholderEquityDebt$29.47BshortLongTermDebtTotalCash$4.95BcashAndEquivalentsInvested capital$27.37BResult 25.7% | 5.40xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$10.87BoperatingIncomeNet PP&E$2.01BpropertyPlantEquipmentResult 5.40x |
| 2021 | 7.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.55BpropertyPlantEquipmentInventory$1.19BinventoryTotal assets$39.52BtotalAssetsResult 7.0% | 16.75xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$26.01BtotalRevenueNet PP&E$1.55BpropertyPlantEquipmentResult 16.75x | 0.69xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$169.00McapitalExpendituresD&A$244.00MdepreciationAndAmortizationResult 0.69x | -$10.35Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$39.52BtotalAssetsGoodwill$5.18BgoodWillIntangibles$12.31BintangibleAssetsLiabilities$41.13BtotalLiabTangible book-$19.09BShares1,845,000,000commonStockSharesOutstandingResult -$10.35 | 2.22xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.26BebitdaCapex$169.00McapitalExpendituresInterest$1.19BinterestExpenseShort-term debt$1.11BshortTermDebtEBITDA − capex$5.09BPrincipal due is short-term debt.Result 2.22x | $8.24BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$8.41BtotalCashFromOperatingActivitiesCapex$169.00McapitalExpendituresFree cash flow$8.24BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.24B | 34.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.56BoperatingIncomeTax expense$1.35BincomeTaxExpensePretax income$3.82BincomeBeforeTaxTax rate35.3%Equity-$1.61BtotalStockholderEquityDebt$28.04BshortLongTermDebtTotalCash$4.54BcashAndEquivalentsInvested capital$21.89BResult 34.2% | 7.44xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$11.56BoperatingIncomeNet PP&E$1.55BpropertyPlantEquipmentResult 7.44x |
| 2022 | 7.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.61BpropertyPlantEquipmentInventory$1.18BinventoryTotal assets$36.95BtotalAssetsResult 7.5% | 15.61xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$25.10BtotalRevenueNet PP&E$1.61BpropertyPlantEquipmentResult 15.61x | 0.91xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$205.00McapitalExpendituresD&A$226.00MdepreciationAndAmortizationResult 0.91x | -$11.91Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$36.95BtotalAssetsGoodwill$5.18BgoodWillIntangibles$12.38BintangibleAssetsLiabilities$40.88BtotalLiabTangible book-$21.48BShares1,804,000,000commonStockSharesOutstandingResult -$11.91 | 3.18xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.74BebitdaCapex$205.00McapitalExpendituresInterest$1.13BinterestExpenseShort-term debt$1.56BshortTermDebtEBITDA − capex$8.54BPrincipal due is short-term debt.Result 3.18x | $8.05BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$8.26BtotalCashFromOperatingActivitiesCapex$205.00McapitalExpendituresFree cash flow$8.05BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.05B | 49.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.92BoperatingIncomeTax expense$1.63BincomeTaxExpensePretax income$7.39BincomeBeforeTaxTax rate22.0%Equity-$3.97BtotalStockholderEquityDebt$26.68BshortLongTermDebtTotalCash$4.03BcashAndEquivalentsInvested capital$18.68BResult 49.8% | 7.41xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$11.92BoperatingIncomeNet PP&E$1.61BpropertyPlantEquipmentResult 7.41x |
| 2023 | 7.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.65BpropertyPlantEquipmentInventory$1.22BinventoryTotal assets$38.57BtotalAssetsResult 7.4% | 14.82xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$24.48BtotalRevenueNet PP&E$1.65BpropertyPlantEquipmentResult 14.82x | 0.07xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$196.00McapitalExpendituresD&A$2.94BdepreciationAndAmortizationResult 0.07x | -$13.49Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$38.57BtotalAssetsGoodwill$6.79BgoodWillIntangibles$13.69BintangibleAssetsLiabilities$42.06BtotalLiabTangible book-$23.97BShares1,777,000,000commonStockSharesOutstandingResult -$13.49 | 5.75xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$12.32BebitdaCapex$196.00McapitalExpendituresInterest$989.00MinterestExpenseShort-term debt$1.12BshortTermDebtEBITDA − capex$12.12BPrincipal due is short-term debt.Result 5.75x | $9.09BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$9.29BtotalCashFromOperatingActivitiesCapex$196.00McapitalExpendituresFree cash flow$9.09BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.09B | 48.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$12.32BoperatingIncomeTax expense$2.80BincomeTaxExpensePretax income$10.93BincomeBeforeTaxTax rate25.6%Equity-$3.54BtotalStockholderEquityDebt$26.23BshortLongTermDebtTotalCash$3.69BcashAndEquivalentsInvested capital$19.01BResult 48.2% | 7.46xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$12.32BoperatingIncomeNet PP&E$1.65BpropertyPlantEquipmentResult 7.46x |
| 2024 | 7.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.62BpropertyPlantEquipmentInventory$1.08BinventoryTotal assets$35.18BtotalAssetsResult 7.7% | 12.64xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$20.44BtotalRevenueNet PP&E$1.62BpropertyPlantEquipmentResult 12.64x | 0.50xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$142.00McapitalExpendituresD&A$286.00MdepreciationAndAmortizationResult 0.50x | -$12.87Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$35.18BtotalAssetsGoodwill$6.95BgoodWillIntangibles$12.97BintangibleAssetsLiabilities$37.37BtotalLiabTangible book-$22.11BShares1,718,000,000commonStockSharesOutstandingResult -$12.87 | 5.63xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$15.07BebitdaCapex$142.00McapitalExpendituresInterest$1.12BinterestExpenseShort-term debt$1.53BshortTermDebtEBITDA − capex$14.93BPrincipal due is short-term debt.Result 5.63x | $8.61BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$8.75BtotalCashFromOperatingActivitiesCapex$142.00McapitalExpendituresFree cash flow$8.61BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.61B | 47.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.24BoperatingIncomeTax expense$2.39BincomeTaxExpensePretax income$13.66BincomeBeforeTaxTax rate17.5%Equity-$2.24BtotalStockholderEquityDebt$24.93BshortLongTermDebtTotalCash$3.13BcashAndEquivalentsInvested capital$19.56BResult 47.4% | 6.95xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$11.24BoperatingIncomeNet PP&E$1.62BpropertyPlantEquipmentResult 6.95x |
| 2025 | 7.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.71BpropertyPlantEquipmentInventory$1.07BinventoryTotal assets$35.02BtotalAssetsResult 7.9% | 11.78xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$20.14BtotalRevenueNet PP&E$1.71BpropertyPlantEquipmentResult 11.78x | 0.81xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$216.00McapitalExpendituresD&A$266.00MdepreciationAndAmortizationResult 0.81x | -$12.59Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$35.02BtotalAssetsGoodwill$5.79BgoodWillIntangibles$11.88BintangibleAssetsLiabilities$38.47BtotalLiabTangible book-$21.12BShares1,677,000,000commonStockSharesOutstandingResult -$12.59 | 3.87xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.83BebitdaCapex$216.00McapitalExpendituresInterest$1.18BinterestExpenseShort-term debt$1.57BshortTermDebtEBITDA − capex$10.62BPrincipal due is short-term debt.Result 3.87x | $9.07BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$9.29BtotalCashFromOperatingActivitiesCapex$216.00McapitalExpendituresFree cash flow$9.07BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.07B | 50.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$12.04BoperatingIncomeTax expense$2.44BincomeTaxExpensePretax income$9.39BincomeBeforeTaxTax rate26.0%Equity-$3.50BtotalStockholderEquityDebt$25.71BshortLongTermDebtTotalCash$4.48BcashAndShortTermInvestmentsInvested capital$17.73BResult 50.2% | 7.04xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$12.04BoperatingIncomeNet PP&E$1.71BpropertyPlantEquipmentResult 7.04x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $1.71B
Inventory: $1.07B
Total assets: $35.02B
Goodwill: $5.79B
Intangibles: $11.88B
Liabilities: $38.47B
Tangible book: -$21.12B
Shares: 1,677,000,000
Revenue: $20.14B
Capex: $216.00M
D&A: $266.00M
EBITDA: $10.83B
Interest: $1.18B
Short-term debt: $1.57B
Free cash flow: $9.07B
Operating income: $12.04B
Invested capital: $17.73B
Tax rate: 26.0%