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.
Hello Group Inc
Physical assets are 11.2% of total assets, a light footprint. Capex is 5.86x 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. ROIC is 36.9%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 6.73x.
Physical asset ratio
11.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.54BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$13.79BtotalAssetsInventory was not reported and is treated as zero.Result 11.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.73xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$10.37BtotalRevenueNet PP&E$1.54BpropertyPlantAndEquipmentNetResult 6.73x
Revenue per dollar of the physical asset base.
Capex / D&A
5.86xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$479.10McapitalExpendituresD&A$81.82MdepreciationAndAmortizationResult 5.86x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$60.57Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.79BtotalAssetsGoodwill$596.68MgoodWillIntangibles$240.87MintangibleAssetsLiabilities$2.70BtotalLiabTangible book$10.25BShares169,298,539commonStockSharesOutstandingResult $60.57
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.07xPrice / tangible bookPrice / tangible book per sharePrice$4.44Latest quoteTangible book / share$60.572025-12-31Result 0.07x
Price $4.44.
Fixed-charge coverage
18.43xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.82BebitdaCapex$479.10McapitalExpendituresInterest$70.46MinterestExpenseShort-term debt$2.12MshortLongTermDebtEBITDA − capex$1.34BPrincipal due is the current portion of debt.Result 18.43x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
105.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$671.78MfreeCashFlowMarket cap$637.74MMarketCapitalizationResult 105.3%
Latest free cash flow divided by current market cap ($637.74M).
ROIC
36.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.35BoperatingIncomeTax expense$842.87MincomeTaxExpensePretax income$1.65BincomeBeforeTaxTax rate40.0%Equity$10.88BtotalStockholderEquityDebt$5.25MlongTermDebt + shortLongTermDebtCash$8.68BcashAndShortTermInvestmentsInvested capital$2.20BThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 36.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.88x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 2.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$387.53MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$18.97BtotalAssetsResult 2.0% | 34.60xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$13.41BtotalRevenueNet PP&E$387.53MpropertyPlantEquipmentResult 34.60x | 1.01xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$242.84McapitalExpendituresD&A$241.27MdepreciationAndAmortizationResult 1.01x | $26.23Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.97BtotalAssetsGoodwill$4.31BgoodWillIntangibles$1.04BintangibleAssetsLiabilities$7.94BtotalLiabTangible book$5.68BShares216,541,822commonStockSharesOutstandingResult $26.23 | 11.54xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.74BebitdaCapex$242.84McapitalExpendituresInterest$56.50MinterestExpenseShort-term debt$246.26MshortTermDebtEBITDA − capex$3.49BPrincipal due is short-term debt.Result 11.54x | $3.08BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$3.33BtotalCashFromOperatingActivitiesCapex$242.84McapitalExpendituresFree cash flow$3.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.08B | 53.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.27BoperatingIncomeTax expense$699.65MincomeTaxExpensePretax income$3.49BincomeBeforeTaxTax rate20.1%Equity$11.02BtotalStockholderEquityDebt$5.12BshortLongTermDebtTotalCash$11.29BcashAndShortTermInvestmentsInvested capital$4.85BResult 53.8% | 8.43xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$3.27BoperatingIncomeNet PP&E$387.53MpropertyPlantEquipmentResult 8.43x |
| 2019 | 2.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$536.90MpropertyPlantEquipmentInventory$0.00inventoryTotal assets$22.48BtotalAssetsResult 2.4% | 31.69xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$17.02BtotalRevenueNet PP&E$536.90MpropertyPlantEquipmentResult 31.69x | 0.52xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$186.52McapitalExpendituresD&A$356.19MdepreciationAndAmortizationResult 0.52x | $37.53Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$22.48BtotalAssetsGoodwill$4.36BgoodWillIntangibles$890.30MintangibleAssetsLiabilities$8.76BtotalLiabTangible book$8.47BShares225,603,046commonStockSharesOutstandingResult $37.53 | 19.25xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.30BebitdaCapex$186.52McapitalExpendituresInterest$78.61MinterestExpenseShort-term debt$135.17MshortTermDebtEBITDA − capex$4.12BPrincipal due is short-term debt.Result 19.25x | $5.26BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$5.45BtotalCashFromOperatingActivitiesCapex$186.52McapitalExpendituresFree cash flow$5.26BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.26B | 69.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.55BoperatingIncomeTax expense$883.80MincomeTaxExpensePretax income$3.84BincomeBeforeTaxTax rate23.0%Equity$13.72BtotalStockholderEquityDebt$5.15BshortLongTermDebtTotalCash$14.93BcashAndShortTermInvestmentsInvested capital$3.94BResult 69.5% | 6.62xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$3.55BoperatingIncomeNet PP&E$536.90MpropertyPlantEquipmentResult 6.62x |
| 2020 | 2.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$543.94MpropertyPlantEquipmentInventory$2.13MinventoryTotal assets$23.22BtotalAssetsResult 2.4% | 27.62xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$15.02BtotalRevenueNet PP&E$543.94MpropertyPlantEquipmentResult 27.62x | 0.34xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$124.14McapitalExpendituresD&A$366.25MdepreciationAndAmortizationResult 0.34x | $44.50Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.22BtotalAssetsGoodwill$4.09BgoodWillIntangibles$687.21MintangibleAssetsLiabilities$8.39BtotalLiabTangible book$10.06BShares226,040,821commonStockSharesOutstandingResult $44.50 | 15.21xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.34BebitdaCapex$124.14McapitalExpendituresInterest$78.87MinterestExpenseShort-term debt$132.79MshortTermDebtEBITDA − capex$3.22BPrincipal due is short-term debt.Result 15.21x | $2.96BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$3.08BtotalCashFromOperatingActivitiesCapex$124.14McapitalExpendituresFree cash flow$2.96BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.96B | 21.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.53BoperatingIncomeTax expense$755.62MincomeTaxExpensePretax income$2.86BincomeBeforeTaxTax rate26.5%Equity$14.64BtotalStockholderEquityDebt$4.93BshortLongTermDebtTotalCash$10.93BcashAndShortTermInvestmentsInvested capital$8.64BResult 21.6% | 4.65xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$2.53BoperatingIncomeNet PP&E$543.94MpropertyPlantEquipmentResult 4.65x |
| 2021 | 6.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$438.60MpropertyPlantEquipmentInventory$745.90MinventoryTotal assets$18.11BtotalAssetsResult 6.5% | 33.23xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$14.58BtotalRevenueNet PP&E$438.60MpropertyPlantEquipmentResult 33.23x | 0.36xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$95.32McapitalExpendituresD&A$264.60MdepreciationAndAmortizationResult 0.36x | $52.18Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.11BtotalAssetsGoodwill$0.00goodWillIntangibles$27.32MintangibleAssetsLiabilities$7.53BtotalLiabTangible book$10.56BShares202,350,955commonStockSharesOutstandingResult $52.18 | -7.06xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.76BebitdaCapex$95.32McapitalExpendituresInterest$73.78MinterestExpenseShort-term debt$188.52MshortTermDebtEBITDA − capex-$1.85BPrincipal due is short-term debt.Result -7.06x | $1.46BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.56BtotalCashFromOperatingActivitiesCapex$95.32McapitalExpendituresFree cash flow$1.46BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.46B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.01BoperatingIncomeTax expense$822.56MincomeTaxExpensePretax income-$2.10BincomeBeforeTaxTax rate—Equity$10.45BtotalStockholderEquityDebt$4.83BshortLongTermDebtTotalCash$8.43BcashAndShortTermInvestmentsInvested capital$6.85BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 4.58xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.01BoperatingIncomeNet PP&E$438.60MpropertyPlantEquipmentResult 4.58x |
| 2022 | 2.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$288.50MpropertyPlantEquipmentInventory$97.71MinventoryTotal assets$15.83BtotalAssetsResult 2.4% | 44.03xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$12.70BtotalRevenueNet PP&E$288.50MpropertyPlantEquipmentResult 44.03x | 0.72xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$80.45McapitalExpendituresD&A$112.13MdepreciationAndAmortizationResult 0.72x | $53.91Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.83BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$22.20MintangibleAssetsLiabilities$4.90BtotalLiabTangible book$10.91BShares202,350,955commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $53.91 | 0.79xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.23BebitdaCapex$80.45McapitalExpendituresInterest$83.53MinterestExpenseShort-term debt$2.65BshortLongTermDebtEBITDA − capex$2.15BPrincipal due is the current portion of debt.Result 0.79x | $1.15BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.23BtotalCashFromOperatingActivitiesCapex$80.45McapitalExpendituresFree cash flow$1.15BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.15B | 40.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.63BoperatingIncomeTax expense$562.28MincomeTaxExpensePretax income$2.04BincomeBeforeTaxTax rate27.5%Equity$10.78BtotalStockholderEquityDebt$2.77BshortLongTermDebtTotalCash$10.62BcashAndShortTermInvestmentsInvested capital$2.93BResult 40.3% | 5.64xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.63BoperatingIncomeNet PP&E$288.50MpropertyPlantEquipmentResult 5.64x |
| 2023 | 4.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$768.61MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$16.23BtotalAssetsResult 4.7% | 15.62xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$12.00BtotalRevenueNet PP&E$768.61MpropertyPlantAndEquipmentNetResult 15.62x | 7.24xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$576.31McapitalExpendituresD&A$79.61MdepreciationAndAmortizationResult 7.24x | $59.58Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.23BtotalAssetsGoodwill$0.00goodWillIntangibles$17.09MintangibleAssetsLiabilities$4.24BtotalLiabTangible book$11.97BShares200,916,664commonStockSharesOutstandingResult $59.58 | 7.98xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.79BebitdaCapex$576.31McapitalExpendituresInterest$62.22MinterestExpenseShort-term debt$215.62MshortLongTermDebtEBITDA − capex$2.22BPrincipal due is the current portion of debt.Result 7.98x | $1.70BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$2.28BtotalCashFromOperatingActivitiesCapex$576.31McapitalExpendituresFree cash flow$1.70BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.70B | 24.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.31BoperatingIncomeTax expense$630.02MincomeTaxExpensePretax income$2.58BincomeBeforeTaxTax rate24.4%Equity$11.80BtotalStockholderEquityDebt$2.29BshortLongTermDebtTotalCash$6.89BcashAndShortTermInvestmentsInvested capital$7.20BResult 24.2% | 3.00xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.31BoperatingIncomeNet PP&E$768.61MpropertyPlantAndEquipmentNetResult 3.00x |
| 2024 | 6.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.15BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$18.38BtotalAssetsInventory was not reported and is treated as zero.Result 6.3% | 9.19xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$10.56BtotalRevenueNet PP&E$1.15BpropertyPlantAndEquipmentNetResult 9.19x | 4.86xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$285.54McapitalExpendituresD&A$58.73MdepreciationAndAmortizationResult 4.86x | $60.01Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.38BtotalAssetsGoodwill$136.25MgoodWillIntangibles$86.66MintangibleAssetsLiabilities$6.95BtotalLiabTangible book$11.21BShares186,795,987commonStockSharesOutstandingResult $60.01 | 0.39xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.01BebitdaCapex$285.54McapitalExpendituresInterest$127.85MinterestExpenseShort-term debt$4.32BshortLongTermDebtEBITDA − capex$1.73BPrincipal due is the current portion of debt.Result 0.39x | $1.35BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$1.64BtotalCashFromOperatingActivitiesCapex$285.54McapitalExpendituresFree cash flow$1.35BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.35B | 9.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.53BoperatingIncomeTax expense$845.02MincomeTaxExpensePretax income$1.88BincomeBeforeTaxTax rate40.0%Equity$11.43BtotalStockholderEquityDebt$4.58BshortLongTermDebtTotalCash$6.15BcashAndShortTermInvestmentsInvested capital$9.86BThe effective tax rate was above 40% and was capped at 40%.Result 9.3% | 1.33xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.53BoperatingIncomeNet PP&E$1.15BpropertyPlantAndEquipmentNetResult 1.33x |
| 2025 | 11.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.54BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$13.79BtotalAssetsInventory was not reported and is treated as zero.Result 11.2% | 6.73xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$10.37BtotalRevenueNet PP&E$1.54BpropertyPlantAndEquipmentNetResult 6.73x | 5.86xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$479.10McapitalExpendituresD&A$81.82MdepreciationAndAmortizationResult 5.86x | $60.57Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.79BtotalAssetsGoodwill$596.68MgoodWillIntangibles$240.87MintangibleAssetsLiabilities$2.70BtotalLiabTangible book$10.25BShares169,298,539commonStockSharesOutstandingResult $60.57 | 18.43xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.82BebitdaCapex$479.10McapitalExpendituresInterest$70.46MinterestExpenseShort-term debt$2.12MshortLongTermDebtEBITDA − capex$1.34BPrincipal due is the current portion of debt.Result 18.43x | $671.78MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.15BtotalCashFromOperatingActivitiesCapex$479.10McapitalExpendituresFree cash flow$671.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $671.78M | 36.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.35BoperatingIncomeTax expense$842.87MincomeTaxExpensePretax income$1.65BincomeBeforeTaxTax rate40.0%Equity$10.88BtotalStockholderEquityDebt$5.25MlongTermDebt + shortLongTermDebtCash$8.68BcashAndShortTermInvestmentsInvested capital$2.20BThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 36.9% | 0.88xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.35BoperatingIncomeNet PP&E$1.54BpropertyPlantAndEquipmentNetResult 0.88x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: $1.54B
Inventory: $0.00
Total assets: $13.79B
Goodwill: $596.68M
Intangibles: $240.87M
Liabilities: $2.70B
Tangible book: $10.25B
Shares: 169,298,539
Revenue: $10.37B
Capex: $479.10M
D&A: $81.82M
EBITDA: $1.82B
Interest: $70.46M
Short-term debt: $2.12M
Free cash flow: $671.78M
Operating income: $1.35B
Invested capital: $2.20B
Tax rate: 40.0%