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.
News Corp B
Physical assets are 15.8% of total assets, a light footprint. Capex is 0.88x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 7.8%, below an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 4.20x.
Physical asset ratio
15.8%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.15BpropertyPlantAndEquipmentNetInventory$302.00MinventoryTotal assets$15.54BtotalAssetsResult 15.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.20xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$9.03BtotalRevenueNet PP&E$2.15BpropertyPlantAndEquipmentNetResult 4.20x
Revenue per dollar of the physical asset base.
Capex / D&A
0.88xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$426.00McapitalExpendituresD&A$485.00MdepreciationAndAmortizationResult 0.88x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$5.12Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.54BtotalAssetsGoodwill$4.54BgoodWillIntangibles$1.84BintangibleAssetsLiabilities$6.31BtotalLiabTangible book$2.86BShares558,400,000commonStockSharesOutstandingResult $5.12
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
6.20xPrice / tangible bookPrice / tangible book per sharePrice$31.74Latest quoteTangible book / share$5.122026-06-30Result 6.20x
Price $31.74.
Fixed-charge coverage
—Fixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.53BebitdaCapex$426.00McapitalExpendituresInterest—Not reportedShort-term debt$86.00MshortTermDebtEBITDA − capex$1.11BPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.7%Free cash flow yield · 2026-06-30Latest free cash flow / current market capFree cash flow$811.00MfreeCashFlowMarket cap$17.32BMarketCapitalizationResult 4.7%
Latest free cash flow divided by current market cap ($17.32B).
ROIC
7.8%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.03BoperatingIncomeTax expense$303.00MincomeTaxExpensePretax income$1.05BincomeBeforeTaxTax rate29.0%Equity$8.53BtotalStockholderEquityDebt$2.92BshortLongTermDebtTotalCash$2.10BcashInvested capital$9.35BResult 7.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.48x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 18.5%Physical asset ratio · 2019-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.55BpropertyPlantAndEquipmentNetInventory$348.00MinventoryTotal assets$15.71BtotalAssetsResult 18.5% | 3.94xFixed asset turnover · 2019-06-30Revenue / net PP&ERevenue$10.07BtotalRevenueNet PP&E$2.55BpropertyPlantAndEquipmentNetResult 3.94x | 0.87xCapex / D&A · 2019-06-30Capital expenditures / depreciation and amortizationCapex$572.00McapitalExpendituresD&A$659.00MdepreciationAndAmortizationResult 0.87x | $4.66Tangible book / share · 2019-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.71BtotalAssetsGoodwill$5.15BgoodWillIntangibles$2.43BintangibleAssetsLiabilities$5.40BtotalLiabTangible book$2.74BShares587,900,000commonStockSharesOutstandingResult $4.66 | 0.99xFixed-charge coverage · 2019-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.08BebitdaCapex$572.00McapitalExpendituresInterest$59.00MinterestExpenseShort-term debt$449.00MshortLongTermDebtEBITDA − capex$504.00MPrincipal due is the current portion of debt.Result 0.99x | $356.00MFree cash flow · 2019-06-30Reported free cash flowOperating cash flow$928.00MtotalCashFromOperatingActivitiesCapex$572.00McapitalExpendituresFree cash flow$356.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $356.00M | 5.6%ROIC · 2019-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$773.00MoperatingIncomeTax expense$126.00MincomeTaxExpensePretax income$354.00MincomeBeforeTaxTax rate35.6%Equity$9.14BtotalStockholderEquityDebt$1.45BshortLongTermDebtTotalCash$1.64BcashInvested capital$8.95BResult 5.6% | 0.30xEBIT / PP&E · 2019-06-30Operating income / net PP&EOperating income$773.00MoperatingIncomeNet PP&E$2.55BpropertyPlantAndEquipmentNetResult 0.30x |
| 2020 | 25.7%Physical asset ratio · 2020-06-30(Net PP&E + inventory) / total assetsNet PP&E$3.32BpropertyPlantAndEquipmentNetInventory$348.00MinventoryTotal assets$14.26BtotalAssetsResult 25.7% | 2.72xFixed asset turnover · 2020-06-30Revenue / net PP&ERevenue$9.01BtotalRevenueNet PP&E$3.32BpropertyPlantAndEquipmentNetResult 2.72x | 1.06xCapex / D&A · 2020-06-30Capital expenditures / depreciation and amortizationCapex$438.00McapitalExpendituresD&A$413.00MdepreciationAndAmortizationResult 1.06x | $4.38Tangible book / share · 2020-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.26BtotalAssetsGoodwill$3.95BgoodWillIntangibles$1.86BintangibleAssetsLiabilities$5.87BtotalLiabTangible book$2.57BShares587,900,000commonStockSharesOutstandingResult $4.38 | 3.44xFixed-charge coverage · 2020-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$785.00MebitdaCapex$438.00McapitalExpendituresInterest$25.00MinterestExpenseShort-term debt$76.00MshortLongTermDebtEBITDA − capex$347.00MPrincipal due is the current portion of debt.Result 3.44x | $342.00MFree cash flow · 2020-06-30Reported free cash flowOperating cash flow$780.00MtotalCashFromOperatingActivitiesCapex$438.00McapitalExpendituresFree cash flow$342.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $342.00M | —ROIC · 2020-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.02BoperatingIncomeTax expense$21.00MincomeTaxExpensePretax income-$1.52BincomeBeforeTaxTax rate—Equity$7.58BtotalStockholderEquityDebt$1.26BlongTermDebt + shortLongTermDebtCash$1.52BcashInvested capital$7.32BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.31xEBIT / PP&E · 2020-06-30Operating income / net PP&EOperating income$1.02BoperatingIncomeNet PP&E$3.32BpropertyPlantAndEquipmentNetResult 0.31x |
| 2021 | 21.2%Physical asset ratio · 2021-06-30(Net PP&E + inventory) / total assetsNet PP&E$3.31BpropertyPlantEquipmentInventory$253.00MinventoryTotal assets$16.77BtotalAssetsResult 21.2% | 2.83xFixed asset turnover · 2021-06-30Revenue / net PP&ERevenue$9.36BtotalRevenueNet PP&E$3.31BpropertyPlantEquipmentResult 2.83x | 0.91xCapex / D&A · 2021-06-30Capital expenditures / depreciation and amortizationCapex$390.00McapitalExpendituresD&A$430.00MdepreciationAndAmortizationResult 0.91x | $3.90Tangible book / share · 2021-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.77BtotalAssetsGoodwill$4.65BgoodWillIntangibles$2.18BintangibleAssetsLiabilities$7.63BtotalLiabTangible book$2.31BShares593,400,000commonStockSharesOutstandingResult $3.90 | 9.94xFixed-charge coverage · 2021-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.04BebitdaCapex$390.00McapitalExpendituresInterest$37.00MinterestExpenseShort-term debt$28.00MshortLongTermDebtEBITDA − capex$646.00MPrincipal due is the current portion of debt.Result 9.94x | $847.00MFree cash flow · 2021-06-30Reported free cash flowOperating cash flow$1.24BtotalCashFromOperatingActivitiesCapex$390.00McapitalExpendituresFree cash flow$847.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $847.00M | 13.4%ROIC · 2021-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.29BoperatingIncomeTax expense$61.00MincomeTaxExpensePretax income$450.00MincomeBeforeTaxTax rate13.6%Equity$8.21BtotalStockholderEquityDebt$2.31BlongTermDebt + shortLongTermDebtCash$2.24BcashInvested capital$8.29BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 13.4% | 0.39xEBIT / PP&E · 2021-06-30Operating income / net PP&EOperating income$1.29BoperatingIncomeNet PP&E$3.31BpropertyPlantEquipmentResult 0.39x |
| 2022 | 19.2%Physical asset ratio · 2022-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.99BpropertyPlantEquipmentInventory$311.00MinventoryTotal assets$17.22BtotalAssetsResult 19.2% | 3.47xFixed asset turnover · 2022-06-30Revenue / net PP&ERevenue$10.39BtotalRevenueNet PP&E$2.99BpropertyPlantEquipmentResult 3.47x | 1.17xCapex / D&A · 2022-06-30Capital expenditures / depreciation and amortizationCapex$499.00McapitalExpendituresD&A$425.00MdepreciationAndAmortizationResult 1.17x | $2.20Tangible book / share · 2022-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$17.22BtotalAssetsGoodwill$5.17BgoodWillIntangibles$2.67BintangibleAssetsLiabilities$8.08BtotalLiabTangible book$1.30BShares592,500,000commonStockSharesOutstandingResult $2.20 | 2.31xFixed-charge coverage · 2022-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.42BebitdaCapex$499.00McapitalExpendituresInterest$105.00MinterestExpenseShort-term debt$293.00MshortLongTermDebtEBITDA − capex$919.00MPrincipal due is the current portion of debt.Result 2.31x | $855.00MFree cash flow · 2022-06-30Reported free cash flowOperating cash flow$1.35BtotalCashFromOperatingActivitiesCapex$499.00McapitalExpendituresFree cash flow$855.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $855.00M | 14.9%ROIC · 2022-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.68BoperatingIncomeTax expense$52.00MincomeTaxExpensePretax income$812.00MincomeBeforeTaxTax rate6.4%Equity$8.22BtotalStockholderEquityDebt$4.16BshortLongTermDebtTotalCash$1.82BcashInvested capital$10.56BResult 14.9% | 0.56xEBIT / PP&E · 2022-06-30Operating income / net PP&EOperating income$1.68BoperatingIncomeNet PP&E$2.99BpropertyPlantEquipmentResult 0.56x |
| 2023 | 20.0%Physical asset ratio · 2023-06-30(Net PP&E + inventory) / total assetsNet PP&E$3.08BpropertyPlantAndEquipmentNetInventory$311.00MinventoryTotal assets$16.92BtotalAssetsResult 20.0% | 2.60xFixed asset turnover · 2023-06-30Revenue / net PP&ERevenue$8.01BtotalRevenueNet PP&E$3.08BpropertyPlantAndEquipmentNetResult 2.60x | 2.50xCapex / D&A · 2023-06-30Capital expenditures / depreciation and amortizationCapex$499.00McapitalExpendituresD&A$200.00MdepreciationAndAmortizationResult 2.50x | $2.27Tangible book / share · 2023-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.92BtotalAssetsGoodwill$5.14BgoodWillIntangibles$2.49BintangibleAssetsLiabilities$7.98BtotalLiabTangible book$1.32BShares578,800,000commonStockSharesOutstandingResult $2.27 | 1.68xFixed-charge coverage · 2023-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$878.00MebitdaCapex$499.00McapitalExpendituresInterest$84.00MinterestExpenseShort-term debt$142.00MshortTermDebtEBITDA − capex$379.00MPrincipal due is short-term debt.Result 1.68x | $593.00MFree cash flow · 2023-06-30Reported free cash flowOperating cash flow$1.09BtotalCashFromOperatingActivitiesCapex$499.00McapitalExpendituresFree cash flow$593.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $593.00M | 6.3%ROIC · 2023-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.09BoperatingIncomeTax expense$152.00MincomeTaxExpensePretax income$380.00MincomeBeforeTaxTax rate40.0%Equity$8.06BtotalStockholderEquityDebt$4.21BshortLongTermDebtTotalCash$1.83BcashInvested capital$10.44BResult 6.3% | 0.36xEBIT / PP&E · 2023-06-30Operating income / net PP&EOperating income$1.09BoperatingIncomeNet PP&E$3.08BpropertyPlantAndEquipmentNetResult 0.36x |
| 2024 | 14.0%Physical asset ratio · 2024-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.08BpropertyPlantAndEquipmentNetInventory$266.00MinventoryTotal assets$16.68BtotalAssetsResult 14.0% | 3.97xFixed asset turnover · 2024-06-30Revenue / net PP&ERevenue$8.25BtotalRevenueNet PP&E$2.08BpropertyPlantAndEquipmentNetResult 3.97x | 1.90xCapex / D&A · 2024-06-30Capital expenditures / depreciation and amortizationCapex$357.00McapitalExpendituresD&A$188.00MdepreciationAndAmortizationResult 1.90x | $4.76Tangible book / share · 2024-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.68BtotalAssetsGoodwill$4.34BgoodWillIntangibles$1.95BintangibleAssetsLiabilities$7.67BtotalLiabTangible book$2.73BShares573,500,000commonStockSharesOutstandingResult $4.76 | 5.19xFixed-charge coverage · 2024-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$970.00MebitdaCapex$357.00McapitalExpendituresInterest$85.00MinterestExpenseShort-term debt$33.00MshortLongTermDebtEBITDA − capex$613.00MPrincipal due is the current portion of debt.Result 5.19x | $741.00MFree cash flow · 2024-06-30Reported free cash flowOperating cash flow$1.10BtotalCashFromOperatingActivitiesCapex$357.00McapitalExpendituresFree cash flow$741.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $741.00M | 8.5%ROIC · 2024-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.22BoperatingIncomeTax expense$206.00MincomeTaxExpensePretax income$585.00MincomeBeforeTaxTax rate35.2%Equity$8.12BtotalStockholderEquityDebt$3.10BshortLongTermDebtTotalCash$1.87BcashInvested capital$9.35BResult 8.5% | 0.59xEBIT / PP&E · 2024-06-30Operating income / net PP&EOperating income$1.22BoperatingIncomeNet PP&E$2.08BpropertyPlantAndEquipmentNetResult 0.59x |
| 2025 | 15.8%Physical asset ratio · 2025-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.12BpropertyPlantAndEquipmentNetInventory$327.00MinventoryTotal assets$15.50BtotalAssetsResult 15.8% | 3.99xFixed asset turnover · 2025-06-30Revenue / net PP&ERevenue$8.45BtotalRevenueNet PP&E$2.12BpropertyPlantAndEquipmentNetResult 3.99x | 2.29xCapex / D&A · 2025-06-30Capital expenditures / depreciation and amortizationCapex$407.00McapitalExpendituresD&A$178.00MdepreciationAndAmortizationResult 2.29x | $5.41Tangible book / share · 2025-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.50BtotalAssetsGoodwill$4.37BgoodWillIntangibles$1.93BintangibleAssetsLiabilities$6.12BtotalLiabTangible book$3.09BShares569,900,000commonStockSharesOutstandingResult $5.41 | 60.58xFixed-charge coverage · 2025-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.13BebitdaCapex$407.00McapitalExpendituresInterest$10.00MinterestExpenseShort-term debt$2.00MshortLongTermDebtEBITDA − capex$727.00MPrincipal due is the current portion of debt.Result 60.58x | $727.00MFree cash flow · 2025-06-30Reported free cash flowOperating cash flow$1.13BtotalCashFromOperatingActivitiesCapex$407.00McapitalExpendituresFree cash flow$727.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $727.00M | 12.2%ROIC · 2025-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.42BoperatingIncomeTax expense$275.00MincomeTaxExpensePretax income$923.00MincomeBeforeTaxTax rate29.8%Equity$8.77BtotalStockholderEquityDebt$1.80BlongTermDebt + shortLongTermDebtCash$2.40BcashInvested capital$8.17BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 12.2% | 0.67xEBIT / PP&E · 2025-06-30Operating income / net PP&EOperating income$1.42BoperatingIncomeNet PP&E$2.12BpropertyPlantAndEquipmentNetResult 0.67x |
| 2026 | 15.8%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.15BpropertyPlantAndEquipmentNetInventory$302.00MinventoryTotal assets$15.54BtotalAssetsResult 15.8% | 4.20xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$9.03BtotalRevenueNet PP&E$2.15BpropertyPlantAndEquipmentNetResult 4.20x | 0.88xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$426.00McapitalExpendituresD&A$485.00MdepreciationAndAmortizationResult 0.88x | $5.12Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.54BtotalAssetsGoodwill$4.54BgoodWillIntangibles$1.84BintangibleAssetsLiabilities$6.31BtotalLiabTangible book$2.86BShares558,400,000commonStockSharesOutstandingResult $5.12 | —Fixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.53BebitdaCapex$426.00McapitalExpendituresInterest—Not reportedShort-term debt$86.00MshortTermDebtEBITDA − capex$1.11BPrincipal due is short-term debt.Result — | $811.00MFree cash flow · 2026-06-30Reported free cash flowOperating cash flow$1.24BtotalCashFromOperatingActivitiesCapex$426.00McapitalExpendituresFree cash flow$811.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $811.00M | 7.8%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.03BoperatingIncomeTax expense$303.00MincomeTaxExpensePretax income$1.05BincomeBeforeTaxTax rate29.0%Equity$8.53BtotalStockholderEquityDebt$2.92BshortLongTermDebtTotalCash$2.10BcashInvested capital$9.35BResult 7.8% | 0.48xEBIT / PP&E · 2026-06-30Operating income / net PP&EOperating income$1.03BoperatingIncomeNet PP&E$2.15BpropertyPlantAndEquipmentNetResult 0.48x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: $2.15B
Inventory: $302.00M
Total assets: $15.54B
Goodwill: $4.54B
Intangibles: $1.84B
Liabilities: $6.31B
Tangible book: $2.86B
Shares: 558,400,000
Revenue: $9.03B
Capex: $426.00M
D&A: $485.00M
EBITDA: $1.53B
Interest: —
Short-term debt: $86.00M
Free cash flow: $811.00M
Operating income: $1.03B
Invested capital: $9.35B
Tax rate: 29.0%