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.
Oracle Corporation
Physical assets are 49.5% of total assets, a mixed footprint. Capex is 5.99x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -1.88x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 0.52x.
Physical asset ratio
49.5%Physical asset ratio · 2026-05-31(Net PP&E + inventory) / total assetsNet PP&E$129.65BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$261.76BtotalAssetsInventory was not reported and is treated as zero.Result 49.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.52xFixed asset turnover · 2026-05-31Revenue / net PP&ERevenue$67.36BtotalRevenueNet PP&E$129.65BpropertyPlantAndEquipmentNetResult 0.52x
Revenue per dollar of the physical asset base.
Capex / D&A
5.99xCapex / D&A · 2026-05-31Capital expenditures / depreciation and amortizationCapex$55.66BcapitalExpendituresD&A$9.29BdepreciationAndAmortizationResult 5.99x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$7.70Tangible book / share · 2026-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$261.76BtotalAssetsGoodwill$62.26BgoodWillIntangibles$3.23BintangibleAssetsLiabilities$218.70BtotalLiabTangible book-$22.43BShares2,915,000,000commonStockSharesOutstandingResult -$7.70
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$139.56Latest quoteTangible book / share-$7.702026-05-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $139.56.
Fixed-charge coverage
-1.88xFixed-charge coverage · 2026-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$33.49BebitdaCapex$55.66BcapitalExpendituresInterest$4.60BinterestExpenseShort-term debt$7.20BshortTermDebtEBITDA − capex-$22.18BPrincipal due is short-term debt.Result -1.88x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-6.0%Free cash flow yield · 2026-05-31Latest free cash flow / current market capFree cash flow-$23.69BfreeCashFlowMarket cap$395.70BMarketCapitalizationResult -6.0%
Latest free cash flow divided by current market cap ($395.70B).
ROIC
10.9%ROIC · 2026-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$20.78BoperatingIncomeTax expense$2.47BincomeTaxExpensePretax income$19.61BincomeBeforeTaxTax rate12.6%Equity$42.51BtotalStockholderEquityDebt$156.19BshortLongTermDebtTotalCash$31.89BcashAndShortTermInvestmentsInvested capital$166.80BResult 10.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.16x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 6.0%Physical asset ratio · 2019-05-31(Net PP&E + inventory) / total assetsNet PP&E$6.25BpropertyPlantEquipmentInventory$320.00MinventoryTotal assets$108.71BtotalAssetsResult 6.0% | 6.32xFixed asset turnover · 2019-05-31Revenue / net PP&ERevenue$39.51BtotalRevenueNet PP&E$6.25BpropertyPlantEquipmentResult 6.32x | 0.57xCapex / D&A · 2019-05-31Capital expenditures / depreciation and amortizationCapex$1.66BcapitalExpendituresD&A$2.92BdepreciationAndAmortizationResult 0.57x | -$7.15Tangible book / share · 2019-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$108.71BtotalAssetsGoodwill$43.78BgoodWillIntangibles$5.28BintangibleAssetsLiabilities$86.35BtotalLiabTangible book-$26.70BShares3,732,000,000commonStockSharesOutstandingResult -$7.15 | 2.37xFixed-charge coverage · 2019-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$17.27BebitdaCapex$1.66BcapitalExpendituresInterest$2.08BinterestExpenseShort-term debt$4.49BshortTermDebtEBITDA − capex$15.61BPrincipal due is short-term debt.Result 2.37x | $12.89BFree cash flow · 2019-05-31Reported free cash flowOperating cash flow$14.55BtotalCashFromOperatingActivitiesCapex$1.66BcapitalExpendituresFree cash flow$12.89BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $12.89B | 30.5%ROIC · 2019-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.54BoperatingIncomeTax expense$1.19BincomeTaxExpensePretax income$12.27BincomeBeforeTaxTax rate9.7%Equity$21.79BtotalStockholderEquityDebt$56.17BshortLongTermDebtTotalCash$37.83BcashAndShortTermInvestmentsInvested capital$40.13BResult 30.5% | 2.16xEBIT / PP&E · 2019-05-31Operating income / net PP&EOperating income$13.54BoperatingIncomeNet PP&E$6.25BpropertyPlantEquipmentResult 2.16x |
| 2020 | 5.6%Physical asset ratio · 2020-05-31(Net PP&E + inventory) / total assetsNet PP&E$6.24BpropertyPlantEquipmentInventory$211.00MinventoryTotal assets$115.44BtotalAssetsResult 5.6% | 6.26xFixed asset turnover · 2020-05-31Revenue / net PP&ERevenue$39.07BtotalRevenueNet PP&E$6.24BpropertyPlantEquipmentResult 6.26x | 0.53xCapex / D&A · 2020-05-31Capital expenditures / depreciation and amortizationCapex$1.56BcapitalExpendituresD&A$2.97BdepreciationAndAmortizationResult 0.53x | -$10.56Tangible book / share · 2020-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$115.44BtotalAssetsGoodwill$43.77BgoodWillIntangibles$3.74BintangibleAssetsLiabilities$102.72BtotalLiabTangible book-$34.79BShares3,294,000,000commonStockSharesOutstandingResult -$10.56 | 3.54xFixed-charge coverage · 2020-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$17.03BebitdaCapex$1.56BcapitalExpendituresInterest$2.00BinterestExpenseShort-term debt$2.37BshortTermDebtEBITDA − capex$15.46BPrincipal due is short-term debt.Result 3.54x | $11.58BFree cash flow · 2020-05-31Reported free cash flowOperating cash flow$13.14BtotalCashFromOperatingActivitiesCapex$1.56BcapitalExpendituresFree cash flow$11.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $11.58B | 28.7%ROIC · 2020-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.90BoperatingIncomeTax expense$1.93BincomeTaxExpensePretax income$12.06BincomeBeforeTaxTax rate16.0%Equity$12.07BtotalStockholderEquityDebt$71.60BshortLongTermDebtTotalCash$43.06BcashAndShortTermInvestmentsInvested capital$40.61BResult 28.7% | 2.23xEBIT / PP&E · 2020-05-31Operating income / net PP&EOperating income$13.90BoperatingIncomeNet PP&E$6.24BpropertyPlantEquipmentResult 2.23x |
| 2021 | 5.5%Physical asset ratio · 2021-05-31(Net PP&E + inventory) / total assetsNet PP&E$7.05BpropertyPlantEquipmentInventory$142.00MinventoryTotal assets$131.11BtotalAssetsResult 5.5% | 5.74xFixed asset turnover · 2021-05-31Revenue / net PP&ERevenue$40.48BtotalRevenueNet PP&E$7.05BpropertyPlantEquipmentResult 5.74x | 0.73xCapex / D&A · 2021-05-31Capital expenditures / depreciation and amortizationCapex$2.14BcapitalExpendituresD&A$2.92BdepreciationAndAmortizationResult 0.73x | -$13.37Tangible book / share · 2021-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$131.11BtotalAssetsGoodwill$43.94BgoodWillIntangibles$2.43BintangibleAssetsLiabilities$125.16BtotalLiabTangible book-$40.41BShares3,022,000,000commonStockSharesOutstandingResult -$13.37 | 1.51xFixed-charge coverage · 2021-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$18.41BebitdaCapex$2.14BcapitalExpendituresInterest$2.50BinterestExpenseShort-term debt$8.25BshortTermDebtEBITDA − capex$16.28BPrincipal due is short-term debt.Result 1.51x | $13.75BFree cash flow · 2021-05-31Reported free cash flowOperating cash flow$15.89BtotalCashFromOperatingActivitiesCapex$2.14BcapitalExpendituresFree cash flow$13.75BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $13.75B | 35.4%ROIC · 2021-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.21BoperatingIncomeTax expense-$747.00MincomeTaxExpensePretax income$13.00BincomeBeforeTaxTax rate0.0%Equity$5.24BtotalStockholderEquityDebt$84.25BshortLongTermDebtTotalCash$46.55BcashAndShortTermInvestmentsInvested capital$42.93BResult 35.4% | 2.16xEBIT / PP&E · 2021-05-31Operating income / net PP&EOperating income$15.21BoperatingIncomeNet PP&E$7.05BpropertyPlantEquipmentResult 2.16x |
| 2022 | 9.2%Physical asset ratio · 2022-05-31(Net PP&E + inventory) / total assetsNet PP&E$9.72BpropertyPlantEquipmentInventory$314.00MinventoryTotal assets$109.30BtotalAssetsResult 9.2% | 4.37xFixed asset turnover · 2022-05-31Revenue / net PP&ERevenue$42.44BtotalRevenueNet PP&E$9.72BpropertyPlantEquipmentResult 4.37x | 1.44xCapex / D&A · 2022-05-31Capital expenditures / depreciation and amortizationCapex$4.51BcapitalExpendituresD&A$3.12BdepreciationAndAmortizationResult 1.44x | -$18.31Tangible book / share · 2022-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$109.30BtotalAssetsGoodwill$43.81BgoodWillIntangibles$1.44BintangibleAssetsLiabilities$115.07BtotalLiabTangible book-$51.02BShares2,786,000,000commonStockSharesOutstandingResult -$18.31 | 1.39xFixed-charge coverage · 2022-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$13.53BebitdaCapex$4.51BcapitalExpendituresInterest$2.76BinterestExpenseShort-term debt$3.75BshortTermDebtEBITDA − capex$9.02BPrincipal due is short-term debt.Result 1.39x | $5.03BFree cash flow · 2022-05-31Reported free cash flowOperating cash flow$9.54BtotalCashFromOperatingActivitiesCapex$4.51BcapitalExpendituresFree cash flow$5.03BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.03B | 20.1%ROIC · 2022-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.93BoperatingIncomeTax expense$932.00MincomeTaxExpensePretax income$7.65BincomeBeforeTaxTax rate12.2%Equity-$6.22BtotalStockholderEquityDebt$75.86BshortLongTermDebtTotalCash$21.90BcashAndShortTermInvestmentsInvested capital$47.74BResult 20.1% | 1.12xEBIT / PP&E · 2022-05-31Operating income / net PP&EOperating income$10.93BoperatingIncomeNet PP&E$9.72BpropertyPlantEquipmentResult 1.12x |
| 2023 | 12.9%Physical asset ratio · 2023-05-31(Net PP&E + inventory) / total assetsNet PP&E$17.07BpropertyPlantEquipmentInventory$298.00MinventoryTotal assets$134.38BtotalAssetsResult 12.9% | 2.93xFixed asset turnover · 2023-05-31Revenue / net PP&ERevenue$49.95BtotalRevenueNet PP&E$17.07BpropertyPlantEquipmentResult 2.93x | 1.42xCapex / D&A · 2023-05-31Capital expenditures / depreciation and amortizationCapex$8.70BcapitalExpendituresD&A$6.11BdepreciationAndAmortizationResult 1.42x | -$25.50Tangible book / share · 2023-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$134.38BtotalAssetsGoodwill$62.26BgoodWillIntangibles$9.84BintangibleAssetsLiabilities$132.83BtotalLiabTangible book-$70.54BShares2,766,000,000commonStockSharesOutstandingResult -$25.50 | 1.33xFixed-charge coverage · 2023-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$18.74BebitdaCapex$8.70BcapitalExpendituresInterest$3.51BinterestExpenseShort-term debt$4.06BshortTermDebtEBITDA − capex$10.04BPrincipal due is short-term debt.Result 1.33x | $8.47BFree cash flow · 2023-05-31Reported free cash flowOperating cash flow$17.17BtotalCashFromOperatingActivitiesCapex$8.70BcapitalExpendituresFree cash flow$8.47BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.47B | 15.0%ROIC · 2023-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.09BoperatingIncomeTax expense$623.00MincomeTaxExpensePretax income$9.13BincomeBeforeTaxTax rate6.8%Equity$1.07BtotalStockholderEquityDebt$90.48BshortLongTermDebtTotalCash$10.19BcashAndShortTermInvestmentsInvested capital$81.37BResult 15.0% | 0.77xEBIT / PP&E · 2023-05-31Operating income / net PP&EOperating income$13.09BoperatingIncomeNet PP&E$17.07BpropertyPlantEquipmentResult 0.77x |
| 2024 | 15.5%Physical asset ratio · 2024-05-31(Net PP&E + inventory) / total assetsNet PP&E$21.54BpropertyPlantAndEquipmentNetInventory$334.00MinventoryTotal assets$140.98BtotalAssetsResult 15.5% | 2.46xFixed asset turnover · 2024-05-31Revenue / net PP&ERevenue$52.96BtotalRevenueNet PP&E$21.54BpropertyPlantAndEquipmentNetResult 2.46x | 1.12xCapex / D&A · 2024-05-31Capital expenditures / depreciation and amortizationCapex$6.87BcapitalExpendituresD&A$6.14BdepreciationAndAmortizationResult 1.12x | -$21.21Tangible book / share · 2024-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$140.98BtotalAssetsGoodwill$62.23BgoodWillIntangibles$6.89BintangibleAssetsLiabilities$131.74BtotalLiabTangible book-$59.88BShares2,823,000,000commonStockSharesOutstandingResult -$21.21 | 1.03xFixed-charge coverage · 2024-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$21.39BebitdaCapex$6.87BcapitalExpendituresInterest$3.51BinterestExpenseShort-term debt$10.61BshortLongTermDebtEBITDA − capex$14.53BPrincipal due is the current portion of debt.Result 1.03x | $11.81BFree cash flow · 2024-05-31Reported free cash flowOperating cash flow$18.67BtotalCashFromOperatingActivitiesCapex$6.87BcapitalExpendituresFree cash flow$11.81BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $11.81B | 14.8%ROIC · 2024-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.35BoperatingIncomeTax expense$1.27BincomeTaxExpensePretax income$11.74BincomeBeforeTaxTax rate10.9%Equity$8.70BtotalStockholderEquityDebt$94.47BshortLongTermDebtTotalCash$10.66BcashAndShortTermInvestmentsInvested capital$92.51BResult 14.8% | 0.71xEBIT / PP&E · 2024-05-31Operating income / net PP&EOperating income$15.35BoperatingIncomeNet PP&E$21.54BpropertyPlantAndEquipmentNetResult 0.71x |
| 2025 | 25.9%Physical asset ratio · 2025-05-31(Net PP&E + inventory) / total assetsNet PP&E$43.52BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$168.36BtotalAssetsInventory was not reported and is treated as zero.Result 25.9% | 1.32xFixed asset turnover · 2025-05-31Revenue / net PP&ERevenue$57.40BtotalRevenueNet PP&E$43.52BpropertyPlantAndEquipmentNetResult 1.32x | 3.44xCapex / D&A · 2025-05-31Capital expenditures / depreciation and amortizationCapex$21.22BcapitalExpendituresD&A$6.17BdepreciationAndAmortizationResult 3.44x | -$15.99Tangible book / share · 2025-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$168.36BtotalAssetsGoodwill$62.21BgoodWillIntangibles$4.59BintangibleAssetsLiabilities$147.39BtotalLiabTangible book-$45.83BShares2,866,000,000commonStockSharesOutstandingResult -$15.99 | 0.25xFixed-charge coverage · 2025-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$23.91BebitdaCapex$21.22BcapitalExpendituresInterest$3.58BinterestExpenseShort-term debt$7.27BshortTermDebtEBITDA − capex$2.70BPrincipal due is short-term debt.Result 0.25x | -$394.00MFree cash flow · 2025-05-31Reported free cash flowOperating cash flow$20.82BtotalCashFromOperatingActivitiesCapex$21.22BcapitalExpendituresFree cash flow-$394.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$394.00M | 13.7%ROIC · 2025-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.68BoperatingIncomeTax expense$1.72BincomeTaxExpensePretax income$14.16BincomeBeforeTaxTax rate12.1%Equity$20.45BtotalStockholderEquityDebt$104.10BshortLongTermDebtTotalCash$11.20BcashAndShortTermInvestmentsInvested capital$113.35BResult 13.7% | 0.41xEBIT / PP&E · 2025-05-31Operating income / net PP&EOperating income$17.68BoperatingIncomeNet PP&E$43.52BpropertyPlantAndEquipmentNetResult 0.41x |
| 2026 | 49.5%Physical asset ratio · 2026-05-31(Net PP&E + inventory) / total assetsNet PP&E$129.65BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$261.76BtotalAssetsInventory was not reported and is treated as zero.Result 49.5% | 0.52xFixed asset turnover · 2026-05-31Revenue / net PP&ERevenue$67.36BtotalRevenueNet PP&E$129.65BpropertyPlantAndEquipmentNetResult 0.52x | 5.99xCapex / D&A · 2026-05-31Capital expenditures / depreciation and amortizationCapex$55.66BcapitalExpendituresD&A$9.29BdepreciationAndAmortizationResult 5.99x | -$7.70Tangible book / share · 2026-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$261.76BtotalAssetsGoodwill$62.26BgoodWillIntangibles$3.23BintangibleAssetsLiabilities$218.70BtotalLiabTangible book-$22.43BShares2,915,000,000commonStockSharesOutstandingResult -$7.70 | -1.88xFixed-charge coverage · 2026-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$33.49BebitdaCapex$55.66BcapitalExpendituresInterest$4.60BinterestExpenseShort-term debt$7.20BshortTermDebtEBITDA − capex-$22.18BPrincipal due is short-term debt.Result -1.88x | -$23.69BFree cash flow · 2026-05-31Reported free cash flowOperating cash flow$31.98BtotalCashFromOperatingActivitiesCapex$55.66BcapitalExpendituresFree cash flow-$23.69BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$23.69B | 10.9%ROIC · 2026-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$20.78BoperatingIncomeTax expense$2.47BincomeTaxExpensePretax income$19.61BincomeBeforeTaxTax rate12.6%Equity$42.51BtotalStockholderEquityDebt$156.19BshortLongTermDebtTotalCash$31.89BcashAndShortTermInvestmentsInvested capital$166.80BResult 10.9% | 0.16xEBIT / PP&E · 2026-05-31Operating income / net PP&EOperating income$20.78BoperatingIncomeNet PP&E$129.65BpropertyPlantAndEquipmentNetResult 0.16x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: $129.65B
Inventory: $0.00
Total assets: $261.76B
Goodwill: $62.26B
Intangibles: $3.23B
Liabilities: $218.70B
Tangible book: -$22.43B
Shares: 2,915,000,000
Revenue: $67.36B
Capex: $55.66B
D&A: $9.29B
EBITDA: $33.49B
Interest: $4.60B
Short-term debt: $7.20B
Free cash flow: -$23.69B
Operating income: $20.78B
Invested capital: $166.80B
Tax rate: 12.6%