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.
PAN-UNITED CORPORATION LTD
Physical assets are 42.7% of total assets, a mixed footprint. Capex is 1.54x 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 25.9%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 4.30x.
Physical asset ratio
42.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$208.78MpropertyPlantAndEquipmentNetInventory$23.18MinventoryTotal assets$543.79MtotalAssetsResult 42.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.30xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$898.44MtotalRevenueNet PP&E$208.78MpropertyPlantAndEquipmentNetResult 4.30x
Revenue per dollar of the physical asset base.
Capex / D&A
1.54xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$50.08McapitalExpendituresD&A$32.56MreconciledDepreciationResult 1.54x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.42Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$543.79MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.33MintangibleAssetsLiabilities$247.96MtotalLiabTangible book$290.50MShares699,433,525commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.42
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.83xPrice / tangible bookPrice / tangible book per sharePrice$1.59Latest quoteTangible book / share$0.422025-12-31Result 3.83x
Price $1.59.
Fixed-charge coverage
3.73xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$101.41MebitdaCapex$50.08McapitalExpendituresInterest$3.28MinterestExpenseShort-term debt$10.47MshortLongTermDebtEBITDA − capex$51.32MPrincipal due is the current portion of debt.Result 3.73x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$29.88MfreeCashFlowMarket cap$1.11BMarketCapitalizationResult 2.7%
Latest free cash flow divided by current market cap ($1.11B).
ROIC
25.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$66.50MoperatingIncomeTax expense$14.27MtaxProvisionPretax income$65.57MincomeBeforeTaxTax rate21.8%Equity$290.41MtotalStockholderEquityDebt$10.47MlongTermDebt + shortLongTermDebtCash$99.79McashInvested capital$201.08MResult 25.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.32x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 48.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$180.05MpropertyPlantEquipmentInventory$22.29MinventoryTotal assets$421.85MtotalAssetsResult 48.0% | 4.80xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$863.53MtotalRevenueNet PP&E$180.05MpropertyPlantEquipmentResult 4.80x | 0.62xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$11.42McapitalExpendituresD&A$18.42MreconciledDepreciationResult 0.62x | $0.28Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$421.85MtotalAssetsGoodwill$2.35MgoodWillIntangibles$2.54MintangibleAssetsLiabilities$223.53MtotalLiabTangible book$193.44MShares700,886,000commonStockSharesOutstandingResult $0.28 | 0.30xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$31.31MebitdaCapex$11.42McapitalExpendituresInterest$3.95MinterestExpenseShort-term debt$62.27MshortTermDebtEBITDA − capex$19.88MPrincipal due is short-term debt.Result 0.30x | -$10.24MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.99MtotalCashFromOperatingActivitiesCapex$11.42McapitalExpendituresFree cash flow-$10.24MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.24M | 3.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.47MoperatingIncomeTax expense$2.40MincomeTaxExpensePretax income$8.94MincomeBeforeTaxTax rate26.8%Equity$191.54MtotalStockholderEquityDebt$126.47MlongTermDebt + shortLongTermDebtCash$47.89McashInvested capital$270.11MResult 3.1% | 0.06xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$11.47MoperatingIncomeNet PP&E$180.05MpropertyPlantEquipmentResult 0.06x |
| 2019 | 47.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$189.60MpropertyPlantEquipmentInventory$22.36MinventoryTotal assets$442.10MtotalAssetsResult 47.9% | 4.05xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$768.26MtotalRevenueNet PP&E$189.60MpropertyPlantEquipmentResult 4.05x | 0.20xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$4.78McapitalExpendituresD&A$24.00MreconciledDepreciationResult 0.20x | $0.28Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$442.10MtotalAssetsGoodwill$2.35MgoodWillIntangibles$3.31MintangibleAssetsLiabilities$239.79MtotalLiabTangible book$196.66MShares700,886,000commonStockSharesOutstandingResult $0.28 | 1.32xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$55.09MebitdaCapex$4.78McapitalExpendituresInterest$4.92MinterestExpenseShort-term debt$33.22MshortTermDebtEBITDA − capex$50.31MPrincipal due is short-term debt.Result 1.32x | $36.67MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$42.62MtotalCashFromOperatingActivitiesCapex$4.78McapitalExpendituresFree cash flow$36.67MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $36.67M | 9.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$30.37MoperatingIncomeTax expense$5.25MincomeTaxExpensePretax income$26.18MincomeBeforeTaxTax rate20.1%Equity$202.32MtotalStockholderEquityDebt$106.89MlongTermDebt + shortLongTermDebtCash$49.65McashInvested capital$259.56MResult 9.4% | 0.16xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$30.37MoperatingIncomeNet PP&E$189.60MpropertyPlantEquipmentResult 0.16x |
| 2020 | 49.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$174.29MpropertyPlantEquipmentInventory$23.91MinventoryTotal assets$402.31MtotalAssetsResult 49.3% | 2.32xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$405.02MtotalRevenueNet PP&E$174.29MpropertyPlantEquipmentResult 2.32x | 0.26xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$6.17McapitalExpendituresD&A$23.84MreconciledDepreciationResult 0.26x | $0.27Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$402.31MtotalAssetsGoodwill$2.13MgoodWillIntangibles$6.47MintangibleAssetsLiabilities$207.62MtotalLiabTangible book$186.10MShares701,654,000commonStockSharesOutstandingResult $0.27 | 0.47xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.70MebitdaCapex$6.17McapitalExpendituresInterest$3.12MinterestExpenseShort-term debt$44.88MshortLongTermDebtEBITDA − capex$22.53MPrincipal due is the current portion of debt.Result 0.47x | $51.67MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$59.61MtotalCashFromOperatingActivitiesCapex$6.17McapitalExpendituresFree cash flow$51.67MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $51.67M | 2.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.94MoperatingIncomeTax expense$220.00KincomeTaxExpensePretax income$1.73MincomeBeforeTaxTax rate12.7%Equity$194.69MtotalStockholderEquityDebt$87.38MlongTermDebt + shortLongTermDebtCash$67.56McashInvested capital$214.51MResult 2.0% | 0.03xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$4.94MoperatingIncomeNet PP&E$174.29MpropertyPlantEquipmentResult 0.03x |
| 2021 | 47.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$166.20MpropertyPlantEquipmentInventory$23.67MinventoryTotal assets$396.70MtotalAssetsResult 47.9% | 3.53xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$586.87MtotalRevenueNet PP&E$166.20MpropertyPlantEquipmentResult 3.53x | 0.24xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$5.51McapitalExpendituresD&A$23.34MreconciledDepreciationResult 0.24x | $0.30Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$396.70MtotalAssetsGoodwill$0.00goodWillIntangibles$6.65MintangibleAssetsLiabilities$183.22MtotalLiabTangible book$206.83MShares698,456,500commonStockSharesOutstandingResult $0.30 | 1.83xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$48.34MebitdaCapex$5.51McapitalExpendituresInterest$1.93MinterestExpenseShort-term debt$21.44MshortLongTermDebtEBITDA − capex$42.83MPrincipal due is the current portion of debt.Result 1.83x | $48.77MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$57.54MtotalCashFromOperatingActivitiesCapex$5.51McapitalExpendituresFree cash flow$48.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $48.77M | 24.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$56.15MoperatingIncomeTax expense$4.22MincomeTaxExpensePretax income$23.07MincomeBeforeTaxTax rate18.3%Equity$205.07MtotalStockholderEquityDebt$46.62MlongTermDebt + shortLongTermDebtCash$64.15McashInvested capital$187.55MResult 24.5% | 0.34xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$56.15MoperatingIncomeNet PP&E$166.20MpropertyPlantEquipmentResult 0.34x |
| 2022 | 40.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$147.61MpropertyPlantEquipmentInventory$23.18MinventoryTotal assets$421.36MtotalAssetsResult 40.5% | 4.76xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$703.26MtotalRevenueNet PP&E$147.61MpropertyPlantEquipmentResult 4.76x | 0.50xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$11.49McapitalExpendituresD&A$23.17MreconciledDepreciationResult 0.50x | $0.30Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$421.36MtotalAssetsGoodwill$0.00goodWillIntangibles$8.61MintangibleAssetsLiabilities$202.96MtotalLiabTangible book$209.78MShares699,304,325commonStockSharesOutstandingResult $0.30 | 1.60xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$59.11MebitdaCapex$11.49McapitalExpendituresInterest$2.14MinterestExpenseShort-term debt$27.67MshortLongTermDebtEBITDA − capex$47.63MPrincipal due is the current portion of debt.Result 1.60x | $5.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$20.64MtotalCashFromOperatingActivitiesCapex$11.49McapitalExpendituresFree cash flow$5.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.00M | 25.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$62.29MoperatingIncomeTax expense$6.06MincomeTaxExpensePretax income$33.81MincomeBeforeTaxTax rate17.9%Equity$211.42MtotalStockholderEquityDebt$54.64MlongTermDebt + shortLongTermDebtCash$64.65McashInvested capital$201.42MResult 25.4% | 0.42xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$62.29MoperatingIncomeNet PP&E$147.61MpropertyPlantEquipmentResult 0.42x |
| 2023 | 40.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$163.54MpropertyPlantAndEquipmentNetInventory$18.88MinventoryTotal assets$453.88MtotalAssetsResult 40.2% | 4.73xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$774.14MtotalRevenueNet PP&E$163.54MpropertyPlantAndEquipmentNetResult 4.73x | 0.52xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$11.90McapitalExpendituresD&A$22.70MreconciledDepreciationResult 0.52x | $0.33Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$453.88MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$7.34MintangibleAssetsLiabilities$216.32MtotalLiabTangible book$230.23MShares695,817,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.33 | 3.92xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$71.08MebitdaCapex$11.90McapitalExpendituresInterest$3.04MinterestExpenseShort-term debt$12.05MshortLongTermDebtEBITDA − capex$59.17MPrincipal due is the current portion of debt.Result 3.92x | $49.36MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$61.27MtotalCashFromOperatingActivitiesCapex$11.90McapitalExpendituresFree cash flow$49.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $49.36M | 19.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$45.44MoperatingIncomeTax expense$9.65MtaxProvisionPretax income$45.33MincomeBeforeTaxTax rate21.3%Equity$231.82MtotalStockholderEquityDebt$21.27MlongTermDebt + shortLongTermDebtCash$64.37McashInvested capital$188.71MResult 19.0% | 0.28xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$45.44MoperatingIncomeNet PP&E$163.54MpropertyPlantAndEquipmentNetResult 0.28x |
| 2024 | 39.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$172.32MpropertyPlantAndEquipmentNetInventory$25.46MinventoryTotal assets$499.75MtotalAssetsResult 39.6% | 4.71xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$812.30MtotalRevenueNet PP&E$172.32MpropertyPlantAndEquipmentNetResult 4.71x | 0.77xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$18.61McapitalExpendituresD&A$24.19MreconciledDepreciationResult 0.77x | $0.38Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$499.75MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$6.88MintangibleAssetsLiabilities$228.83MtotalLiabTangible book$264.04MShares698,551,925commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.38 | 3.67xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$78.50MebitdaCapex$18.61McapitalExpendituresInterest$2.98MinterestExpenseShort-term debt$13.35MshortLongTermDebtEBITDA − capex$59.89MPrincipal due is the current portion of debt.Result 3.67x | $69.38MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$87.98MtotalCashFromOperatingActivitiesCapex$18.61McapitalExpendituresFree cash flow$69.38MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $69.38M | 24.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$53.04MoperatingIncomeTax expense$10.15MtaxProvisionPretax income$51.33MincomeBeforeTaxTax rate19.8%Equity$265.30MtotalStockholderEquityDebt$15.40MlongTermDebt + shortLongTermDebtCash$107.01McashInvested capital$173.69MResult 24.5% | 0.31xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$53.04MoperatingIncomeNet PP&E$172.32MpropertyPlantAndEquipmentNetResult 0.31x |
| 2025 | 42.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$208.78MpropertyPlantAndEquipmentNetInventory$23.18MinventoryTotal assets$543.79MtotalAssetsResult 42.7% | 4.30xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$898.44MtotalRevenueNet PP&E$208.78MpropertyPlantAndEquipmentNetResult 4.30x | 1.54xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$50.08McapitalExpendituresD&A$32.56MreconciledDepreciationResult 1.54x | $0.42Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$543.79MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.33MintangibleAssetsLiabilities$247.96MtotalLiabTangible book$290.50MShares699,433,525commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.42 | 3.73xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$101.41MebitdaCapex$50.08McapitalExpendituresInterest$3.28MinterestExpenseShort-term debt$10.47MshortLongTermDebtEBITDA − capex$51.32MPrincipal due is the current portion of debt.Result 3.73x | $29.88MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$79.96MtotalCashFromOperatingActivitiesCapex$50.08McapitalExpendituresFree cash flow$29.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $29.88M | 25.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$66.50MoperatingIncomeTax expense$14.27MtaxProvisionPretax income$65.57MincomeBeforeTaxTax rate21.8%Equity$290.41MtotalStockholderEquityDebt$10.47MlongTermDebt + shortLongTermDebtCash$99.79McashInvested capital$201.08MResult 25.9% | 0.32xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$66.50MoperatingIncomeNet PP&E$208.78MpropertyPlantAndEquipmentNetResult 0.32x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $208.78M
Inventory: $23.18M
Total assets: $543.79M
Goodwill: $0.00
Intangibles: $5.33M
Liabilities: $247.96M
Tangible book: $290.50M
Shares: 699,433,525
Revenue: $898.44M
Capex: $50.08M
D&A: $32.56M
EBITDA: $101.41M
Interest: $3.28M
Short-term debt: $10.47M
Free cash flow: $29.88M
Operating income: $66.50M
Invested capital: $201.08M
Tax rate: 21.8%