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.
PDD Holdings Inc.
Physical assets are 1.0% of total assets, a light footprint. Capex is 0.38x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 69.95x. Compare it with other names in the same basket.
Physical asset ratio
1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.17BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$630.45BtotalAssetsInventory was not reported and is treated as zero.Result 1.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
69.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$431.85BtotalRevenueNet PP&E$6.17BpropertyPlantAndEquipmentNetResult 69.95x
Revenue per dollar of the physical asset base.
Capex / D&A
0.38xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.15BcapitalExpendituresD&A$3.00BdepreciationAndAmortizationResult 0.38x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$280.06Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$630.45BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$15.40MintangibleAssetsLiabilities$215.27BtotalLiabTangible book$415.16BShares1,482,394,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $280.06
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.28xPrice / tangible bookPrice / tangible book per sharePrice$78.61Latest quoteTangible book / share$280.062025-12-31Result 0.28x
Price $78.61.
Fixed-charge coverage
48.52xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$122.45BebitdaCapex$1.15BcapitalExpendituresInterest$0.00interestExpenseShort-term debt$2.50BshortTermDebtEBITDA − capex$121.30BPrincipal due is short-term debt.Result 48.52x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
93.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$105.79BfreeCashFlowMarket cap$112.85BMarketCapitalizationResult 93.7%
Latest free cash flow divided by current market cap ($112.85B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$93.10BoperatingIncomeTax expense$21.73BincomeTaxExpensePretax income$119.58BincomeBeforeTaxTax rate18.2%Equity$415.17BtotalStockholderEquityDebt$5.38BshortLongTermDebtTotalCash$496.46BcashAndShortTermInvestmentsInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 15.08x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 38.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.08MpropertyPlantEquipmentInventory$16.38BinventoryTotal assets$43.18BtotalAssetsResult 38.0% | 451.25xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$13.12BtotalRevenueNet PP&E$29.08MpropertyPlantEquipmentResult 451.25x | 0.05xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$27.33McapitalExpendituresD&A$497.00MdepreciationAndAmortizationResult 0.05x | $5.47Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$43.18BtotalAssetsGoodwill$0.00goodWillIntangibles$2.58BintangibleAssetsLiabilities$24.36BtotalLiabTangible book$16.24BShares2,968,319,548commonStockSharesOutstandingResult $5.47 | -10.03xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$4.35BebitdaCapex$27.33McapitalExpendituresInterest$0.00interestExpenseShort-term debt$436.50MshortTermDebtEBITDA − capex-$4.38BPrincipal due is short-term debt.Result -10.03x | $7.74BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$7.77BtotalCashFromOperatingActivitiesCapex$27.33McapitalExpendituresFree cash flow$7.74BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.74B | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$10.80BoperatingIncomeTax expense$582.62MincomeTaxExpensePretax income-$10.22BincomeBeforeTaxTax rate—Equity$18.82BtotalStockholderEquityDebt$436.50MshortLongTermDebtTotalCash$21.79BcashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -371.44xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$10.80BoperatingIncomeNet PP&E$29.08MpropertyPlantEquipmentResult -371.44x |
| 2019 | 37.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$558.46MpropertyPlantEquipmentInventory$27.58BinventoryTotal assets$76.06BtotalAssetsResult 37.0% | 53.97xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$30.14BtotalRevenueNet PP&E$558.46MpropertyPlantEquipmentResult 53.97x | 0.04xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$27.44McapitalExpendituresD&A$637.83MdepreciationAndAmortizationResult 0.04x | $4.90Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$76.06BtotalAssetsGoodwill$0.00goodWillIntangibles$1.99BintangibleAssetsLiabilities$51.41BtotalLiabTangible book$22.65BShares4,627,278,000commonStockSharesOutstandingResult $4.90 | -7.59xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$7.90BebitdaCapex$27.44McapitalExpendituresInterest$145.86MinterestExpenseShort-term debt$898.75MshortLongTermDebtEBITDA − capex-$7.93BPrincipal due is the current portion of debt.Result -7.59x | $14.79BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$14.82BtotalCashFromOperatingActivitiesCapex$27.44McapitalExpendituresFree cash flow$14.79BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.79B | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$8.54BoperatingIncomeTax expense-$28.68MincomeTaxExpensePretax income-$6.97BincomeBeforeTaxTax rate—Equity$24.65BtotalStockholderEquityDebt$6.65BshortLongTermDebtTotalCash$41.06BcashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -15.29xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$8.54BoperatingIncomeNet PP&E$558.46MpropertyPlantEquipmentResult -15.29x |
| 2020 | 1.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$832.68MpropertyPlantEquipmentInventory$1.72BinventoryTotal assets$158.91BtotalAssetsResult 1.6% | 71.45xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$59.49BtotalRevenueNet PP&E$832.68MpropertyPlantEquipmentResult 71.45x | 0.05xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$43.05McapitalExpendituresD&A$800.47MdepreciationAndAmortizationResult 0.05x | $49.41Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$158.91BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.28BintangibleAssetsLiabilities$98.73BtotalLiabTangible book$58.90BShares1,192,085,750commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $49.41 | -3.29xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$8.58BebitdaCapex$43.05McapitalExpendituresInterest$757.34MinterestExpenseShort-term debt$1.87BshortLongTermDebtEBITDA − capex-$8.62BPrincipal due is the current portion of debt.Result -3.29x | $28.15BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$28.20BtotalCashFromOperatingActivitiesCapex$43.05McapitalExpendituresFree cash flow$28.15BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $28.15B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$9.38BoperatingIncomeTax expense$66.92MincomeTaxExpensePretax income-$7.18BincomeBeforeTaxTax rate—Equity$60.18BtotalStockholderEquityDebt$16.97BshortLongTermDebtTotalCash$86.97BcashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -11.27xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$9.38BoperatingIncomeNet PP&E$832.68MpropertyPlantEquipmentResult -11.27x |
| 2021 | 1.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.14BpropertyPlantEquipmentInventory$14.20MinventoryTotal assets$181.21BtotalAssetsResult 1.7% | 29.90xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$93.95BtotalRevenueNet PP&E$3.14BpropertyPlantEquipmentResult 29.90x | 1.78xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.29BcapitalExpendituresD&A$1.84BdepreciationAndAmortizationResult 1.78x | $52.09Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$181.21BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$701.22MintangibleAssetsLiabilities$106.10BtotalLiabTangible book$74.41BShares1,428,441,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $52.09 | 5.72xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$12.78BebitdaCapex$3.29BcapitalExpendituresInterest$1.23BinterestExpenseShort-term debt$427.16MshortTermDebtEBITDA − capex$9.49BPrincipal due is short-term debt.Result 5.72x | $25.50BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$28.78BtotalCashFromOperatingActivitiesCapex$3.29BcapitalExpendituresFree cash flow$25.50BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $25.50B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.90BoperatingIncomeTax expense$1.93BincomeTaxExpensePretax income$9.70BincomeBeforeTaxTax rate19.9%Equity$75.11BtotalStockholderEquityDebt$12.76BshortLongTermDebtTotalCash$92.94BcashAndShortTermInvestmentsInvested capital—Result — | 2.20xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$6.90BoperatingIncomeNet PP&E$3.14BpropertyPlantEquipmentResult 2.20x |
| 2022 | -1.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.46BpropertyPlantEquipmentInventory-$6.91BinventoryTotal assets$237.12BtotalAssetsResult -1.9% | 53.05xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$130.56BtotalRevenueNet PP&E$2.46BpropertyPlantEquipmentResult 53.05x | 0.23xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$635.72McapitalExpendituresD&A$2.74BdepreciationAndAmortizationResult 0.23x | $81.67Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$237.12BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$134.00MintangibleAssetsLiabilities$119.35BtotalLiabTangible book$117.64BShares1,440,322,750commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $81.67 | 2.76xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$39.05BebitdaCapex$635.72McapitalExpendituresInterest$51.66MinterestExpenseShort-term debt$13.89BshortLongTermDebtEBITDA − capex$38.41BPrincipal due is the current portion of debt.Result 2.76x | $6.40BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$7.03BtotalCashFromOperatingActivitiesCapex$635.72McapitalExpendituresFree cash flow$6.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.40B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$30.40BoperatingIncomeTax expense$4.73BincomeTaxExpensePretax income$36.26BincomeBeforeTaxTax rate13.0%Equity$117.77BtotalStockholderEquityDebt$16.93BshortLongTermDebtTotalCash$149.44BcashAndShortTermInvestmentsInvested capital—Result — | 12.35xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$30.40BoperatingIncomeNet PP&E$2.46BpropertyPlantEquipmentResult 12.35x |
| 2023 | 1.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.08BpropertyPlantAndEquipmentNetInventory-$119.46MinventoryTotal assets$348.08BtotalAssetsResult 1.4% | 48.70xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$247.64BtotalRevenueNet PP&E$5.08BpropertyPlantAndEquipmentNetResult 48.70x | 0.31xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$583.88McapitalExpendituresD&A$1.89BdepreciationAndAmortizationResult 0.31x | $128.24Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$348.08BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$21.15MintangibleAssetsLiabilities$160.84BtotalLiabTangible book$187.22BShares1,459,907,500commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $128.24 | 105.73xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$73.81BebitdaCapex$583.88McapitalExpendituresInterest$43.99MinterestExpenseShort-term debt$648.57MshortLongTermDebtEBITDA − capex$73.22BPrincipal due is the current portion of debt.Result 105.73x | $93.58BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$94.16BtotalCashFromOperatingActivitiesCapex$583.88McapitalExpendituresFree cash flow$93.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $93.58B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$58.70BoperatingIncomeTax expense$11.85BincomeTaxExpensePretax income$71.88BincomeBeforeTaxTax rate16.5%Equity$187.24BtotalStockholderEquityDebt$5.88BlongTermDebt + shortLongTermDebtCash$217.21BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 11.54xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$58.70BoperatingIncomeNet PP&E$5.08BpropertyPlantAndEquipmentNetResult 11.54x |
| 2024 | 1.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.94BpropertyPlantAndEquipmentNetInventory$2.50BinventoryTotal assets$505.03BtotalAssetsResult 1.7% | 66.26xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$393.84BtotalRevenueNet PP&E$5.94BpropertyPlantAndEquipmentNetResult 66.26x | 1.23xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$967.14McapitalExpendituresD&A$786.24MdepreciationAndAmortizationResult 1.23x | $211.81Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$505.03BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$19.17MintangibleAssetsLiabilities$191.72BtotalLiabTangible book$313.29BShares1,479,148,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $211.81 | 20.39xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$109.21BebitdaCapex$967.14McapitalExpendituresInterest$0.00interestExpenseShort-term debt$5.31BshortLongTermDebtEBITDA − capex$108.24BPrincipal due is the current portion of debt.Result 20.39x | $120.96BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$121.93BtotalCashFromOperatingActivitiesCapex$967.14McapitalExpendituresFree cash flow$120.96BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $120.96B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$108.42BoperatingIncomeTax expense$20.27BincomeTaxExpensePretax income$132.70BincomeBeforeTaxTax rate15.3%Equity$313.31BtotalStockholderEquityDebt$5.31BlongTermDebt + shortLongTermDebtCash$331.56BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 18.24xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$108.42BoperatingIncomeNet PP&E$5.94BpropertyPlantAndEquipmentNetResult 18.24x |
| 2025 | 1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.17BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$630.45BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 69.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$431.85BtotalRevenueNet PP&E$6.17BpropertyPlantAndEquipmentNetResult 69.95x | 0.38xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.15BcapitalExpendituresD&A$3.00BdepreciationAndAmortizationResult 0.38x | $280.06Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$630.45BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$15.40MintangibleAssetsLiabilities$215.27BtotalLiabTangible book$415.16BShares1,482,394,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $280.06 | 48.52xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$122.45BebitdaCapex$1.15BcapitalExpendituresInterest$0.00interestExpenseShort-term debt$2.50BshortTermDebtEBITDA − capex$121.30BPrincipal due is short-term debt.Result 48.52x | $105.79BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$106.94BtotalCashFromOperatingActivitiesCapex$1.15BcapitalExpendituresFree cash flow$105.79BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $105.79B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$93.10BoperatingIncomeTax expense$21.73BincomeTaxExpensePretax income$119.58BincomeBeforeTaxTax rate18.2%Equity$415.17BtotalStockholderEquityDebt$5.38BshortLongTermDebtTotalCash$496.46BcashAndShortTermInvestmentsInvested capital—Result — | 15.08xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$93.10BoperatingIncomeNet PP&E$6.17BpropertyPlantAndEquipmentNetResult 15.08x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $6.17B
Inventory: $0.00
Total assets: $630.45B
Goodwill: $0.00
Intangibles: $15.40M
Liabilities: $215.27B
Tangible book: $415.16B
Shares: 1,482,394,000
Revenue: $431.85B
Capex: $1.15B
D&A: $3.00B
EBITDA: $122.45B
Interest: $0.00
Short-term debt: $2.50B
Free cash flow: $105.79B
Operating income: $93.10B
Invested capital: —
Tax rate: 18.2%