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.
The Phoenix Holdings Ltd.
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.50x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 20.21x. Compare it with other names in the same basket.
Physical asset ratio
0.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 1.50BpropertyPlantAndEquipmentNetInventoryILA 0.00Not reported, treated as 0Total assetsILA 197.94BtotalAssetsInventory was not reported and is treated as zero.Result 0.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
20.21xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueILA 30.30BtotalRevenueNet PP&EILA 1.50BpropertyPlantAndEquipmentNetResult 20.21x
Revenue per dollar of the physical asset base.
Capex / D&A
0.50xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexILA 311.34McapitalExpendituresD&AILA 628.54MdepreciationAndAmortizationResult 0.50x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
ILA 36.85Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 197.94BtotalAssetsGoodwillILA 2.66BgoodWillIntangiblesILA 869.07MintangibleAssetsLiabilitiesILA 185.06BtotalLiabTangible bookILA 9.36BShares253,885,000commonStockSharesOutstandingResult ILA 36.85
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
461.30xPrice / tangible bookPrice / tangible book per sharePriceILA 17.00KLatest quoteTangible book / shareILA 36.852025-12-31Result 461.30x
Price ILA 17.00K.
Fixed-charge coverage
3.21xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 6.33BebitdaCapexILA 311.34McapitalExpendituresInterestILA 693.04MinterestExpenseShort-term debtILA 1.18BshortTermDebtEBITDA − capexILA 6.02BPrincipal due is short-term debt.Result 3.21x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowILA 3.93BfreeCashFlowMarket capILA 42.92BMarketCapitalizationResult 9.2%
Latest free cash flow divided by current market cap (ILA 42.92B).
ROIC
18.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 5.01BoperatingIncomeTax expenseILA 1.67BincomeTaxExpensePretax incomeILA 5.01BincomeBeforeTaxTax rate33.3%EquityILA 12.50BtotalStockholderEquityDebtILA 8.08BlongTermDebt + shortLongTermDebtCashILA 2.01BcashInvested capitalILA 18.56BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 18.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 3.34x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 579.27MpropertyPlantEquipmentInventoryILA 0.00Not reported, treated as 0Total assetsILA 91.12BtotalAssetsInventory was not reported and is treated as zero.Result 0.6% | 20.65xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueILA 11.96BtotalRevenueNet PP&EILA 579.27MpropertyPlantEquipmentResult 20.65x | 0.83xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexILA 208.85McapitalExpendituresD&AILA 251.98MdepreciationAndAmortizationResult 0.83x | ILA 18.97Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 91.12BtotalAssetsGoodwillILA 900.30MgoodWillIntangiblesILA 729.95MintangibleAssetsLiabilitiesILA 84.70BtotalLiabTangible bookILA 4.80BShares252,861,000commonStockSharesOutstandingResult ILA 18.97 | 4.30xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 1.30BebitdaCapexILA 208.85McapitalExpendituresInterestILA 144.13MinterestExpenseShort-term debtILA 110.50MshortTermDebtEBITDA − capexILA 1.09BPrincipal due is short-term debt.Result 4.30x | -ILA 1.03BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-ILA 819.83MtotalCashFromOperatingActivitiesCapexILA 208.85McapitalExpendituresFree cash flow-ILA 1.03BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -ILA 1.03B | 19.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 906.78MoperatingIncomeTax expenseILA 237.51MincomeTaxExpensePretax incomeILA 906.78MincomeBeforeTaxTax rate26.2%EquityILA 6.31BtotalStockholderEquityDebtILA 4.10BshortLongTermDebtTotalCashILA 7.04BcashInvested capitalILA 3.37BResult 19.9% | 1.57xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeILA 906.78MoperatingIncomeNet PP&EILA 579.27MpropertyPlantEquipmentResult 1.57x |
| 2019 | 0.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 769.67MpropertyPlantEquipmentInventoryILA 0.00Not reported, treated as 0Total assetsILA 110.06BtotalAssetsInventory was not reported and is treated as zero.Result 0.7% | 28.24xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueILA 21.73BtotalRevenueNet PP&EILA 769.67MpropertyPlantEquipmentResult 28.24x | 1.19xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexILA 358.06McapitalExpendituresD&AILA 301.45MdepreciationAndAmortizationResult 1.19x | ILA 18.47Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 110.06BtotalAssetsGoodwillILA 943.19MgoodWillIntangiblesILA 817.21MintangibleAssetsLiabilitiesILA 103.57BtotalLiabTangible bookILA 4.73BShares256,153,000commonStockSharesOutstandingResult ILA 18.47 | 2.04xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 866.36MebitdaCapexILA 358.06McapitalExpendituresInterestILA 148.82MinterestExpenseShort-term debtILA 100.02MshortTermDebtEBITDA − capexILA 508.30MPrincipal due is short-term debt.Result 2.04x | ILA 208.48MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowILA 566.53MtotalCashFromOperatingActivitiesCapexILA 358.06McapitalExpendituresFree cash flowILA 208.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 208.48M | 7.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 416.09MoperatingIncomeTax expenseILA 107.82MincomeTaxExpensePretax incomeILA 416.09MincomeBeforeTaxTax rate25.9%EquityILA 6.38BtotalStockholderEquityDebtILA 4.86BshortLongTermDebtTotalCashILA 7.34BcashInvested capitalILA 3.90BResult 7.9% | 0.54xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeILA 416.09MoperatingIncomeNet PP&EILA 769.67MpropertyPlantEquipmentResult 0.54x |
| 2020 | 0.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 861.87MpropertyPlantEquipmentInventoryILA 0.00Not reported, treated as 0Total assetsILA 119.16BtotalAssetsInventory was not reported and is treated as zero.Result 0.7% | 19.84xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueILA 17.10BtotalRevenueNet PP&EILA 861.87MpropertyPlantEquipmentResult 19.84x | 1.24xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexILA 371.02McapitalExpendituresD&AILA 300.14MdepreciationAndAmortizationResult 1.24x | ILA 23.70Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 119.16BtotalAssetsGoodwillILA 1.10BgoodWillIntangiblesILA 918.73MintangibleAssetsLiabilitiesILA 111.08BtotalLiabTangible bookILA 6.07BShares255,966,000commonStockSharesOutstandingResult ILA 23.70 | 8.00xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 2.21BebitdaCapexILA 371.02McapitalExpendituresInterestILA 149.34MinterestExpenseShort-term debtILA 80.80MshortTermDebtEBITDA − capexILA 1.84BPrincipal due is short-term debt.Result 8.00x | ILA 4.40BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowILA 4.77BtotalCashFromOperatingActivitiesCapexILA 371.02McapitalExpendituresFree cash flowILA 4.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 4.40B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 135.50MoperatingIncomeTax expenseILA 553.83MincomeTaxExpensePretax incomeILA 1.76BincomeBeforeTaxTax rate31.4%EquityILA 7.97BtotalStockholderEquityDebtILA 4.90BshortLongTermDebtTotalCashILA 19.96BcashAndShortTermInvestmentsInvested capital—Result — | 0.16xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeILA 135.50MoperatingIncomeNet PP&EILA 861.87MpropertyPlantEquipmentResult 0.16x |
| 2021 | 0.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 902.24MpropertyPlantEquipmentInventoryILA 0.00Not reported, treated as 0Total assetsILA 143.58BtotalAssetsInventory was not reported and is treated as zero.Result 0.6% | 31.72xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueILA 28.62BtotalRevenueNet PP&EILA 902.24MpropertyPlantEquipmentResult 31.72x | 1.02xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexILA 361.78McapitalExpendituresD&AILA 354.19MdepreciationAndAmortizationResult 1.02x | ILA 27.81Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 143.58BtotalAssetsGoodwillILA 1.52BgoodWillIntangiblesILA 1.26BintangibleAssetsLiabilitiesILA 133.66BtotalLiabTangible bookILA 7.15BShares257,013,000commonStockSharesOutstandingResult ILA 27.81 | 3.03xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 3.26BebitdaCapexILA 361.78McapitalExpendituresInterestILA 208.75MinterestExpenseShort-term debtILA 746.70MshortTermDebtEBITDA − capexILA 2.90BPrincipal due is short-term debt.Result 3.03x | ILA 4.19BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowILA 4.55BtotalCashFromOperatingActivitiesCapexILA 361.78McapitalExpendituresFree cash flowILA 4.19BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 4.19B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 2.70BoperatingIncomeTax expenseILA 673.55MincomeTaxExpensePretax incomeILA 2.70BincomeBeforeTaxTax rate25.0%EquityILA 9.65BtotalStockholderEquityDebtILA 6.35BshortLongTermDebtTotalCashILA 26.91BcashAndShortTermInvestmentsInvested capital—Result — | 2.99xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeILA 2.70BoperatingIncomeNet PP&EILA 902.24MpropertyPlantEquipmentResult 2.99x |
| 2022 | 0.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 1.15BpropertyPlantEquipmentInventoryILA 0.00Not reported, treated as 0Total assetsILA 147.52BtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 7.37xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueILA 8.49BtotalRevenueNet PP&EILA 1.15BpropertyPlantEquipmentResult 7.37x | 1.28xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexILA 524.86McapitalExpendituresD&AILA 408.66MdepreciationAndAmortizationResult 1.28x | ILA 29.48Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 147.52BtotalAssetsGoodwillILA 1.60BgoodWillIntangiblesILA 1.39BintangibleAssetsLiabilitiesILA 136.98BtotalLiabTangible bookILA 7.54BShares255,858,000commonStockSharesOutstandingResult ILA 29.48 | 1.20xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 2.56BebitdaCapexILA 524.86McapitalExpendituresInterestILA 299.37MinterestExpenseShort-term debtILA 1.40BshortTermDebtEBITDA − capexILA 2.04BPrincipal due is short-term debt.Result 1.20x | ILA 2.20BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowILA 2.73BtotalCashFromOperatingActivitiesCapexILA 524.86McapitalExpendituresFree cash flowILA 2.20BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 2.20B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 1.85BoperatingIncomeTax expenseILA 504.34MincomeTaxExpensePretax incomeILA 1.85BincomeBeforeTaxTax rate27.2%EquityILA 10.14BtotalStockholderEquityDebtILA 8.11BshortLongTermDebtTotalCashILA 29.51BcashAndShortTermInvestmentsInvested capital—Result — | 1.61xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeILA 1.85BoperatingIncomeNet PP&EILA 1.15BpropertyPlantEquipmentResult 1.61x |
| 2023 | 0.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 1.46BpropertyPlantAndEquipmentNetInventoryILA 0.00Not reported, treated as 0Total assetsILA 159.79BtotalAssetsInventory was not reported and is treated as zero.Result 0.9% | 16.51xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueILA 24.11BtotalRevenueNet PP&EILA 1.46BpropertyPlantAndEquipmentNetResult 16.51x | 2.08xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexILA 1.04BcapitalExpendituresD&AILA 499.15MdepreciationAndAmortizationResult 2.08x | ILA 28.55Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 159.79BtotalAssetsGoodwillILA 1.93BgoodWillIntangiblesILA 1.67BintangibleAssetsLiabilitiesILA 148.90BtotalLiabTangible bookILA 7.30BShares255,594,000commonStockSharesOutstandingResult ILA 28.55 | 0.44xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 2.04BebitdaCapexILA 1.04BcapitalExpendituresInterestILA 396.98MinterestExpenseShort-term debtILA 1.90BshortTermDebtEBITDA − capexILA 1.01BPrincipal due is short-term debt.Result 0.44x | ILA 1.14BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowILA 2.18BtotalCashFromOperatingActivitiesCapexILA 1.04BcapitalExpendituresFree cash flowILA 1.14BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 1.14B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 1.15BoperatingIncomeTax expenseILA 262.75MincomeTaxExpensePretax incomeILA 1.15BincomeBeforeTaxTax rate22.9%EquityILA 10.58BtotalStockholderEquityDebtILA 9.36BshortLongTermDebtTotalCashILA 33.03BcashAndShortTermInvestmentsInvested capital—Result — | 0.79xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeILA 1.15BoperatingIncomeNet PP&EILA 1.46BpropertyPlantAndEquipmentNetResult 0.79x |
| 2024 | 1.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 1.78BpropertyPlantAndEquipmentNetInventoryILA 0.00Not reported, treated as 0Total assetsILA 172.57BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 16.98xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueILA 30.15BtotalRevenueNet PP&EILA 1.78BpropertyPlantAndEquipmentNetResult 16.98x | 1.59xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexILA 895.15McapitalExpendituresD&AILA 562.15MdepreciationAndAmortizationResult 1.59x | ILA 21.91Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 172.57BtotalAssetsGoodwillILA 2.09BgoodWillIntangiblesILA 4.59BintangibleAssetsLiabilitiesILA 160.32BtotalLiabTangible bookILA 5.57BShares254,315,508commonStockSharesOutstandingResult ILA 21.91 | 0.86xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 3.88BebitdaCapexILA 895.15McapitalExpendituresInterestILA 539.10MinterestExpenseShort-term debtILA 2.95BshortTermDebtEBITDA − capexILA 2.98BPrincipal due is short-term debt.Result 0.86x | -ILA 1.60BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-ILA 701.54MtotalCashFromOperatingActivitiesCapexILA 895.15McapitalExpendituresFree cash flow-ILA 1.60BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -ILA 1.60B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 2.78BoperatingIncomeTax expenseILA 846.19MincomeTaxExpensePretax incomeILA 2.78BincomeBeforeTaxTax rate30.5%EquityILA 11.91BtotalStockholderEquityDebtILA 10.46BshortLongTermDebtTotalCashILA 32.01BcashAndShortTermInvestmentsInvested capital—Result — | 1.56xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeILA 2.78BoperatingIncomeNet PP&EILA 1.78BpropertyPlantAndEquipmentNetResult 1.56x |
| 2025 | 0.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 1.50BpropertyPlantAndEquipmentNetInventoryILA 0.00Not reported, treated as 0Total assetsILA 197.94BtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 20.21xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueILA 30.30BtotalRevenueNet PP&EILA 1.50BpropertyPlantAndEquipmentNetResult 20.21x | 0.50xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexILA 311.34McapitalExpendituresD&AILA 628.54MdepreciationAndAmortizationResult 0.50x | ILA 36.85Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 197.94BtotalAssetsGoodwillILA 2.66BgoodWillIntangiblesILA 869.07MintangibleAssetsLiabilitiesILA 185.06BtotalLiabTangible bookILA 9.36BShares253,885,000commonStockSharesOutstandingResult ILA 36.85 | 3.21xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 6.33BebitdaCapexILA 311.34McapitalExpendituresInterestILA 693.04MinterestExpenseShort-term debtILA 1.18BshortTermDebtEBITDA − capexILA 6.02BPrincipal due is short-term debt.Result 3.21x | ILA 3.93BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowILA 4.24BtotalCashFromOperatingActivitiesCapexILA 311.34McapitalExpendituresFree cash flowILA 3.93BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 3.93B | 18.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 5.01BoperatingIncomeTax expenseILA 1.67BincomeTaxExpensePretax incomeILA 5.01BincomeBeforeTaxTax rate33.3%EquityILA 12.50BtotalStockholderEquityDebtILA 8.08BlongTermDebt + shortLongTermDebtCashILA 2.01BcashInvested capitalILA 18.56BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 18.0% | 3.34xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeILA 5.01BoperatingIncomeNet PP&EILA 1.50BpropertyPlantAndEquipmentNetResult 3.34x |
- 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: ILA 1.50B
Inventory: ILA 0.00
Total assets: ILA 197.94B
Goodwill: ILA 2.66B
Intangibles: ILA 869.07M
Liabilities: ILA 185.06B
Tangible book: ILA 9.36B
Shares: 253,885,000
Revenue: ILA 30.30B
Capex: ILA 311.34M
D&A: ILA 628.54M
EBITDA: ILA 6.33B
Interest: ILA 693.04M
Short-term debt: ILA 1.18B
Free cash flow: ILA 3.93B
Operating income: ILA 5.01B
Invested capital: ILA 18.56B
Tax rate: 33.3%