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.
Prologis Inc
Physical assets are 81.4% of total assets, a heavy footprint. Capex is 1.87x 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 3.8%, below an 8% cost-of-capital hurdle.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.11x.
Physical asset ratio
81.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$80.40BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$98.72BtotalAssetsInventory was not reported and is treated as zero.Result 81.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.11xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.79BtotalRevenueNet PP&E$80.40BpropertyPlantEquipmentResult 0.11x
Revenue per dollar of the physical asset base.
Capex / D&A
1.87xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.91BcapitalExpendituresD&A$2.63BdepreciationAndAmortizationResult 1.87x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$59.67Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$98.72BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$588.43MintangibleAssetsLiabilities$40.97BtotalLiabTangible book$57.17BShares958,019,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $59.67
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.15xPrice / tangible bookPrice / tangible book per sharePrice$128.02Latest quoteTangible book / share$59.672025-12-31Result 2.15x
Price $128.02.
Fixed-charge coverage
2.28xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.20BebitdaCapex$4.91BcapitalExpendituresInterest$1.00BinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$2.29BPrincipal due is short-term debt.Result 2.28x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$99.29MNot reportedMarket cap$121.73BMarketCapitalizationResult 0.1%
Latest free cash flow divided by current market cap ($121.73B).
ROIC
3.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.54BoperatingIncomeTax expense$204.02MincomeTaxExpensePretax income$3.77BincomeBeforeTaxTax rate5.4%Equity$53.19BtotalStockholderEquityDebt$35.04BshortLongTermDebtTotalCash$1.15BcashAndEquivalentsInvested capital$87.08BResult 3.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 77.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.04BpropertyPlantEquipmentInventory-$348.11MinventoryTotal assets$38.42BtotalAssetsUses the property line, which is larger than net PP&E ($112.21M, propertyPlantAndEquipmentNet).Result 77.3% | 0.09xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$2.80BtotalRevenueNet PP&E$30.04BpropertyPlantEquipmentResult 0.09x | 0.97xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$915.70McapitalExpendituresD&A$947.21MdepreciationAndAmortizationResult 0.97x | $42.95Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$38.42BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$450.69MintangibleAssetsLiabilities$12.62BtotalLiabTangible book$25.35BShares590,239,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $42.95 | 9.86xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.05BebitdaCapex$915.70McapitalExpendituresInterest$215.90MinterestExpenseShort-term debt$428.00KshortLongTermDebtEBITDA − capex$2.13BPrincipal due is the current portion of debt.Result 9.86x | $887.86MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.80BtotalCashFromOperatingActivitiesCapex$915.70McapitalExpendituresFree cash flow$887.86MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $887.86M | 4.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.69BoperatingIncomeTax expense$63.33MincomeTaxExpensePretax income$1.89BincomeBeforeTaxTax rate3.4%Equity$25.80BtotalStockholderEquityDebt$11.14BshortLongTermDebtTotalCash$343.86McashAndEquivalentsInvested capital$36.60BResult 4.5% | 0.06xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.69BoperatingIncomeNet PP&E$30.04BpropertyPlantEquipmentResult 0.06x |
| 2019 | 75.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.38BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$40.03BtotalAssetsUses the property line, which is larger than net PP&E ($593.80M, propertyPlantAndEquipmentNet).Result 75.9% | 0.11xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$3.33BtotalRevenueNet PP&E$30.38BpropertyPlantEquipmentResult 0.11x | 0.69xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$791.86McapitalExpendituresD&A$1.14BdepreciationAndAmortizationResult 0.69x | $38.24Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$40.03BtotalAssetsGoodwill$4.60MgoodWillIntangibles$314.18MintangibleAssetsLiabilities$13.96BtotalLiabTangible book$25.75BShares673,449,000commonStockSharesOutstandingResult $38.24 | 5.72xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.14BebitdaCapex$791.86McapitalExpendituresInterest$226.66MinterestExpenseShort-term debt$184.26MshortTermDebtEBITDA − capex$2.35BPrincipal due is short-term debt.Result 5.72x | $1.47BFree cash flow · 2019-12-31Operating cash flow − capexOperating cash flow$2.26BtotalCashFromOperatingActivitiesCapex$791.86McapitalExpendituresFree cash flow$1.47BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $1.47B | 5.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.85BoperatingIncomeTax expense$74.52MincomeTaxExpensePretax income$1.78BincomeBeforeTaxTax rate4.2%Equity$22.65BtotalStockholderEquityDebt$12.38BshortLongTermDebtTotalCash$1.09BcashAndEquivalentsInvested capital$33.94BResult 5.2% | 0.06xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.85BoperatingIncomeNet PP&E$30.38BpropertyPlantEquipmentResult 0.06x |
| 2020 | 79.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$44.34BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$56.07BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($610.50M, propertyPlantAndEquipmentNet).Result 79.1% | 0.10xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.44BtotalRevenueNet PP&E$44.34BpropertyPlantEquipmentResult 0.10x | 0.80xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.25BcapitalExpendituresD&A$1.56BdepreciationAndAmortizationResult 0.80x | $45.92Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$56.07BtotalAssetsGoodwill$5.59MgoodWillIntangibles$726.82MintangibleAssetsLiabilities$19.74BtotalLiabTangible book$35.59BShares775,151,000commonStockSharesOutstandingResult $45.92 | 4.86xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.61BebitdaCapex$1.25BcapitalExpendituresInterest$313.46MinterestExpenseShort-term debt$171.79MshortTermDebtEBITDA − capex$2.36BPrincipal due is short-term debt.Result 4.86x | $1.69BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$2.94BtotalCashFromOperatingActivitiesCapex$1.25BcapitalExpendituresFree cash flow$1.69BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.69B | 4.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.12BoperatingIncomeTax expense$130.46MincomeTaxExpensePretax income$1.75BincomeBeforeTaxTax rate7.5%Equity$31.97BtotalStockholderEquityDebt$17.34BshortLongTermDebtTotalCash$598.09McashAndEquivalentsInvested capital$48.71BResult 4.0% | 0.05xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$2.12BoperatingIncomeNet PP&E$44.34BpropertyPlantEquipmentResult 0.05x |
| 2021 | 77.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$45.34BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$58.49BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($577.41M, propertyPlantAndEquipmentNet).Result 77.5% | 0.10xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$4.76BtotalRevenueNet PP&E$45.34BpropertyPlantEquipmentResult 0.10x | 3.14xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$4.96BcapitalExpendituresD&A$1.58BdepreciationAndAmortizationResult 3.14x | $47.32Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$58.49BtotalAssetsGoodwill$8.93MgoodWillIntangibles$552.52MintangibleAssetsLiabilities$20.74BtotalLiabTangible book$37.18BShares785,711,000commonStockSharesOutstandingResult $47.32 | 0.25xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.15BebitdaCapex$4.96BcapitalExpendituresInterest$266.23MinterestExpenseShort-term debt$491.39MshortTermDebtEBITDA − capex$190.56MPrincipal due is short-term debt.Result 0.25x | -$1.96BFree cash flow · 2021-12-31Operating cash flow − capexOperating cash flow$3.00BtotalCashFromOperatingActivitiesCapex$4.96BcapitalExpendituresFree cash flow-$1.96BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$1.96B | 5.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.21BoperatingIncomeTax expense$174.26MincomeTaxExpensePretax income$3.32BincomeBeforeTaxTax rate5.2%Equity$37.74BtotalStockholderEquityDebt$18.21BshortLongTermDebtTotalCash$556.12McashAndEquivalentsInvested capital$55.39BResult 5.5% | 0.07xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$3.21BoperatingIncomeNet PP&E$45.34BpropertyPlantEquipmentResult 0.07x |
| 2022 | 81.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$72.59BpropertyPlantEquipmentInventory-$877.33MinventoryTotal assets$87.90BtotalAssetsUses the property line, which is larger than net PP&E ($855.33M, propertyPlantAndEquipmentNet).Result 81.6% | 0.08xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$5.97BtotalRevenueNet PP&E$72.59BpropertyPlantEquipmentResult 0.08x | 3.09xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$5.61BcapitalExpendituresD&A$1.81BdepreciationAndAmortizationResult 3.09x | $67.89Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$87.90BtotalAssetsGoodwill$5.73MgoodWillIntangibles$1.18BintangibleAssetsLiabilities$30.03BtotalLiabTangible book$56.67BShares834,843,000commonStockSharesOutstandingResult $67.89 | 0.10xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.80BebitdaCapex$5.61BcapitalExpendituresInterest$309.04MinterestExpenseShort-term debt$1.54BshortTermDebtEBITDA − capex$185.00MPrincipal due is short-term debt.Result 0.10x | -$1.48BFree cash flow · 2022-12-31Operating cash flow − capexOperating cash flow$4.13BtotalCashFromOperatingActivitiesCapex$5.61BcapitalExpendituresFree cash flow-$1.48BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$1.48B | 4.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.47BoperatingIncomeTax expense$135.41MincomeTaxExpensePretax income$3.69BincomeBeforeTaxTax rate3.7%Equity$53.24BtotalStockholderEquityDebt$24.51BshortLongTermDebtTotalCash$278.48McashAndEquivalentsInvested capital$77.47BResult 4.3% | 0.05xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$3.47BoperatingIncomeNet PP&E$72.59BpropertyPlantEquipmentResult 0.05x |
| 2023 | 84.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$78.63BpropertyPlantEquipmentInventory$87.32MinventoryTotal assets$93.02BtotalAssetsUses the property line, which is larger than net PP&E ($891.74M, propertyPlantAndEquipmentNet).Result 84.6% | 0.10xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$8.02BtotalRevenueNet PP&E$78.63BpropertyPlantEquipmentResult 0.10x | 0.28xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$691.86McapitalExpendituresD&A$2.48BdepreciationAndAmortizationResult 0.28x | $59.69Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$93.02BtotalAssetsGoodwill$1.23MgoodWillIntangibles$1.01BintangibleAssetsLiabilities$35.20BtotalLiabTangible book$56.81BShares951,791,000commonStockSharesOutstandingResult $59.69 | 3.68xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.57BebitdaCapex$691.86McapitalExpendituresInterest$618.72MinterestExpenseShort-term debt$979.31MshortTermDebtEBITDA − capex$5.88BPrincipal due is short-term debt.Result 3.68x | $4.68BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$5.37BtotalCashFromOperatingActivitiesCapex$691.86McapitalExpendituresFree cash flow$4.68BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.68B | 4.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.71BoperatingIncomeTax expense$211.04MincomeTaxExpensePretax income$3.46BincomeBeforeTaxTax rate6.1%Equity$53.18BtotalStockholderEquityDebt$29.60BshortLongTermDebtTotalCash$530.39McashAndEquivalentsInvested capital$82.25BResult 4.2% | 0.05xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$3.71BoperatingIncomeNet PP&E$78.63BpropertyPlantEquipmentResult 0.05x |
| 2024 | 83.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$79.41BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$95.33BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($920.13M, propertyPlantAndEquipmentNet).Result 83.3% | 0.10xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$8.20BtotalRevenueNet PP&E$79.41BpropertyPlantEquipmentResult 0.10x | 2.29xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$5.92BcapitalExpendituresD&A$2.58BdepreciationAndAmortizationResult 2.29x | $60.67Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$95.33BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$764.55MintangibleAssetsLiabilities$36.71BtotalLiabTangible book$57.85BShares953,590,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $60.67 | 1.52xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.53BebitdaCapex$5.92BcapitalExpendituresInterest$837.30MinterestExpenseShort-term debt$224.97MshortTermDebtEBITDA − capex$1.61BPrincipal due is short-term debt.Result 1.52x | -$1.01BFree cash flow · 2024-12-31Operating cash flow − capexOperating cash flow$4.91BtotalCashFromOperatingActivitiesCapex$5.92BcapitalExpendituresFree cash flow-$1.01BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$1.01B | 5.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.42BoperatingIncomeTax expense$166.94MincomeTaxExpensePretax income$4.11BincomeBeforeTaxTax rate4.1%Equity$53.95BtotalStockholderEquityDebt$31.49BshortLongTermDebtTotalCash$1.32BcashAndEquivalentsInvested capital$84.13BResult 5.0% | 0.06xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$4.42BoperatingIncomeNet PP&E$79.41BpropertyPlantEquipmentResult 0.06x |
| 2025 | 81.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$80.40BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$98.72BtotalAssetsInventory was not reported and is treated as zero.Result 81.4% | 0.11xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.79BtotalRevenueNet PP&E$80.40BpropertyPlantEquipmentResult 0.11x | 1.87xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.91BcapitalExpendituresD&A$2.63BdepreciationAndAmortizationResult 1.87x | $59.67Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$98.72BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$588.43MintangibleAssetsLiabilities$40.97BtotalLiabTangible book$57.17BShares958,019,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $59.67 | 2.28xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.20BebitdaCapex$4.91BcapitalExpendituresInterest$1.00BinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$2.29BPrincipal due is short-term debt.Result 2.28x | $99.29MFree cash flow · 2025-12-31Operating cash flow − capexOperating cash flow$5.01BtotalCashFromOperatingActivitiesCapex$4.91BcapitalExpendituresFree cash flow$99.29MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $99.29M | 3.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.54BoperatingIncomeTax expense$204.02MincomeTaxExpensePretax income$3.77BincomeBeforeTaxTax rate5.4%Equity$53.19BtotalStockholderEquityDebt$35.04BshortLongTermDebtTotalCash$1.15BcashAndEquivalentsInvested capital$87.08BResult 3.8% | 0.04xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$3.54BoperatingIncomeNet PP&E$80.40BpropertyPlantEquipmentResult 0.04x |
- 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.
- Reported free cash flow matched operating cash flow, so capex was subtracted.
Latest year inputs (2025)
Net PP&E: $80.40B
Inventory: $0.00
Total assets: $98.72B
Goodwill: $0.00
Intangibles: $588.43M
Liabilities: $40.97B
Tangible book: $57.17B
Shares: 958,019,000
Revenue: $8.79B
Capex: $4.91B
D&A: $2.63B
EBITDA: $7.20B
Interest: $1.00B
Short-term debt: $0.00
Free cash flow: $99.29M
Operating income: $3.54B
Invested capital: $87.08B
Tax rate: 5.4%