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.
Relx PLC ADR
Physical assets are 3.2% of total assets, a light footprint. Capex is 0.03x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 23.6%, 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 60.31x.
Physical asset ratio
3.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$159.00MpropertyPlantAndEquipmentNetInventory$311.00MinventoryTotal assets$14.76BtotalAssetsResult 3.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
60.31xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$9.59BtotalRevenueNet PP&E$159.00MpropertyPlantAndEquipmentNetResult 60.31x
Revenue per dollar of the physical asset base.
Capex / D&A
0.03xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$21.00McapitalExpendituresD&A$727.19MdepreciationAndAmortizationResult 0.03x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$4.67Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.76BtotalAssetsGoodwill$7.93BgoodWillIntangibles$3.07BintangibleAssetsLiabilities$12.37BtotalLiabTangible book-$8.61BShares1,843,500,000commonStockSharesOutstandingResult -$4.67
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$39.14Latest quoteTangible book / share-$4.672025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $39.14.
Fixed-charge coverage
2.03xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.75BebitdaCapex$21.00McapitalExpendituresInterest$298.00MinterestExpenseShort-term debt$1.54BshortLongTermDebtEBITDA − capex$3.73BPrincipal due is the current portion of debt.Result 2.03x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$2.86BfreeCashFlowMarket cap$67.22BMarketCapitalizationResult 4.2%
Latest free cash flow divided by current market cap ($67.22B).
ROIC
23.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.98BoperatingIncomeTax expense$672.00MincomeTaxExpensePretax income$2.75BincomeBeforeTaxTax rate24.4%Equity$2.37BtotalStockholderEquityDebt$7.33BshortLongTermDebtTotalCash$131.00McashInvested capital$9.57BResult 23.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 18.76x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 4.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$461.00MpropertyPlantEquipmentInventory$212.00MinventoryTotal assets$14.00BtotalAssetsResult 4.8% | 16.25xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$7.49BtotalRevenueNet PP&E$461.00MpropertyPlantEquipmentResult 16.25x | 0.09xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$56.00McapitalExpendituresD&A$651.00MdepreciationAndAmortizationResult 0.09x | -$4.06Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.00BtotalAssetsGoodwill$6.90BgoodWillIntangibles$3.53BintangibleAssetsLiabilities$11.64BtotalLiabTangible book-$8.07BShares1,990,800,000commonStockSharesOutstandingResult -$4.06 | 1.66xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.54BebitdaCapex$56.00McapitalExpendituresInterest$197.00MinterestExpenseShort-term debt$1.30BshortLongTermDebtEBITDA − capex$2.48BPrincipal due is the current portion of debt.Result 1.66x | $1.96BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$2.02BtotalCashFromOperatingActivitiesCapex$56.00McapitalExpendituresFree cash flow$1.96BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.96B | 19.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.96BoperatingIncomeTax expense$292.00MincomeTaxExpensePretax income$1.72BincomeBeforeTaxTax rate17.0%Equity$2.33BtotalStockholderEquityDebt$6.37BshortLongTermDebtTotalCash$114.00McashInvested capital$8.58BResult 19.0% | 4.26xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.96BoperatingIncomeNet PP&E$461.00MpropertyPlantEquipmentResult 4.26x |
| 2019 | 4.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$444.00MpropertyPlantEquipmentInventory$217.00MinventoryTotal assets$13.79BtotalAssetsResult 4.8% | 17.73xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$7.87BtotalRevenueNet PP&E$444.00MpropertyPlantEquipmentResult 17.73x | 0.56xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$380.00McapitalExpendituresD&A$683.00MdepreciationAndAmortizationResult 0.56x | -$4.13Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.79BtotalAssetsGoodwill$6.82BgoodWillIntangibles$3.45BintangibleAssetsLiabilities$11.60BtotalLiabTangible book-$8.09BShares1,956,200,000commonStockSharesOutstandingResult -$4.13 | 1.08xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.83BebitdaCapex$380.00McapitalExpendituresInterest$301.00MinterestExpenseShort-term debt$1.97BshortLongTermDebtEBITDA − capex$2.45BPrincipal due is the current portion of debt.Result 1.08x | $1.71BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$2.09BtotalCashFromOperatingActivitiesCapex$380.00McapitalExpendituresFree cash flow$1.71BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.71B | 20.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.10BoperatingIncomeTax expense$338.00MincomeTaxExpensePretax income$1.85BincomeBeforeTaxTax rate18.3%Equity$2.17BtotalStockholderEquityDebt$6.41BshortLongTermDebtTotalCash$138.00McashInvested capital$8.44BResult 20.3% | 4.73xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$2.10BoperatingIncomeNet PP&E$444.00MpropertyPlantEquipmentResult 4.73x |
| 2020 | 4.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$378.00MpropertyPlantEquipmentInventory$240.00MinventoryTotal assets$14.15BtotalAssetsResult 4.4% | 18.81xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$7.11BtotalRevenueNet PP&E$378.00MpropertyPlantEquipmentResult 18.81x | 0.43xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$362.00McapitalExpendituresD&A$843.00MdepreciationAndAmortizationResult 0.43x | -$4.41Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.15BtotalAssetsGoodwill$7.22BgoodWillIntangibles$3.43BintangibleAssetsLiabilities$12.04BtotalLiabTangible book-$8.55BShares1,937,800,000commonStockSharesOutstandingResult -$4.41 | 2.33xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.48BebitdaCapex$362.00McapitalExpendituresInterest$151.00MinterestExpenseShort-term debt$755.00MshortLongTermDebtEBITDA − capex$2.12BPrincipal due is the current portion of debt.Result 2.33x | $1.23BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$1.60BtotalCashFromOperatingActivitiesCapex$362.00McapitalExpendituresFree cash flow$1.23BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.23B | 13.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.53BoperatingIncomeTax expense$275.00MincomeTaxExpensePretax income$1.48BincomeBeforeTaxTax rate18.5%Equity$2.10BtotalStockholderEquityDebt$7.12BshortLongTermDebtTotalCash$88.00McashInvested capital$9.13BResult 13.6% | 4.03xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$1.53BoperatingIncomeNet PP&E$378.00MpropertyPlantEquipmentResult 4.03x |
| 2021 | 3.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$292.00MpropertyPlantEquipmentInventory$253.00MinventoryTotal assets$13.86BtotalAssetsResult 3.9% | 24.81xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$7.24BtotalRevenueNet PP&E$292.00MpropertyPlantEquipmentResult 24.81x | 0.47xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$337.00McapitalExpendituresD&A$724.00MdepreciationAndAmortizationResult 0.47x | -$3.84Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.86BtotalAssetsGoodwill$7.37BgoodWillIntangibles$3.30BintangibleAssetsLiabilities$10.63BtotalLiabTangible book-$7.45BShares1,939,400,000commonStockSharesOutstandingResult -$3.84 | 7.38xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.65BebitdaCapex$337.00McapitalExpendituresInterest$150.00MinterestExpenseShort-term debt$163.00MshortLongTermDebtEBITDA − capex$2.31BPrincipal due is the current portion of debt.Result 7.38x | $1.68BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.02BtotalCashFromOperatingActivitiesCapex$337.00McapitalExpendituresFree cash flow$1.68BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.68B | 16.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.88BoperatingIncomeTax expense$326.00MincomeTaxExpensePretax income$1.80BincomeBeforeTaxTax rate18.1%Equity$3.23BtotalStockholderEquityDebt$6.17BshortLongTermDebtTotalCash$113.00McashInvested capital$9.29BResult 16.6% | 6.45xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.88BoperatingIncomeNet PP&E$292.00MpropertyPlantEquipmentResult 6.45x |
| 2022 | 3.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$271.00MpropertyPlantEquipmentInventory$309.00MinventoryTotal assets$15.83BtotalAssetsResult 3.7% | 31.56xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$8.55BtotalRevenueNet PP&E$271.00MpropertyPlantEquipmentResult 31.56x | 0.56xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$436.00McapitalExpendituresD&A$785.00MdepreciationAndAmortizationResult 0.56x | -$4.23Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.83BtotalAssetsGoodwill$8.39BgoodWillIntangibles$3.52BintangibleAssetsLiabilities$12.08BtotalLiabTangible book-$8.16BShares1,929,300,000commonStockSharesOutstandingResult -$4.23 | 2.66xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.06BebitdaCapex$436.00McapitalExpendituresInterest$182.00MinterestExpenseShort-term debt$803.00MshortLongTermDebtEBITDA − capex$2.63BPrincipal due is the current portion of debt.Result 2.66x | $1.97BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$2.40BtotalCashFromOperatingActivitiesCapex$436.00McapitalExpendituresFree cash flow$1.97BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.97B | 17.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.32BoperatingIncomeTax expense$481.00MincomeTaxExpensePretax income$2.11BincomeBeforeTaxTax rate22.8%Equity$3.78BtotalStockholderEquityDebt$6.73BshortLongTermDebtTotalCash$334.00McashInvested capital$10.17BResult 17.6% | 8.57xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$2.32BoperatingIncomeNet PP&E$271.00MpropertyPlantEquipmentResult 8.57x |
| 2023 | 3.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$212.00MpropertyPlantAndEquipmentNetInventory$318.00MinventoryTotal assets$14.92BtotalAssetsResult 3.6% | 43.21xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$9.16BtotalRevenueNet PP&E$212.00MpropertyPlantAndEquipmentNetResult 43.21x | 0.04xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$30.00McapitalExpendituresD&A$778.18MdepreciationAndAmortizationResult 0.04x | -$4.11Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.92BtotalAssetsGoodwill$8.02BgoodWillIntangibles$3.24BintangibleAssetsLiabilities$11.48BtotalLiabTangible book-$7.82BShares1,902,800,000commonStockSharesOutstandingResult -$4.11 | 2.15xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.37BebitdaCapex$30.00McapitalExpendituresInterest$300.00MinterestExpenseShort-term debt$1.26BshortLongTermDebtEBITDA − capex$3.34BPrincipal due is the current portion of debt.Result 2.15x | $2.45BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$2.48BtotalCashFromOperatingActivitiesCapex$30.00McapitalExpendituresFree cash flow$2.45BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.45B | 21.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.68BoperatingIncomeTax expense$507.00MincomeTaxExpensePretax income$2.30BincomeBeforeTaxTax rate22.1%Equity$3.46BtotalStockholderEquityDebt$6.50BshortLongTermDebtTotalCash$155.00McashInvested capital$9.80BResult 21.3% | 12.65xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.68BoperatingIncomeNet PP&E$212.00MpropertyPlantAndEquipmentNetResult 12.65x |
| 2024 | 3.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$171.00MpropertyPlantAndEquipmentNetInventory$331.00MinventoryTotal assets$15.13BtotalAssetsResult 3.3% | 55.17xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$9.43BtotalRevenueNet PP&E$171.00MpropertyPlantAndEquipmentNetResult 55.17x | 0.03xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$20.00McapitalExpendituresD&A$781.73MdepreciationAndAmortizationResult 0.03x | -$4.20Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.13BtotalAssetsGoodwill$8.22BgoodWillIntangibles$3.16BintangibleAssetsLiabilities$11.63BtotalLiabTangible book-$7.88BShares1,876,700,000commonStockSharesOutstandingResult -$4.20 | 2.18xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.62BebitdaCapex$20.00McapitalExpendituresInterest$281.00MinterestExpenseShort-term debt$1.37BshortLongTermDebtEBITDA − capex$3.60BPrincipal due is the current portion of debt.Result 2.18x | $2.63BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$2.65BtotalCashFromOperatingActivitiesCapex$20.00McapitalExpendituresFree cash flow$2.63BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.63B | 22.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.86BoperatingIncomeTax expense$613.00MincomeTaxExpensePretax income$2.56BincomeBeforeTaxTax rate24.0%Equity$3.48BtotalStockholderEquityDebt$6.54BshortLongTermDebtTotalCash$119.00McashInvested capital$9.91BResult 22.0% | 16.73xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$2.86BoperatingIncomeNet PP&E$171.00MpropertyPlantAndEquipmentNetResult 16.73x |
| 2025 | 3.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$159.00MpropertyPlantAndEquipmentNetInventory$311.00MinventoryTotal assets$14.76BtotalAssetsResult 3.2% | 60.31xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$9.59BtotalRevenueNet PP&E$159.00MpropertyPlantAndEquipmentNetResult 60.31x | 0.03xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$21.00McapitalExpendituresD&A$727.19MdepreciationAndAmortizationResult 0.03x | -$4.67Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.76BtotalAssetsGoodwill$7.93BgoodWillIntangibles$3.07BintangibleAssetsLiabilities$12.37BtotalLiabTangible book-$8.61BShares1,843,500,000commonStockSharesOutstandingResult -$4.67 | 2.03xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.75BebitdaCapex$21.00McapitalExpendituresInterest$298.00MinterestExpenseShort-term debt$1.54BshortLongTermDebtEBITDA − capex$3.73BPrincipal due is the current portion of debt.Result 2.03x | $2.86BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$2.88BtotalCashFromOperatingActivitiesCapex$21.00McapitalExpendituresFree cash flow$2.86BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.86B | 23.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.98BoperatingIncomeTax expense$672.00MincomeTaxExpensePretax income$2.75BincomeBeforeTaxTax rate24.4%Equity$2.37BtotalStockholderEquityDebt$7.33BshortLongTermDebtTotalCash$131.00McashInvested capital$9.57BResult 23.6% | 18.76xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$2.98BoperatingIncomeNet PP&E$159.00MpropertyPlantAndEquipmentNetResult 18.76x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $159.00M
Inventory: $311.00M
Total assets: $14.76B
Goodwill: $7.93B
Intangibles: $3.07B
Liabilities: $12.37B
Tangible book: -$8.61B
Shares: 1,843,500,000
Revenue: $9.59B
Capex: $21.00M
D&A: $727.19M
EBITDA: $3.75B
Interest: $298.00M
Short-term debt: $1.54B
Free cash flow: $2.86B
Operating income: $2.98B
Invested capital: $9.57B
Tax rate: 24.4%