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.
Rami Levi
Physical assets are 67.4% of total assets, a heavy footprint. Capex is 0.65x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 16.0%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.94x. Compare it with other names in the same basket.
Physical asset ratio
67.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 2.67BpropertyPlantAndEquipmentNetInventoryILA 444.41MinventoryTotal assetsILA 4.61BtotalAssetsResult 67.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.94xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueILA 7.84BtotalRevenueNet PP&EILA 2.67BpropertyPlantAndEquipmentNetResult 2.94x
Revenue per dollar of the physical asset base.
Capex / D&A
0.65xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexILA 219.60McapitalExpendituresD&AILA 338.38MdepreciationAndAmortizationResult 0.65x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
ILA 37.00Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 4.61BtotalAssetsGoodwillILA 72.60MgoodWillIntangiblesILA 6.17MintangibleAssetsLiabilitiesILA 4.03BtotalLiabTangible bookILA 509.70MShares13,775,583commonStockSharesOutstandingResult ILA 37.00
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
868.91xPrice / tangible bookPrice / tangible book per sharePriceILA 32.15KLatest quoteTangible book / shareILA 37.002025-12-31Result 868.91x
Price ILA 32.15K.
Fixed-charge coverage
1.77xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 713.99MebitdaCapexILA 219.60McapitalExpendituresInterestILA 79.64MinterestExpenseShort-term debtILA 199.94MshortTermDebtEBITDA − capexILA 494.39MPrincipal due is short-term debt.Result 1.77x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowILA 399.58MfreeCashFlowMarket capILA 4.43BMarketCapitalizationResult 9.0%
Latest free cash flow divided by current market cap (ILA 4.43B).
ROIC
16.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 375.61MoperatingIncomeTax expenseILA 63.30MincomeTaxExpensePretax incomeILA 286.28MincomeBeforeTaxTax rate22.1%EquityILA 529.42MtotalStockholderEquityDebtILA 2.18BshortLongTermDebtTotalCashILA 880.20McashAndShortTermInvestmentsInvested capitalILA 1.83BResult 16.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.14x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 45.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 473.72MpropertyPlantEquipmentInventoryILA 355.47MinventoryTotal assetsILA 1.82BtotalAssetsResult 45.5% | 11.48xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueILA 5.44BtotalRevenueNet PP&EILA 473.72MpropertyPlantEquipmentResult 11.48x | 1.17xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexILA 82.95McapitalExpendituresD&AILA 71.17MdepreciationAndAmortizationResult 1.17x | ILA 35.88Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 1.82BtotalAssetsGoodwillILA 56.90MgoodWillIntangiblesILA 15.86MintangibleAssetsLiabilitiesILA 1.26BtotalLiabTangible bookILA 487.37MShares13,582,221commonStockSharesOutstandingResult ILA 35.88 | 3.36xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 235.95MebitdaCapexILA 82.95McapitalExpendituresInterestILA 1.04MinterestExpenseShort-term debtILA 44.51MshortTermDebtEBITDA − capexILA 153.00MPrincipal due is short-term debt.Result 3.36x | ILA 224.79MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowILA 307.74MtotalCashFromOperatingActivitiesCapexILA 82.95McapitalExpendituresFree cash flowILA 224.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 224.79M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 174.79MoperatingIncomeTax expenseILA 41.15MincomeTaxExpensePretax incomeILA 177.98MincomeBeforeTaxTax rate23.1%EquityILA 496.73MtotalStockholderEquityDebtILA 44.51MshortLongTermDebtTotalCashILA 548.26McashAndShortTermInvestmentsInvested capital—Result — | 0.37xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeILA 174.79MoperatingIncomeNet PP&EILA 473.72MpropertyPlantEquipmentResult 0.37x |
| 2019 | 68.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 1.98BpropertyPlantEquipmentInventoryILA 365.89MinventoryTotal assetsILA 3.44BtotalAssetsResult 68.1% | 3.00xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueILA 5.94BtotalRevenueNet PP&EILA 1.98BpropertyPlantEquipmentResult 3.00x | 0.41xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexILA 91.62McapitalExpendituresD&AILA 223.62MdepreciationAndAmortizationResult 0.41x | ILA 34.53Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 3.44BtotalAssetsGoodwillILA 56.90MgoodWillIntangiblesILA 15.42MintangibleAssetsLiabilitiesILA 2.90BtotalLiabTangible bookILA 473.72MShares13,720,085commonStockSharesOutstandingResult ILA 34.53 | 3.70xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 422.92MebitdaCapexILA 91.62McapitalExpendituresInterestILA 56.86MinterestExpenseShort-term debtILA 32.64MshortLongTermDebtEBITDA − capexILA 331.31MPrincipal due is the current portion of debt.Result 3.70x | ILA 269.23MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowILA 360.84MtotalCashFromOperatingActivitiesCapexILA 91.62McapitalExpendituresFree cash flowILA 269.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 269.23M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 195.72MoperatingIncomeTax expenseILA 32.04MincomeTaxExpensePretax incomeILA 142.45MincomeBeforeTaxTax rate22.5%EquityILA 487.22MtotalStockholderEquityDebtILA 32.64MlongTermDebt + shortLongTermDebtCashILA 641.39McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.10xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeILA 195.72MoperatingIncomeNet PP&EILA 1.98BpropertyPlantEquipmentResult 0.10x |
| 2020 | 64.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 2.04BpropertyPlantEquipmentInventoryILA 321.65MinventoryTotal assetsILA 3.69BtotalAssetsResult 64.0% | 3.16xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueILA 6.47BtotalRevenueNet PP&EILA 2.04BpropertyPlantEquipmentResult 3.16x | 0.30xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexILA 72.03McapitalExpendituresD&AILA 241.47MdepreciationAndAmortizationResult 0.30x | ILA 37.24Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 3.69BtotalAssetsGoodwillILA 65.40MgoodWillIntangiblesILA 18.18MintangibleAssetsLiabilitiesILA 3.10BtotalLiabTangible bookILA 512.98MShares13,775,583commonStockSharesOutstandingResult ILA 37.24 | 7.16xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 531.48MebitdaCapexILA 72.03McapitalExpendituresInterestILA 61.38MinterestExpenseShort-term debtILA 2.80MshortLongTermDebtEBITDA − capexILA 459.45MPrincipal due is the current portion of debt.Result 7.16x | ILA 503.58MFree cash flow · 2020-12-31Reported free cash flowOperating cash flowILA 575.61MtotalCashFromOperatingActivitiesCapexILA 72.03McapitalExpendituresFree cash flowILA 503.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 503.58M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 281.84MoperatingIncomeTax expenseILA 54.42MincomeTaxExpensePretax incomeILA 230.15MincomeBeforeTaxTax rate23.6%EquityILA 539.13MtotalStockholderEquityDebtILA 14.52MlongTermDebt + shortLongTermDebtCashILA 852.93McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.14xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeILA 281.84MoperatingIncomeNet PP&EILA 2.04BpropertyPlantEquipmentResult 0.14x |
| 2021 | 64.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 2.15BpropertyPlantEquipmentInventoryILA 300.71MinventoryTotal assetsILA 3.83BtotalAssetsResult 64.0% | 3.00xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueILA 6.45BtotalRevenueNet PP&EILA 2.15BpropertyPlantEquipmentResult 3.00x | 0.47xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexILA 120.65McapitalExpendituresD&AILA 254.66MdepreciationAndAmortizationResult 0.47x | ILA 39.60Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 3.83BtotalAssetsGoodwillILA 65.40MgoodWillIntangiblesILA 23.78MintangibleAssetsLiabilitiesILA 3.19BtotalLiabTangible bookILA 545.46MShares13,775,583commonStockSharesOutstandingResult ILA 39.60 | 6.34xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 592.87MebitdaCapexILA 120.65McapitalExpendituresInterestILA 60.88MinterestExpenseShort-term debtILA 13.61MshortLongTermDebtEBITDA − capexILA 472.22MPrincipal due is the current portion of debt.Result 6.34x | ILA 365.59MFree cash flow · 2021-12-31Reported free cash flowOperating cash flowILA 486.23MtotalCashFromOperatingActivitiesCapexILA 120.65McapitalExpendituresFree cash flowILA 365.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 365.59M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 321.25MoperatingIncomeTax expenseILA 65.79MincomeTaxExpensePretax incomeILA 277.33MincomeBeforeTaxTax rate23.7%EquityILA 565.90MtotalStockholderEquityDebtILA 14.23MlongTermDebt + shortLongTermDebtCashILA 916.95McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.15xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeILA 321.25MoperatingIncomeNet PP&EILA 2.15BpropertyPlantEquipmentResult 0.15x |
| 2022 | 64.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 2.34BpropertyPlantAndEquipmentNetInventoryILA 285.33MinventoryTotal assetsILA 4.08BtotalAssetsResult 64.5% | 3.01xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueILA 7.04BtotalRevenueNet PP&EILA 2.34BpropertyPlantAndEquipmentNetResult 3.01x | 0.39xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexILA 108.79McapitalExpendituresD&AILA 279.07MdepreciationAndAmortizationResult 0.39x | ILA 38.79Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 4.08BtotalAssetsGoodwillILA 76.20MgoodWillIntangiblesILA 12.44MintangibleAssetsLiabilitiesILA 3.45BtotalLiabTangible bookILA 534.29MShares13,775,583commonStockSharesOutstandingResult ILA 38.79 | 6.54xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 599.57MebitdaCapexILA 108.79McapitalExpendituresInterestILA 62.72MinterestExpenseShort-term debtILA 12.37MshortLongTermDebtEBITDA − capexILA 490.79MPrincipal due is the current portion of debt.Result 6.54x | ILA 396.80MFree cash flow · 2022-12-31Reported free cash flowOperating cash flowILA 505.59MtotalCashFromOperatingActivitiesCapexILA 108.79McapitalExpendituresFree cash flowILA 396.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 396.80M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 320.26MoperatingIncomeTax expenseILA 66.27MincomeTaxExpensePretax incomeILA 257.78MincomeBeforeTaxTax rate25.7%EquityILA 552.68MtotalStockholderEquityDebtILA 14.89MlongTermDebt + shortLongTermDebtCashILA 911.39McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.14xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeILA 320.26MoperatingIncomeNet PP&EILA 2.34BpropertyPlantAndEquipmentNetResult 0.14x |
| 2023 | 64.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 2.39BpropertyPlantAndEquipmentNetInventoryILA 318.78MinventoryTotal assetsILA 4.20BtotalAssetsResult 64.5% | 3.01xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueILA 7.18BtotalRevenueNet PP&EILA 2.39BpropertyPlantAndEquipmentNetResult 3.01x | 0.44xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexILA 128.13McapitalExpendituresD&AILA 292.77MdepreciationAndAmortizationResult 0.44x | ILA 39.66Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 4.20BtotalAssetsGoodwillILA 72.60MgoodWillIntangiblesILA 9.68MintangibleAssetsLiabilitiesILA 3.57BtotalLiabTangible bookILA 546.32MShares13,775,583commonStockSharesOutstandingResult ILA 39.66 | 6.57xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 643.80MebitdaCapexILA 128.13McapitalExpendituresInterestILA 71.94MinterestExpenseShort-term debtILA 6.57MshortLongTermDebtEBITDA − capexILA 515.67MPrincipal due is the current portion of debt.Result 6.57x | ILA 411.57MFree cash flow · 2023-12-31Reported free cash flowOperating cash flowILA 539.70MtotalCashFromOperatingActivitiesCapexILA 128.13McapitalExpendituresFree cash flowILA 411.57MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 411.57M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 306.63MoperatingIncomeTax expenseILA 73.91MincomeTaxExpensePretax incomeILA 279.10MincomeBeforeTaxTax rate26.5%EquityILA 550.27MtotalStockholderEquityDebtILA 10.99MlongTermDebt + shortLongTermDebtCashILA 943.79McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.13xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeILA 306.63MoperatingIncomeNet PP&EILA 2.39BpropertyPlantAndEquipmentNetResult 0.13x |
| 2024 | 64.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 2.42BpropertyPlantAndEquipmentNetInventoryILA 323.07MinventoryTotal assetsILA 4.29BtotalAssetsResult 64.0% | 3.05xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueILA 7.38BtotalRevenueNet PP&EILA 2.42BpropertyPlantAndEquipmentNetResult 3.05x | 0.52xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexILA 165.43McapitalExpendituresD&AILA 316.62MdepreciationAndAmortizationResult 0.52x | ILA 38.57Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 4.29BtotalAssetsGoodwillILA 72.60MgoodWillIntangiblesILA 7.40MintangibleAssetsLiabilitiesILA 3.68BtotalLiabTangible bookILA 531.90MShares13,789,819commonStockSharesOutstandingResult ILA 38.57 | 7.15xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 724.60MebitdaCapexILA 165.43McapitalExpendituresInterestILA 74.69MinterestExpenseShort-term debtILA 3.55MshortLongTermDebtEBITDA − capexILA 559.17MPrincipal due is the current portion of debt.Result 7.15x | ILA 440.72MFree cash flow · 2024-12-31Reported free cash flowOperating cash flowILA 606.15MtotalCashFromOperatingActivitiesCapexILA 165.43McapitalExpendituresFree cash flowILA 440.72MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 440.72M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 365.61MoperatingIncomeTax expenseILA 73.94MincomeTaxExpensePretax incomeILA 333.29MincomeBeforeTaxTax rate22.2%EquityILA 543.70MtotalStockholderEquityDebtILA 13.71MlongTermDebt + shortLongTermDebtCashILA 945.47McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.15xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeILA 365.61MoperatingIncomeNet PP&EILA 2.42BpropertyPlantAndEquipmentNetResult 0.15x |
| 2025 | 67.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 2.67BpropertyPlantAndEquipmentNetInventoryILA 444.41MinventoryTotal assetsILA 4.61BtotalAssetsResult 67.4% | 2.94xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueILA 7.84BtotalRevenueNet PP&EILA 2.67BpropertyPlantAndEquipmentNetResult 2.94x | 0.65xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexILA 219.60McapitalExpendituresD&AILA 338.38MdepreciationAndAmortizationResult 0.65x | ILA 37.00Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 4.61BtotalAssetsGoodwillILA 72.60MgoodWillIntangiblesILA 6.17MintangibleAssetsLiabilitiesILA 4.03BtotalLiabTangible bookILA 509.70MShares13,775,583commonStockSharesOutstandingResult ILA 37.00 | 1.77xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 713.99MebitdaCapexILA 219.60McapitalExpendituresInterestILA 79.64MinterestExpenseShort-term debtILA 199.94MshortTermDebtEBITDA − capexILA 494.39MPrincipal due is short-term debt.Result 1.77x | ILA 399.58MFree cash flow · 2025-12-31Reported free cash flowOperating cash flowILA 619.18MtotalCashFromOperatingActivitiesCapexILA 219.60McapitalExpendituresFree cash flowILA 399.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 399.58M | 16.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 375.61MoperatingIncomeTax expenseILA 63.30MincomeTaxExpensePretax incomeILA 286.28MincomeBeforeTaxTax rate22.1%EquityILA 529.42MtotalStockholderEquityDebtILA 2.18BshortLongTermDebtTotalCashILA 880.20McashAndShortTermInvestmentsInvested capitalILA 1.83BResult 16.0% | 0.14xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeILA 375.61MoperatingIncomeNet PP&EILA 2.67BpropertyPlantAndEquipmentNetResult 0.14x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: ILA 2.67B
Inventory: ILA 444.41M
Total assets: ILA 4.61B
Goodwill: ILA 72.60M
Intangibles: ILA 6.17M
Liabilities: ILA 4.03B
Tangible book: ILA 509.70M
Shares: 13,775,583
Revenue: ILA 7.84B
Capex: ILA 219.60M
D&A: ILA 338.38M
EBITDA: ILA 713.99M
Interest: ILA 79.64M
Short-term debt: ILA 199.94M
Free cash flow: ILA 399.58M
Operating income: ILA 375.61M
Invested capital: ILA 1.83B
Tax rate: 22.1%