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.
Smith & Nephew PLC
Physical assets are 35.9% of total assets, a mixed footprint. Capex is 0.77x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 10.1%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.76x. Compare it with other names in the same basket.
Physical asset ratio
35.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 1.64BpropertyPlantAndEquipmentNetInventoryGBX 2.12BinventoryTotal assetsGBX 10.46BtotalAssetsResult 35.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.76xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueGBX 6.16BtotalRevenueNet PP&EGBX 1.64BpropertyPlantAndEquipmentNetResult 3.76x
Revenue per dollar of the physical asset base.
Capex / D&A
0.77xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexGBX 442.08McapitalExpendituresD&AGBX 574.00MdepreciationAndAmortizationResult 0.77x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
GBX 1.49Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 10.46BtotalAssetsGoodwillGBX 3.11BgoodWillIntangiblesGBX 882.32MintangibleAssetsLiabilitiesGBX 5.17BtotalLiabTangible bookGBX 1.30BShares872,893,000commonStockSharesOutstandingResult GBX 1.49
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
743.94xPrice / tangible bookPrice / tangible book per sharePriceGBX 1.11KLatest quoteTangible book / shareGBX 1.492025-12-31Result 743.94x
Price GBX 1.11K.
Fixed-charge coverage
4.77xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.60BebitdaCapexGBX 442.08McapitalExpendituresInterestGBX 159.27MinterestExpenseShort-term debtGBX 83.00MshortLongTermDebtEBITDA − capexGBX 1.16BPrincipal due is the current portion of debt.Result 4.77x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowGBX 869.88MfreeCashFlowMarket capGBX 9.27BMarketCapitalizationResult 9.4%
Latest free cash flow divided by current market cap (GBX 9.27B).
ROIC
10.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 1.02BoperatingIncomeTax expenseGBX 157.23MincomeTaxExpensePretax incomeGBX 779.00MincomeBeforeTaxTax rate20.2%EquityGBX 5.29BtotalStockholderEquityDebtGBX 3.33BshortLongTermDebtTotalCashGBX 557.20McashInvested capitalGBX 8.06BResult 10.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.62x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 30.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 1.06BpropertyPlantEquipmentInventoryGBX 1.40BinventoryTotal assetsGBX 8.06BtotalAssetsResult 30.5% | 4.62xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueGBX 4.90BtotalRevenueNet PP&EGBX 1.06BpropertyPlantEquipmentResult 4.62x | 0.76xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexGBX 347.00McapitalExpendituresD&AGBX 454.00MdepreciationAndAmortizationResult 0.76x | GBX 1.51Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 8.06BtotalAssetsGoodwillGBX 2.34BgoodWillIntangiblesGBX 1.21BintangibleAssetsLiabilitiesGBX 3.19BtotalLiabTangible bookGBX 1.33BShares876,000,000commonStockSharesOutstandingResult GBX 1.51 | 4.22xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.29BebitdaCapexGBX 347.00McapitalExpendituresInterestGBX 59.00MinterestExpenseShort-term debtGBX 164.00MshortLongTermDebtEBITDA − capexGBX 940.00MPrincipal due is the current portion of debt.Result 4.22x | GBX 584.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowGBX 931.00MtotalCashFromOperatingActivitiesCapexGBX 347.00McapitalExpendituresFree cash flowGBX 584.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 584.00M | 12.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 863.00MoperatingIncomeTax expenseGBX 118.00MincomeTaxExpensePretax incomeGBX 781.00MincomeBeforeTaxTax rate15.1%EquityGBX 4.87BtotalStockholderEquityDebtGBX 1.47BshortLongTermDebtTotalCashGBX 365.00McashInvested capitalGBX 5.97BResult 12.3% | 0.81xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeGBX 863.00MoperatingIncomeNet PP&EGBX 1.06BpropertyPlantEquipmentResult 0.81x |
| 2019 | 31.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 1.32BpropertyPlantEquipmentInventoryGBX 1.61BinventoryTotal assetsGBX 9.30BtotalAssetsResult 31.6% | 3.88xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueGBX 5.14BtotalRevenueNet PP&EGBX 1.32BpropertyPlantEquipmentResult 3.88x | 0.79xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexGBX 408.00McapitalExpendituresD&AGBX 518.00MdepreciationAndAmortizationResult 0.79x | GBX 0.90Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 9.30BtotalAssetsGoodwillGBX 2.79BgoodWillIntangiblesGBX 1.57BintangibleAssetsLiabilitiesGBX 4.16BtotalLiabTangible bookGBX 785.00MShares875,100,973commonStockSharesOutstandingResult GBX 0.90 | 10.20xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.34BebitdaCapexGBX 408.00McapitalExpendituresInterestGBX 65.00MinterestExpenseShort-term debtGBX 26.00MshortLongTermDebtEBITDA − capexGBX 928.00MPrincipal due is the current portion of debt.Result 10.20x | GBX 760.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowGBX 1.17BtotalCashFromOperatingActivitiesCapexGBX 408.00McapitalExpendituresFree cash flowGBX 760.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 760.00M | 9.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 815.00MoperatingIncomeTax expenseGBX 143.00MincomeTaxExpensePretax incomeGBX 743.00MincomeBeforeTaxTax rate19.2%EquityGBX 5.14BtotalStockholderEquityDebtGBX 2.05BshortLongTermDebtTotalCashGBX 277.00McashInvested capitalGBX 6.91BResult 9.5% | 0.62xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeGBX 815.00MoperatingIncomeNet PP&EGBX 1.32BpropertyPlantEquipmentResult 0.62x |
| 2020 | 28.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 1.45BpropertyPlantEquipmentInventoryGBX 1.69BinventoryTotal assetsGBX 11.01BtotalAssetsResult 28.5% | 3.15xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueGBX 4.56BtotalRevenueNet PP&EGBX 1.45BpropertyPlantEquipmentResult 3.15x | 0.81xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexGBX 443.00McapitalExpendituresD&AGBX 545.00MdepreciationAndAmortizationResult 0.81x | GBX 0.99Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 11.01BtotalAssetsGoodwillGBX 2.93BgoodWillIntangiblesGBX 1.49BintangibleAssetsLiabilitiesGBX 5.73BtotalLiabTangible bookGBX 865.00MShares875,100,973commonStockSharesOutstandingResult GBX 0.99 | 1.24xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 866.00MebitdaCapexGBX 443.00McapitalExpendituresInterestGBX 62.00MinterestExpenseShort-term debtGBX 279.00MshortLongTermDebtEBITDA − capexGBX 423.00MPrincipal due is the current portion of debt.Result 1.24x | GBX 492.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flowGBX 935.00MtotalCashFromOperatingActivitiesCapexGBX 443.00McapitalExpendituresFree cash flowGBX 492.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 492.00M | 4.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 295.00MoperatingIncomeTax expense-GBX 202.00MincomeTaxExpensePretax incomeGBX 246.00MincomeBeforeTaxTax rate0.0%EquityGBX 5.28BtotalStockholderEquityDebtGBX 3.69BshortLongTermDebtTotalCashGBX 1.76BcashInvested capitalGBX 7.21BResult 4.1% | 0.20xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeGBX 295.00MoperatingIncomeNet PP&EGBX 1.45BpropertyPlantEquipmentResult 0.20x |
| 2021 | 30.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 1.51BpropertyPlantEquipmentInventoryGBX 1.84BinventoryTotal assetsGBX 10.92BtotalAssetsResult 30.7% | 3.44xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueGBX 5.21BtotalRevenueNet PP&EGBX 1.51BpropertyPlantEquipmentResult 3.44x | 0.72xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexGBX 408.00McapitalExpendituresD&AGBX 563.00MdepreciationAndAmortizationResult 0.72x | GBX 1.35Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 10.92BtotalAssetsGoodwillGBX 2.99BgoodWillIntangiblesGBX 1.40BintangibleAssetsLiabilitiesGBX 5.35BtotalLiabTangible bookGBX 1.18BShares877,721,943commonStockSharesOutstandingResult GBX 1.35 | 1.62xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.24BebitdaCapexGBX 408.00McapitalExpendituresInterestGBX 80.00MinterestExpenseShort-term debtGBX 435.00MshortLongTermDebtEBITDA − capexGBX 834.00MPrincipal due is the current portion of debt.Result 1.62x | GBX 469.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flowGBX 877.00MtotalCashFromOperatingActivitiesCapexGBX 408.00McapitalExpendituresFree cash flowGBX 469.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 469.00M | 7.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 593.00MoperatingIncomeTax expenseGBX 62.00MincomeTaxExpensePretax incomeGBX 586.00MincomeBeforeTaxTax rate10.6%EquityGBX 5.57BtotalStockholderEquityDebtGBX 3.34BshortLongTermDebtTotalCashGBX 1.29BcashInvested capitalGBX 7.62BResult 7.0% | 0.39xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeGBX 593.00MoperatingIncomeNet PP&EGBX 1.51BpropertyPlantEquipmentResult 0.39x |
| 2022 | 36.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 1.46BpropertyPlantEquipmentInventoryGBX 2.21BinventoryTotal assetsGBX 9.97BtotalAssetsResult 36.7% | 3.58xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueGBX 5.22BtotalRevenueNet PP&EGBX 1.46BpropertyPlantEquipmentResult 3.58x | 0.65xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexGBX 358.00McapitalExpendituresD&AGBX 548.00MdepreciationAndAmortizationResult 0.65x | GBX 1.13Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 9.97BtotalAssetsGoodwillGBX 3.03BgoodWillIntangiblesGBX 1.24BintangibleAssetsLiabilitiesGBX 4.71BtotalLiabTangible bookGBX 992.00MShares875,100,973commonStockSharesOutstandingResult GBX 1.13 | 2.70xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 874.00MebitdaCapexGBX 358.00McapitalExpendituresInterestGBX 80.00MinterestExpenseShort-term debtGBX 111.00MshortLongTermDebtEBITDA − capexGBX 516.00MPrincipal due is the current portion of debt.Result 2.70x | GBX 110.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flowGBX 468.00MtotalCashFromOperatingActivitiesCapexGBX 358.00McapitalExpendituresFree cash flowGBX 110.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 110.00M | 3.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 315.00MoperatingIncomeTax expenseGBX 12.00MincomeTaxExpensePretax incomeGBX 235.00MincomeBeforeTaxTax rate5.1%EquityGBX 5.26BtotalStockholderEquityDebtGBX 2.87BshortLongTermDebtTotalCashGBX 350.00McashInvested capitalGBX 7.78BResult 3.8% | 0.22xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeGBX 315.00MoperatingIncomeNet PP&EGBX 1.46BpropertyPlantEquipmentResult 0.22x |
| 2023 | 38.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 1.47BpropertyPlantAndEquipmentNetInventoryGBX 2.40BinventoryTotal assetsGBX 9.99BtotalAssetsResult 38.7% | 3.77xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueGBX 5.55BtotalRevenueNet PP&EGBX 1.47BpropertyPlantAndEquipmentNetResult 3.77x | 0.81xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexGBX 427.00McapitalExpendituresD&AGBX 527.00MdepreciationAndAmortizationResult 0.81x | GBX 1.28Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 9.99BtotalAssetsGoodwillGBX 2.99BgoodWillIntangiblesGBX 1.11BintangibleAssetsLiabilitiesGBX 4.77BtotalLiabTangible bookGBX 1.12BShares873,000,000commonStockSharesOutstandingResult GBX 1.28 | 0.62xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 956.00MebitdaCapexGBX 427.00McapitalExpendituresInterestGBX 139.00MinterestExpenseShort-term debtGBX 710.00MshortLongTermDebtEBITDA − capexGBX 529.00MPrincipal due is the current portion of debt.Result 0.62x | GBX 181.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flowGBX 608.00MtotalCashFromOperatingActivitiesCapexGBX 427.00McapitalExpendituresFree cash flowGBX 181.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 181.00M | 4.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 425.00MoperatingIncomeTax expenseGBX 27.00MincomeTaxExpensePretax incomeGBX 290.00MincomeBeforeTaxTax rate9.3%EquityGBX 5.22BtotalStockholderEquityDebtGBX 3.08BshortLongTermDebtTotalCashGBX 302.00McashInvested capitalGBX 8.00BResult 4.8% | 0.29xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeGBX 425.00MoperatingIncomeNet PP&EGBX 1.47BpropertyPlantAndEquipmentNetResult 0.29x |
| 2024 | 36.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 1.42BpropertyPlantAndEquipmentNetInventoryGBX 2.39BinventoryTotal assetsGBX 10.35BtotalAssetsResult 36.8% | 4.09xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueGBX 5.81BtotalRevenueNet PP&EGBX 1.42BpropertyPlantAndEquipmentNetResult 4.09x | 0.66xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexGBX 381.00McapitalExpendituresD&AGBX 580.00MdepreciationAndAmortizationResult 0.66x | GBX 1.38Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 10.35BtotalAssetsGoodwillGBX 3.03BgoodWillIntangiblesGBX 1.03BintangibleAssetsLiabilitiesGBX 5.09BtotalLiabTangible bookGBX 1.21BShares876,596,000commonStockSharesOutstandingResult GBX 1.38 | 5.04xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.24BebitdaCapexGBX 381.00McapitalExpendituresInterestGBX 168.00MinterestExpenseShort-term debtGBX 2.00MshortLongTermDebtEBITDA − capexGBX 856.00MPrincipal due is the current portion of debt.Result 5.04x | GBX 606.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flowGBX 987.00MtotalCashFromOperatingActivitiesCapexGBX 381.00McapitalExpendituresFree cash flowGBX 606.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 606.00M | 6.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 657.00MoperatingIncomeTax expenseGBX 86.00MincomeTaxExpensePretax incomeGBX 498.00MincomeBeforeTaxTax rate17.3%EquityGBX 5.27BtotalStockholderEquityDebtGBX 3.32BshortLongTermDebtTotalCashGBX 619.00McashInvested capitalGBX 7.97BResult 6.8% | 0.46xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeGBX 657.00MoperatingIncomeNet PP&EGBX 1.42BpropertyPlantAndEquipmentNetResult 0.46x |
| 2025 | 35.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 1.64BpropertyPlantAndEquipmentNetInventoryGBX 2.12BinventoryTotal assetsGBX 10.46BtotalAssetsResult 35.9% | 3.76xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueGBX 6.16BtotalRevenueNet PP&EGBX 1.64BpropertyPlantAndEquipmentNetResult 3.76x | 0.77xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexGBX 442.08McapitalExpendituresD&AGBX 574.00MdepreciationAndAmortizationResult 0.77x | GBX 1.49Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 10.46BtotalAssetsGoodwillGBX 3.11BgoodWillIntangiblesGBX 882.32MintangibleAssetsLiabilitiesGBX 5.17BtotalLiabTangible bookGBX 1.30BShares872,893,000commonStockSharesOutstandingResult GBX 1.49 | 4.77xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.60BebitdaCapexGBX 442.08McapitalExpendituresInterestGBX 159.27MinterestExpenseShort-term debtGBX 83.00MshortLongTermDebtEBITDA − capexGBX 1.16BPrincipal due is the current portion of debt.Result 4.77x | GBX 869.88MFree cash flow · 2025-12-31Reported free cash flowOperating cash flowGBX 1.31BtotalCashFromOperatingActivitiesCapexGBX 442.08McapitalExpendituresFree cash flowGBX 869.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 869.88M | 10.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 1.02BoperatingIncomeTax expenseGBX 157.23MincomeTaxExpensePretax incomeGBX 779.00MincomeBeforeTaxTax rate20.2%EquityGBX 5.29BtotalStockholderEquityDebtGBX 3.33BshortLongTermDebtTotalCashGBX 557.20McashInvested capitalGBX 8.06BResult 10.1% | 0.62xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeGBX 1.02BoperatingIncomeNet PP&EGBX 1.64BpropertyPlantAndEquipmentNetResult 0.62x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: GBX 1.64B
Inventory: GBX 2.12B
Total assets: GBX 10.46B
Goodwill: GBX 3.11B
Intangibles: GBX 882.32M
Liabilities: GBX 5.17B
Tangible book: GBX 1.30B
Shares: 872,893,000
Revenue: GBX 6.16B
Capex: GBX 442.08M
D&A: GBX 574.00M
EBITDA: GBX 1.60B
Interest: GBX 159.27M
Short-term debt: GBX 83.00M
Free cash flow: GBX 869.88M
Operating income: GBX 1.02B
Invested capital: GBX 8.06B
Tax rate: 20.2%