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.
Sandisk Corp
Physical assets are 15.0% of total assets, a light footprint. Capex is 1.19x 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 95.7%, above an 8% cost-of-capital hurdle. That coverage ratio uses interest only, because short-term debt was not on the balance sheet.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 30.04x.
Physical asset ratio
15.0%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$674.00MpropertyPlantAndEquipmentNetInventory$2.70BinventoryTotal assets$22.51BtotalAssetsResult 15.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
30.04xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$20.25BtotalRevenueNet PP&E$674.00MpropertyPlantAndEquipmentNetResult 30.04x
Revenue per dollar of the physical asset base.
Capex / D&A
1.19xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$177.00McapitalExpendituresD&A$149.00MdepreciationAndAmortizationResult 1.19x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$69.30Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$22.51BtotalAssetsGoodwill$4.99BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$6.77BtotalLiabTangible book$10.74BShares155,000,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $69.30
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
19.87xPrice / tangible bookPrice / tangible book per sharePrice$1.38KLatest quoteTangible book / share$69.302026-06-30Result 19.87x
Price $1.38K.
Fixed-charge coverage
178.93xFixed-charge coverage · 2026-06-30(EBITDA − capex) / interestEBITDA$13.24BebitdaCapex$177.00McapitalExpendituresInterest$73.00MinterestExpenseEBITDA − capex$13.06BShort-term debt was not reported, so the denominator is interest only.Result 178.93x
EBITDA minus capex, divided by interest only.
FCF yield
6.1%Free cash flow yield · 2026-06-30Latest free cash flow / current market capFree cash flow$11.49BfreeCashFlowMarket cap$188.59BMarketCapitalizationResult 6.1%
Latest free cash flow divided by current market cap ($188.59B).
ROIC
95.7%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$12.39BoperatingIncomeTax expense$1.58BincomeTaxExpensePretax income$13.02BincomeBeforeTaxTax rate12.2%Equity$15.74BtotalStockholderEquityDebt$393.00MshortLongTermDebtTotalCash$4.76BcashInvested capital$11.37BResult 95.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 18.38x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2014 | 13.5%Physical asset ratio · 2014-06-30(Net PP&E + inventory) / total assetsNet PP&E$655.79MpropertyPlantAndEquipmentNetInventory$756.98MinventoryTotal assets$10.49BtotalAssetsResult 13.5% | —Fixed asset turnover · 2014-06-30Revenue / net PP&ERevenue—Not reportedNet PP&E$655.79MpropertyPlantAndEquipmentNetResult — | 0.48xCapex / D&A · 2014-06-30Capital expenditures / depreciation and amortizationCapex$221.79McapitalExpendituresD&A$464.07MdepreciationDepreciation comes from the cash-flow statement because income-statement D&A was missing.Result 0.48x | —Tangible book / share · 2014-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.49BtotalAssetsGoodwill$318.11MgoodWillIntangibles$247.90MintangibleAssetsLiabilities$3.52BtotalLiabTangible book—Shares—Result — | —Fixed-charge coverage · 2014-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex$221.79McapitalExpendituresInterest—Not reportedShort-term debt—Not reportedResult — | $1.64BFree cash flow · 2014-06-30Reported free cash flowOperating cash flow$1.86BtotalCashFromOperatingActivitiesCapex$221.79McapitalExpendituresFree cash flow$1.64BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.64B | —ROIC · 2014-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense—Not reportedPretax income—Not reportedTax rate—Equity$6.97BtotalStockholderEquityDebt$1.99BshortLongTermDebtTotalCash$2.91BcashAndShortTermInvestmentsInvested capital$6.05BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2014-06-30Operating income / net PP&EOperating income—Not reportedNet PP&E$655.79MpropertyPlantAndEquipmentNetResult — |
| 2015 | 13.8%Physical asset ratio · 2015-06-30(Net PP&E + inventory) / total assetsNet PP&E$724.36MpropertyPlantAndEquipmentNetInventory$698.01MinventoryTotal assets$10.27BtotalAssetsResult 13.8% | —Fixed asset turnover · 2015-06-30Revenue / net PP&ERevenue—Not reportedNet PP&E$724.36MpropertyPlantAndEquipmentNetResult — | 0.45xCapex / D&A · 2015-06-30Capital expenditures / depreciation and amortizationCapex$257.62McapitalExpendituresD&A$578.50MdepreciationDepreciation comes from the cash-flow statement because income-statement D&A was missing.Result 0.45x | —Tangible book / share · 2015-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.27BtotalAssetsGoodwill$831.33MgoodWillIntangibles$542.35MintangibleAssetsLiabilities$3.75BtotalLiabTangible book—Shares—Result — | —Fixed-charge coverage · 2015-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex$257.62McapitalExpendituresInterest—Not reportedShort-term debt$864.72MshortTermDebtPrincipal due is short-term debt.Result — | $1.44BFree cash flow · 2015-06-30Reported free cash flowOperating cash flow$1.70BtotalCashFromOperatingActivitiesCapex$257.62McapitalExpendituresFree cash flow$1.44BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.44B | —ROIC · 2015-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense—Not reportedPretax income—Not reportedTax rate—Equity$6.53BtotalStockholderEquityDebt$2.05BshortLongTermDebtTotalCash$2.26BcashAndShortTermInvestmentsInvested capital$6.32BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2015-06-30Operating income / net PP&EOperating income—Not reportedNet PP&E$724.36MpropertyPlantAndEquipmentNetResult — |
| 2016 | 17.6%Physical asset ratio · 2016-06-30(Net PP&E + inventory) / total assetsNet PP&E$817.13MpropertyPlantAndEquipmentNetInventory$809.40MinventoryTotal assets$9.23BtotalAssetsResult 17.6% | —Fixed asset turnover · 2016-06-30Revenue / net PP&ERevenue—Not reportedNet PP&E$817.13MpropertyPlantAndEquipmentNetResult — | 0.68xCapex / D&A · 2016-06-30Capital expenditures / depreciation and amortizationCapex$422.79McapitalExpendituresD&A$621.10MdepreciationDepreciation comes from the cash-flow statement because income-statement D&A was missing.Result 0.68x | —Tangible book / share · 2016-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.23BtotalAssetsGoodwill$831.33MgoodWillIntangibles$296.73MintangibleAssetsLiabilities$3.49BtotalLiabTangible book—Shares—Result — | —Fixed-charge coverage · 2016-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapex$422.79McapitalExpendituresInterest—Not reportedShort-term debt$913.18MshortTermDebtPrincipal due is short-term debt.Result — | $623.89MFree cash flow · 2016-06-30Reported free cash flowOperating cash flow$1.05BtotalCashFromOperatingActivitiesCapex$422.79McapitalExpendituresFree cash flow$623.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $623.89M | —ROIC · 2016-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expense—Not reportedPretax income—Not reportedTax rate—Equity$5.74BtotalStockholderEquityDebt$2.15BshortLongTermDebtTotalCash$4.01BcashAndShortTermInvestmentsInvested capital$3.88BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2016-06-30Operating income / net PP&EOperating income—Not reportedNet PP&E$817.13MpropertyPlantAndEquipmentNetResult — |
| 2022 | 19.2%Physical asset ratio · 2022-06-30(Net PP&E + inventory) / total assetsNet PP&E$1.04BpropertyPlantAndEquipmentNetInventory$1.99BinventoryTotal assets$15.76BtotalAssetsResult 19.2% | 9.39xFixed asset turnover · 2022-06-30Revenue / net PP&ERevenue$9.75BtotalRevenueNet PP&E$1.04BpropertyPlantAndEquipmentNetResult 9.39x | 0.78xCapex / D&A · 2022-06-30Capital expenditures / depreciation and amortizationCapex$410.00McapitalExpendituresD&A$525.00MdepreciationAndAmortizationResult 0.78x | $34.42Tangible book / share · 2022-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.76BtotalAssetsGoodwill$7.89BgoodWillIntangibles$133.00MintangibleAssetsLiabilities$2.78BtotalLiabTangible book$4.96BShares144,000,000commonStockSharesOutstandingResult $34.42 | 1.39xFixed-charge coverage · 2022-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.74BebitdaCapex$410.00McapitalExpendituresInterest$9.00MinterestExpenseShort-term debt$950.00MshortTermDebtEBITDA − capex$1.33BPrincipal due is short-term debt.Result 1.39x | $741.00MFree cash flow · 2022-06-30Reported free cash flowOperating cash flow$1.15BtotalCashFromOperatingActivitiesCapex$410.00McapitalExpendituresFree cash flow$741.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $741.00M | 7.6%ROIC · 2022-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.20BoperatingIncomeTax expense$170.00MincomeTaxExpensePretax income$1.23BincomeBeforeTaxTax rate13.8%Equity$12.98BtotalStockholderEquityDebt$950.00MshortLongTermDebtTotalCash$335.00McashInvested capital$13.59BResult 7.6% | 1.15xEBIT / PP&E · 2022-06-30Operating income / net PP&EOperating income$1.20BoperatingIncomeNet PP&E$1.04BpropertyPlantAndEquipmentNetResult 1.15x |
| 2023 | 23.8%Physical asset ratio · 2023-06-30(Net PP&E + inventory) / total assetsNet PP&E$1.03BpropertyPlantAndEquipmentNetInventory$2.27BinventoryTotal assets$13.82BtotalAssetsResult 23.8% | 5.93xFixed asset turnover · 2023-06-30Revenue / net PP&ERevenue$6.09BtotalRevenueNet PP&E$1.03BpropertyPlantAndEquipmentNetResult 5.93x | 0.49xCapex / D&A · 2023-06-30Capital expenditures / depreciation and amortizationCapex$219.00McapitalExpendituresD&A$448.00MdepreciationAndAmortizationResult 0.49x | $29.35Tangible book / share · 2023-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.82BtotalAssetsGoodwill$7.21BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$2.38BtotalLiabTangible book$4.23BShares144,000,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $29.35 | -1.81xFixed-charge coverage · 2023-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.52BebitdaCapex$219.00McapitalExpendituresInterest$31.00MinterestExpenseShort-term debt$932.00MshortTermDebtEBITDA − capex-$1.74BPrincipal due is short-term debt.Result -1.81x | -$932.00MFree cash flow · 2023-06-30Reported free cash flowOperating cash flow-$713.00MtotalCashFromOperatingActivitiesCapex$219.00McapitalExpendituresFree cash flow-$932.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$932.00M | —ROIC · 2023-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.04BoperatingIncomeTax expense$141.00MincomeTaxExpensePretax income-$2.00BincomeBeforeTaxTax rate—Equity$11.44BtotalStockholderEquityDebt$1.02BshortLongTermDebtTotalCash$292.00McashInvested capital$12.17BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.98xEBIT / PP&E · 2023-06-30Operating income / net PP&EOperating income-$2.04BoperatingIncomeNet PP&E$1.03BpropertyPlantAndEquipmentNetResult -1.98x |
| 2024 | 21.7%Physical asset ratio · 2024-06-30(Net PP&E + inventory) / total assetsNet PP&E$970.00MpropertyPlantAndEquipmentNetInventory$1.96BinventoryTotal assets$13.51BtotalAssetsResult 21.7% | 6.87xFixed asset turnover · 2024-06-30Revenue / net PP&ERevenue$6.66BtotalRevenueNet PP&E$970.00MpropertyPlantAndEquipmentNetResult 6.87x | 0.74xCapex / D&A · 2024-06-30Capital expenditures / depreciation and amortizationCapex$166.00McapitalExpendituresD&A$224.00MdepreciationAndAmortizationResult 0.74x | $26.91Tangible book / share · 2024-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.51BtotalAssetsGoodwill$7.21BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$2.42BtotalLiabTangible book$3.88BShares144,000,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $26.91 | -0.47xFixed-charge coverage · 2024-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA-$239.00MebitdaCapex$166.00McapitalExpendituresInterest$40.00MinterestExpenseShort-term debt$814.00MshortTermDebtEBITDA − capex-$405.00MPrincipal due is short-term debt.Result -0.47x | -$475.00MFree cash flow · 2024-06-30Reported free cash flowOperating cash flow-$309.00MtotalCashFromOperatingActivitiesCapex$166.00McapitalExpendituresFree cash flow-$475.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$475.00M | —ROIC · 2024-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$468.00MoperatingIncomeTax expense$169.00MincomeTaxExpensePretax income-$503.00MincomeBeforeTaxTax rate—Equity$11.08BtotalStockholderEquityDebt$985.00MshortLongTermDebtTotalCash$328.00McashInvested capital$11.74BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.48xEBIT / PP&E · 2024-06-30Operating income / net PP&EOperating income-$468.00MoperatingIncomeNet PP&E$970.00MpropertyPlantAndEquipmentNetResult -0.48x |
| 2025 | 20.8%Physical asset ratio · 2025-06-30(Net PP&E + inventory) / total assetsNet PP&E$619.00MpropertyPlantAndEquipmentNetInventory$2.08BinventoryTotal assets$12.99BtotalAssetsResult 20.8% | 11.88xFixed asset turnover · 2025-06-30Revenue / net PP&ERevenue$7.36BtotalRevenueNet PP&E$619.00MpropertyPlantAndEquipmentNetResult 11.88x | 1.25xCapex / D&A · 2025-06-30Capital expenditures / depreciation and amortizationCapex$204.00McapitalExpendituresD&A$163.00MdepreciationAndAmortizationResult 1.25x | $29.08Tangible book / share · 2025-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.99BtotalAssetsGoodwill$5.00BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$3.77BtotalLiabTangible book$4.22BShares145,000,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $29.08 | -17.55xFixed-charge coverage · 2025-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.25BebitdaCapex$204.00McapitalExpendituresInterest$63.00MinterestExpenseShort-term debt$20.00MshortTermDebtEBITDA − capex-$1.46BPrincipal due is short-term debt.Result -17.55x | -$120.00MFree cash flow · 2025-06-30Reported free cash flowOperating cash flow$84.00MtotalCashFromOperatingActivitiesCapex$204.00McapitalExpendituresFree cash flow-$120.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$120.00M | —ROIC · 2025-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.38BoperatingIncomeTax expense$162.00MincomeTaxExpensePretax income-$1.48BincomeBeforeTaxTax rate—Equity$9.22BtotalStockholderEquityDebt$2.04BshortLongTermDebtTotalCash$1.48BcashInvested capital$9.78BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.22xEBIT / PP&E · 2025-06-30Operating income / net PP&EOperating income-$1.38BoperatingIncomeNet PP&E$619.00MpropertyPlantAndEquipmentNetResult -2.22x |
| 2026 | 15.0%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$674.00MpropertyPlantAndEquipmentNetInventory$2.70BinventoryTotal assets$22.51BtotalAssetsResult 15.0% | 30.04xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$20.25BtotalRevenueNet PP&E$674.00MpropertyPlantAndEquipmentNetResult 30.04x | 1.19xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$177.00McapitalExpendituresD&A$149.00MdepreciationAndAmortizationResult 1.19x | $69.30Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$22.51BtotalAssetsGoodwill$4.99BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$6.77BtotalLiabTangible book$10.74BShares155,000,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $69.30 | 178.93xFixed-charge coverage · 2026-06-30(EBITDA − capex) / interestEBITDA$13.24BebitdaCapex$177.00McapitalExpendituresInterest$73.00MinterestExpenseEBITDA − capex$13.06BShort-term debt was not reported, so the denominator is interest only.Result 178.93x | $11.49BFree cash flow · 2026-06-30Reported free cash flowOperating cash flow$11.67BtotalCashFromOperatingActivitiesCapex$177.00McapitalExpendituresFree cash flow$11.49BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $11.49B | 95.7%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$12.39BoperatingIncomeTax expense$1.58BincomeTaxExpensePretax income$13.02BincomeBeforeTaxTax rate12.2%Equity$15.74BtotalStockholderEquityDebt$393.00MshortLongTermDebtTotalCash$4.76BcashInvested capital$11.37BResult 95.7% | 18.38xEBIT / PP&E · 2026-06-30Operating income / net PP&EOperating income$12.39BoperatingIncomeNet PP&E$674.00MpropertyPlantAndEquipmentNetResult 18.38x |
- 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.
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2026)
Net PP&E: $674.00M
Inventory: $2.70B
Total assets: $22.51B
Goodwill: $4.99B
Intangibles: $0.00
Liabilities: $6.77B
Tangible book: $10.74B
Shares: 155,000,000
Revenue: $20.25B
Capex: $177.00M
D&A: $149.00M
EBITDA: $13.24B
Interest: $73.00M
Short-term debt: —
Free cash flow: $11.49B
Operating income: $12.39B
Invested capital: $11.37B
Tax rate: 12.2%