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.
Synchrony Financial
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.00x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Physical asset ratio
—Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$119.10BtotalAssetsResult —
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
—Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$19.12BtotalRevenueNet PP&E—Not reportedResult —
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$514.00MdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$39.54Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$119.10BtotalAssetsGoodwill$1.36BgoodWillIntangibles$1.26BintangibleAssetsLiabilities$102.33BtotalLiabTangible book$14.15BShares357,843,000commonStockSharesOutstandingResult $39.54
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.91xPrice / tangible bookPrice / tangible book per sharePrice$75.35Latest quoteTangible book / share$39.542025-12-31Result 1.91x
Price $75.35.
Fixed-charge coverage
1.24xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.14BebitdaCapex$0.00capitalExpendituresInterest$4.14BinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$5.14BShort-term debt is total debt minus long-term debt.Result 1.24x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
40.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$9.85BfreeCashFlowMarket cap$24.52BMarketCapitalizationResult 40.2%
Latest free cash flow divided by current market cap ($24.52B).
ROIC
24.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.62BoperatingIncomeTax expense$1.07BincomeTaxExpensePretax income$4.62BincomeBeforeTaxTax rate23.1%Equity$16.77BtotalStockholderEquityDebt$15.18BshortLongTermDebtTotalCash$17.32BcashAndShortTermInvestmentsInvested capital$14.63BResult 24.3%
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$106.79BtotalAssetsResult — | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$15.15BtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$302.00MdepreciationAndAmortizationResult 0.00x | $16.76Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$106.79BtotalAssetsGoodwill$1.02BgoodWillIntangibles$1.14BintangibleAssetsLiabilities$92.11BtotalLiabTangible book$12.52BShares746,900,000commonStockSharesOutstandingResult $16.76 | 2.11xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.95BebitdaCapex$0.00capitalExpendituresInterest$1.87BinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$3.95BShort-term debt is total debt minus long-term debt.Result 2.11x | $9.34BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$9.34BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$9.34BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.34B | 12.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.64BoperatingIncomeTax expense$854.00MincomeTaxExpensePretax income$3.64BincomeBeforeTaxTax rate23.4%Equity$14.68BtotalStockholderEquityDebt$24.00BshortLongTermDebtTotalCash$15.46BcashAndShortTermInvestmentsInvested capital$23.22BResult 12.0% | —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$3.64BoperatingIncomeNet PP&E—Not reportedResult — |
| 2019 | —Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$104.83BtotalAssetsResult — | —Fixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$15.60BtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$367.00MdepreciationAndAmortizationResult 0.00x | $18.92Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$104.83BtotalAssetsGoodwill$1.08BgoodWillIntangibles$1.27BintangibleAssetsLiabilities$89.74BtotalLiabTangible book$12.75BShares673,500,000commonStockSharesOutstandingResult $18.92 | 1.73xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.25BebitdaCapex$0.00capitalExpendituresInterest$2.29BinterestExpenseShort-term debt$750.00MshortLongTermDebtEBITDA − capex$5.25BPrincipal due is the current portion of debt.Result 1.73x | $8.99BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$8.99BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$8.99BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.99B | 13.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.89BoperatingIncomeTax expense$1.14BincomeTaxExpensePretax income$4.89BincomeBeforeTaxTax rate23.3%Equity$15.09BtotalStockholderEquityDebt$24.07BshortLongTermDebtTotalCash$12.15BcashInvested capital$27.02BResult 13.9% | —EBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$4.89BoperatingIncomeNet PP&E—Not reportedResult — |
| 2020 | —Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory-$60.08BinventoryTotal assets$95.95BtotalAssetsResult — | —Fixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$12.83BtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$383.00MdepreciationAndAmortizationResult 0.00x | $17.98Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$95.95BtotalAssetsGoodwill$1.08BgoodWillIntangibles$1.13BintangibleAssetsLiabilities$83.25BtotalLiabTangible book$10.50BShares584,009,550commonStockSharesOutstandingResult $17.98 | 0.34xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.18BebitdaCapex$0.00capitalExpendituresInterest$1.67BinterestExpenseShort-term debt$4.83BshortTermDebtEBITDA − capex$2.18BPrincipal due is short-term debt.Result 0.34x | $7.49BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$7.49BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$7.49BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.49B | 9.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.80BoperatingIncomeTax expense$412.00MincomeTaxExpensePretax income$1.80BincomeBeforeTaxTax rate22.9%Equity$12.70BtotalStockholderEquityDebt$20.60BshortLongTermDebtTotalCash$18.99BcashAndShortTermInvestmentsInvested capital$14.31BResult 9.7% | —EBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$1.80BoperatingIncomeNet PP&E—Not reportedResult — |
| 2021 | —Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory-$63.72BinventoryTotal assets$95.75BtotalAssetsResult — | —Fixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$11.22BtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$390.00MdepreciationAndAmortizationResult 0.00x | $21.60Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$95.75BtotalAssetsGoodwill$1.11BgoodWillIntangibles$1.17BintangibleAssetsLiabilities$82.09BtotalLiabTangible book$11.38BShares526,830,205commonStockSharesOutstandingResult $21.60 | 3.85xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.89BebitdaCapex$0.00capitalExpendituresInterest$1.03BinterestExpenseShort-term debt$500.00MshortTermDebtEBITDA − capex$5.89BPrincipal due is short-term debt.Result 3.85x | $7.10BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$7.10BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$7.10BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.10B | 28.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.50BoperatingIncomeTax expense$1.28BincomeTaxExpensePretax income$5.50BincomeBeforeTaxTax rate23.3%Equity$13.66BtotalStockholderEquityDebt$15.01BshortLongTermDebtTotalCash$13.62BcashAndShortTermInvestmentsInvested capital$15.04BResult 28.1% | —EBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$5.50BoperatingIncomeNet PP&E—Not reportedResult — |
| 2022 | —Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$10.29BinventoryTotal assets$104.56BtotalAssetsResult — | —Fixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$13.20BtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$419.00MdepreciationAndAmortizationResult 0.00x | $21.68Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$104.56BtotalAssetsGoodwill$1.11BgoodWillIntangibles$1.29BintangibleAssetsLiabilities$91.69BtotalLiabTangible book$10.48BShares483,400,000commonStockSharesOutstandingResult $21.68 | 0.50xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.38BebitdaCapex$0.00capitalExpendituresInterest$1.52BinterestExpenseShort-term debt$7.32BshortTermDebtEBITDA − capex$4.38BPrincipal due is short-term debt.Result 0.50x | $6.69BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$6.69BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$6.69BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.69B | 18.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.96BoperatingIncomeTax expense$946.00MincomeTaxExpensePretax income$3.96BincomeBeforeTaxTax rate23.9%Equity$12.87BtotalStockholderEquityDebt$14.19BlongTermDebt + shortLongTermDebtCash$10.29BcashInvested capital$16.77BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 18.0% | —EBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$3.96BoperatingIncomeNet PP&E—Not reportedResult — |
| 2023 | —Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$14.26BinventoryTotal assets$117.48BtotalAssetsResult — | —Fixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$17.34BtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$458.00MdepreciationAndAmortizationResult 0.00x | $29.67Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$117.48BtotalAssetsGoodwill$1.02BgoodWillIntangibles$815.00MintangibleAssetsLiabilities$103.58BtotalLiabTangible book$12.07BShares406,875,775commonStockSharesOutstandingResult $29.67 | 0.91xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.36BebitdaCapex$0.00capitalExpendituresInterest$3.71BinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$3.36BShort-term debt is total debt minus long-term debt.Result 0.91x | $8.59BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$8.59BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$8.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.59B | 14.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.90BoperatingIncomeTax expense$666.00MincomeTaxExpensePretax income$2.90BincomeBeforeTaxTax rate22.9%Equity$13.90BtotalStockholderEquityDebt$15.98BshortLongTermDebtTotalCash$14.26BcashInvested capital$15.63BResult 14.3% | —EBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.90BoperatingIncomeNet PP&E—Not reportedResult — |
| 2024 | —Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$119.46BtotalAssetsResult — | —Fixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$20.76BtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$481.00MdepreciationAndAmortizationResult 0.00x | $36.08Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$119.46BtotalAssetsGoodwill$1.27BgoodWillIntangibles$854.00MintangibleAssetsLiabilities$102.88BtotalLiabTangible book$14.45BShares400,600,000commonStockSharesOutstandingResult $36.08 | 0.49xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.03BebitdaCapex$0.00capitalExpendituresInterest$4.63BinterestExpenseShort-term debt$5.65BshortTermDebtEBITDA − capex$5.03BPrincipal due is short-term debt.Result 0.49x | $9.85BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$9.85BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$9.85BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.85B | 24.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.55BoperatingIncomeTax expense$1.05BincomeTaxExpensePretax income$4.55BincomeBeforeTaxTax rate23.1%Equity$16.58BtotalStockholderEquityDebt$15.46BshortLongTermDebtTotalCash$17.79BcashAndShortTermInvestmentsInvested capital$14.25BResult 24.6% | —EBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$4.55BoperatingIncomeNet PP&E—Not reportedResult — |
| 2025 | —Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$119.10BtotalAssetsResult — | —Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$19.12BtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$514.00MdepreciationAndAmortizationResult 0.00x | $39.54Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$119.10BtotalAssetsGoodwill$1.36BgoodWillIntangibles$1.26BintangibleAssetsLiabilities$102.33BtotalLiabTangible book$14.15BShares357,843,000commonStockSharesOutstandingResult $39.54 | 1.24xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.14BebitdaCapex$0.00capitalExpendituresInterest$4.14BinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$5.14BShort-term debt is total debt minus long-term debt.Result 1.24x | $9.85BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$9.85BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$9.85BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.85B | 24.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.62BoperatingIncomeTax expense$1.07BincomeTaxExpensePretax income$4.62BincomeBeforeTaxTax rate23.1%Equity$16.77BtotalStockholderEquityDebt$15.18BshortLongTermDebtTotalCash$17.32BcashAndShortTermInvestmentsInvested capital$14.63BResult 24.3% | —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$4.62BoperatingIncomeNet PP&E—Not reportedResult — |
- Principal due is total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: —
Inventory: —
Total assets: $119.10B
Goodwill: $1.36B
Intangibles: $1.26B
Liabilities: $102.33B
Tangible book: $14.15B
Shares: 357,843,000
Revenue: $19.12B
Capex: $0.00
D&A: $514.00M
EBITDA: $5.14B
Interest: $4.14B
Short-term debt: $0.00
Free cash flow: $9.85B
Operating income: $4.62B
Invested capital: $14.63B
Tax rate: 23.1%