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.
Trip.com Group Ltd ADR
Physical assets are 2.4% of total assets, a light footprint. Capex is 0.73x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 10.5%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 9.59x. Compare it with other names in the same basket.
Physical asset ratio
2.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.33BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$267.56BtotalAssetsInventory was not reported and is treated as zero.Result 2.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
9.59xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$60.71BtotalRevenueNet PP&E$6.33BpropertyPlantAndEquipmentNetResult 9.59x
Revenue per dollar of the physical asset base.
Capex / D&A
0.73xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$797.00McapitalExpendituresD&A$1.10BdepreciationAndAmortizationResult 0.73x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$139.44Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$267.56BtotalAssetsGoodwill$62.31BgoodWillIntangibles$13.02BintangibleAssetsLiabilities$94.85BtotalLiabTangible book$97.38BShares698,379,000commonStockSharesOutstandingResult $139.44
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.28xPrice / tangible bookPrice / tangible book per sharePrice$38.38Latest quoteTangible book / share$139.442025-12-31Result 0.28x
Price $38.38.
Fixed-charge coverage
1.95xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$40.05BebitdaCapex$797.00McapitalExpendituresInterest$825.87MinterestExpenseShort-term debt$19.34BshortLongTermDebtEBITDA − capex$39.26BPrincipal due is the current portion of debt.Result 1.95x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
54.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$13.58BfreeCashFlowMarket cap$25.13BMarketCapitalizationResult 54.0%
Latest free cash flow divided by current market cap ($25.13B).
ROIC
10.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.34BoperatingIncomeTax expense$5.66BincomeTaxExpensePretax income$38.13BincomeBeforeTaxTax rate14.8%Equity$171.06BtotalStockholderEquityDebt$31.37BshortLongTermDebtTotalCash$78.51BcashAndShortTermInvestmentsInvested capital$123.92BResult 10.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.42x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 5.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.87BpropertyPlantEquipmentInventory$4.24BinventoryTotal assets$185.83BtotalAssetsResult 5.4% | 5.27xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$30.97BtotalRevenueNet PP&E$5.87BpropertyPlantEquipmentResult 5.27x | 0.72xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$708.00McapitalExpendituresD&A$982.00MdepreciationAndAmortizationResult 0.72x | $29.77Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$185.83BtotalAssetsGoodwill$58.03BgoodWillIntangibles$13.82BintangibleAssetsLiabilities$97.10BtotalLiabTangible book$16.89BShares567,396,984commonStockSharesOutstandingResult $29.77 | 0.08xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.59BebitdaCapex$708.00McapitalExpendituresInterest$1.51BinterestExpenseShort-term debt$36.01BshortTermDebtEBITDA − capex$2.88BPrincipal due is short-term debt.Result 0.08x | $6.41BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$7.12BtotalCashFromOperatingActivitiesCapex$708.00McapitalExpendituresFree cash flow$6.41BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.41B | 1.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.61BoperatingIncomeTax expense$793.00MincomeTaxExpensePretax income$1.89BincomeBeforeTaxTax rate40.0%Equity$86.72BtotalStockholderEquityDebt$60.16BshortLongTermDebtTotalCash$58.28BcashAndShortTermInvestmentsInvested capital$88.59BThe effective tax rate was above 40% and was capped at 40%.Result 1.8% | 0.44xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$2.61BoperatingIncomeNet PP&E$5.87BpropertyPlantEquipmentResult 0.44x |
| 2019 | 4.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.34BpropertyPlantEquipmentInventory$1.82BinventoryTotal assets$200.17BtotalAssetsResult 4.6% | 4.86xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$35.67BtotalRevenueNet PP&E$7.34BpropertyPlantEquipmentResult 4.86x | 0.58xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$834.00McapitalExpendituresD&A$1.45BdepreciationAndAmortizationResult 0.58x | $53.17Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$200.17BtotalAssetsGoodwill$58.31BgoodWillIntangibles$13.26BintangibleAssetsLiabilities$94.47BtotalLiabTangible book$34.13BShares641,952,000commonStockSharesOutstandingResult $53.17 | 0.18xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.49BebitdaCapex$834.00McapitalExpendituresInterest$1.68BinterestExpenseShort-term debt$30.52BshortLongTermDebtEBITDA − capex$5.66BPrincipal due is the current portion of debt.Result 0.18x | $6.50BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$7.33BtotalCashFromOperatingActivitiesCapex$834.00McapitalExpendituresFree cash flow$6.50BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.50B | 3.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.04BoperatingIncomeTax expense$1.74BincomeTaxExpensePretax income$8.74BincomeBeforeTaxTax rate19.9%Equity$103.44BtotalStockholderEquityDebt$51.24BshortLongTermDebtTotalCash$42.98BcashAndShortTermInvestmentsInvested capital$111.70BResult 3.6% | 0.69xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$5.04BoperatingIncomeNet PP&E$7.34BpropertyPlantEquipmentResult 0.69x |
| 2020 | 3.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.77BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$187.25BtotalAssetsInventory was not reported and is treated as zero.Result 3.6% | 2.71xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$18.32BtotalRevenueNet PP&E$6.77BpropertyPlantEquipmentResult 2.71x | 0.34xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$532.00McapitalExpendituresD&A$1.57BdepreciationAndAmortizationResult 0.34x | $48.05Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$187.25BtotalAssetsGoodwill$59.35BgoodWillIntangibles$13.34BintangibleAssetsLiabilities$85.68BtotalLiabTangible book$28.87BShares600,888,000commonStockSharesOutstandingResult $48.05 | -0.01xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$143.00MebitdaCapex$532.00McapitalExpendituresInterest$1.72BinterestExpenseShort-term debt$33.67BshortLongTermDebtEBITDA − capex-$389.00MPrincipal due is the current portion of debt.Result -0.01x | -$4.36BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$3.82BtotalCashFromOperatingActivitiesCapex$532.00McapitalExpendituresFree cash flow-$4.36BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.36B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.42BoperatingIncomeTax expense$355.00MincomeTaxExpensePretax income-$2.91BincomeBeforeTaxTax rate—Equity$100.35BtotalStockholderEquityDebt$57.41BshortLongTermDebtTotalCash$42.92BcashAndShortTermInvestmentsInvested capital$114.85BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.21xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$1.42BoperatingIncomeNet PP&E$6.77BpropertyPlantEquipmentResult -0.21x |
| 2021 | 3.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.32BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$191.86BtotalAssetsInventory was not reported and is treated as zero.Result 3.3% | 3.17xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$20.02BtotalRevenueNet PP&E$6.32BpropertyPlantAndEquipmentNetResult 3.17x | 0.40xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$571.00McapitalExpendituresD&A$1.41BdepreciationAndAmortizationResult 0.40x | $60.02Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$191.86BtotalAssetsGoodwill$59.35BgoodWillIntangibles$13.05BintangibleAssetsLiabilities$81.40BtotalLiabTangible book$38.06BShares634,109,233commonStockSharesOutstandingResult $60.02 | 0.05xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.60BebitdaCapex$571.00McapitalExpendituresInterest$1.57BinterestExpenseShort-term debt$39.87BshortLongTermDebtEBITDA − capex$2.03BPrincipal due is the current portion of debt.Result 0.05x | $1.90BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.48BtotalCashFromOperatingActivitiesCapex$571.00McapitalExpendituresFree cash flow$1.90BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.90B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.41BoperatingIncomeTax expense$270.00MincomeTaxExpensePretax income-$375.00MincomeBeforeTaxTax rate—Equity$109.68BtotalStockholderEquityDebt$51.72BshortLongTermDebtTotalCash$49.38BcashAndShortTermInvestmentsInvested capital$112.02BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.22xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$1.41BoperatingIncomeNet PP&E$6.32BpropertyPlantAndEquipmentNetResult -0.22x |
| 2022 | 3.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.06BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$191.69BtotalAssetsInventory was not reported and is treated as zero.Result 3.2% | 3.31xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$20.04BtotalRevenueNet PP&E$6.06BpropertyPlantAndEquipmentNetResult 3.31x | 0.39xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$498.00McapitalExpendituresD&A$1.29BdepreciationAndAmortizationResult 0.39x | $64.43Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$191.69BtotalAssetsGoodwill$59.34BgoodWillIntangibles$12.83BintangibleAssetsLiabilities$78.67BtotalLiabTangible book$40.86BShares634,109,233commonStockSharesOutstandingResult $64.43 | 0.15xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.85BebitdaCapex$498.00McapitalExpendituresInterest$1.51BinterestExpenseShort-term debt$28.47BshortLongTermDebtEBITDA − capex$4.36BPrincipal due is the current portion of debt.Result 0.15x | $2.14BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$2.64BtotalCashFromOperatingActivitiesCapex$498.00McapitalExpendituresFree cash flow$2.14BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.14B | 0.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$88.00MoperatingIncomeTax expense$682.00MincomeTaxExpensePretax income$2.05BincomeBeforeTaxTax rate33.3%Equity$112.28BtotalStockholderEquityDebt$46.66BshortLongTermDebtTotalCash$42.55BcashAndShortTermInvestmentsInvested capital$116.40BResult 0.1% | 0.01xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$88.00MoperatingIncomeNet PP&E$6.06BpropertyPlantAndEquipmentNetResult 0.01x |
| 2023 | 7.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.86BpropertyPlantAndEquipmentNetInventory$9.48BinventoryTotal assets$219.14BtotalAssetsResult 7.0% | 7.60xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$44.51BtotalRevenueNet PP&E$5.86BpropertyPlantAndEquipmentNetResult 7.60x | 0.58xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$606.00McapitalExpendituresD&A$1.05BdepreciationAndAmortizationResult 0.58x | $75.98Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$219.14BtotalAssetsGoodwill$59.37BgoodWillIntangibles$12.64BintangibleAssetsLiabilities$96.13BtotalLiabTangible book$50.99BShares671,062,000commonStockSharesOutstandingResult $75.98 | 0.51xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.87BebitdaCapex$606.00McapitalExpendituresInterest$2.07BinterestExpenseShort-term debt$25.86BshortLongTermDebtEBITDA − capex$14.27BPrincipal due is the current portion of debt.Result 0.51x | $21.40BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$22.00BtotalCashFromOperatingActivitiesCapex$606.00McapitalExpendituresFree cash flow$21.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.40B | 8.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.32BoperatingIncomeTax expense$1.75BincomeTaxExpensePretax income$11.75BincomeBeforeTaxTax rate14.9%Equity$122.18BtotalStockholderEquityDebt$45.57BshortLongTermDebtTotalCash$59.34BcashAndShortTermInvestmentsInvested capital$108.42BResult 8.9% | 1.93xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$11.32BoperatingIncomeNet PP&E$5.86BpropertyPlantAndEquipmentNetResult 1.93x |
| 2024 | 2.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.90BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$242.58BtotalAssetsInventory was not reported and is treated as zero.Result 2.4% | 9.03xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$53.29BtotalRevenueNet PP&E$5.90BpropertyPlantAndEquipmentNetResult 9.03x | 0.53xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$591.00McapitalExpendituresD&A$1.11BdepreciationAndAmortizationResult 0.53x | $101.25Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$242.58BtotalAssetsGoodwill$60.91BgoodWillIntangibles$12.84BintangibleAssetsLiabilities$99.10BtotalLiabTangible book$69.73BShares688,705,000commonStockSharesOutstandingResult $101.25 | 1.04xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$22.67BebitdaCapex$591.00McapitalExpendituresInterest$1.74BinterestExpenseShort-term debt$19.43BshortLongTermDebtEBITDA − capex$22.08BPrincipal due is the current portion of debt.Result 1.04x | $19.03BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$19.63BtotalCashFromOperatingActivitiesCapex$591.00McapitalExpendituresFree cash flow$19.03BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $19.03B | 11.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$14.18BoperatingIncomeTax expense$2.60BincomeTaxExpensePretax income$19.83BincomeBeforeTaxTax rate13.1%Equity$142.55BtotalStockholderEquityDebt$40.32BshortLongTermDebtTotalCash$76.91BcashAndShortTermInvestmentsInvested capital$105.96BResult 11.6% | 2.40xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$14.18BoperatingIncomeNet PP&E$5.90BpropertyPlantAndEquipmentNetResult 2.40x |
| 2025 | 2.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.33BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$267.56BtotalAssetsInventory was not reported and is treated as zero.Result 2.4% | 9.59xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$60.71BtotalRevenueNet PP&E$6.33BpropertyPlantAndEquipmentNetResult 9.59x | 0.73xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$797.00McapitalExpendituresD&A$1.10BdepreciationAndAmortizationResult 0.73x | $139.44Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$267.56BtotalAssetsGoodwill$62.31BgoodWillIntangibles$13.02BintangibleAssetsLiabilities$94.85BtotalLiabTangible book$97.38BShares698,379,000commonStockSharesOutstandingResult $139.44 | 1.95xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$40.05BebitdaCapex$797.00McapitalExpendituresInterest$825.87MinterestExpenseShort-term debt$19.34BshortLongTermDebtEBITDA − capex$39.26BPrincipal due is the current portion of debt.Result 1.95x | $13.58BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$14.38BtotalCashFromOperatingActivitiesCapex$797.00McapitalExpendituresFree cash flow$13.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $13.58B | 10.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.34BoperatingIncomeTax expense$5.66BincomeTaxExpensePretax income$38.13BincomeBeforeTaxTax rate14.8%Equity$171.06BtotalStockholderEquityDebt$31.37BshortLongTermDebtTotalCash$78.51BcashAndShortTermInvestmentsInvested capital$123.92BResult 10.5% | 2.42xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$15.34BoperatingIncomeNet PP&E$6.33BpropertyPlantAndEquipmentNetResult 2.42x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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: $6.33B
Inventory: $0.00
Total assets: $267.56B
Goodwill: $62.31B
Intangibles: $13.02B
Liabilities: $94.85B
Tangible book: $97.38B
Shares: 698,379,000
Revenue: $60.71B
Capex: $797.00M
D&A: $1.10B
EBITDA: $40.05B
Interest: $825.87M
Short-term debt: $19.34B
Free cash flow: $13.58B
Operating income: $15.34B
Invested capital: $123.92B
Tax rate: 14.8%