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.
Zhong Yang Financial Group Limited Ordinary Shares
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 1.95x 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.
Fixed-asset turnover is 1.77x. Compare it with other names in the same basket.
Physical asset ratio
3.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.67MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$86.06MtotalAssetsInventory was not reported and is treated as zero.Result 3.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.77xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$4.72MtotalRevenueNet PP&E$2.67MpropertyPlantAndEquipmentNetResult 1.77x
Revenue per dollar of the physical asset base.
Capex / D&A
1.95xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$899.50KcapitalExpendituresD&A$461.00KdepreciationAndAmortizationResult 1.95x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.61Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$86.06MtotalAssetsGoodwill$26.19KgoodWillIntangibles$63.78KintangibleAssetsLiabilities$51.81MtotalLiabTangible book$34.16MShares7,414,846commonStockSharesOutstandingResult $4.61
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.41xPrice / tangible bookPrice / tangible book per sharePrice$11.11Latest quoteTangible book / share$4.612026-03-31Result 2.41x
Price $11.11.
Fixed-charge coverage
—Fixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$716.32KebitdaCapex$899.50KcapitalExpendituresInterest—Not reportedShort-term debt$637.76KshortTermDebtEBITDA − capex-$1.62MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.7%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$13.12MfreeCashFlowMarket cap$1.77BMarketCapitalizationResult 0.7%
Latest free cash flow divided by current market cap ($1.77B).
ROIC
—ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$677.32KoperatingIncomeTax expense$1.78KincomeTaxExpensePretax income-$1.18MincomeBeforeTaxTax rate—Equity$33.94MtotalStockholderEquityDebt$1.28MlongTermDebt + shortLongTermDebtCash$12.99McashInvested capital$22.23MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.25x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 0.3%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$34.83KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$13.04MtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 309.67xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$10.78MtotalRevenueNet PP&E$34.83KpropertyPlantEquipmentResult 309.67x | 0.27xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$11.68KcapitalExpendituresD&A$43.94KdepreciationAndAmortizationResult 0.27x | $1.28Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.04MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$63.70KintangibleAssetsLiabilities$167.92KtotalLiabTangible book$12.81MShares10,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.28 | —Fixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$19.62MebitdaCapex$11.68KcapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex$19.61MResult — | $3.68MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$3.69MtotalCashFromOperatingActivitiesCapex$11.68KcapitalExpendituresFree cash flow$3.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.68M | —ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.53MoperatingIncomeTax expense$241.25KincomeTaxExpensePretax income$1.53MincomeBeforeTaxTax rate15.8%Equity$4.51MtotalStockholderEquityDebt—Not reportedCash$2.09McashInvested capital—Result — | 43.82xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$1.53MoperatingIncomeNet PP&E$34.83KpropertyPlantEquipmentResult 43.82x |
| 2020 | 106.3%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$17.25KpropertyPlantEquipmentInventory$14.10MinventoryTotal assets$13.29MtotalAssetsResult 106.3% | 956.31xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$16.50MtotalRevenueNet PP&E$17.25KpropertyPlantEquipmentResult 956.31x | 0.91xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$16.28KcapitalExpendituresD&A$17.87KdepreciationAndAmortizationResult 0.91x | $0.89Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.29MtotalAssetsGoodwill$0.00goodWillIntangibles$64.51KintangibleAssetsLiabilities$6.86MtotalLiabTangible book$6.36MShares7,150,000commonStockSharesOutstandingResult $0.89 | —Fixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.62MebitdaCapex$16.28KcapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex$2.60MResult — | -$954.63KFree cash flow · 2020-03-31Operating cash flow − capexOperating cash flow-$938.35KtotalCashFromOperatingActivitiesCapex$16.28KcapitalExpendituresFree cash flow-$954.63KNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$954.63K | —ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.60MoperatingIncomeTax expense$58.44KincomeTaxExpensePretax income$2.60MincomeBeforeTaxTax rate2.2%Equity$6.43MtotalStockholderEquityDebt—Not reportedCash$3.64McashInvested capital—Result — | 150.55xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$2.60MoperatingIncomeNet PP&E$17.25KpropertyPlantEquipmentResult 150.55x |
| 2021 | 112.4%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$18.24KpropertyPlantEquipmentInventory$11.52MinventoryTotal assets$10.26MtotalAssetsResult 112.4% | 926.83xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$16.91MtotalRevenueNet PP&E$18.24KpropertyPlantEquipmentResult 926.83x | 1.23xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$16.28KcapitalExpendituresD&A$13.29KdepreciationAndAmortizationResult 1.23x | $0.94Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.26MtotalAssetsGoodwill$0.00goodWillIntangibles$64.31KintangibleAssetsLiabilities$3.51MtotalLiabTangible book$6.69MShares7,150,000commonStockSharesOutstandingResult $0.94 | —Fixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.13MebitdaCapex$16.28KcapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex$5.11MResult — | $4.32MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$4.33MtotalCashFromOperatingActivitiesCapex$16.28KcapitalExpendituresFree cash flow$4.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.32M | —ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.12MoperatingIncomeTax expense$70.77KincomeTaxExpensePretax income$5.12MincomeBeforeTaxTax rate1.4%Equity$6.75MtotalStockholderEquityDebt—Not reportedCash$4.86McashInvested capital—Result — | 280.44xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$5.12MoperatingIncomeNet PP&E$18.24KpropertyPlantEquipmentResult 280.44x |
| 2022 | 100.8%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$663.95KpropertyPlantEquipmentInventory$13.33MinventoryTotal assets$13.88MtotalAssetsResult 100.8% | 11.78xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$7.82MtotalRevenueNet PP&E$663.95KpropertyPlantEquipmentResult 11.78x | 6.41xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$413.89KcapitalExpendituresD&A$64.58KdepreciationAndAmortizationResult 6.41x | $1.42Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.88MtotalAssetsGoodwill$0.00goodWillIntangibles$63.84KintangibleAssetsLiabilities$3.69MtotalLiabTangible book$10.13MShares7,150,000commonStockSharesOutstandingResult $1.42 | 13.19xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.64MebitdaCapex$413.89KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$244.86KshortTermDebtEBITDA − capex$3.23MPrincipal due is short-term debt.Result 13.19x | $1.17MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$1.58MtotalCashFromOperatingActivitiesCapex$413.89KcapitalExpendituresFree cash flow$1.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.17M | 82.3%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.58MoperatingIncomeTax expense$88.65KincomeTaxExpensePretax income$3.58MincomeBeforeTaxTax rate2.5%Equity$10.20MtotalStockholderEquityDebt$244.86KshortLongTermDebtTotalCash$6.20McashInvested capital$4.24MResult 82.3% | 5.39xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$3.58MoperatingIncomeNet PP&E$663.95KpropertyPlantEquipmentResult 5.39x |
| 2023 | 95.1%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$224.90KpropertyPlantAndEquipmentNetInventory$38.10MinventoryTotal assets$40.28MtotalAssetsResult 95.1% | 43.11xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$9.70MtotalRevenueNet PP&E$224.90KpropertyPlantAndEquipmentNetResult 43.11x | 0.71xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$86.44KcapitalExpendituresD&A$120.95KdepreciationAndAmortizationResult 0.71x | $5.13Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$40.28MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$63.70KintangibleAssetsLiabilities$4.33MtotalLiabTangible book$35.89MShares7,000,927commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $5.13 | —Fixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.55MebitdaCapex$86.44KcapitalExpendituresInterest—Not reportedShort-term debt$150.14KshortTermDebtEBITDA − capex$3.46MPrincipal due is short-term debt.Result — | -$6.12MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow-$6.03MtotalCashFromOperatingActivitiesCapex$86.44KcapitalExpendituresFree cash flow-$6.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$6.12M | 16.9%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.43MoperatingIncomeTax expense$31.52KincomeTaxExpensePretax income$3.43MincomeBeforeTaxTax rate0.9%Equity$35.95MtotalStockholderEquityDebt$150.14KshortLongTermDebtTotalCash$15.97McashInvested capital$20.14MResult 16.9% | 15.25xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$3.43MoperatingIncomeNet PP&E$224.90KpropertyPlantAndEquipmentNetResult 15.25x |
| 2024 | 115.8%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$518.19KpropertyPlantAndEquipmentNetInventory$66.26MinventoryTotal assets$57.64MtotalAssetsResult 115.8% | 15.51xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$8.04MtotalRevenueNet PP&E$518.19KpropertyPlantAndEquipmentNetResult 15.51x | 0.04xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$6.06KcapitalExpendituresD&A$144.50KdepreciationAndAmortizationResult 0.04x | $6.27Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$57.64MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$63.89KintangibleAssetsLiabilities$17.11MtotalLiabTangible book$40.47MShares6,455,697commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $6.27 | —Fixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.13MebitdaCapex$6.06KcapitalExpendituresInterest—Not reportedShort-term debt$64.83KshortTermDebtEBITDA − capex$1.13MPrincipal due is short-term debt.Result — | $17.75MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$17.76MtotalCashFromOperatingActivitiesCapex$6.06KcapitalExpendituresFree cash flow$17.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $17.75M | 6.7%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$987.85KoperatingIncomeTax expense-$63.69KincomeTaxExpensePretax income$987.85KincomeBeforeTaxTax rate0.0%Equity$40.53MtotalStockholderEquityDebt$64.83KshortLongTermDebtTotalCash$25.92McashInvested capital$14.68MResult 6.7% | 1.91xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$987.85KoperatingIncomeNet PP&E$518.19KpropertyPlantAndEquipmentNetResult 1.91x |
| 2025 | 0.6%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$288.75KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$46.80MtotalAssetsInventory was not reported and is treated as zero.Result 0.6% | 11.53xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$3.33MtotalRevenueNet PP&E$288.75KpropertyPlantAndEquipmentNetResult 11.53x | 0.02xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$3.23KcapitalExpendituresD&A$175.89KdepreciationAndAmortizationResult 0.02x | $4.70Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$46.80MtotalAssetsGoodwill$0.00goodWillIntangibles$64.27KintangibleAssetsLiabilities$11.91MtotalLiabTangible book$34.82MShares7,404,750commonStockSharesOutstandingResult $4.70 | —Fixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$5.39MebitdaCapex$3.23KcapitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex-$5.39MResult — | -$14.47MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow-$14.47MtotalCashFromOperatingActivitiesCapex$3.23KcapitalExpendituresFree cash flow-$14.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$14.47M | —ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$5.57MoperatingIncomeTax expense$146.10KincomeTaxExpensePretax income-$5.82MincomeBeforeTaxTax rate—Equity$34.89MtotalStockholderEquityDebt$270.87KshortLongTermDebtTotalCash$12.23McashInvested capital$22.93MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -19.28xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income-$5.57MoperatingIncomeNet PP&E$288.75KpropertyPlantAndEquipmentNetResult -19.28x |
| 2026 | 3.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.67MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$86.06MtotalAssetsInventory was not reported and is treated as zero.Result 3.1% | 1.77xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$4.72MtotalRevenueNet PP&E$2.67MpropertyPlantAndEquipmentNetResult 1.77x | 1.95xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$899.50KcapitalExpendituresD&A$461.00KdepreciationAndAmortizationResult 1.95x | $4.61Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$86.06MtotalAssetsGoodwill$26.19KgoodWillIntangibles$63.78KintangibleAssetsLiabilities$51.81MtotalLiabTangible book$34.16MShares7,414,846commonStockSharesOutstandingResult $4.61 | —Fixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$716.32KebitdaCapex$899.50KcapitalExpendituresInterest—Not reportedShort-term debt$637.76KshortTermDebtEBITDA − capex-$1.62MPrincipal due is short-term debt.Result — | $13.12MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$14.02MtotalCashFromOperatingActivitiesCapex$899.50KcapitalExpendituresFree cash flow$13.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $13.12M | —ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$677.32KoperatingIncomeTax expense$1.78KincomeTaxExpensePretax income-$1.18MincomeBeforeTaxTax rate—Equity$33.94MtotalStockholderEquityDebt$1.28MlongTermDebt + shortLongTermDebtCash$12.99McashInvested capital$22.23MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.25xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income-$677.32KoperatingIncomeNet PP&E$2.67MpropertyPlantAndEquipmentNetResult -0.25x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: $2.67M
Inventory: $0.00
Total assets: $86.06M
Goodwill: $26.19K
Intangibles: $63.78K
Liabilities: $51.81M
Tangible book: $34.16M
Shares: 7,414,846
Revenue: $4.72M
Capex: $899.50K
D&A: $461.00K
EBITDA: -$716.32K
Interest: —
Short-term debt: $637.76K
Free cash flow: $13.12M
Operating income: -$677.32K
Invested capital: $22.23M
Tax rate: —