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.
TripAdvisor Inc
Physical assets are 3.4% of total assets, a light footprint. Capex is 0.89x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.32x, which is below 1.
Fixed-asset turnover is 21.25x. Compare it with other names in the same basket.
Physical asset ratio
3.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$89.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.63BtotalAssetsInventory was not reported and is treated as zero.Result 3.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
21.25xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.89BtotalRevenueNet PP&E$89.00MpropertyPlantAndEquipmentNetResult 21.25x
Revenue per dollar of the physical asset base.
Capex / D&A
0.89xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$82.00McapitalExpendituresD&A$92.00MdepreciationAndAmortizationResult 0.89x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$2.96Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.63BtotalAssetsGoodwill$844.00MgoodWillIntangibles$189.00MintangibleAssetsLiabilities$1.98BtotalLiabTangible book-$388.00MShares131,000,000commonStockSharesOutstandingResult -$2.96
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$9.22Latest quoteTangible book / share-$2.962025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $9.22.
Fixed-charge coverage
0.32xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$215.00MebitdaCapex$82.00McapitalExpendituresInterest$63.00MinterestExpenseShort-term debt$353.00MshortLongTermDebtEBITDA − capex$133.00MPrincipal due is the current portion of debt.Result 0.32x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
15.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$163.00MfreeCashFlowMarket cap$1.08BMarketCapitalizationResult 15.1%
Latest free cash flow divided by current market cap ($1.08B).
ROIC
8.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$80.00MoperatingIncomeTax expense$5.00MincomeTaxExpensePretax income$45.00MincomeBeforeTaxTax rate11.1%Equity$645.00MtotalStockholderEquityDebt$1.25BshortLongTermDebtTotalCash$1.04BcashInvested capital$861.00MResult 8.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.90x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 11.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$253.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.17BtotalAssetsInventory was not reported and is treated as zero.Result 11.7% | 6.38xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.62BtotalRevenueNet PP&E$253.00MpropertyPlantAndEquipmentNetResult 6.38x | 0.53xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$61.00McapitalExpendituresD&A$116.00MdepreciationAndAmortizationResult 0.53x | $4.26Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.17BtotalAssetsGoodwill$756.00MgoodWillIntangibles$118.00MintangibleAssetsLiabilities$696.00MtotalLiabTangible book$597.00MShares140,000,000commonStockSharesOutstandingResult $4.26 | 12.53xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$299.00MebitdaCapex$61.00McapitalExpendituresInterest$12.00MinterestExpenseShort-term debt$7.00MshortTermDebtEBITDA − capex$238.00MPrincipal due is short-term debt.Result 12.53x | $344.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$405.00MtotalCashFromOperatingActivitiesCapex$61.00McapitalExpendituresFree cash flow$344.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $344.00M | 13.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$183.00MoperatingIncomeTax expense$60.00MincomeTaxExpensePretax income$173.00MincomeBeforeTaxTax rate34.7%Equity$1.47BtotalStockholderEquityDebt$90.00MshortLongTermDebtTotalCash$670.00McashAndShortTermInvestmentsInvested capital$891.00MResult 13.4% | 0.72xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$183.00MoperatingIncomeNet PP&E$253.00MpropertyPlantAndEquipmentNetResult 0.72x |
| 2019 | 17.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$344.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.98BtotalAssetsInventory was not reported and is treated as zero.Result 17.3% | 4.53xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.56BtotalRevenueNet PP&E$344.00MpropertyPlantAndEquipmentNetResult 4.53x | 0.66xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$83.00McapitalExpendituresD&A$126.00MdepreciationAndAmortizationResult 0.66x | $1.50Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.98BtotalAssetsGoodwill$840.00MgoodWillIntangibles$110.00MintangibleAssetsLiabilities$823.00MtotalLiabTangible book$211.00MShares140,658,000commonStockSharesOutstandingResult $1.50 | 7.63xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$327.00MebitdaCapex$83.00McapitalExpendituresInterest$7.00MinterestExpenseShort-term debt$25.00MshortTermDebtEBITDA − capex$244.00MPrincipal due is short-term debt.Result 7.63x | $341.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$424.00MtotalCashFromOperatingActivitiesCapex$83.00McapitalExpendituresFree cash flow$341.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $341.00M | 12.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$187.00MoperatingIncomeTax expense$68.00MincomeTaxExpensePretax income$194.00MincomeBeforeTaxTax rate35.1%Equity$1.16BtotalStockholderEquityDebt$167.00MshortLongTermDebtTotalCash$319.00McashInvested capital$1.01BResult 12.0% | 0.54xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$187.00MoperatingIncomeNet PP&E$344.00MpropertyPlantAndEquipmentNetResult 0.54x |
| 2020 | 12.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$294.00MpropertyPlantAndEquipmentNetInventory-$50.00MinventoryTotal assets$1.97BtotalAssetsResult 12.4% | 2.05xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$604.00MtotalRevenueNet PP&E$294.00MpropertyPlantAndEquipmentNetResult 2.05x | 0.44xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$55.00McapitalExpendituresD&A$125.00MdepreciationAndAmortizationResult 0.44x | -$0.46Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.97BtotalAssetsGoodwill$862.00MgoodWillIntangibles$86.00MintangibleAssetsLiabilities$1.08BtotalLiabTangible book-$62.00MShares134,858,000commonStockSharesOutstandingResult -$0.46 | -4.33xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$209.00MebitdaCapex$55.00McapitalExpendituresInterest$35.00MinterestExpenseShort-term debt$26.00MshortTermDebtEBITDA − capex-$264.00MPrincipal due is short-term debt.Result -4.33x | -$249.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$194.00MtotalCashFromOperatingActivitiesCapex$55.00McapitalExpendituresFree cash flow-$249.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$249.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$329.00MoperatingIncomeTax expense-$80.00MincomeTaxExpensePretax income-$369.00MincomeBeforeTaxTax rate—Equity$886.00MtotalStockholderEquityDebt$634.00MshortLongTermDebtTotalCash$418.00McashInvested capital$1.10BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.12xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$329.00MoperatingIncomeNet PP&E$294.00MpropertyPlantAndEquipmentNetResult -1.12x |
| 2021 | 9.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$257.00MpropertyPlantEquipmentInventory-$49.00MinventoryTotal assets$2.29BtotalAssetsResult 9.1% | 3.51xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$902.00MtotalRevenueNet PP&E$257.00MpropertyPlantEquipmentResult 3.51x | 0.49xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$54.00McapitalExpendituresD&A$111.00MdepreciationAndAmortizationResult 0.49x | -$0.87Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.29BtotalAssetsGoodwill$843.00MgoodWillIntangibles$65.00MintangibleAssetsLiabilities$1.50BtotalLiabTangible book-$119.00MShares137,234,000commonStockSharesOutstandingResult -$0.87 | -1.17xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$29.00MebitdaCapex$54.00McapitalExpendituresInterest$45.00MinterestExpenseShort-term debt$26.00MshortTermDebtEBITDA − capex-$83.00MPrincipal due is short-term debt.Result -1.17x | $54.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$108.00MtotalCashFromOperatingActivitiesCapex$54.00McapitalExpendituresFree cash flow$54.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $54.00M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$131.00MoperatingIncomeTax expense-$37.00MincomeTaxExpensePretax income-$185.00MincomeBeforeTaxTax rate—Equity$789.00MtotalStockholderEquityDebt$953.00MshortLongTermDebtTotalCash$723.00McashInvested capital$1.02BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.51xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$131.00MoperatingIncomeNet PP&E$257.00MpropertyPlantEquipmentResult -0.51x |
| 2022 | 8.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$221.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.57BtotalAssetsInventory was not reported and is treated as zero.Result 8.6% | 6.75xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.49BtotalRevenueNet PP&E$221.00MpropertyPlantAndEquipmentNetResult 6.75x | 0.58xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$56.00McapitalExpendituresD&A$97.00MdepreciationAndAmortizationResult 0.58x | -$0.08Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.57BtotalAssetsGoodwill$822.00MgoodWillIntangibles$51.00MintangibleAssetsLiabilities$1.71BtotalLiabTangible book-$12.00MShares145,670,000commonStockSharesOutstandingResult -$0.08 | 2.38xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$208.00MebitdaCapex$56.00McapitalExpendituresInterest$44.00MinterestExpenseShort-term debt$20.00MshortTermDebtEBITDA − capex$152.00MPrincipal due is short-term debt.Result 2.38x | $344.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$400.00MtotalCashFromOperatingActivitiesCapex$56.00McapitalExpendituresFree cash flow$344.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $344.00M | 7.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$101.00MoperatingIncomeTax expense$47.00MincomeTaxExpensePretax income$67.00MincomeBeforeTaxTax rate40.0%Equity$861.00MtotalStockholderEquityDebt$929.00MshortLongTermDebtTotalCash$1.02BcashInvested capital$769.00MThe effective tax rate was above 40% and was capped at 40%.Result 7.9% | 0.46xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$101.00MoperatingIncomeNet PP&E$221.00MpropertyPlantAndEquipmentNetResult 0.46x |
| 2023 | 8.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$206.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.54BtotalAssetsInventory was not reported and is treated as zero.Result 8.1% | 8.68xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.79BtotalRevenueNet PP&E$206.00MpropertyPlantAndEquipmentNetResult 8.68x | 0.72xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$63.00McapitalExpendituresD&A$87.00MdepreciationAndAmortizationResult 0.72x | -$0.01Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.54BtotalAssetsGoodwill$829.00MgoodWillIntangibles$43.00MintangibleAssetsLiabilities$1.67BtotalLiabTangible book-$1.00MShares139,412,000commonStockSharesOutstandingResult -$0.01 | 3.22xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$256.00MebitdaCapex$63.00McapitalExpendituresInterest$44.00MinterestExpenseShort-term debt$16.00MshortTermDebtEBITDA − capex$193.00MPrincipal due is short-term debt.Result 3.22x | $172.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$235.00MtotalCashFromOperatingActivitiesCapex$63.00McapitalExpendituresFree cash flow$172.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $172.00M | 10.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$126.00MoperatingIncomeTax expense$115.00MincomeTaxExpensePretax income$125.00MincomeBeforeTaxTax rate40.0%Equity$871.00MtotalStockholderEquityDebt$912.00MshortLongTermDebtTotalCash$1.07BcashInvested capital$716.00MThe effective tax rate was above 40% and was capped at 40%.Result 10.6% | 0.61xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$126.00MoperatingIncomeNet PP&E$206.00MpropertyPlantAndEquipmentNetResult 0.61x |
| 2024 | 4.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$102.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.56BtotalAssetsInventory was not reported and is treated as zero.Result 4.0% | 17.99xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.84BtotalRevenueNet PP&E$102.00MpropertyPlantAndEquipmentNetResult 17.99x | 0.87xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$74.00McapitalExpendituresD&A$85.00MdepreciationAndAmortizationResult 0.87x | -$0.15Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.56BtotalAssetsGoodwill$814.00MgoodWillIntangibles$151.00MintangibleAssetsLiabilities$1.62BtotalLiabTangible book-$22.00MShares145,000,000commonStockSharesOutstandingResult -$0.15 | 2.82xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$218.00MebitdaCapex$74.00McapitalExpendituresInterest$46.00MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$144.00MPrincipal due is the current portion of debt.Result 2.82x | $70.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$144.00MtotalCashFromOperatingActivitiesCapex$74.00McapitalExpendituresFree cash flow$70.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $70.00M | 7.1%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$92.00MoperatingIncomeTax expense$82.00MincomeTaxExpensePretax income$87.00MincomeBeforeTaxTax rate40.0%Equity$943.00MtotalStockholderEquityDebt$903.00MshortLongTermDebtTotalCash$1.06BcashInvested capital$782.00MThe effective tax rate was above 40% and was capped at 40%.Result 7.1% | 0.90xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$92.00MoperatingIncomeNet PP&E$102.00MpropertyPlantAndEquipmentNetResult 0.90x |
| 2025 | 3.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$89.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.63BtotalAssetsInventory was not reported and is treated as zero.Result 3.4% | 21.25xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.89BtotalRevenueNet PP&E$89.00MpropertyPlantAndEquipmentNetResult 21.25x | 0.89xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$82.00McapitalExpendituresD&A$92.00MdepreciationAndAmortizationResult 0.89x | -$2.96Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.63BtotalAssetsGoodwill$844.00MgoodWillIntangibles$189.00MintangibleAssetsLiabilities$1.98BtotalLiabTangible book-$388.00MShares131,000,000commonStockSharesOutstandingResult -$2.96 | 0.32xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$215.00MebitdaCapex$82.00McapitalExpendituresInterest$63.00MinterestExpenseShort-term debt$353.00MshortLongTermDebtEBITDA − capex$133.00MPrincipal due is the current portion of debt.Result 0.32x | $163.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$245.00MtotalCashFromOperatingActivitiesCapex$82.00McapitalExpendituresFree cash flow$163.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $163.00M | 8.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$80.00MoperatingIncomeTax expense$5.00MincomeTaxExpensePretax income$45.00MincomeBeforeTaxTax rate11.1%Equity$645.00MtotalStockholderEquityDebt$1.25BshortLongTermDebtTotalCash$1.04BcashInvested capital$861.00MResult 8.3% | 0.90xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$80.00MoperatingIncomeNet PP&E$89.00MpropertyPlantAndEquipmentNetResult 0.90x |
- 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: $89.00M
Inventory: $0.00
Total assets: $2.63B
Goodwill: $844.00M
Intangibles: $189.00M
Liabilities: $1.98B
Tangible book: -$388.00M
Shares: 131,000,000
Revenue: $1.89B
Capex: $82.00M
D&A: $92.00M
EBITDA: $215.00M
Interest: $63.00M
Short-term debt: $353.00M
Free cash flow: $163.00M
Operating income: $80.00M
Invested capital: $861.00M
Tax rate: 11.1%