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.
United Parcel Service Inc
Physical assets are 58.5% of total assets, a heavy footprint. Capex is 0.98x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 15.7%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 2.11x.
Physical asset ratio
58.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$41.99BpropertyPlantEquipmentInventory$739.00MinventoryTotal assets$73.09BtotalAssetsResult 58.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.11xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$88.66BtotalRevenueNet PP&E$41.99BpropertyPlantEquipmentResult 2.11x
Revenue per dollar of the physical asset base.
Capex / D&A
0.98xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.69BcapitalExpendituresD&A$3.75BdepreciationAndAmortizationResult 0.98x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$7.53Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$73.09BtotalAssetsGoodwill$5.84BgoodWillIntangibles$4.02BintangibleAssetsLiabilities$56.84BtotalLiabTangible book$6.40BShares850,000,000commonStockSharesOutstandingResult $7.53
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
14.38xPrice / tangible bookPrice / tangible book per sharePrice$108.25Latest quoteTangible book / share$7.532025-12-31Result 14.38x
Price $108.25.
Fixed-charge coverage
5.09xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.93BebitdaCapex$3.69BcapitalExpendituresInterest$1.01BinterestExpenseShort-term debt$608.00MshortLongTermDebtEBITDA − capex$8.24BPrincipal due is the current portion of debt.Result 5.09x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$4.77BfreeCashFlowMarket cap$91.31BMarketCapitalizationResult 5.2%
Latest free cash flow divided by current market cap ($91.31B).
ROIC
15.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.87BoperatingIncomeTax expense$1.59BincomeTaxExpensePretax income$7.16BincomeBeforeTaxTax rate22.2%Equity$16.23BtotalStockholderEquityDebt$28.59BshortLongTermDebtTotalCash$5.89BcashAndEquivalentsInvested capital$38.93BResult 15.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.19x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 54.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$26.58BpropertyPlantEquipmentInventory$421.00MinventoryTotal assets$49.59BtotalAssetsResult 54.4% | 2.71xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$71.91BtotalRevenueNet PP&E$26.58BpropertyPlantEquipmentResult 2.71x | 2.85xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$6.28BcapitalExpendituresD&A$2.21BdepreciationAndAmortizationResult 2.85x | -$3.28Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$49.59BtotalAssetsGoodwill$3.81BgoodWillIntangibles$2.08BintangibleAssetsLiabilities$46.55BtotalLiabTangible book-$2.85BShares870,000,000commonStockSharesOutstandingResult -$3.28 | 0.78xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.80BebitdaCapex$6.28BcapitalExpendituresInterest$572.00MinterestExpenseShort-term debt$2.67BshortLongTermDebtEBITDA − capex$2.52BPrincipal due is the current portion of debt.Result 0.78x | $6.43BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$12.71BtotalCashFromOperatingActivitiesCapex$6.28BcapitalExpendituresFree cash flow$6.43BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.43B | 27.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.07BoperatingIncomeTax expense$1.23BincomeTaxExpensePretax income$6.02BincomeBeforeTaxTax rate20.4%Equity$3.04BtotalStockholderEquityDebt$22.74BshortLongTermDebtTotalCash$5.04BcashAndShortTermInvestmentsInvested capital$20.74BResult 27.2% | 0.27xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$7.07BoperatingIncomeNet PP&E$26.58BpropertyPlantEquipmentResult 0.27x |
| 2019 | 53.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.48BpropertyPlantEquipmentInventory$511.00MinventoryTotal assets$57.86BtotalAssetsResult 53.6% | 2.42xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$73.92BtotalRevenueNet PP&E$30.48BpropertyPlantEquipmentResult 2.42x | 2.70xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$6.38BcapitalExpendituresD&A$2.36BdepreciationAndAmortizationResult 2.70x | -$3.10Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$57.86BtotalAssetsGoodwill$3.81BgoodWillIntangibles$2.17BintangibleAssetsLiabilities$54.57BtotalLiabTangible book-$2.70BShares869,000,000commonStockSharesOutstandingResult -$3.10 | 0.56xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.64BebitdaCapex$6.38BcapitalExpendituresInterest$629.00MinterestExpenseShort-term debt$3.42BshortLongTermDebtEBITDA − capex$2.26BPrincipal due is the current portion of debt.Result 0.56x | $2.26BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$8.64BtotalCashFromOperatingActivitiesCapex$6.38BcapitalExpendituresFree cash flow$2.26BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.26B | 26.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.88BoperatingIncomeTax expense$1.21BincomeTaxExpensePretax income$5.65BincomeBeforeTaxTax rate21.4%Equity$3.28BtotalStockholderEquityDebt$25.78BshortLongTermDebtTotalCash$5.74BcashAndShortTermInvestmentsInvested capital$23.32BResult 26.5% | 0.26xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$7.88BoperatingIncomeNet PP&E$30.48BpropertyPlantEquipmentResult 0.26x |
| 2020 | 57.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$35.33BpropertyPlantAndEquipmentNetInventory$620.00MinventoryTotal assets$62.41BtotalAssetsResult 57.6% | 2.39xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$84.43BtotalRevenueNet PP&E$35.33BpropertyPlantAndEquipmentNetResult 2.39x | 2.01xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$5.41BcapitalExpendituresD&A$2.70BdepreciationAndAmortizationResult 2.01x | -$5.71Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62.41BtotalAssetsGoodwill$3.37BgoodWillIntangibles$2.27BintangibleAssetsLiabilities$61.74BtotalLiabTangible book-$4.97BShares871,000,000commonStockSharesOutstandingResult -$5.71 | -0.06xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.23BebitdaCapex$5.41BcapitalExpendituresInterest$684.00MinterestExpenseShort-term debt$2.62BshortLongTermDebtEBITDA − capex-$186.00MPrincipal due is the current portion of debt.Result -0.06x | $5.05BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$10.46BtotalCashFromOperatingActivitiesCapex$5.41BcapitalExpendituresFree cash flow$5.05BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.05B | 25.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.84BoperatingIncomeTax expense$501.00MincomeTaxExpensePretax income$1.84BincomeBeforeTaxTax rate27.2%Equity$657.00MtotalStockholderEquityDebt$27.75BshortLongTermDebtTotalCash$6.32BcashAndShortTermInvestmentsInvested capital$22.10BResult 25.8% | 0.22xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$7.84BoperatingIncomeNet PP&E$35.33BpropertyPlantAndEquipmentNetResult 0.22x |
| 2021 | 54.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$37.04BpropertyPlantEquipmentInventory$717.00MinventoryTotal assets$69.41BtotalAssetsResult 54.4% | 2.62xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$97.20BtotalRevenueNet PP&E$37.04BpropertyPlantEquipmentResult 2.62x | 1.42xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$4.19BcapitalExpendituresD&A$2.95BdepreciationAndAmortizationResult 1.42x | $9.22Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$69.41BtotalAssetsGoodwill$3.69BgoodWillIntangibles$2.49BintangibleAssetsLiabilities$55.14BtotalLiabTangible book$8.09BShares878,000,000commonStockSharesOutstandingResult $9.22 | 5.70xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$20.23BebitdaCapex$4.19BcapitalExpendituresInterest$683.00MinterestExpenseShort-term debt$2.13BshortLongTermDebtEBITDA − capex$16.04BPrincipal due is the current portion of debt.Result 5.70x | $10.81BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$15.01BtotalCashFromOperatingActivitiesCapex$4.19BcapitalExpendituresFree cash flow$10.81BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.81B | 34.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.11BoperatingIncomeTax expense$3.71BincomeTaxExpensePretax income$16.60BincomeBeforeTaxTax rate22.3%Equity$14.25BtotalStockholderEquityDebt$25.53BshortLongTermDebtTotalCash$10.59BcashAndShortTermInvestmentsInvested capital$29.19BResult 34.9% | 0.35xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$13.11BoperatingIncomeNet PP&E$37.04BpropertyPlantEquipmentResult 0.35x |
| 2022 | 55.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$38.47BpropertyPlantEquipmentInventory$889.00MinventoryTotal assets$71.12BtotalAssetsResult 55.3% | 2.60xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$100.03BtotalRevenueNet PP&E$38.47BpropertyPlantEquipmentResult 2.60x | 1.50xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$4.77BcapitalExpendituresD&A$3.19BdepreciationAndAmortizationResult 1.50x | $14.68Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$71.12BtotalAssetsGoodwill$4.22BgoodWillIntangibles$2.80BintangibleAssetsLiabilities$51.32BtotalLiabTangible book$12.78BShares871,000,000commonStockSharesOutstandingResult $14.68 | 4.59xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$18.71BebitdaCapex$4.77BcapitalExpendituresInterest$694.00MinterestExpenseShort-term debt$2.34BshortLongTermDebtEBITDA − capex$13.94BPrincipal due is the current portion of debt.Result 4.59x | $9.34BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$14.10BtotalCashFromOperatingActivitiesCapex$4.77BcapitalExpendituresFree cash flow$9.34BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.34B | 28.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$12.97BoperatingIncomeTax expense$3.28BincomeTaxExpensePretax income$14.83BincomeBeforeTaxTax rate22.1%Equity$19.79BtotalStockholderEquityDebt$23.52BshortLongTermDebtTotalCash$7.60BcashAndShortTermInvestmentsInvested capital$35.71BResult 28.3% | 0.34xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$12.97BoperatingIncomeNet PP&E$38.47BpropertyPlantEquipmentResult 0.34x |
| 2023 | 59.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$41.25BpropertyPlantEquipmentInventory$935.00MinventoryTotal assets$70.86BtotalAssetsResult 59.5% | 2.20xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$90.75BtotalRevenueNet PP&E$41.25BpropertyPlantEquipmentResult 2.20x | 1.53xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$5.16BcapitalExpendituresD&A$3.37BdepreciationAndAmortizationResult 1.53x | $10.62Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$70.86BtotalAssetsGoodwill$4.87BgoodWillIntangibles$3.31BintangibleAssetsLiabilities$53.54BtotalLiabTangible book$9.14BShares860,000,000commonStockSharesOutstandingResult $10.62 | 1.83xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$12.71BebitdaCapex$5.16BcapitalExpendituresInterest$775.00MinterestExpenseShort-term debt$3.35BshortLongTermDebtEBITDA − capex$7.56BPrincipal due is the current portion of debt.Result 1.83x | $5.08BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$10.24BtotalCashFromOperatingActivitiesCapex$5.16BcapitalExpendituresFree cash flow$5.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.08B | 19.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.37BoperatingIncomeTax expense$1.87BincomeTaxExpensePretax income$8.57BincomeBeforeTaxTax rate21.8%Equity$17.31BtotalStockholderEquityDebt$26.73BshortLongTermDebtTotalCash$6.04BcashAndShortTermInvestmentsInvested capital$38.00BResult 19.3% | 0.23xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$9.37BoperatingIncomeNet PP&E$41.25BpropertyPlantEquipmentResult 0.23x |
| 2024 | 60.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$41.33BpropertyPlantEquipmentInventory$826.00MinventoryTotal assets$70.07BtotalAssetsResult 60.2% | 2.20xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$90.89BtotalRevenueNet PP&E$41.33BpropertyPlantEquipmentResult 2.20x | 1.08xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$3.91BcapitalExpendituresD&A$3.61BdepreciationAndAmortizationResult 1.08x | $10.96Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$70.07BtotalAssetsGoodwill$4.30BgoodWillIntangibles$3.06BintangibleAssetsLiabilities$53.33BtotalLiabTangible book$9.38BShares856,000,000commonStockSharesOutstandingResult $10.96 | 2.97xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.91BebitdaCapex$3.91BcapitalExpendituresInterest$861.00MinterestExpenseShort-term debt$1.84BshortLongTermDebtEBITDA − capex$8.00BPrincipal due is the current portion of debt.Result 2.97x | $6.21BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$10.12BtotalCashFromOperatingActivitiesCapex$3.91BcapitalExpendituresFree cash flow$6.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.21B | 18.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.69BoperatingIncomeTax expense$1.66BincomeTaxExpensePretax income$7.44BincomeBeforeTaxTax rate22.3%Equity$16.72BtotalStockholderEquityDebt$25.65BshortLongTermDebtTotalCash$6.32BcashAndShortTermInvestmentsInvested capital$36.05BResult 18.7% | 0.21xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$8.69BoperatingIncomeNet PP&E$41.33BpropertyPlantEquipmentResult 0.21x |
| 2025 | 58.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$41.99BpropertyPlantEquipmentInventory$739.00MinventoryTotal assets$73.09BtotalAssetsResult 58.5% | 2.11xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$88.66BtotalRevenueNet PP&E$41.99BpropertyPlantEquipmentResult 2.11x | 0.98xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.69BcapitalExpendituresD&A$3.75BdepreciationAndAmortizationResult 0.98x | $7.53Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$73.09BtotalAssetsGoodwill$5.84BgoodWillIntangibles$4.02BintangibleAssetsLiabilities$56.84BtotalLiabTangible book$6.40BShares850,000,000commonStockSharesOutstandingResult $7.53 | 5.09xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.93BebitdaCapex$3.69BcapitalExpendituresInterest$1.01BinterestExpenseShort-term debt$608.00MshortLongTermDebtEBITDA − capex$8.24BPrincipal due is the current portion of debt.Result 5.09x | $4.77BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$8.45BtotalCashFromOperatingActivitiesCapex$3.69BcapitalExpendituresFree cash flow$4.77BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.77B | 15.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.87BoperatingIncomeTax expense$1.59BincomeTaxExpensePretax income$7.16BincomeBeforeTaxTax rate22.2%Equity$16.23BtotalStockholderEquityDebt$28.59BshortLongTermDebtTotalCash$5.89BcashAndEquivalentsInvested capital$38.93BResult 15.7% | 0.19xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$7.87BoperatingIncomeNet PP&E$41.99BpropertyPlantEquipmentResult 0.19x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $41.99B
Inventory: $739.00M
Total assets: $73.09B
Goodwill: $5.84B
Intangibles: $4.02B
Liabilities: $56.84B
Tangible book: $6.40B
Shares: 850,000,000
Revenue: $88.66B
Capex: $3.69B
D&A: $3.75B
EBITDA: $11.93B
Interest: $1.01B
Short-term debt: $608.00M
Free cash flow: $4.77B
Operating income: $7.87B
Invested capital: $38.93B
Tax rate: 22.2%