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.
VF Corporation
Physical assets are 36.2% of total assets, a mixed footprint. Capex is 0.59x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 7.6%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.81x. Compare it with other names in the same basket.
Physical asset ratio
36.2%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.00BpropertyPlantAndEquipmentNetInventory$1.37BinventoryTotal assets$9.29BtotalAssetsResult 36.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.81xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$9.61BtotalRevenueNet PP&E$2.00BpropertyPlantAndEquipmentNetResult 4.81x
Revenue per dollar of the physical asset base.
Capex / D&A
0.59xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$165.81McapitalExpendituresD&A$280.53MdepreciationAndAmortizationResult 0.59x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$0.52Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.29BtotalAssetsGoodwill$587.71MgoodWillIntangibles$1.47BintangibleAssetsLiabilities$7.44BtotalLiabTangible book-$205.37MShares395,875,000commonStockSharesOutstandingResult -$0.52
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$18.22Latest quoteTangible book / share-$0.522026-03-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $18.22.
Fixed-charge coverage
3.52xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$788.52MebitdaCapex$165.81McapitalExpendituresInterest$166.77MinterestExpenseShort-term debt$10.14MshortLongTermDebtEBITDA − capex$622.71MPrincipal due is the current portion of debt.Result 3.52x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.5%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$505.47MfreeCashFlowMarket cap$6.70BMarketCapitalizationResult 7.5%
Latest free cash flow divided by current market cap ($6.70B).
ROIC
7.6%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$607.29MoperatingIncomeTax expense$86.30MincomeTaxExpensePretax income$341.22MincomeBeforeTaxTax rate25.3%Equity$1.85BtotalStockholderEquityDebt$4.98BshortLongTermDebtTotalCash$836.15McashAndShortTermInvestmentsInvested capital$6.00BResult 7.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.30x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 21.5%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$1.06BpropertyPlantEquipmentInventory$1.17BinventoryTotal assets$10.36BtotalAssetsResult 21.5% | 9.71xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$10.27BtotalRevenueNet PP&E$1.06BpropertyPlantEquipmentResult 9.71x | 1.05xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$269.00McapitalExpendituresD&A$255.73MdepreciationAndAmortizationResult 1.05x | $1.70Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.36BtotalAssetsGoodwill$1.49BgoodWillIntangibles$2.13BintangibleAssetsLiabilities$6.06BtotalLiabTangible book$678.95MShares400,496,000commonStockSharesOutstandingResult $1.70 | 1.60xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.50BebitdaCapex$269.00McapitalExpendituresInterest$107.74MinterestExpenseShort-term debt$664.32MshortTermDebtEBITDA − capex$1.24BPrincipal due is short-term debt.Result 1.60x | $1.40BFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$1.66BtotalCashFromOperatingActivitiesCapex$269.00McapitalExpendituresFree cash flow$1.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.40B | 14.9%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.19BoperatingIncomeTax expense$167.89MincomeTaxExpensePretax income$1.04BincomeBeforeTaxTax rate16.2%Equity$4.30BtotalStockholderEquityDebt$2.79BshortLongTermDebtTotalCash$402.23McashAndEquivalentsInvested capital$6.68BResult 14.9% | 1.13xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$1.19BoperatingIncomeNet PP&E$1.06BpropertyPlantEquipmentResult 1.13x |
| 2020 | 31.6%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.23BpropertyPlantAndEquipmentNetInventory$1.29BinventoryTotal assets$11.13BtotalAssetsResult 31.6% | 4.71xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$10.49BtotalRevenueNet PP&E$2.23BpropertyPlantAndEquipmentNetResult 4.71x | 1.25xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$333.84McapitalExpendituresD&A$267.62MdepreciationAndAmortizationResult 1.25x | $0.36Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.13BtotalAssetsGoodwill$1.16BgoodWillIntangibles$2.06BintangibleAssetsLiabilities$7.78BtotalLiabTangible book$142.86MShares399,936,000commonStockSharesOutstandingResult $0.36 | 0.92xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.56BebitdaCapex$333.84McapitalExpendituresInterest$92.04MinterestExpenseShort-term debt$1.23BshortLongTermDebtEBITDA − capex$1.22BPrincipal due is the current portion of debt.Result 0.92x | $540.69MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$874.53MtotalCashFromOperatingActivitiesCapex$333.84McapitalExpendituresFree cash flow$540.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $540.69M | 11.1%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$927.81MoperatingIncomeTax expense$98.06MincomeTaxExpensePretax income$727.21MincomeBeforeTaxTax rate13.5%Equity$3.36BtotalStockholderEquityDebt$5.21BshortLongTermDebtTotalCash$1.37BcashAndEquivalentsInvested capital$7.20BResult 11.1% | 0.42xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$927.81MoperatingIncomeNet PP&E$2.23BpropertyPlantAndEquipmentNetResult 0.42x |
| 2021 | 25.5%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.45BpropertyPlantEquipmentInventory$1.06BinventoryTotal assets$13.75BtotalAssetsResult 25.5% | 3.77xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$9.24BtotalRevenueNet PP&E$2.45BpropertyPlantEquipmentResult 3.77x | 1.06xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$274.20McapitalExpendituresD&A$257.81MdepreciationAndAmortizationResult 1.06x | -$6.79Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.75BtotalAssetsGoodwill$2.43BgoodWillIntangibles$3.29BintangibleAssetsLiabilities$10.70BtotalLiabTangible book-$2.66BShares392,121,000commonStockSharesOutstandingResult -$6.79 | 5.25xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.05BebitdaCapex$274.20McapitalExpendituresInterest$135.66MinterestExpenseShort-term debt$12.08MshortLongTermDebtEBITDA − capex$775.56MPrincipal due is the current portion of debt.Result 5.25x | $1.04BFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$1.31BtotalCashFromOperatingActivitiesCapex$274.20McapitalExpendituresFree cash flow$1.04BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.04B | 5.2%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$607.63MoperatingIncomeTax expense$101.57MincomeTaxExpensePretax income$456.47MincomeBeforeTaxTax rate22.3%Equity$3.06BtotalStockholderEquityDebt$7.36BshortLongTermDebtTotalCash$1.41BcashAndShortTermInvestmentsInvested capital$9.00BResult 5.2% | 0.25xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$607.63MoperatingIncomeNet PP&E$2.45BpropertyPlantEquipmentResult 0.25x |
| 2022 | 27.8%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.29BpropertyPlantEquipmentInventory$1.42BinventoryTotal assets$13.34BtotalAssetsResult 27.8% | 5.17xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$11.84BtotalRevenueNet PP&E$2.29BpropertyPlantEquipmentResult 5.17x | 1.26xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$328.32McapitalExpendituresD&A$259.92MdepreciationAndAmortizationResult 1.26x | -$5.56Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.34BtotalAssetsGoodwill$2.39BgoodWillIntangibles$3.32BintangibleAssetsLiabilities$9.81BtotalLiabTangible book-$2.18BShares392,411,000commonStockSharesOutstandingResult -$5.56 | 1.66xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.95BebitdaCapex$328.32McapitalExpendituresInterest$136.47MinterestExpenseShort-term debt$836.51MshortLongTermDebtEBITDA − capex$1.62BPrincipal due is the current portion of debt.Result 1.66x | $535.97MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$864.29MtotalCashFromOperatingActivitiesCapex$328.32McapitalExpendituresFree cash flow$535.97MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $535.97M | 14.4%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.63BoperatingIncomeTax expense$306.98MincomeTaxExpensePretax income$1.52BincomeBeforeTaxTax rate20.2%Equity$3.53BtotalStockholderEquityDebt$6.80BshortLongTermDebtTotalCash$1.28BcashAndEquivalentsInvested capital$9.05BResult 14.4% | 0.71xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$1.63BoperatingIncomeNet PP&E$2.29BpropertyPlantEquipmentResult 0.71x |
| 2023 | 32.9%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.31BpropertyPlantEquipmentInventory$2.29BinventoryTotal assets$13.99BtotalAssetsResult 32.9% | 4.79xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$11.09BtotalRevenueNet PP&E$2.31BpropertyPlantEquipmentResult 4.79x | 1.04xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$261.25McapitalExpendituresD&A$251.93MdepreciationAndAmortizationResult 1.04x | -$5.31Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.99BtotalAssetsGoodwill$1.98BgoodWillIntangibles$2.99BintangibleAssetsLiabilities$11.08BtotalLiabTangible book-$2.06BShares388,062,000commonStockSharesOutstandingResult -$5.31 | 0.81xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.14BebitdaCapex$261.25McapitalExpendituresInterest$152.52MinterestExpenseShort-term debt$935.80MshortLongTermDebtEBITDA − capex$880.99MPrincipal due is the current portion of debt.Result 0.81x | -$917.05MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow-$655.80MtotalCashFromOperatingActivitiesCapex$261.25McapitalExpendituresFree cash flow-$917.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$917.05M | 9.7%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$998.74MoperatingIncomeTax expense-$17.94MincomeTaxExpensePretax income$737.79MincomeBeforeTaxTax rate0.0%Equity$2.91BtotalStockholderEquityDebt$8.15BshortLongTermDebtTotalCash$814.89McashAndEquivalentsInvested capital$10.25BResult 9.7% | 0.43xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$998.74MoperatingIncomeNet PP&E$2.31BpropertyPlantEquipmentResult 0.43x |
| 2024 | 38.3%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.15BpropertyPlantEquipmentInventory$2.29BinventoryTotal assets$11.61BtotalAssetsResult 38.3% | 4.60xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$9.92BtotalRevenueNet PP&E$2.15BpropertyPlantEquipmentResult 4.60x | 0.69xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$210.99McapitalExpendituresD&A$307.53MdepreciationAndAmortizationResult 0.69x | -$2.77Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.61BtotalAssetsGoodwill$645.36MgoodWillIntangibles$2.09BintangibleAssetsLiabilities$9.95BtotalLiabTangible book-$1.08BShares388,360,000commonStockSharesOutstandingResult -$2.77 | 0.39xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$782.22MebitdaCapex$210.99McapitalExpendituresInterest$185.93MinterestExpenseShort-term debt$1.26BshortLongTermDebtEBITDA − capex$571.23MPrincipal due is the current portion of debt.Result 0.39x | $803.60MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$1.01BtotalCashFromOperatingActivitiesCapex$210.99McapitalExpendituresFree cash flow$803.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $803.60M | —ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$143.94MoperatingIncomeTax expense$733.56MincomeTaxExpensePretax income-$284.92MincomeBeforeTaxTax rate—Equity$1.66BtotalStockholderEquityDebt$7.43BshortLongTermDebtTotalCash$814.89McashAndShortTermInvestmentsInvested capital$8.28BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.07xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income-$143.94MoperatingIncomeNet PP&E$2.15BpropertyPlantEquipmentResult -0.07x |
| 2025 | 38.5%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$1.98BpropertyPlantEquipmentInventory$1.63BinventoryTotal assets$9.38BtotalAssetsResult 38.5% | 4.79xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$9.50BtotalRevenueNet PP&E$1.98BpropertyPlantEquipmentResult 4.79x | 0.49xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$126.02McapitalExpendituresD&A$258.28MdepreciationAndAmortizationResult 0.49x | -$2.75Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.38BtotalAssetsGoodwill$603.39MgoodWillIntangibles$1.96BintangibleAssetsLiabilities$7.89BtotalLiabTangible book-$1.08BShares392,571,000commonStockSharesOutstandingResult -$2.75 | 0.83xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$729.01MebitdaCapex$126.02McapitalExpendituresInterest$174.14MinterestExpenseShort-term debt$552.50MshortLongTermDebtEBITDA − capex$602.99MPrincipal due is the current portion of debt.Result 0.83x | $339.21MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$465.24MtotalCashFromOperatingActivitiesCapex$126.02McapitalExpendituresFree cash flow$339.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $339.21M | 2.8%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$303.77MoperatingIncomeTax expense$75.84MincomeTaxExpensePretax income$145.16MincomeBeforeTaxTax rate40.0%Equity$1.49BtotalStockholderEquityDebt$5.37BshortLongTermDebtTotalCash$429.38McashAndEquivalentsInvested capital$6.42BThe effective tax rate was above 40% and was capped at 40%.Result 2.8% | 0.15xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$303.77MoperatingIncomeNet PP&E$1.98BpropertyPlantEquipmentResult 0.15x |
| 2026 | 36.2%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.00BpropertyPlantAndEquipmentNetInventory$1.37BinventoryTotal assets$9.29BtotalAssetsResult 36.2% | 4.81xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$9.61BtotalRevenueNet PP&E$2.00BpropertyPlantAndEquipmentNetResult 4.81x | 0.59xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$165.81McapitalExpendituresD&A$280.53MdepreciationAndAmortizationResult 0.59x | -$0.52Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.29BtotalAssetsGoodwill$587.71MgoodWillIntangibles$1.47BintangibleAssetsLiabilities$7.44BtotalLiabTangible book-$205.37MShares395,875,000commonStockSharesOutstandingResult -$0.52 | 3.52xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$788.52MebitdaCapex$165.81McapitalExpendituresInterest$166.77MinterestExpenseShort-term debt$10.14MshortLongTermDebtEBITDA − capex$622.71MPrincipal due is the current portion of debt.Result 3.52x | $505.47MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$671.27MtotalCashFromOperatingActivitiesCapex$165.81McapitalExpendituresFree cash flow$505.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $505.47M | 7.6%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$607.29MoperatingIncomeTax expense$86.30MincomeTaxExpensePretax income$341.22MincomeBeforeTaxTax rate25.3%Equity$1.85BtotalStockholderEquityDebt$4.98BshortLongTermDebtTotalCash$836.15McashAndShortTermInvestmentsInvested capital$6.00BResult 7.6% | 0.30xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$607.29MoperatingIncomeNet PP&E$2.00BpropertyPlantAndEquipmentNetResult 0.30x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $2.00B
Inventory: $1.37B
Total assets: $9.29B
Goodwill: $587.71M
Intangibles: $1.47B
Liabilities: $7.44B
Tangible book: -$205.37M
Shares: 395,875,000
Revenue: $9.61B
Capex: $165.81M
D&A: $280.53M
EBITDA: $788.52M
Interest: $166.77M
Short-term debt: $10.14M
Free cash flow: $505.47M
Operating income: $607.29M
Invested capital: $6.00B
Tax rate: 25.3%