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.
Western Union Co
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 0.91x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 13.93x. Compare it with other names in the same basket.
Physical asset ratio
3.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$290.20MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$8.31BtotalAssetsInventory was not reported and is treated as zero.Result 3.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
13.93xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.04BtotalRevenueNet PP&E$290.20MpropertyPlantEquipmentResult 13.93x
Revenue per dollar of the physical asset base.
Capex / D&A
0.91xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$150.80McapitalExpendituresD&A$165.40MdepreciationAndAmortizationResult 0.91x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$4.57Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.31BtotalAssetsGoodwill$2.10BgoodWillIntangibles$356.30MintangibleAssetsLiabilities$7.35BtotalLiabTangible book-$1.50BShares327,600,000commonStockSharesOutstandingResult -$4.57
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$6.16Latest quoteTangible book / share-$4.572025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $6.16.
Fixed-charge coverage
1.36xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$934.30MebitdaCapex$150.80McapitalExpendituresInterest$143.20MinterestExpenseShort-term debt$434.90MshortTermDebtEBITDA − capex$783.50MPrincipal due is short-term debt.Result 1.36x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
20.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$392.90MfreeCashFlowMarket cap$1.94BMarketCapitalizationResult 20.3%
Latest free cash flow divided by current market cap ($1.94B).
ROIC
63.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$784.20MoperatingIncomeTax expense$126.10MincomeTaxExpensePretax income$625.70MincomeBeforeTaxTax rate20.2%Equity$957.80MtotalStockholderEquityDebt$3.10BshortLongTermDebtTotalCash$3.08BcashAndShortTermInvestmentsInvested capital$979.80MResult 63.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.70x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -13.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$270.40MpropertyPlantEquipmentInventory-$1.51BinventoryTotal assets$9.00BtotalAssetsResult -13.8% | 20.67xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$5.59BtotalRevenueNet PP&E$270.40MpropertyPlantEquipmentResult 20.67x | 1.28xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$339.00McapitalExpendituresD&A$264.70MdepreciationAndAmortizationResult 1.28x | -$8.00Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.00BtotalAssetsGoodwill$2.73BgoodWillIntangibles$598.20MintangibleAssetsLiabilities$9.31BtotalLiabTangible book-$3.63BShares454,400,000commonStockSharesOutstandingResult -$8.00 | 3.88xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.41BebitdaCapex$339.00McapitalExpendituresInterest$149.60MinterestExpenseShort-term debt$125.00MshortLongTermDebtEBITDA − capex$1.07BPrincipal due is the current portion of debt.Result 3.88x | $482.30MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$821.30MtotalCashFromOperatingActivitiesCapex$339.00McapitalExpendituresFree cash flow$482.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $482.30M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.12BoperatingIncomeTax expense$139.50MincomeTaxExpensePretax income$991.40MincomeBeforeTaxTax rate14.1%Equity-$309.80MtotalStockholderEquityDebt$3.43BshortLongTermDebtTotalCash$3.43BcashAndShortTermInvestmentsInvested capital—Result — | 4.15xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.12BoperatingIncomeNet PP&E$270.40MpropertyPlantEquipmentResult 4.15x |
| 2019 | 7.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$386.60MpropertyPlantAndEquipmentNetInventory$226.70MinventoryTotal assets$8.76BtotalAssetsResult 7.0% | 13.69xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$5.29BtotalRevenueNet PP&E$386.60MpropertyPlantAndEquipmentNetResult 13.69x | 0.50xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$127.70McapitalExpendituresD&A$257.70MdepreciationAndAmortizationResult 0.50x | -$7.20Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.76BtotalAssetsGoodwill$2.57BgoodWillIntangibles$494.90MintangibleAssetsLiabilities$8.80BtotalLiabTangible book-$3.10BShares430,900,000commonStockSharesOutstandingResult -$7.20 | 4.04xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.73BebitdaCapex$127.70McapitalExpendituresInterest$152.00MinterestExpenseShort-term debt$245.00MshortLongTermDebtEBITDA − capex$1.60BPrincipal due is the current portion of debt.Result 4.04x | $786.90MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$914.60MtotalCashFromOperatingActivitiesCapex$127.70McapitalExpendituresFree cash flow$786.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $786.90M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$934.00MoperatingIncomeTax expense$263.10MincomeTaxExpensePretax income$1.32BincomeBeforeTaxTax rate19.9%Equity-$39.50MtotalStockholderEquityDebt$3.47BshortLongTermDebtTotalCash$3.52BcashAndShortTermInvestmentsInvested capital—Result — | 2.42xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$934.00MoperatingIncomeNet PP&E$386.60MpropertyPlantAndEquipmentNetResult 2.42x |
| 2020 | 4.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$150.40MpropertyPlantEquipmentInventory$312.30MinventoryTotal assets$9.50BtotalAssetsResult 4.9% | 32.15xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.84BtotalRevenueNet PP&E$150.40MpropertyPlantEquipmentResult 32.15x | 0.70xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$156.80McapitalExpendituresD&A$225.60MdepreciationAndAmortizationResult 0.70x | -$6.95Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.50BtotalAssetsGoodwill$2.57BgoodWillIntangibles$505.00MintangibleAssetsLiabilities$9.31BtotalLiabTangible book-$2.89BShares415,200,000commonStockSharesOutstandingResult -$6.95 | 5.25xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.20BebitdaCapex$156.80McapitalExpendituresInterest$118.50MinterestExpenseShort-term debt$80.00MshortTermDebtEBITDA − capex$1.04BPrincipal due is short-term debt.Result 5.25x | $720.70MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$877.50MtotalCashFromOperatingActivitiesCapex$156.80McapitalExpendituresFree cash flow$720.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $720.70M | 44.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$967.30MoperatingIncomeTax expense$110.80MincomeTaxExpensePretax income$855.10MincomeBeforeTaxTax rate13.0%Equity$186.60MtotalStockholderEquityDebt$3.15BshortLongTermDebtTotalCash$1.43BcashAndEquivalentsInvested capital$1.91BResult 44.2% | 6.43xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$967.30MoperatingIncomeNet PP&E$150.40MpropertyPlantEquipmentResult 6.43x |
| 2021 | 1.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$129.40MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$8.82BtotalAssetsInventory was not reported and is treated as zero.Result 1.5% | 39.19xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$5.07BtotalRevenueNet PP&E$129.40MpropertyPlantEquipmentResult 39.19x | 1.03xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$214.60McapitalExpendituresD&A$208.20MdepreciationAndAmortizationResult 1.03x | -$5.13Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.82BtotalAssetsGoodwill$2.03BgoodWillIntangibles$417.10MintangibleAssetsLiabilities$8.47BtotalLiabTangible book-$2.10BShares408,900,000commonStockSharesOutstandingResult -$5.13 | 2.72xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.25BebitdaCapex$214.60McapitalExpendituresInterest$105.50MinterestExpenseShort-term debt$275.00MshortTermDebtEBITDA − capex$1.03BPrincipal due is short-term debt.Result 2.72x | $830.70MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.05BtotalCashFromOperatingActivitiesCapex$214.60McapitalExpendituresFree cash flow$830.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $830.70M | 39.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.12BoperatingIncomeTax expense$129.60MincomeTaxExpensePretax income$935.40MincomeBeforeTaxTax rate13.9%Equity$355.60MtotalStockholderEquityDebt$3.28BshortLongTermDebtTotalCash$1.21BcashAndEquivalentsInvested capital$2.43BResult 39.8% | 8.68xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.12BoperatingIncomeNet PP&E$129.40MpropertyPlantEquipmentResult 8.68x |
| 2022 | 1.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$110.30MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$8.50BtotalAssetsInventory was not reported and is treated as zero.Result 1.3% | 40.58xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$4.48BtotalRevenueNet PP&E$110.30MpropertyPlantAndEquipmentNetResult 40.58x | 1.13xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$208.20McapitalExpendituresD&A$183.80MdepreciationAndAmortizationResult 1.13x | -$5.19Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.50BtotalAssetsGoodwill$2.03BgoodWillIntangibles$457.90MintangibleAssetsLiabilities$8.02BtotalLiabTangible book-$2.01BShares388,400,000commonStockSharesOutstandingResult -$5.19 | 3.86xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.29BebitdaCapex$208.20McapitalExpendituresInterest$101.00MinterestExpenseShort-term debt$180.00MshortLongTermDebtEBITDA − capex$1.09BPrincipal due is the current portion of debt.Result 3.86x | $373.40MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$581.60MtotalCashFromOperatingActivitiesCapex$208.20McapitalExpendituresFree cash flow$373.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $373.40M | 40.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$884.90MoperatingIncomeTax expense$98.00MincomeTaxExpensePretax income$1.01BincomeBeforeTaxTax rate9.7%Equity$477.80MtotalStockholderEquityDebt$2.78BshortLongTermDebtTotalCash$1.29BcashAndEquivalentsInvested capital$1.97BResult 40.6% | 8.02xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$884.90MoperatingIncomeNet PP&E$110.30MpropertyPlantAndEquipmentNetResult 8.02x |
| 2023 | 45.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$218.00MpropertyPlantEquipmentInventory$3.51BinventoryTotal assets$8.20BtotalAssetsUses the property line, which is larger than net PP&E ($91.40M, propertyPlantAndEquipmentNet).Result 45.5% | 19.99xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$4.36BtotalRevenueNet PP&E$218.00MpropertyPlantEquipmentResult 19.99x | 0.81xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$147.80McapitalExpendituresD&A$183.60MdepreciationAndAmortizationResult 0.81x | -$5.21Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.20BtotalAssetsGoodwill$2.03BgoodWillIntangibles$380.20MintangibleAssetsLiabilities$7.72BtotalLiabTangible book-$1.94BShares371,800,000commonStockSharesOutstandingResult -$5.21 | 1.42xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$817.50MebitdaCapex$147.80McapitalExpendituresInterest$105.30MinterestExpenseShort-term debt$364.90MshortTermDebtEBITDA − capex$669.70MPrincipal due is short-term debt.Result 1.42x | $635.30MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$783.10MtotalCashFromOperatingActivitiesCapex$147.80McapitalExpendituresFree cash flow$635.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $635.30M | 40.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$817.50MoperatingIncomeTax expense$119.80MincomeTaxExpensePretax income$745.80MincomeBeforeTaxTax rate16.1%Equity$479.00MtotalStockholderEquityDebt$2.50BshortLongTermDebtTotalCash$1.27BcashAndEquivalentsInvested capital$1.72BResult 40.0% | 3.75xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$817.50MoperatingIncomeNet PP&E$218.00MpropertyPlantEquipmentResult 3.75x |
| 2024 | 2.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$245.30MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$8.37BtotalAssetsInventory was not reported and is treated as zero.Result 2.9% | 17.16xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$4.21BtotalRevenueNet PP&E$245.30MpropertyPlantEquipmentResult 17.16x | 0.21xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$37.40McapitalExpendituresD&A$179.10MdepreciationAndAmortizationResult 0.21x | -$4.12Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.37BtotalAssetsGoodwill$2.06BgoodWillIntangibles$315.40MintangibleAssetsLiabilities$7.40BtotalLiabTangible book-$1.41BShares341,100,000commonStockSharesOutstandingResult -$4.12 | 4.76xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$917.50MebitdaCapex$37.40McapitalExpendituresInterest$119.80MinterestExpenseShort-term debt$65.20MshortTermDebtEBITDA − capex$880.10MPrincipal due is short-term debt.Result 4.76x | $368.90MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$406.30MtotalCashFromOperatingActivitiesCapex$37.40McapitalExpendituresFree cash flow$368.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $368.90M | 109.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$725.80MoperatingIncomeTax expense-$315.60MincomeTaxExpensePretax income$618.60MincomeBeforeTaxTax rate0.0%Equity$968.90MtotalStockholderEquityDebt$3.13BshortLongTermDebtTotalCash$3.44BcashAndShortTermInvestmentsInvested capital$663.00MResult 109.5% | 2.96xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$725.80MoperatingIncomeNet PP&E$245.30MpropertyPlantEquipmentResult 2.96x |
| 2025 | 3.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$290.20MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$8.31BtotalAssetsInventory was not reported and is treated as zero.Result 3.5% | 13.93xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.04BtotalRevenueNet PP&E$290.20MpropertyPlantEquipmentResult 13.93x | 0.91xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$150.80McapitalExpendituresD&A$165.40MdepreciationAndAmortizationResult 0.91x | -$4.57Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.31BtotalAssetsGoodwill$2.10BgoodWillIntangibles$356.30MintangibleAssetsLiabilities$7.35BtotalLiabTangible book-$1.50BShares327,600,000commonStockSharesOutstandingResult -$4.57 | 1.36xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$934.30MebitdaCapex$150.80McapitalExpendituresInterest$143.20MinterestExpenseShort-term debt$434.90MshortTermDebtEBITDA − capex$783.50MPrincipal due is short-term debt.Result 1.36x | $392.90MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$543.70MtotalCashFromOperatingActivitiesCapex$150.80McapitalExpendituresFree cash flow$392.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $392.90M | 63.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$784.20MoperatingIncomeTax expense$126.10MincomeTaxExpensePretax income$625.70MincomeBeforeTaxTax rate20.2%Equity$957.80MtotalStockholderEquityDebt$3.10BshortLongTermDebtTotalCash$3.08BcashAndShortTermInvestmentsInvested capital$979.80MResult 63.9% | 2.70xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$784.20MoperatingIncomeNet PP&E$290.20MpropertyPlantEquipmentResult 2.70x |
- 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 (2025)
Net PP&E: $290.20M
Inventory: $0.00
Total assets: $8.31B
Goodwill: $2.10B
Intangibles: $356.30M
Liabilities: $7.35B
Tangible book: -$1.50B
Shares: 327,600,000
Revenue: $4.04B
Capex: $150.80M
D&A: $165.40M
EBITDA: $934.30M
Interest: $143.20M
Short-term debt: $434.90M
Free cash flow: $392.90M
Operating income: $784.20M
Invested capital: $979.80M
Tax rate: 20.2%