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.
Xylem Inc
Physical assets are 14.4% of total assets, a light footprint. Capex is 0.58x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 8.2%, 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 5.83x.
Physical asset ratio
14.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.55BpropertyPlantAndEquipmentNetInventory$983.00MinventoryTotal assets$17.63BtotalAssetsResult 14.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.83xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$9.04BtotalRevenueNet PP&E$1.55BpropertyPlantAndEquipmentNetResult 5.83x
Revenue per dollar of the physical asset base.
Capex / D&A
0.58xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$331.00McapitalExpendituresD&A$575.00MdepreciationAndAmortizationResult 0.58x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.69Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$17.63BtotalAssetsGoodwill$8.33BgoodWillIntangibles$2.27BintangibleAssetsLiabilities$5.89BtotalLiabTangible book$1.15BShares244,000,000commonStockSharesOutstandingResult $4.69
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
19.69xPrice / tangible bookPrice / tangible book per sharePrice$92.40Latest quoteTangible book / share$4.692025-12-31Result 19.69x
Price $92.40.
Fixed-charge coverage
2.58xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.79BebitdaCapex$331.00McapitalExpendituresInterest$29.00MinterestExpenseShort-term debt$534.00MshortLongTermDebtEBITDA − capex$1.45BPrincipal due is the current portion of debt.Result 2.58x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$910.00MfreeCashFlowMarket cap$20.81BMarketCapitalizationResult 4.4%
Latest free cash flow divided by current market cap ($20.81B).
ROIC
8.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.22BoperatingIncomeTax expense$231.00MincomeTaxExpensePretax income$1.18BincomeBeforeTaxTax rate19.6%Equity$11.48BtotalStockholderEquityDebt$2.06BshortLongTermDebtTotalCash$1.48BcashAndEquivalentsInvested capital$12.06BResult 8.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.79x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 17.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$656.00MpropertyPlantEquipmentInventory$595.00MinventoryTotal assets$7.22BtotalAssetsResult 17.3% | 7.94xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$5.21BtotalRevenueNet PP&E$656.00MpropertyPlantEquipmentResult 7.94x | 0.91xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$237.00McapitalExpendituresD&A$261.00MdepreciationAndAmortizationResult 0.91x | -$7.87Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.22BtotalAssetsGoodwill$2.98BgoodWillIntangibles$1.23BintangibleAssetsLiabilities$4.44BtotalLiabTangible book-$1.43BShares181,100,000commonStockSharesOutstandingResult -$7.87 | 2.04xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$928.00MebitdaCapex$237.00McapitalExpendituresInterest$82.00MinterestExpenseShort-term debt$257.00MshortTermDebtEBITDA − capex$691.00MPrincipal due is short-term debt.Result 2.04x | $349.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$586.00MtotalCashFromOperatingActivitiesCapex$237.00McapitalExpendituresFree cash flow$349.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $349.00M | 12.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$654.00MoperatingIncomeTax expense$36.00MincomeTaxExpensePretax income$585.00MincomeBeforeTaxTax rate6.2%Equity$2.77BtotalStockholderEquityDebt$2.31BshortLongTermDebtTotalCash$296.00McashAndEquivalentsInvested capital$4.78BResult 12.8% | 1.00xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$654.00MoperatingIncomeNet PP&E$656.00MpropertyPlantEquipmentResult 1.00x |
| 2019 | 15.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$658.00MpropertyPlantEquipmentInventory$539.00MinventoryTotal assets$7.71BtotalAssetsResult 15.5% | 7.98xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$5.25BtotalRevenueNet PP&E$658.00MpropertyPlantEquipmentResult 7.98x | 0.88xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$226.00McapitalExpendituresD&A$257.00MdepreciationAndAmortizationResult 0.88x | -$5.77Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.71BtotalAssetsGoodwill$2.84BgoodWillIntangibles$1.17BintangibleAssetsLiabilities$4.74BtotalLiabTangible book-$1.05BShares181,196,000commonStockSharesOutstandingResult -$5.77 | 1.50xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$740.00MebitdaCapex$226.00McapitalExpendituresInterest$67.00MinterestExpenseShort-term debt$276.00MshortLongTermDebtEBITDA − capex$514.00MPrincipal due is the current portion of debt.Result 1.50x | $613.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$839.00MtotalCashFromOperatingActivitiesCapex$226.00McapitalExpendituresFree cash flow$613.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $613.00M | 10.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$486.00MoperatingIncomeTax expense$15.00MincomeTaxExpensePretax income$416.00MincomeBeforeTaxTax rate3.6%Equity$2.96BtotalStockholderEquityDebt$2.38BshortLongTermDebtTotalCash$724.00McashAndEquivalentsInvested capital$4.61BResult 10.2% | 0.74xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$486.00MoperatingIncomeNet PP&E$658.00MpropertyPlantEquipmentResult 0.74x |
| 2020 | 13.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$657.00MpropertyPlantEquipmentInventory$558.00MinventoryTotal assets$8.75BtotalAssetsResult 13.9% | 7.42xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.88BtotalRevenueNet PP&E$657.00MpropertyPlantEquipmentResult 7.42x | 0.73xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$183.00McapitalExpendituresD&A$251.00MdepreciationAndAmortizationResult 0.73x | -$5.36Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.75BtotalAssetsGoodwill$2.85BgoodWillIntangibles$1.09BintangibleAssetsLiabilities$5.77BtotalLiabTangible book-$971.00MShares181,099,000commonStockSharesOutstandingResult -$5.36 | 0.64xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$613.00MebitdaCapex$183.00McapitalExpendituresInterest$77.00MinterestExpenseShort-term debt$600.00MshortLongTermDebtEBITDA − capex$430.00MPrincipal due is the current portion of debt.Result 0.64x | $641.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$824.00MtotalCashFromOperatingActivitiesCapex$183.00McapitalExpendituresFree cash flow$641.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $641.00M | 7.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$367.00MoperatingIncomeTax expense$31.00MincomeTaxExpensePretax income$285.00MincomeBeforeTaxTax rate10.9%Equity$2.97BtotalStockholderEquityDebt$3.15BshortLongTermDebtTotalCash$1.88BcashAndEquivalentsInvested capital$4.24BResult 7.7% | 0.56xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$367.00MoperatingIncomeNet PP&E$657.00MpropertyPlantEquipmentResult 0.56x |
| 2021 | 16.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$644.00MpropertyPlantEquipmentInventory$700.00MinventoryTotal assets$8.28BtotalAssetsResult 16.2% | 8.07xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$5.20BtotalRevenueNet PP&E$644.00MpropertyPlantEquipmentResult 8.07x | 0.85xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$208.00McapitalExpendituresD&A$245.00MdepreciationAndAmortizationResult 0.85x | -$3.21Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.28BtotalAssetsGoodwill$2.79BgoodWillIntangibles$1.02BintangibleAssetsLiabilities$5.05BtotalLiabTangible book-$582.00MShares181,526,000commonStockSharesOutstandingResult -$3.21 | 4.30xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$832.00MebitdaCapex$208.00McapitalExpendituresInterest$76.00MinterestExpenseShort-term debt$69.00MshortTermDebtEBITDA − capex$624.00MPrincipal due is short-term debt.Result 4.30x | $330.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$538.00MtotalCashFromOperatingActivitiesCapex$208.00McapitalExpendituresFree cash flow$330.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $330.00M | 11.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$585.00MoperatingIncomeTax expense$84.00MincomeTaxExpensePretax income$511.00MincomeBeforeTaxTax rate16.4%Equity$3.23BtotalStockholderEquityDebt$2.51BshortLongTermDebtTotalCash$1.35BcashAndEquivalentsInvested capital$4.39BResult 11.1% | 0.91xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$585.00MoperatingIncomeNet PP&E$644.00MpropertyPlantEquipmentResult 0.91x |
| 2022 | 18.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$630.00MpropertyPlantEquipmentInventory$799.00MinventoryTotal assets$7.95BtotalAssetsResult 18.0% | 8.77xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$5.52BtotalRevenueNet PP&E$630.00MpropertyPlantEquipmentResult 8.77x | 0.88xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$208.00McapitalExpendituresD&A$236.00MdepreciationAndAmortizationResult 0.88x | -$0.81Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.95BtotalAssetsGoodwill$2.72BgoodWillIntangibles$930.00MintangibleAssetsLiabilities$4.45BtotalLiabTangible book-$146.00MShares180,979,000commonStockSharesOutstandingResult -$0.81 | 4.35xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$726.00MebitdaCapex$208.00McapitalExpendituresInterest$50.00MinterestExpenseShort-term debt$69.00MshortTermDebtEBITDA − capex$518.00MPrincipal due is short-term debt.Result 4.35x | $388.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$596.00MtotalCashFromOperatingActivitiesCapex$208.00McapitalExpendituresFree cash flow$388.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $388.00M | 11.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$622.00MoperatingIncomeTax expense$85.00MincomeTaxExpensePretax income$440.00MincomeBeforeTaxTax rate19.3%Equity$3.49BtotalStockholderEquityDebt$1.95BshortLongTermDebtTotalCash$944.00McashAndEquivalentsInvested capital$4.50BResult 11.2% | 0.99xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$622.00MoperatingIncomeNet PP&E$630.00MpropertyPlantEquipmentResult 0.99x |
| 2023 | 16.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.60BpropertyPlantEquipmentInventory$1.02BinventoryTotal assets$16.11BtotalAssetsUses the property line, which is larger than net PP&E ($1.17B, propertyPlantAndEquipmentNet).Result 16.3% | 4.60xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$7.36BtotalRevenueNet PP&E$1.60BpropertyPlantEquipmentResult 4.60x | 0.62xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$271.00McapitalExpendituresD&A$436.00MdepreciationAndAmortizationResult 0.62x | $0.28Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.11BtotalAssetsGoodwill$7.59BgoodWillIntangibles$2.53BintangibleAssetsLiabilities$5.94BtotalLiabTangible book$60.00MShares218,180,000commonStockSharesOutstandingResult $0.28 | 13.06xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.12BebitdaCapex$271.00McapitalExpendituresInterest$49.00MinterestExpenseShort-term debt$16.00MshortLongTermDebtEBITDA − capex$849.00MPrincipal due is the current portion of debt.Result 13.06x | $566.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$837.00MtotalCashFromOperatingActivitiesCapex$271.00McapitalExpendituresFree cash flow$566.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $566.00M | 5.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$652.00MoperatingIncomeTax expense$26.00MincomeTaxExpensePretax income$635.00MincomeBeforeTaxTax rate4.1%Equity$10.17BtotalStockholderEquityDebt$2.39BshortLongTermDebtTotalCash$1.02BcashAndEquivalentsInvested capital$11.54BResult 5.4% | 0.41xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$652.00MoperatingIncomeNet PP&E$1.60BpropertyPlantEquipmentResult 0.41x |
| 2024 | 15.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.56BpropertyPlantEquipmentInventory$996.00MinventoryTotal assets$16.49BtotalAssetsUses the property line, which is larger than net PP&E ($1.15B, propertyPlantAndEquipmentNet).Result 15.5% | 5.50xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$8.56BtotalRevenueNet PP&E$1.56BpropertyPlantEquipmentResult 5.50x | 0.57xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$321.00McapitalExpendituresD&A$562.00MdepreciationAndAmortizationResult 0.57x | $2.13Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.49BtotalAssetsGoodwill$7.98BgoodWillIntangibles$2.38BintangibleAssetsLiabilities$5.62BtotalLiabTangible book$519.00MShares243,500,000commonStockSharesOutstandingResult $2.13 | 16.73xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.69BebitdaCapex$321.00McapitalExpendituresInterest$44.00MinterestExpenseShort-term debt$38.00MshortLongTermDebtEBITDA − capex$1.37BPrincipal due is the current portion of debt.Result 16.73x | $942.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$1.26BtotalCashFromOperatingActivitiesCapex$321.00McapitalExpendituresFree cash flow$942.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $942.00M | 7.1%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.01BoperatingIncomeTax expense$197.00MincomeTaxExpensePretax income$1.09BincomeBeforeTaxTax rate18.1%Equity$10.64BtotalStockholderEquityDebt$2.13BshortLongTermDebtTotalCash$1.12BcashAndEquivalentsInvested capital$11.65BResult 7.1% | 0.65xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.01BoperatingIncomeNet PP&E$1.56BpropertyPlantEquipmentResult 0.65x |
| 2025 | 14.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.55BpropertyPlantAndEquipmentNetInventory$983.00MinventoryTotal assets$17.63BtotalAssetsResult 14.4% | 5.83xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$9.04BtotalRevenueNet PP&E$1.55BpropertyPlantAndEquipmentNetResult 5.83x | 0.58xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$331.00McapitalExpendituresD&A$575.00MdepreciationAndAmortizationResult 0.58x | $4.69Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$17.63BtotalAssetsGoodwill$8.33BgoodWillIntangibles$2.27BintangibleAssetsLiabilities$5.89BtotalLiabTangible book$1.15BShares244,000,000commonStockSharesOutstandingResult $4.69 | 2.58xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.79BebitdaCapex$331.00McapitalExpendituresInterest$29.00MinterestExpenseShort-term debt$534.00MshortLongTermDebtEBITDA − capex$1.45BPrincipal due is the current portion of debt.Result 2.58x | $910.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.24BtotalCashFromOperatingActivitiesCapex$331.00McapitalExpendituresFree cash flow$910.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $910.00M | 8.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.22BoperatingIncomeTax expense$231.00MincomeTaxExpensePretax income$1.18BincomeBeforeTaxTax rate19.6%Equity$11.48BtotalStockholderEquityDebt$2.06BshortLongTermDebtTotalCash$1.48BcashAndEquivalentsInvested capital$12.06BResult 8.2% | 0.79xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.22BoperatingIncomeNet PP&E$1.55BpropertyPlantAndEquipmentNetResult 0.79x |
- 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: $1.55B
Inventory: $983.00M
Total assets: $17.63B
Goodwill: $8.33B
Intangibles: $2.27B
Liabilities: $5.89B
Tangible book: $1.15B
Shares: 244,000,000
Revenue: $9.04B
Capex: $331.00M
D&A: $575.00M
EBITDA: $1.79B
Interest: $29.00M
Short-term debt: $534.00M
Free cash flow: $910.00M
Operating income: $1.22B
Invested capital: $12.06B
Tax rate: 19.6%