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.
Midea Group Co Ltd
Physical assets are 19.0% of total assets, a light footprint. Capex is 1.19x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 19.6%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 8.95x. Compare it with other names in the same basket.
Physical asset ratio
19.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.95x
Revenue per dollar of the physical asset base.
Capex / D&A
1.19x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 23.77
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.56x
Price CNY 84.60.
Fixed-charge coverage
1.16x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.5%
Latest free cash flow divided by current market cap (CNY 646.35B).
ROIC
19.6%
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 | 21.4% | 10.61x | 1.16x | CNY 7.11 | 15.07x | CNY 22.25B | 21.6% | 0.91x |
| 2019 | 19.1% | 12.15x | 0.67x | CNY 9.42 | 4.77x | CNY 35.14B | 28.0% | 1.11x |
| 2020 | 16.0% | 11.98x | 0.93x | CNY 11.37 | 2.90x | CNY 24.90B | 58.2% | 1.00x |
| 2021 | 20.1% | 12.28x | 1.10x | CNY 13.00 | 4.77x | CNY 28.27B | 74.4% | 0.91x |
| 2022 | 19.6% | 10.67x | 1.13x | CNY 15.61 | 4.98x | CNY 27.31B | 37.4% | 0.92x |
| 2023 | 18.4% | 9.62x | 0.86x | CNY 18.25 | 3.74x | CNY 51.59B | 40.1% | 0.91x |
| 2024 | 18.0% | 9.77x | 1.00x | CNY 25.46 | 1.44x | CNY 52.67B | 83.8% | 0.93x |
| 2025 | 19.0% | 8.95x | 1.19x | CNY 23.77 | 1.16x | CNY 42.20B | 19.6% | 0.90x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CNY 51.21B
Inventory: CNY 64.63B
Total assets: CNY 608.79B
Goodwill: CNY 34.26B
Intangibles: CNY 21.62B
Liabilities: CNY 372.37B
Tangible book: CNY 180.55B
Shares: 7,597,145,346
Revenue: CNY 458.50B
Capex: CNY 11.14B
D&A: CNY 9.34B
EBITDA: CNY 64.64B
Interest: CNY 2.21B
Short-term debt: CNY 43.90B
Free cash flow: CNY 42.20B
Operating income: CNY 46.19B
Invested capital: CNY 197.73B
Tax rate: 16.1%