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.
Hisense Kelon Electrical Holdings Co Ltd
Physical assets are 21.6% of total assets, a light footprint. Capex is 1.59x 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 22.0%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 10.63x. Compare it with other names in the same basket.
Physical asset ratio
21.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
10.63x
Revenue per dollar of the physical asset base.
Capex / D&A
1.59x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 14.50
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.67x
Price CNY 24.24.
Fixed-charge coverage
1.39x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
10.9%
Latest free cash flow divided by current market cap (CNY 33.90B).
ROIC
22.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.53x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 29.0% | 10.61x | 0.49x | CNY 5.26 | 27.40x | CNY 719.35M | 42.8% | 0.44x |
| 2019 | 22.4% | 9.12x | 0.47x | CNY 7.65 | 14.34x | CNY 1.64B | 307.3% | 0.50x |
| 2020 | 20.3% | 11.59x | 0.62x | CNY 9.19 | 36.39x | CNY 5.35B | 3,756.2% | 0.77x |
| 2021 | 25.9% | 11.14x | 1.02x | CNY 10.07 | 1.01x | CNY 3.21B | 227.7% | 0.46x |
| 2022 | 22.7% | 12.30x | 0.71x | CNY 10.71 | 2.73x | CNY 3.15B | 521.7% | 0.56x |
| 2023 | 19.8% | 13.64x | 0.86x | CNY 13.07 | 2.25x | CNY 9.63B | — | 0.84x |
| 2024 | 20.2% | 14.30x | 1.32x | CNY 13.04 | 2.01x | CNY 3.74B | — | 0.88x |
| 2025 | 21.6% | 10.63x | 1.59x | CNY 14.50 | 1.39x | CNY 3.68B | 22.0% | 0.53x |
- 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: CNY 8.27B
Inventory: CNY 6.86B
Total assets: CNY 69.98B
Goodwill: CNY 132.57M
Intangibles: CNY 1.31B
Liabilities: CNY 48.46B
Tangible book: CNY 20.08B
Shares: 1,384,861,171
Revenue: CNY 87.93B
Capex: CNY 2.11B
D&A: CNY 1.33B
EBITDA: CNY 6.97B
Interest: CNY 193.09M
Short-term debt: CNY 3.30B
Free cash flow: CNY 3.68B
Operating income: CNY 4.40B
Invested capital: CNY 17.34B
Tax rate: 13.1%