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.
Double Medical Technology Inc
Physical assets are 49.3% of total assets, a mixed footprint. Capex is 0.98x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 23.7%, above an 8% cost-of-capital hurdle. That coverage ratio uses interest only, because short-term debt was not on the balance sheet.
Fixed-asset turnover is 2.18x. Compare it with other names in the same basket.
Physical asset ratio
49.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.18x
Revenue per dollar of the physical asset base.
Capex / D&A
0.98x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 8.47
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.70x
Price CNY 39.84.
Fixed-charge coverage
119.71x
EBITDA minus capex, divided by interest only.
FCF yield
4.2%
Latest free cash flow divided by current market cap (CNY 16.53B).
ROIC
23.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.60x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 32.5% | 2.79x | 3.61x | CNY 3.53 | 2,872.75x | CNY 231.50M | — | 1.59x |
| 2019 | 40.2% | 2.84x | 8.02x | CNY 4.27 | 2,284.16x | CNY 114.59M | — | 1.29x |
| 2020 | 40.2% | 3.04x | 2.72x | CNY 4.99 | 3,827.43x | CNY 418.64M | 59.5% | 1.37x |
| 2021 | 40.5% | 2.85x | 3.64x | CNY 5.88 | 731.90x | CNY 438.15M | 52.6% | 1.18x |
| 2022 | 47.4% | 1.63x | 3.31x | CNY 6.99 | -31.03x | -CNY 156.63M | 6.4% | 0.17x |
| 2023 | 48.8% | 1.43x | 3.00x | CNY 7.02 | -0.57x | -CNY 231.82M | 4.5% | 0.10x |
| 2024 | 55.8% | 1.79x | 2.41x | CNY 7.20 | 2.03x | CNY 171.84M | 17.9% | 0.36x |
| 2025 | 49.3% | 2.18x | 0.98x | CNY 8.47 | 119.71x | CNY 697.83M | 23.7% | 0.60x |
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2025)
Net PP&E: CNY 1.19B
Inventory: CNY 1.23B
Total assets: CNY 4.92B
Goodwill: CNY 61.86M
Intangibles: CNY 116.93M
Liabilities: CNY 1.24B
Tangible book: CNY 3.51B
Shares: 414,019,506
Revenue: CNY 2.60B
Capex: CNY 133.51M
D&A: CNY 136.64M
EBITDA: CNY 872.86M
Interest: CNY 6.18M
Short-term debt: —
Free cash flow: CNY 697.83M
Operating income: CNY 719.07M
Invested capital: CNY 2.64B
Tax rate: 12.8%