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.
NH Investment & Securities Co Ltd
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 0.34x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets.
Fixed-asset turnover is 15.41x. Compare it with other names in the same basket.
Physical asset ratio
0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 176.53BpropertyPlantAndEquipmentNetInventoryKRW 0.00Not reported, treated as 0Total assetsKRW 83,385.40BtotalAssetsInventory was not reported and is treated as zero.Result 0.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
15.41xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueKRW 2,719.85BtotalRevenueNet PP&EKRW 176.53BpropertyPlantAndEquipmentNetResult 15.41x
Revenue per dollar of the physical asset base.
Capex / D&A
0.34xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexKRW 27.80BcapitalExpendituresD&AKRW 80.91BreconciledDepreciationResult 0.34x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
KRW 24.99KTangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 83,385.40BtotalAssetsGoodwillKRW 0.00goodWillIntangiblesKRW 62.11BintangibleAssetsLiabilitiesKRW 73,947.29BtotalLiabTangible bookKRW 9,375.99BShares375,215,337commonStockSharesOutstandingResult KRW 24.99K
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.91xPrice / tangible bookPrice / tangible book per sharePriceKRW 22.85KLatest quoteTangible book / shareKRW 24.99K2025-12-31Result 0.91x
Price KRW 22.85K.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexKRW 27.80BcapitalExpendituresInterestKRW 1,015.43BinterestExpenseShort-term debt—Not reportedResult —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-61.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-KRW 5,449.42BfreeCashFlowMarket capKRW 8,851.94BMarketCapitalizationResult -61.6%
Latest free cash flow divided by current market cap (KRW 8,851.94B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseKRW 316.24BtaxProvisionPretax incomeKRW 1,347.74BincomeBeforeTaxTax rate23.5%EquityKRW 9,433.34BtotalStockholderEquityDebt—Not reportedCashKRW 16,318.31BcashInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 296.79BpropertyPlantEquipmentInventoryKRW 0.00Not reported, treated as 0Total assetsKRW 53,422.57BtotalAssetsInventory was not reported and is treated as zero.Result 0.6% | 4.21xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueKRW 1,249.11BtotalRevenueNet PP&EKRW 296.79BpropertyPlantEquipmentResult 4.21x | 0.66xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexKRW 16.53BcapitalExpendituresD&AKRW 24.86BreconciledDepreciationResult 0.66x | KRW 17.96KTangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 53,422.57BtotalAssetsGoodwillKRW 0.00Not reported, treated as 0IntangiblesKRW 17.37BintangibleAssetsLiabilitiesKRW 48,368.77BtotalLiabTangible bookKRW 5,036.44BShares280,462,003commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result KRW 17.96K | 7.26xFixed-charge coverage · 2018-12-31(EBITDA − capex) / interestEBITDAKRW 2,508.23BOperating income + D&ACapexKRW 16.53BcapitalExpendituresInterestKRW 343.38BinterestExpenseEBITDA − capexKRW 2,491.70BEBITDA is operating income plus D&A because the income statement did not report EBITDA.Short-term debt was not reported, so the denominator is interest only.Result 7.26x | -KRW 1,612.30BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-KRW 1,595.48BtotalCashFromOperatingActivitiesCapexKRW 16.53BcapitalExpendituresFree cash flow-KRW 1,612.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -KRW 1,612.30B | 23.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 2,483.37BoperatingIncomeTax expenseKRW 143.29BincomeTaxExpensePretax incomeKRW 504.77BincomeBeforeTaxTax rate28.4%EquityKRW 5,047.62BtotalStockholderEquityDebtKRW 9,617.03BlongTermDebtCashKRW 7,225.69BcashInvested capitalKRW 7,438.96BResult 23.9% | 8.37xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeKRW 2,483.37BoperatingIncomeNet PP&EKRW 296.79BpropertyPlantEquipmentResult 8.37x |
| 2019 | 0.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 168.38BpropertyPlantEquipmentInventoryKRW 0.00Not reported, treated as 0Total assetsKRW 50,075.05BtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 8.46xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueKRW 1,423.83BtotalRevenueNet PP&EKRW 168.38BpropertyPlantEquipmentResult 8.46x | 0.43xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexKRW 18.18BcapitalExpendituresD&AKRW 41.79BreconciledDepreciationResult 0.43x | KRW 19.00KTangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 50,075.05BtotalAssetsGoodwillKRW 39.78BgoodWillIntangiblesKRW 18.26BintangibleAssetsLiabilitiesKRW 44,682.97BtotalLiabTangible bookKRW 5,334.05BShares280,725,216commonStockSharesOutstandingResult KRW 19.00K | —Fixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexKRW 18.18BcapitalExpendituresInterestKRW 414.22BinterestExpenseShort-term debt—Not reportedResult — | KRW 188.64BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowKRW 67.61BtotalCashFromOperatingActivitiesCapexKRW 18.18BcapitalExpendituresFree cash flowKRW 188.64BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 188.64B | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseKRW 156.84BincomeTaxExpensePretax incomeKRW 633.22BincomeBeforeTaxTax rate24.8%EquityKRW 5,385.08BtotalStockholderEquityDebt—Not reportedCashKRW 5,960.62BcashInvested capital—Result — | —EBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income—Not reportedNet PP&EKRW 168.38BpropertyPlantEquipmentResult — |
| 2020 | 0.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 213.43BpropertyPlantEquipmentInventoryKRW 0.00Not reported, treated as 0Total assetsKRW 62,738.43BtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 9.13xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueKRW 1,949.07BtotalRevenueNet PP&EKRW 213.43BpropertyPlantEquipmentResult 9.13x | 0.61xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexKRW 28.67BcapitalExpendituresD&AKRW 47.06BreconciledDepreciationResult 0.61x | KRW 20.47KTangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 62,738.43BtotalAssetsGoodwillKRW 39.78BgoodWillIntangiblesKRW 17.04BintangibleAssetsLiabilitiesKRW 56,935.56BtotalLiabTangible bookKRW 5,746.05BShares280,725,216commonStockSharesOutstandingResult KRW 20.47K | —Fixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexKRW 28.67BcapitalExpendituresInterestKRW 285.66BinterestExpenseShort-term debt—Not reportedResult — | -KRW 4,687.97BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-KRW 4,657.62BtotalCashFromOperatingActivitiesCapexKRW 28.67BcapitalExpendituresFree cash flow-KRW 4,687.97BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -KRW 4,687.97B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseKRW 212.24BincomeTaxExpensePretax incomeKRW 789.12BincomeBeforeTaxTax rate26.9%EquityKRW 5,797.72BtotalStockholderEquityDebt—Not reportedCashKRW 7,088.57BcashInvested capital—Result — | —EBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income—Not reportedNet PP&EKRW 213.43BpropertyPlantEquipmentResult — |
| 2021 | 0.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 209.09BpropertyPlantEquipmentInventoryKRW 0.00Not reported, treated as 0Total assetsKRW 58,542.00BtotalAssetsInventory was not reported and is treated as zero.Result 0.4% | 11.92xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueKRW 2,491.99BtotalRevenueNet PP&EKRW 209.09BpropertyPlantEquipmentResult 11.92x | 0.98xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexKRW 55.25BcapitalExpendituresD&AKRW 56.21BreconciledDepreciationResult 0.98x | KRW 21.47KTangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 58,542.00BtotalAssetsGoodwillKRW 39.78BgoodWillIntangiblesKRW 17.05BintangibleAssetsLiabilitiesKRW 51,718.69BtotalLiabTangible bookKRW 6,766.47BShares315,221,184commonStockSharesOutstandingResult KRW 21.47K | —Fixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexKRW 55.25BcapitalExpendituresInterestKRW 229.53BinterestExpenseShort-term debt—Not reportedResult — | KRW 3,400.72BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowKRW 3,459.17BtotalCashFromOperatingActivitiesCapexKRW 55.25BcapitalExpendituresFree cash flowKRW 3,400.72BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 3,400.72B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseKRW 370.60BincomeTaxExpensePretax incomeKRW 1,302.06BincomeBeforeTaxTax rate28.5%EquityKRW 6,818.15BtotalStockholderEquityDebt—Not reportedCashKRW 9,039.92BcashInvested capital—Result — | —EBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income—Not reportedNet PP&EKRW 209.09BpropertyPlantEquipmentResult — |
| 2022 | 0.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 228.82BpropertyPlantEquipmentInventoryKRW 0.00Not reported, treated as 0Total assetsKRW 53,428.27BtotalAssetsInventory was not reported and is treated as zero.Result 0.4% | 6.27xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueKRW 1,434.16BtotalRevenueNet PP&EKRW 228.82BpropertyPlantEquipmentResult 6.27x | 0.87xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexKRW 56.65BcapitalExpendituresD&AKRW 65.17BreconciledDepreciationResult 0.87x | KRW 21.65KTangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 53,428.27BtotalAssetsGoodwillKRW 39.78BgoodWillIntangiblesKRW 24.13BintangibleAssetsLiabilitiesKRW 46,200.21BtotalLiabTangible bookKRW 7,164.15BShares330,982,250commonStockSharesOutstandingResult KRW 21.65K | —Fixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexKRW 56.65BcapitalExpendituresInterestKRW 557.61BinterestExpenseShort-term debt—Not reportedResult — | KRW 6,567.35BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowKRW 6,628.77BtotalCashFromOperatingActivitiesCapexKRW 56.65BcapitalExpendituresFree cash flowKRW 6,567.35BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 6,567.35B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseKRW 137.29BincomeTaxExpensePretax incomeKRW 440.22BincomeBeforeTaxTax rate31.2%EquityKRW 7,223.39BtotalStockholderEquityDebt—Not reportedCashKRW 8,645.07BcashInvested capital—Result — | —EBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income—Not reportedNet PP&EKRW 228.82BpropertyPlantEquipmentResult — |
| 2023 | 0.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 275.89BpropertyPlantAndEquipmentNetInventoryKRW 0.00Not reported, treated as 0Total assetsKRW 56,697.89BtotalAssetsInventory was not reported and is treated as zero.Result 0.5% | 6.76xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueKRW 1,864.11BtotalRevenueNet PP&EKRW 275.89BpropertyPlantAndEquipmentNetResult 6.76x | 0.58xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexKRW 45.77BcapitalExpendituresD&AKRW 78.79BreconciledDepreciationResult 0.58x | KRW 22.80KTangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 56,697.89BtotalAssetsGoodwillKRW 39.78BgoodWillIntangiblesKRW 25.60BintangibleAssetsLiabilitiesKRW 49,084.47BtotalLiabTangible bookKRW 7,548.05BShares330,982,250commonStockSharesOutstandingResult KRW 22.80K | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexKRW 45.77BcapitalExpendituresInterestKRW 820.97BinterestExpenseShort-term debt—Not reportedResult — | -KRW 1,199.82BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-KRW 1,154.05BtotalCashFromOperatingActivitiesCapexKRW 45.77BcapitalExpendituresFree cash flow-KRW 1,199.82BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -KRW 1,199.82B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseKRW 167.68BtaxProvisionPretax incomeKRW 720.73BincomeBeforeTaxTax rate23.3%EquityKRW 7,611.78BtotalStockholderEquityDebt—Not reportedCashKRW 9,291.41BcashInvested capital—Result — | —EBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income—Not reportedNet PP&EKRW 275.89BpropertyPlantAndEquipmentNetResult — |
| 2024 | 0.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 220.62BpropertyPlantAndEquipmentNetInventoryKRW 0.00Not reported, treated as 0Total assetsKRW 62,427.07BtotalAssetsInventory was not reported and is treated as zero.Result 0.4% | 9.66xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueKRW 2,131.41BtotalRevenueNet PP&EKRW 220.62BpropertyPlantAndEquipmentNetResult 9.66x | 0.45xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexKRW 39.27BcapitalExpendituresD&AKRW 87.72BreconciledDepreciationResult 0.45x | KRW 24.54KTangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 62,427.07BtotalAssetsGoodwillKRW 39.78BgoodWillIntangiblesKRW 58.84BintangibleAssetsLiabilitiesKRW 54,307.70BtotalLiabTangible bookKRW 8,020.74BShares326,808,628commonStockSharesOutstandingResult KRW 24.54K | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexKRW 39.27BcapitalExpendituresInterestKRW 938.66BinterestExpenseShort-term debt—Not reportedResult — | -KRW 4,235.97BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-KRW 4,196.70BtotalCashFromOperatingActivitiesCapexKRW 39.27BcapitalExpendituresFree cash flow-KRW 4,235.97BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -KRW 4,235.97B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseKRW 238.22BtaxProvisionPretax incomeKRW 924.86BincomeBeforeTaxTax rate25.8%EquityKRW 8,114.38BtotalStockholderEquityDebt—Not reportedCashKRW 10,293.35BcashInvested capital—Result — | —EBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income—Not reportedNet PP&EKRW 220.62BpropertyPlantAndEquipmentNetResult — |
| 2025 | 0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 176.53BpropertyPlantAndEquipmentNetInventoryKRW 0.00Not reported, treated as 0Total assetsKRW 83,385.40BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 15.41xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueKRW 2,719.85BtotalRevenueNet PP&EKRW 176.53BpropertyPlantAndEquipmentNetResult 15.41x | 0.34xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexKRW 27.80BcapitalExpendituresD&AKRW 80.91BreconciledDepreciationResult 0.34x | KRW 24.99KTangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 83,385.40BtotalAssetsGoodwillKRW 0.00goodWillIntangiblesKRW 62.11BintangibleAssetsLiabilitiesKRW 73,947.29BtotalLiabTangible bookKRW 9,375.99BShares375,215,337commonStockSharesOutstandingResult KRW 24.99K | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA—Not reportedCapexKRW 27.80BcapitalExpendituresInterestKRW 1,015.43BinterestExpenseShort-term debt—Not reportedResult — | -KRW 5,449.42BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-KRW 5,421.62BtotalCashFromOperatingActivitiesCapexKRW 27.80BcapitalExpendituresFree cash flow-KRW 5,449.42BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -KRW 5,449.42B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income—Not reportedTax expenseKRW 316.24BtaxProvisionPretax incomeKRW 1,347.74BincomeBeforeTaxTax rate23.5%EquityKRW 9,433.34BtotalStockholderEquityDebt—Not reportedCashKRW 16,318.31BcashInvested capital—Result — | —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income—Not reportedNet PP&EKRW 176.53BpropertyPlantAndEquipmentNetResult — |
- Inventory was missing and treated as zero in the physical asset ratio.
Latest year inputs (2025)
Net PP&E: KRW 176.53B
Inventory: KRW 0.00
Total assets: KRW 83,385.40B
Goodwill: KRW 0.00
Intangibles: KRW 62.11B
Liabilities: KRW 73,947.29B
Tangible book: KRW 9,375.99B
Shares: 375,215,337
Revenue: KRW 2,719.85B
Capex: KRW 27.80B
D&A: KRW 80.91B
EBITDA: —
Interest: KRW 1,015.43B
Short-term debt: —
Free cash flow: -KRW 5,449.42B
Operating income: —
Invested capital: —
Tax rate: 23.5%