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 19.5%, 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
$23.66
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.97x
Price $93.95.
Fixed-charge coverage
1.16x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.9%
Latest free cash flow divided by current market cap ($718.38B).
ROIC
19.5%
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 | 20.5% | 10.68x | 1.16x | $7.11 | 15.34x | $22.25B | 24.3% | 1.04x |
| 2019 | 17.0% | 12.22x | 0.67x | $9.43 | 4.94x | $35.14B | 32.7% | 1.30x |
| 2020 | 15.2% | 12.05x | 0.93x | $11.35 | 2.96x | $24.90B | 45.0% | 1.33x |
| 2021 | 19.0% | 12.33x | 1.10x | $13.01 | 4.98x | $28.27B | 38.7% | 1.20x |
| 2022 | 20.6% | 8.43x | 1.13x | $15.60 | 5.13x | $27.31B | 20.5% | 0.85x |
| 2023 | 19.6% | 7.80x | 0.86x | $18.24 | 3.79x | $51.59B | 24.2% | 0.84x |
| 2024 | 18.8% | 8.11x | 1.00x | $25.47 | 1.47x | $52.67B | 33.2% | 0.92x |
| 2025 | 19.0% | 8.95x | 1.19x | $23.66 | 1.16x | $42.20B | 19.5% | 0.90x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $51.21B
Inventory: $64.63B
Total assets: $608.79B
Goodwill: $34.26B
Intangibles: $21.62B
Liabilities: $372.37B
Tangible book: $180.55B
Shares: 7,629,412,000
Revenue: $458.50B
Capex: $11.14B
D&A: $9.34B
EBITDA: $64.64B
Interest: $2.21B
Short-term debt: $43.90B
Free cash flow: $42.20B
Operating income: $46.19B
Invested capital: $198.92B
Tax rate: 16.1%