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.
ASM Pacific Technology Ltd
Physical assets are 38.9% of total assets, a mixed footprint. Capex is 0.71x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. ROIC is 4.3%, below an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 3.54x.
Physical asset ratio
38.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.54x
Revenue per dollar of the physical asset base.
Capex / D&A
0.71x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$37.30
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.70x
Price $138.00.
Fixed-charge coverage
2.95x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-0.4%
Latest free cash flow divided by current market cap ($57.08B).
ROIC
4.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.17x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 44.8% | 6.76x | 1.44x | $23.78 | 0.91x | $1.12B | 17.5% | 1.09x |
| 2019 | 52.4% | 3.42x | 1.12x | $22.97 | 2.16x | $2.03B | 6.0% | 0.26x |
| 2020 | 42.3% | 3.66x | 0.52x | $26.52 | 1.98x | $2.23B | 6.4% | 0.27x |
| 2021 | 43.0% | 5.56x | 0.48x | $32.62 | 8.11x | $2.19B | 24.4% | 1.04x |
| 2022 | 45.5% | 5.07x | 0.67x | $33.54 | 9.75x | $2.45B | 18.3% | 0.85x |
| 2023 | 44.0% | 3.47x | 0.64x | $33.34 | 0.67x | $1.89B | 5.9% | 0.26x |
| 2024 | 42.1% | 3.14x | 0.65x | $32.04 | 1.60x | $566.24M | 3.0% | 0.15x |
| 2025 | 38.9% | 3.54x | 0.71x | $37.30 | 2.95x | -$251.42M | 4.3% | 0.17x |
- 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: $3.88B
Inventory: $6.30B
Total assets: $26.16B
Goodwill: $745.80M
Intangibles: $809.62M
Liabilities: $9.03B
Tangible book: $15.58B
Shares: 417,584,000
Revenue: $13.74B
Capex: $493.94M
D&A: $695.59M
EBITDA: $1.39B
Interest: $161.11M
Short-term debt: $143.82M
Free cash flow: -$251.42M
Operating income: $669.43M
Invested capital: $13.74B
Tax rate: 10.8%