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.
China Construction Bank Corp
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 0.78x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by 0.04x, which is below 1.
Fixed-asset turnover is 6.83x. Compare it with other names in the same basket.
Physical asset ratio
0.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$194.26BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$45,651.34BtotalAssetsInventory was not reported and is treated as zero.Result 0.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.83xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1,326.02BtotalRevenueNet PP&E$194.26BpropertyPlantAndEquipmentNetResult 6.83x
Revenue per dollar of the physical asset base.
Capex / D&A
0.78xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$22.95BcapitalExpendituresD&A$29.30BdepreciationAndAmortizationResult 0.78x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$14.16Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$45,651.34BtotalAssetsGoodwill$2.42BgoodWillIntangibles$5.61BintangibleAssetsLiabilities$42,103.75BtotalLiabTangible book$3,539.56BShares250,010,977,000commonStockSharesOutstandingResult $14.16
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.75xPrice / tangible bookPrice / tangible book per sharePrice$10.59Latest quoteTangible book / share$14.162025-12-31Result 0.75x
Price $10.59.
Fixed-charge coverage
0.04xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$399.75BebitdaCapex$22.95BcapitalExpendituresInterest$565.46BinterestExpenseShort-term debt$9,219.18BshortLongTermDebtTotal − longTermDebtEBITDA − capex$376.79BShort-term debt is total debt minus long-term debt.Result 0.04x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$51.16BfreeCashFlowMarket cap$2,754.65BMarketCapitalizationResult -1.9%
Latest free cash flow divided by current market cap ($2,754.65B).
ROIC
223.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$370.77BoperatingIncomeTax expense$39.78BincomeTaxExpensePretax income$370.44BincomeBeforeTaxTax rate10.7%Equity$3,524.92BtotalStockholderEquityDebt$856.45BlongTermDebt + shortLongTermDebtCash$4,233.30BcashAndShortTermInvestmentsInvested capital$148.07BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 223.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.91x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$169.57BpropertyPlantEquipmentInventory$1.95BinventoryTotal assets$23,222.69BtotalAssetsResult 0.7% | 3.88xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$658.75BtotalRevenueNet PP&E$169.57BpropertyPlantEquipmentResult 3.88x | 1.16xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$20.78BcapitalExpendituresD&A$17.87BdepreciationAndAmortizationResult 1.16x | $7.94Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23,222.69BtotalAssetsGoodwill$2.77BgoodWillIntangibles$3.62BintangibleAssetsLiabilities$21,231.10BtotalLiabTangible book$1,985.21BShares250,010,977,486commonStockSharesOutstandingResult $7.94 | 0.56xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$766.57BebitdaCapex$20.78BcapitalExpendituresInterest$324.75BinterestExpenseShort-term debt$1,015.29BshortTermDebtEBITDA − capex$745.79BPrincipal due is short-term debt.Result 0.56x | $595.05BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$615.83BtotalCashFromOperatingActivitiesCapex$20.78BcapitalExpendituresFree cash flow$595.05BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $595.05B | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$631.94BoperatingIncomeTax expense$52.53BincomeTaxExpensePretax income$308.16BincomeBeforeTaxTax rate17.0%Equity$1,976.46BtotalStockholderEquityDebt$1,355.56BshortLongTermDebtTotalCash$3,503.47BcashInvested capital—Result — | 3.73xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$631.94BoperatingIncomeNet PP&E$169.57BpropertyPlantEquipmentResult 3.73x |
| 2019 | 0.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$195.20BpropertyPlantEquipmentInventory$1.23BinventoryTotal assets$25,436.26BtotalAssetsResult 0.8% | 3.61xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$705.38BtotalRevenueNet PP&E$195.20BpropertyPlantEquipmentResult 3.61x | 0.97xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$23.23BcapitalExpendituresD&A$23.93BdepreciationAndAmortizationResult 0.97x | $8.91Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$25,436.26BtotalAssetsGoodwill$2.81BgoodWillIntangibles$4.50BintangibleAssetsLiabilities$23,201.13BtotalLiabTangible book$2,227.82BShares250,010,977,486commonStockSharesOutstandingResult $8.91 | 0.18xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$324.11BebitdaCapex$23.23BcapitalExpendituresInterest$372.82BinterestExpenseShort-term debt$1,294.28BshortLongTermDebtTotal − longTermDebtEBITDA − capex$300.87BShort-term debt is total debt minus long-term debt.Result 0.18x | $558.05BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$581.29BtotalCashFromOperatingActivitiesCapex$23.23BcapitalExpendituresFree cash flow$558.05BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $558.05B | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$324.11BoperatingIncomeTax expense$57.38BincomeTaxExpensePretax income$326.60BincomeBeforeTaxTax rate17.6%Equity$2,216.26BtotalStockholderEquityDebt$303.85BlongTermDebt + shortLongTermDebtCash$3,617.99BcashInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 1.66xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$324.11BoperatingIncomeNet PP&E$195.20BpropertyPlantEquipmentResult 1.66x |
| 2020 | 0.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$172.51BpropertyPlantEquipmentInventory$797.00MinventoryTotal assets$28,132.25BtotalAssetsResult 0.6% | 4.38xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$754.96BtotalRevenueNet PP&E$172.51BpropertyPlantEquipmentResult 4.38x | 0.98xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$25.74BcapitalExpendituresD&A$26.18BdepreciationAndAmortizationResult 0.98x | $9.53Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$28,132.25BtotalAssetsGoodwill$2.21BgoodWillIntangibles$5.28BintangibleAssetsLiabilities$25,742.90BtotalLiabTangible book$2,381.86BShares250,010,977,486commonStockSharesOutstandingResult $9.53 | 2.15xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$916.20BebitdaCapex$25.74BcapitalExpendituresInterest$413.60BinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$890.45BShort-term debt is total debt minus long-term debt.Result 2.15x | $554.94BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$580.69BtotalCashFromOperatingActivitiesCapex$25.74BcapitalExpendituresFree cash flow$554.94BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $554.94B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$334.09BoperatingIncomeTax expense$63.04BincomeTaxExpensePretax income$336.62BincomeBeforeTaxTax rate18.7%Equity$2,364.81BtotalStockholderEquityDebt$1,289.84BshortLongTermDebtTotalCash$3,739.47BcashInvested capital—Result — | 1.94xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$334.09BoperatingIncomeNet PP&E$172.51BpropertyPlantEquipmentResult 1.94x |
| 2021 | 0.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$194.74BpropertyPlantEquipmentInventory$668.00MinventoryTotal assets$30,253.98BtotalAssetsResult 0.6% | 4.22xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$822.64BtotalRevenueNet PP&E$194.74BpropertyPlantEquipmentResult 4.22x | 0.78xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$21.24BcapitalExpendituresD&A$27.30BdepreciationAndAmortizationResult 0.78x | $10.42Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$30,253.98BtotalAssetsGoodwill$2.14BgoodWillIntangibles$5.86BintangibleAssetsLiabilities$27,639.86BtotalLiabTangible book$2,606.12BShares250,010,977,486commonStockSharesOutstandingResult $10.42 | 0.85xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$405.71BebitdaCapex$21.24BcapitalExpendituresInterest$451.91BinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$384.47BShort-term debt is total debt minus long-term debt.Result 0.85x | $415.48BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$436.72BtotalCashFromOperatingActivitiesCapex$21.24BcapitalExpendituresFree cash flow$415.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $415.48B | 30.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$377.00BoperatingIncomeTax expense$74.48BincomeTaxExpensePretax income$378.41BincomeBeforeTaxTax rate19.7%Equity$2,588.23BtotalStockholderEquityDebt$1,622.65BshortLongTermDebtTotalCash$3,228.65BcashInvested capital$982.23BResult 30.8% | 1.94xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$377.00BoperatingIncomeNet PP&E$194.74BpropertyPlantEquipmentResult 1.94x |
| 2022 | 0.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$166.99BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$34,601.92BtotalAssetsInventory was not reported and is treated as zero.Result 0.5% | 4.92xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$821.28BtotalRevenueNet PP&E$166.99BpropertyPlantEquipmentResult 4.92x | 0.83xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$23.75BcapitalExpendituresD&A$28.48BdepreciationAndAmortizationResult 0.83x | $11.47Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$34,601.92BtotalAssetsGoodwill$2.26BgoodWillIntangibles$6.50BintangibleAssetsLiabilities$31,724.47BtotalLiabTangible book$2,868.70BShares250,010,977,486commonStockSharesOutstandingResult $11.47 | 0.46xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$939.09BebitdaCapex$23.75BcapitalExpendituresInterest$526.84BinterestExpenseShort-term debt$1,476.21BshortLongTermDebtTotal − longTermDebtEBITDA − capex$915.33BShort-term debt is total debt minus long-term debt.Result 0.46x | $954.67BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$978.42BtotalCashFromOperatingActivitiesCapex$23.75BcapitalExpendituresFree cash flow$954.67BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $954.67B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$910.24BoperatingIncomeTax expense$58.85BincomeTaxExpensePretax income$382.02BincomeBeforeTaxTax rate15.4%Equity$2,856.73BtotalStockholderEquityDebt$522.38BlongTermDebt + shortLongTermDebtCash$3,893.68BcashInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 5.45xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$910.24BoperatingIncomeNet PP&E$166.99BpropertyPlantEquipmentResult 5.45x |
| 2023 | 0.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$197.49BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$38,324.83BtotalAssetsInventory was not reported and is treated as zero.Result 0.5% | 3.15xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$622.34BtotalRevenueNet PP&E$197.49BpropertyPlantAndEquipmentNetResult 3.15x | 0.86xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$25.09BcapitalExpendituresD&A$29.08BdepreciationAndAmortizationResult 0.86x | $12.65Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$38,324.83BtotalAssetsGoodwill$2.46BgoodWillIntangibles$6.54BintangibleAssetsLiabilities$35,152.75BtotalLiabTangible book$3,163.08BShares250,010,977,486commonStockSharesOutstandingResult $12.65 | 0.00xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$4.30BebitdaCapex$25.09BcapitalExpendituresInterest$630.13BinterestExpenseShort-term debt$6,030.14BshortLongTermDebtTotal − longTermDebtEBITDA − capex-$29.39BShort-term debt is total debt minus long-term debt.Result 0.00x | $617.76BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$642.85BtotalCashFromOperatingActivitiesCapex$25.09BcapitalExpendituresFree cash flow$617.76BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $617.76B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$414.17BoperatingIncomeTax expense$56.92BincomeTaxExpensePretax income$389.38BincomeBeforeTaxTax rate14.6%Equity$3,010.15BtotalStockholderEquityDebt$579.24BlongTermDebt + shortLongTermDebtCash$3,948.98BcashInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 2.10xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$414.17BoperatingIncomeNet PP&E$197.49BpropertyPlantAndEquipmentNetResult 2.10x |
| 2024 | 0.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$194.55BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$40,571.15BtotalAssetsInventory was not reported and is treated as zero.Result 0.5% | 3.12xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$607.87BtotalRevenueNet PP&E$194.55BpropertyPlantEquipmentResult 3.12x | 0.97xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$29.17BcapitalExpendituresD&A$30.23BdepreciationAndAmortizationResult 0.97x | $12.77Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$40,571.15BtotalAssetsGoodwill$2.52BgoodWillIntangibles$5.83BintangibleAssetsLiabilities$37,227.18BtotalLiabTangible book$3,335.61BShares261,285,714,000commonStockSharesOutstandingResult $12.77 | 0.14xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$414.61BebitdaCapex$29.17BcapitalExpendituresInterest$651.68BinterestExpenseShort-term debt$2,138.25BshortLongTermDebtTotal − longTermDebtEBITDA − capex$385.44BShort-term debt is total debt minus long-term debt.Result 0.14x | $308.85BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$338.02BtotalCashFromOperatingActivitiesCapex$29.17BcapitalExpendituresFree cash flow$308.85BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $308.85B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$395.74BoperatingIncomeTax expense$48.10BincomeTaxExpensePretax income$384.38BincomeBeforeTaxTax rate12.5%Equity$3,322.13BtotalStockholderEquityDebt$728.22BlongTermDebt + shortLongTermDebtCash$4,772.26BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 2.03xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$395.74BoperatingIncomeNet PP&E$194.55BpropertyPlantEquipmentResult 2.03x |
| 2025 | 0.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$194.26BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$45,651.34BtotalAssetsInventory was not reported and is treated as zero.Result 0.4% | 6.83xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1,326.02BtotalRevenueNet PP&E$194.26BpropertyPlantAndEquipmentNetResult 6.83x | 0.78xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$22.95BcapitalExpendituresD&A$29.30BdepreciationAndAmortizationResult 0.78x | $14.16Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$45,651.34BtotalAssetsGoodwill$2.42BgoodWillIntangibles$5.61BintangibleAssetsLiabilities$42,103.75BtotalLiabTangible book$3,539.56BShares250,010,977,000commonStockSharesOutstandingResult $14.16 | 0.04xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$399.75BebitdaCapex$22.95BcapitalExpendituresInterest$565.46BinterestExpenseShort-term debt$9,219.18BshortLongTermDebtTotal − longTermDebtEBITDA − capex$376.79BShort-term debt is total debt minus long-term debt.Result 0.04x | -$51.16BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$2,101.24BtotalCashFromOperatingActivitiesCapex$22.95BcapitalExpendituresFree cash flow-$51.16BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$51.16B | 223.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$370.77BoperatingIncomeTax expense$39.78BincomeTaxExpensePretax income$370.44BincomeBeforeTaxTax rate10.7%Equity$3,524.92BtotalStockholderEquityDebt$856.45BlongTermDebt + shortLongTermDebtCash$4,233.30BcashAndShortTermInvestmentsInvested capital$148.07BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 223.5% | 1.91xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$370.77BoperatingIncomeNet PP&E$194.26BpropertyPlantAndEquipmentNetResult 1.91x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $194.26B
Inventory: $0.00
Total assets: $45,651.34B
Goodwill: $2.42B
Intangibles: $5.61B
Liabilities: $42,103.75B
Tangible book: $3,539.56B
Shares: 250,010,977,000
Revenue: $1,326.02B
Capex: $22.95B
D&A: $29.30B
EBITDA: $399.75B
Interest: $565.46B
Short-term debt: $9,219.18B
Free cash flow: -$51.16B
Operating income: $370.77B
Invested capital: $148.07B
Tax rate: 10.7%