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.
Haina Intelligent Equipment International Holdings Limited
Physical assets are 65.2% of total assets, a heavy footprint. Capex is 6.14x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.23x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 1.27x.
Physical asset ratio
65.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$387.78MpropertyPlantAndEquipmentNetInventory$236.78MinventoryTotal assets$958.34MtotalAssetsResult 65.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.27xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$490.77MtotalRevenueNet PP&E$387.78MpropertyPlantAndEquipmentNetResult 1.27x
Revenue per dollar of the physical asset base.
Capex / D&A
6.14xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$117.39McapitalExpendituresD&A$19.12MdepreciationAndAmortizationResult 6.14x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.50Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$958.34MtotalAssetsGoodwill$0.00goodWillIntangibles$6.24MintangibleAssetsLiabilities$670.07MtotalLiabTangible book$282.03MShares566,459,000commonStockSharesOutstandingResult $0.50
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
5.12xPrice / tangible bookPrice / tangible book per sharePrice$2.55Latest quoteTangible book / share$0.502025-12-31Result 5.12x
Price $2.55.
Fixed-charge coverage
-0.23xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$33.91MebitdaCapex$117.39McapitalExpendituresInterest$3.16MinterestExpenseShort-term debt$354.40MshortLongTermDebtEBITDA − capex-$83.48MPrincipal due is the current portion of debt.Result -0.23x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-3.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$54.88MfreeCashFlowMarket cap$1.40BMarketCapitalizationResult -3.9%
Latest free cash flow divided by current market cap ($1.40B).
ROIC
-2.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$15.90MoperatingIncomeTax expense$698.00KincomeTaxExpensePretax income$19.80MincomeBeforeTaxTax rate3.5%Equity$285.60MtotalStockholderEquityDebt$405.28MshortLongTermDebtTotalCash$59.85McashAndShortTermInvestmentsInvested capital$631.04MResult -2.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 48.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.01MpropertyPlantEquipmentInventory$126.53MinventoryTotal assets$296.27MtotalAssetsResult 48.8% | 18.73xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$337.24MtotalRevenueNet PP&E$18.01MpropertyPlantEquipmentResult 18.73x | 1.37xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$8.33McapitalExpendituresD&A$6.07MdepreciationAndAmortizationResult 1.37x | $0.17Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$296.27MtotalAssetsGoodwill$1.37MgoodWillIntangibles$5.03MintangibleAssetsLiabilities$212.97MtotalLiabTangible book$76.91MShares464,000,000commonStockSharesOutstandingResult $0.17 | 0.76xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$51.26MebitdaCapex$8.33McapitalExpendituresInterest$58.00KinterestExpenseShort-term debt$56.64MshortTermDebtEBITDA − capex$42.92MPrincipal due is short-term debt.Result 0.76x | -$48.54MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$40.21MtotalCashFromOperatingActivitiesCapex$8.33McapitalExpendituresFree cash flow-$48.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$48.54M | 38.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$45.84MoperatingIncomeTax expense$5.91MincomeTaxExpensePretax income$45.13MincomeBeforeTaxTax rate13.1%Equity$74.23MtotalStockholderEquityDebt$56.64MshortLongTermDebtTotalCash$27.71McashInvested capital$103.15MResult 38.6% | 2.55xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$45.84MoperatingIncomeNet PP&E$18.01MpropertyPlantEquipmentResult 2.55x |
| 2019 | 56.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$44.29MpropertyPlantAndEquipmentNetInventory$144.84MinventoryTotal assets$336.54MtotalAssetsResult 56.2% | 8.53xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$377.99MtotalRevenueNet PP&E$44.29MpropertyPlantAndEquipmentNetResult 8.53x | 0.08xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.37McapitalExpendituresD&A$16.83MdepreciationAndAmortizationResult 0.08x | $0.31Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$336.54MtotalAssetsGoodwill$1.37MgoodWillIntangibles$5.31MintangibleAssetsLiabilities$223.27MtotalLiabTangible book$106.60MShares348,000,000commonStockSharesOutstandingResult $0.31 | 6.77xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$55.45MebitdaCapex$1.37McapitalExpendituresInterest$1.01MinterestExpenseShort-term debt$6.98MshortTermDebtEBITDA − capex$54.08MPrincipal due is short-term debt.Result 6.77x | $18.77MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$20.13MtotalCashFromOperatingActivitiesCapex$1.37McapitalExpendituresFree cash flow$18.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $18.77M | 37.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$38.62MoperatingIncomeTax expense$5.09MincomeTaxExpensePretax income$36.17MincomeBeforeTaxTax rate14.1%Equity$99.53MtotalStockholderEquityDebt$25.93MshortLongTermDebtTotalCash$36.90McashAndShortTermInvestmentsInvested capital$88.55MResult 37.5% | 0.87xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$38.62MoperatingIncomeNet PP&E$44.29MpropertyPlantAndEquipmentNetResult 0.87x |
| 2020 | 39.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$35.66MpropertyPlantEquipmentInventory$182.70MinventoryTotal assets$557.30MtotalAssetsResult 39.2% | 13.30xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$474.26MtotalRevenueNet PP&E$35.66MpropertyPlantEquipmentResult 13.30x | 0.16xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.48McapitalExpendituresD&A$15.90MdepreciationAndAmortizationResult 0.16x | $0.65Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$557.30MtotalAssetsGoodwill$1.37MgoodWillIntangibles$4.96MintangibleAssetsLiabilities$277.30MtotalLiabTangible book$273.67MShares418,183,000commonStockSharesOutstandingResult $0.65 | 10.19xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$87.62MebitdaCapex$2.48McapitalExpendituresInterest$1.29MinterestExpenseShort-term debt$7.07MshortTermDebtEBITDA − capex$85.13MPrincipal due is short-term debt.Result 10.19x | $115.34MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$117.83MtotalCashFromOperatingActivitiesCapex$2.48McapitalExpendituresFree cash flow$115.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $115.34M | 59.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$49.03MoperatingIncomeTax expense$13.19MincomeTaxExpensePretax income$63.29MincomeBeforeTaxTax rate20.8%Equity$272.76MtotalStockholderEquityDebt$24.97MshortLongTermDebtTotalCash$232.74McashAndShortTermInvestmentsInvested capital$64.99MResult 59.7% | 1.37xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$49.03MoperatingIncomeNet PP&E$35.66MpropertyPlantEquipmentResult 1.37x |
| 2021 | 49.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$35.05MpropertyPlantEquipmentInventory$276.10MinventoryTotal assets$627.92MtotalAssetsResult 49.6% | 11.21xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$392.98MtotalRevenueNet PP&E$35.05MpropertyPlantEquipmentResult 11.21x | 0.09xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.45McapitalExpendituresD&A$16.52MdepreciationAndAmortizationResult 0.09x | $0.60Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$627.92MtotalAssetsGoodwill$1.37MgoodWillIntangibles$26.86MintangibleAssetsLiabilities$287.67MtotalLiabTangible book$312.02MShares517,506,000commonStockSharesOutstandingResult $0.60 | 0.70xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$29.90MebitdaCapex$1.45McapitalExpendituresInterest$1.61MinterestExpenseShort-term debt$39.19MshortLongTermDebtEBITDA − capex$28.45MPrincipal due is the current portion of debt.Result 0.70x | -$72.21MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$70.76MtotalCashFromOperatingActivitiesCapex$1.45McapitalExpendituresFree cash flow-$72.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$72.21M | -6.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$14.95MoperatingIncomeTax expense$870.00KincomeTaxExpensePretax income$27.17MincomeBeforeTaxTax rate3.2%Equity$340.08MtotalStockholderEquityDebt$39.19MlongTermDebt + shortLongTermDebtCash$143.22McashAndShortTermInvestmentsInvested capital$236.05MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result -6.1% | -0.43xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$14.95MoperatingIncomeNet PP&E$35.05MpropertyPlantEquipmentResult -0.43x |
| 2022 | 51.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$88.04MpropertyPlantEquipmentInventory$197.61MinventoryTotal assets$551.66MtotalAssetsResult 51.8% | 4.52xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$397.82MtotalRevenueNet PP&E$88.04MpropertyPlantEquipmentResult 4.52x | 2.76xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$44.53McapitalExpendituresD&A$16.15MdepreciationAndAmortizationResult 2.76x | $0.59Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$551.66MtotalAssetsGoodwill$1.37MgoodWillIntangibles$5.23MintangibleAssetsLiabilities$212.89MtotalLiabTangible book$332.18MShares563,976,000commonStockSharesOutstandingResult $0.59 | -1.32xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.71MebitdaCapex$44.53McapitalExpendituresInterest$2.19MinterestExpenseShort-term debt$25.00MshortLongTermDebtEBITDA − capex-$35.82MPrincipal due is the current portion of debt.Result -1.32x | $7.59MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$52.12MtotalCashFromOperatingActivitiesCapex$44.53McapitalExpendituresFree cash flow$7.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.59M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$31.03MoperatingIncomeTax expense-$2.17MincomeTaxExpensePretax income-$5.40MincomeBeforeTaxTax rate—Equity$338.60MtotalStockholderEquityDebt$25.00MlongTermDebt + shortLongTermDebtCash$119.51McashAndShortTermInvestmentsInvested capital$244.10MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.35xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$31.03MoperatingIncomeNet PP&E$88.04MpropertyPlantEquipmentResult -0.35x |
| 2023 | 66.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$198.82MpropertyPlantEquipmentInventory$248.18MinventoryTotal assets$677.56MtotalAssetsResult 66.0% | 1.76xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$350.70MtotalRevenueNet PP&E$198.82MpropertyPlantEquipmentResult 1.76x | 5.14xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$86.80McapitalExpendituresD&A$16.87MdepreciationAndAmortizationResult 5.14x | $0.52Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$677.56MtotalAssetsGoodwill$0.00goodWillIntangibles$12.04MintangibleAssetsLiabilities$372.52MtotalLiabTangible book$293.00MShares563,976,000commonStockSharesOutstandingResult $0.52 | -1.34xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$18.32MebitdaCapex$86.80McapitalExpendituresInterest$1.53MinterestExpenseShort-term debt$77.03MshortLongTermDebtEBITDA − capex-$105.12MPrincipal due is the current portion of debt.Result -1.34x | -$67.41MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$19.39MtotalCashFromOperatingActivitiesCapex$86.80McapitalExpendituresFree cash flow-$67.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$67.41M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$43.00MoperatingIncomeTax expense$804.00KincomeTaxExpensePretax income-$36.73MincomeBeforeTaxTax rate—Equity$303.05MtotalStockholderEquityDebt$94.17MshortLongTermDebtTotalCash$65.88McashAndShortTermInvestmentsInvested capital$331.35MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.22xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$43.00MoperatingIncomeNet PP&E$198.82MpropertyPlantEquipmentResult -0.22x |
| 2024 | 78.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$439.27MpropertyPlantEquipmentInventory$247.09MinventoryTotal assets$871.86MtotalAssetsResult 78.7% | 0.84xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$369.66MtotalRevenueNet PP&E$439.27MpropertyPlantEquipmentResult 0.84x | 11.32xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$226.45McapitalExpendituresD&A$20.00MdepreciationAndAmortizationResult 11.32x | $0.47Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$871.86MtotalAssetsGoodwill$0.00goodWillIntangibles$1.60MintangibleAssetsLiabilities$605.89MtotalLiabTangible book$264.37MShares563,976,000commonStockSharesOutstandingResult $0.47 | -0.88xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$21.89MebitdaCapex$226.45McapitalExpendituresInterest$1.57MinterestExpenseShort-term debt$281.04MshortLongTermDebtEBITDA − capex-$248.33MPrincipal due is the current portion of debt.Result -0.88x | -$236.15MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$9.70MtotalCashFromOperatingActivitiesCapex$226.45McapitalExpendituresFree cash flow-$236.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$236.15M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$71.46MoperatingIncomeTax expense$12.00KincomeTaxExpensePretax income-$40.98MincomeBeforeTaxTax rate—Equity$266.43MtotalStockholderEquityDebt$289.88MshortLongTermDebtTotalCash$45.98McashAndShortTermInvestmentsInvested capital$510.32MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.16xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$71.46MoperatingIncomeNet PP&E$439.27MpropertyPlantEquipmentResult -0.16x |
| 2025 | 65.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$387.78MpropertyPlantAndEquipmentNetInventory$236.78MinventoryTotal assets$958.34MtotalAssetsResult 65.2% | 1.27xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$490.77MtotalRevenueNet PP&E$387.78MpropertyPlantAndEquipmentNetResult 1.27x | 6.14xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$117.39McapitalExpendituresD&A$19.12MdepreciationAndAmortizationResult 6.14x | $0.50Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$958.34MtotalAssetsGoodwill$0.00goodWillIntangibles$6.24MintangibleAssetsLiabilities$670.07MtotalLiabTangible book$282.03MShares566,459,000commonStockSharesOutstandingResult $0.50 | -0.23xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$33.91MebitdaCapex$117.39McapitalExpendituresInterest$3.16MinterestExpenseShort-term debt$354.40MshortLongTermDebtEBITDA − capex-$83.48MPrincipal due is the current portion of debt.Result -0.23x | -$54.88MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$62.51MtotalCashFromOperatingActivitiesCapex$117.39McapitalExpendituresFree cash flow-$54.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$54.88M | -2.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$15.90MoperatingIncomeTax expense$698.00KincomeTaxExpensePretax income$19.80MincomeBeforeTaxTax rate3.5%Equity$285.60MtotalStockholderEquityDebt$405.28MshortLongTermDebtTotalCash$59.85McashAndShortTermInvestmentsInvested capital$631.04MResult -2.4% | -0.04xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$15.90MoperatingIncomeNet PP&E$387.78MpropertyPlantAndEquipmentNetResult -0.04x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $387.78M
Inventory: $236.78M
Total assets: $958.34M
Goodwill: $0.00
Intangibles: $6.24M
Liabilities: $670.07M
Tangible book: $282.03M
Shares: 566,459,000
Revenue: $490.77M
Capex: $117.39M
D&A: $19.12M
EBITDA: $33.91M
Interest: $3.16M
Short-term debt: $354.40M
Free cash flow: -$54.88M
Operating income: -$15.90M
Invested capital: $631.04M
Tax rate: 3.5%