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.
Xiaomi Corp
Physical assets are 21.4% of total assets, a light footprint. Capex is 1.46x 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 21.1%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 16.35x.
Physical asset ratio
21.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
16.35x
Revenue per dollar of the physical asset base.
Capex / D&A
1.46x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$9.61
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.78x
Price $26.66.
Fixed-charge coverage
1.68x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.1%
Latest free cash flow divided by current market cap ($697.17B).
ROIC
21.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.71x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 24.5% | 34.49x | 5.06x | $2.94 | 1.05x | -$5.20B | 2.6% | 0.24x |
| 2019 | 22.1% | 25.84x | 4.21x | $3.22 | 0.43x | $20.41B | 27.6% | 1.48x |
| 2020 | 19.3% | 34.24x | 2.50x | $4.75 | 0.78x | $18.85B | 48.4% | 3.35x |
| 2021 | 23.8% | 20.20x | 3.57x | $5.16 | 1.78x | $2.62B | 26.9% | 1.60x |
| 2022 | 26.1% | 14.56x | 1.56x | $5.43 | 1.12x | -$10.19B | 1.8% | 0.15x |
| 2023 | 21.9% | 10.97x | 1.30x | $6.13 | 1.72x | $35.03B | 19.5% | 0.81x |
| 2024 | 24.4% | 11.30x | 1.15x | $7.10 | 1.50x | $32.00B | 17.2% | 0.76x |
| 2025 | 21.4% | 16.35x | 1.46x | $9.61 | 1.68x | $21.37B | 21.1% | 1.71x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $27.96B
Inventory: $81.02B
Total assets: $508.31B
Goodwill: $1.70B
Intangibles: $8.32B
Liabilities: $241.88B
Tangible book: $256.42B
Shares: 26,695,326,000
Revenue: $457.29B
Capex: $12.77B
D&A: $8.76B
EBITDA: $41.13B
Interest: $3.63B
Short-term debt: $13.20B
Free cash flow: $21.37B
Operating income: $47.90B
Invested capital: $190.15B
Tax rate: 16.3%