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.
Baige Online Digital Technology Co., Ltd.
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 0.56x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by -2.06x, which is below 1.
Fixed-asset turnover is 237.95x. Compare it with other names in the same basket.
Physical asset ratio
2.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.16MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$249.48MtotalAssetsInventory was not reported and is treated as zero.Result 2.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
237.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.23BtotalRevenueNet PP&E$5.16MpropertyPlantAndEquipmentNetResult 237.95x
Revenue per dollar of the physical asset base.
Capex / D&A
0.56xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.45McapitalExpendituresD&A$2.60MreconciledDepreciationResult 0.56x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$0.18Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$249.48MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$10.58MintangibleAssetsLiabilities$297.31MtotalLiabTangible book-$58.41MShares320,620,632commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.18
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$124.00Latest quoteTangible book / share-$0.182025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $124.00.
Fixed-charge coverage
-2.06xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$32.62MebitdaCapex$1.45McapitalExpendituresInterest$11.52MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex-$34.07MPrincipal due is the current portion of debt.Result -2.06x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$18.69MfreeCashFlowMarket cap$37.45BMarketCapitalizationResult 0.0%
Latest free cash flow divided by current market cap ($37.45B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$38.07MoperatingIncomeTax expense-$69.00KtaxProvisionPretax income-$46.74MincomeBeforeTaxTax rate—Equity-$47.83MtotalStockholderEquityDebt$5.00MshortLongTermDebtCash$109.03McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -7.38x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2023 | 3.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.81MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$186.44MtotalAssetsInventory was not reported and is treated as zero.Result 3.1% | 113.62xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$659.90MtotalRevenueNet PP&E$5.81MpropertyPlantAndEquipmentNetResult 113.62x | 0.64xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.61McapitalExpendituresD&A$2.51MreconciledDepreciationResult 0.64x | -$0.06Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$186.44MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$10.54MintangibleAssetsLiabilities$195.14MtotalLiabTangible book-$19.25MShares320,620,632commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.06 | -1.38xFixed-charge coverage · 2023-12-31(EBITDA − capex) / interestEBITDA-$7.88MebitdaCapex$1.61McapitalExpendituresInterest$6.90MinterestExpenseEBITDA − capex-$9.49MShort-term debt was not reported, so the denominator is interest only.Result -1.38x | $4.43MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$6.04MtotalCashFromOperatingActivitiesCapex$1.61McapitalExpendituresFree cash flow$4.43MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.43M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$19.69MoperatingIncomeTax expense-$115.00KtaxProvisionPretax income-$17.30MincomeBeforeTaxTax rate—Equity-$8.71MtotalStockholderEquityDebt$0.00shortLongTermDebtCash$50.11McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.39xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$19.69MoperatingIncomeNet PP&E$5.81MpropertyPlantAndEquipmentNetResult -3.39x |
| 2024 | 2.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.64MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$235.43MtotalAssetsInventory was not reported and is treated as zero.Result 2.0% | 197.19xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$914.18MtotalRevenueNet PP&E$4.64MpropertyPlantAndEquipmentNetResult 197.19x | 0.41xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.13McapitalExpendituresD&A$2.73MreconciledDepreciationResult 0.41x | -$0.09Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$235.43MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$10.52MintangibleAssetsLiabilities$254.18MtotalLiabTangible book-$29.26MShares320,620,632commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.09 | -1.29xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$16.19MebitdaCapex$1.13McapitalExpendituresInterest$8.46MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex-$17.32MPrincipal due is the current portion of debt.Result -1.29x | -$8.15MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$7.03MtotalCashFromOperatingActivitiesCapex$1.13McapitalExpendituresFree cash flow-$8.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$8.15M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$20.88MoperatingIncomeTax expense$335.00KtaxProvisionPretax income-$27.38MincomeBeforeTaxTax rate—Equity-$18.75MtotalStockholderEquityDebt$5.00MshortLongTermDebtCash$99.20McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.50xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$20.88MoperatingIncomeNet PP&E$4.64MpropertyPlantAndEquipmentNetResult -4.50x |
| 2025 | 2.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.16MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$249.48MtotalAssetsInventory was not reported and is treated as zero.Result 2.1% | 237.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.23BtotalRevenueNet PP&E$5.16MpropertyPlantAndEquipmentNetResult 237.95x | 0.56xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.45McapitalExpendituresD&A$2.60MreconciledDepreciationResult 0.56x | -$0.18Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$249.48MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$10.58MintangibleAssetsLiabilities$297.31MtotalLiabTangible book-$58.41MShares320,620,632commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.18 | -2.06xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$32.62MebitdaCapex$1.45McapitalExpendituresInterest$11.52MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex-$34.07MPrincipal due is the current portion of debt.Result -2.06x | $18.69MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$20.14MtotalCashFromOperatingActivitiesCapex$1.45McapitalExpendituresFree cash flow$18.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $18.69M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$38.07MoperatingIncomeTax expense-$69.00KtaxProvisionPretax income-$46.74MincomeBeforeTaxTax rate—Equity-$47.83MtotalStockholderEquityDebt$5.00MshortLongTermDebtCash$109.03McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -7.38xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$38.07MoperatingIncomeNet PP&E$5.16MpropertyPlantAndEquipmentNetResult -7.38x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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: $5.16M
Inventory: $0.00
Total assets: $249.48M
Goodwill: $0.00
Intangibles: $10.58M
Liabilities: $297.31M
Tangible book: -$58.41M
Shares: 320,620,632
Revenue: $1.23B
Capex: $1.45M
D&A: $2.60M
EBITDA: -$32.62M
Interest: $11.52M
Short-term debt: $5.00M
Free cash flow: $18.69M
Operating income: -$38.07M
Invested capital: —
Tax rate: —