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.
CTBC Financial Holding 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 0.49x 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 0.91x, which is below 1.
Fixed-asset turnover is 6.96x. Compare it with other names in the same basket.
Physical asset ratio
0.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.96x
Revenue per dollar of the physical asset base.
Capex / D&A
0.49x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
TWD 25.96
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.83x
Price TWD 73.60.
Fixed-charge coverage
0.91x
EBITDA minus capex, divided by interest only.
FCF yield
8.4%
Latest free cash flow divided by current market cap (TWD 1,448.15B).
ROIC
10.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.28x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -15.8% | 5.65x | 1.31x | TWD 14.91 | 6.31x | TWD 23.08B | 356.7% | 5.65x |
| 2019 | -16.8% | 3.88x | 0.62x | TWD 18.30 | 1.02x | -TWD 51.75B | 159.8% | 3.88x |
| 2020 | -9.6% | 2.96x | 0.39x | TWD 19.53 | 0.98x | TWD 187.69B | — | 2.96x |
| 2021 | -9.3% | 2.78x | 0.38x | TWD 21.24 | 0.27x | -TWD 37.20B | — | 1.03x |
| 2022 | -10.4% | 2.26x | 0.51x | TWD 18.13 | 0.16x | TWD 90.32B | — | 0.86x |
| 2023 | 3.2% | 6.30x | 0.50x | TWD 21.82 | 0.16x | -TWD 20.95B | 15.7% | 0.89x |
| 2024 | 0.8% | 6.82x | 0.55x | TWD 24.03 | 0.15x | -TWD 70.27B | 14.3% | 1.39x |
| 2025 | 0.8% | 6.96x | 0.49x | TWD 25.96 | 0.91x | TWD 122.32B | 10.6% | 1.28x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2025)
Net PP&E: TWD 71.97B
Inventory: TWD 0.00
Total assets: TWD 9,331.09B
Goodwill: TWD 18.03B
Intangibles: TWD 22.46B
Liabilities: TWD 8,781.81B
Tangible book: TWD 508.79B
Shares: 19,597,284,000
Revenue: TWD 500.61B
Capex: TWD 4.89B
D&A: TWD 10.01B
EBITDA: TWD 101.01B
Interest: TWD 105.88B
Short-term debt: —
Free cash flow: TWD 122.32B
Operating income: TWD 92.22B
Invested capital: TWD 778.29B
Tax rate: 10.9%