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.
Hyundai Heavy Industries Co Ltd
Physical assets are 41.4% of total assets, a mixed footprint. Capex is 1.62x 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 19.7%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 1.99x.
Physical asset ratio
41.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 8,815.62BpropertyPlantAndEquipmentNetInventoryKRW 2,016.75BinventoryTotal assetsKRW 26,163.04BtotalAssetsResult 41.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.99xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueKRW 17,580.63BtotalRevenueNet PP&EKRW 8,815.62BpropertyPlantAndEquipmentNetResult 1.99x
Revenue per dollar of the physical asset base.
Capex / D&A
1.62xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexKRW 541.49BcapitalExpendituresD&AKRW 333.41BreconciledDepreciationResult 1.62x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
KRW 87.47KTangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 26,163.04BtotalAssetsGoodwillKRW 0.00Not reported, treated as 0IntangiblesKRW 161.13BintangibleAssetsLiabilitiesKRW 16,821.42BtotalLiabTangible bookKRW 9,180.49BShares104,961,225commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result KRW 87.47K
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.00xPrice / tangible bookPrice / tangible book per sharePriceKRW 262.50KLatest quoteTangible book / shareKRW 87.47K2025-12-31Result 3.00x
Price KRW 262.50K.
Fixed-charge coverage
6.66xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 2,230.87BebitdaCapexKRW 541.49BcapitalExpendituresInterestKRW 96.55BinterestExpenseShort-term debtKRW 156.97BshortLongTermDebtEBITDA − capexKRW 1,689.38BPrincipal due is the current portion of debt.Result 6.66x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
10.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowKRW 2,968.90BfreeCashFlowMarket capKRW 27,544.85BMarketCapitalizationResult 10.8%
Latest free cash flow divided by current market cap (KRW 27,544.85B).
ROIC
19.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 2,039.21BoperatingIncomeTax expenseKRW 385.43BtaxProvisionPretax incomeKRW 1,800.92BincomeBeforeTaxTax rate21.4%EquityKRW 9,341.62BtotalStockholderEquityDebtKRW 645.35BlongTermDebt + shortLongTermDebtCashKRW 1,869.92BcashInvested capitalKRW 8,117.05BResult 19.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.23x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 49.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 6,106.14BpropertyPlantAndEquipmentNetInventoryKRW 816.50BinventoryTotal assetsKRW 13,869.46BtotalAssetsResult 49.9% | 0.89xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueKRW 5,456.67BtotalRevenueNet PP&EKRW 6,106.14BpropertyPlantAndEquipmentNetResult 0.89x | 1.10xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexKRW 164.77BcapitalExpendituresD&AKRW 150.17BreconciledDepreciationResult 1.10x | KRW 62.68KTangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 13,869.46BtotalAssetsGoodwillKRW 455.00MgoodWillIntangiblesKRW 57.79BintangibleAssetsLiabilitiesKRW 8,246.55BtotalLiabTangible bookKRW 5,564.66BShares88,773,116commonStockSharesOutstandingResult KRW 62.68K | -0.02xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 126.88BebitdaCapexKRW 164.77BcapitalExpendituresInterestKRW 80.22BinterestExpenseShort-term debtKRW 2,020.45BshortLongTermDebtEBITDA − capex-KRW 37.89BPrincipal due is the current portion of debt.Result -0.02x | -KRW 749.93BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-KRW 585.16BtotalCashFromOperatingActivitiesCapexKRW 164.77BcapitalExpendituresFree cash flow-KRW 749.93BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -KRW 749.93B | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 129.54BoperatingIncomeTax expense-KRW 14.56BtaxProvisionPretax income-KRW 103.50BincomeBeforeTaxTax rate—EquityKRW 5,622.91BtotalStockholderEquityDebtKRW 3,902.40BlongTermDebt + shortLongTermDebtCashKRW 993.63BcashInvested capitalKRW 8,531.67BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.02xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeKRW 129.54BoperatingIncomeNet PP&EKRW 6,106.14BpropertyPlantAndEquipmentNetResult 0.02x |
| 2020 | 49.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 6,035.90BpropertyPlantAndEquipmentNetInventoryKRW 778.99BinventoryTotal assetsKRW 13,799.66BtotalAssetsResult 49.4% | 1.38xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueKRW 8,312.01BtotalRevenueNet PP&EKRW 6,035.90BpropertyPlantAndEquipmentNetResult 1.38x | 0.94xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexKRW 236.11BcapitalExpendituresD&AKRW 252.31BreconciledDepreciationResult 0.94x | KRW 59.66KTangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 13,799.66BtotalAssetsGoodwillKRW 0.00Not reported, treated as 0IntangiblesKRW 64.96BintangibleAssetsLiabilitiesKRW 8,438.87BtotalLiabTangible bookKRW 5,295.82BShares88,773,116commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result KRW 59.66K | -0.14xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-KRW 132.23BebitdaCapexKRW 236.11BcapitalExpendituresInterestKRW 155.57BinterestExpenseShort-term debtKRW 2,507.27BshortLongTermDebtEBITDA − capex-KRW 368.34BPrincipal due is the current portion of debt.Result -0.14x | -KRW 436.11BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-KRW 200.00BtotalCashFromOperatingActivitiesCapexKRW 236.11BcapitalExpendituresFree cash flow-KRW 436.11BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -KRW 436.11B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 32.51BoperatingIncomeTax expense-KRW 108.67BtaxProvisionPretax income-KRW 540.11BincomeBeforeTaxTax rate—EquityKRW 5,360.78BtotalStockholderEquityDebtKRW 4,546.69BlongTermDebt + shortLongTermDebtCashKRW 1,314.82BcashInvested capitalKRW 8,592.65BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.01xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeKRW 32.51BoperatingIncomeNet PP&EKRW 6,035.90BpropertyPlantAndEquipmentNetResult 0.01x |
| 2021 | 45.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 6,004.16BpropertyPlantEquipmentInventoryKRW 898.67BinventoryTotal assetsKRW 15,078.67BtotalAssetsResult 45.8% | 1.38xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueKRW 8,311.28BtotalRevenueNet PP&EKRW 6,004.16BpropertyPlantEquipmentResult 1.38x | 1.02xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexKRW 243.97BcapitalExpendituresD&AKRW 239.36BreconciledDepreciationResult 1.02x | KRW 62.12KTangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 15,078.67BtotalAssetsGoodwillKRW 0.00Not reported, treated as 0IntangiblesKRW 79.46BintangibleAssetsLiabilitiesKRW 9,484.65BtotalLiabTangible bookKRW 5,514.57BShares88,773,116commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result KRW 62.12K | -0.61xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-KRW 746.45BebitdaCapexKRW 243.97BcapitalExpendituresInterestKRW 125.64BinterestExpenseShort-term debtKRW 1,506.77BshortLongTermDebtEBITDA − capex-KRW 990.42BPrincipal due is the current portion of debt.Result -0.61x | KRW 496.87BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowKRW 762.06BtotalCashFromOperatingActivitiesCapexKRW 243.97BcapitalExpendituresFree cash flowKRW 496.87BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 496.87B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-KRW 800.23BoperatingIncomeTax expense-KRW 297.22BincomeTaxExpensePretax income-KRW 1,111.45BincomeBeforeTaxTax rate—EquityKRW 5,594.02BtotalStockholderEquityDebtKRW 3,465.76BlongTermDebt + shortLongTermDebtCashKRW 2,137.39BcashInvested capitalKRW 6,922.39BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.13xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-KRW 800.23BoperatingIncomeNet PP&EKRW 6,004.16BpropertyPlantEquipmentResult -0.13x |
| 2022 | 47.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 6,280.79BpropertyPlantAndEquipmentNetInventoryKRW 1,377.14BinventoryTotal assetsKRW 16,289.40BtotalAssetsResult 47.0% | 1.44xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueKRW 9,045.48BtotalRevenueNet PP&EKRW 6,280.79BpropertyPlantAndEquipmentNetResult 1.44x | 2.02xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexKRW 514.15BcapitalExpendituresD&AKRW 254.28BreconciledDepreciationResult 2.02x | KRW 58.43KTangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 16,289.40BtotalAssetsGoodwillKRW 0.00Not reported, treated as 0IntangiblesKRW 100.47BintangibleAssetsLiabilitiesKRW 11,001.58BtotalLiabTangible bookKRW 5,187.35BShares88,773,116commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result KRW 58.43K | -0.37xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-KRW 61.07BebitdaCapexKRW 514.15BcapitalExpendituresInterestKRW 106.14BinterestExpenseShort-term debtKRW 1,444.63BshortLongTermDebtEBITDA − capex-KRW 575.22BPrincipal due is the current portion of debt.Result -0.37x | -KRW 442.93BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowKRW 71.22BtotalCashFromOperatingActivitiesCapexKRW 514.15BcapitalExpendituresFree cash flow-KRW 442.93BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -KRW 442.93B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-KRW 280.89BoperatingIncomeTax expense-KRW 69.42BtaxProvisionPretax income-KRW 421.48BincomeBeforeTaxTax rate—EquityKRW 5,287.82BtotalStockholderEquityDebtKRW 2,603.66BlongTermDebt + shortLongTermDebtCashKRW 744.15BcashInvested capitalKRW 7,147.33BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.04xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-KRW 280.89BoperatingIncomeNet PP&EKRW 6,280.79BpropertyPlantAndEquipmentNetResult -0.04x |
| 2023 | 45.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 6,489.49BpropertyPlantAndEquipmentNetInventoryKRW 1,309.81BinventoryTotal assetsKRW 17,133.62BtotalAssetsResult 45.5% | 1.84xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueKRW 11,963.93BtotalRevenueNet PP&EKRW 6,489.49BpropertyPlantAndEquipmentNetResult 1.84x | 1.85xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexKRW 513.91BcapitalExpendituresD&AKRW 278.07BreconciledDepreciationResult 1.85x | KRW 57.44KTangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 17,133.62BtotalAssetsGoodwillKRW 0.00Not reported, treated as 0IntangiblesKRW 108.42BintangibleAssetsLiabilitiesKRW 11,926.18BtotalLiabTangible bookKRW 5,099.02BShares88,773,116commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result KRW 57.44K | -0.04xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 444.32BebitdaCapexKRW 513.91BcapitalExpendituresInterestKRW 131.89BinterestExpenseShort-term debtKRW 1,560.03BshortLongTermDebtEBITDA − capex-KRW 69.58BPrincipal due is the current portion of debt.Result -0.04x | -KRW 345.07BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowKRW 168.84BtotalCashFromOperatingActivitiesCapexKRW 513.91BcapitalExpendituresFree cash flow-KRW 345.07BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -KRW 345.07B | 1.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 178.94BoperatingIncomeTax expenseKRW 9.67BtaxProvisionPretax incomeKRW 34.36BincomeBeforeTaxTax rate28.2%EquityKRW 5,207.44BtotalStockholderEquityDebtKRW 3,128.97BlongTermDebt + shortLongTermDebtCashKRW 928.04BcashInvested capitalKRW 7,408.37BResult 1.7% | 0.03xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeKRW 178.94BoperatingIncomeNet PP&EKRW 6,489.49BpropertyPlantAndEquipmentNetResult 0.03x |
| 2024 | 42.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 6,641.30BpropertyPlantAndEquipmentNetInventoryKRW 1,510.91BinventoryTotal assetsKRW 19,390.95BtotalAssetsResult 42.0% | 2.18xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueKRW 14,486.45BtotalRevenueNet PP&EKRW 6,641.30BpropertyPlantAndEquipmentNetResult 2.18x | 1.62xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexKRW 496.60BcapitalExpendituresD&AKRW 305.82BreconciledDepreciationResult 1.62x | KRW 62.82KTangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 19,390.95BtotalAssetsGoodwillKRW 0.00Not reported, treated as 0IntangiblesKRW 128.13BintangibleAssetsLiabilitiesKRW 13,686.50BtotalLiabTangible bookKRW 5,576.32BShares88,773,116commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result KRW 62.82K | 1.38xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 1,253.62BebitdaCapexKRW 496.60BcapitalExpendituresInterestKRW 149.67BinterestExpenseShort-term debtKRW 399.25BshortLongTermDebtEBITDA − capexKRW 757.02BPrincipal due is the current portion of debt.Result 1.38x | KRW 2,387.28BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowKRW 2,883.88BtotalCashFromOperatingActivitiesCapexKRW 496.60BcapitalExpendituresFree cash flowKRW 2,387.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 2,387.28B | 9.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 702.78BoperatingIncomeTax expenseKRW 176.63BtaxProvisionPretax incomeKRW 798.14BincomeBeforeTaxTax rate22.1%EquityKRW 5,704.45BtotalStockholderEquityDebtKRW 1,150.86BlongTermDebt + shortLongTermDebtCashKRW 1,257.87BcashInvested capitalKRW 5,597.44BResult 9.8% | 0.11xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeKRW 702.78BoperatingIncomeNet PP&EKRW 6,641.30BpropertyPlantAndEquipmentNetResult 0.11x |
| 2025 | 41.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 8,815.62BpropertyPlantAndEquipmentNetInventoryKRW 2,016.75BinventoryTotal assetsKRW 26,163.04BtotalAssetsResult 41.4% | 1.99xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueKRW 17,580.63BtotalRevenueNet PP&EKRW 8,815.62BpropertyPlantAndEquipmentNetResult 1.99x | 1.62xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexKRW 541.49BcapitalExpendituresD&AKRW 333.41BreconciledDepreciationResult 1.62x | KRW 87.47KTangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 26,163.04BtotalAssetsGoodwillKRW 0.00Not reported, treated as 0IntangiblesKRW 161.13BintangibleAssetsLiabilitiesKRW 16,821.42BtotalLiabTangible bookKRW 9,180.49BShares104,961,225commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result KRW 87.47K | 6.66xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 2,230.87BebitdaCapexKRW 541.49BcapitalExpendituresInterestKRW 96.55BinterestExpenseShort-term debtKRW 156.97BshortLongTermDebtEBITDA − capexKRW 1,689.38BPrincipal due is the current portion of debt.Result 6.66x | KRW 2,968.90BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowKRW 3,510.39BtotalCashFromOperatingActivitiesCapexKRW 541.49BcapitalExpendituresFree cash flowKRW 2,968.90BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 2,968.90B | 19.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 2,039.21BoperatingIncomeTax expenseKRW 385.43BtaxProvisionPretax incomeKRW 1,800.92BincomeBeforeTaxTax rate21.4%EquityKRW 9,341.62BtotalStockholderEquityDebtKRW 645.35BlongTermDebt + shortLongTermDebtCashKRW 1,869.92BcashInvested capitalKRW 8,117.05BResult 19.7% | 0.23xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeKRW 2,039.21BoperatingIncomeNet PP&EKRW 8,815.62BpropertyPlantAndEquipmentNetResult 0.23x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: KRW 8,815.62B
Inventory: KRW 2,016.75B
Total assets: KRW 26,163.04B
Goodwill: KRW 0.00
Intangibles: KRW 161.13B
Liabilities: KRW 16,821.42B
Tangible book: KRW 9,180.49B
Shares: 104,961,225
Revenue: KRW 17,580.63B
Capex: KRW 541.49B
D&A: KRW 333.41B
EBITDA: KRW 2,230.87B
Interest: KRW 96.55B
Short-term debt: KRW 156.97B
Free cash flow: KRW 2,968.90B
Operating income: KRW 2,039.21B
Invested capital: KRW 8,117.05B
Tax rate: 21.4%