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.
HYBE Co. Ltd
Physical assets are 9.0% of total assets, a light footprint. Capex is 0.42x 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 -0.86x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 8.60x.
Physical asset ratio
9.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 307.99BpropertyPlantAndEquipmentNetInventoryKRW 184.40BinventoryTotal assetsKRW 5,485.47BtotalAssetsResult 9.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueKRW 2,649.87BtotalRevenueNet PP&EKRW 307.99BpropertyPlantAndEquipmentNetResult 8.60x
Revenue per dollar of the physical asset base.
Capex / D&A
0.42xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexKRW 61.10BcapitalExpendituresD&AKRW 146.54BreconciledDepreciationResult 0.42x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
KRW 37.67KTangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 5,485.47BtotalAssetsGoodwillKRW 1,679.49BgoodWillIntangiblesKRW 307.20BintangibleAssetsLiabilitiesKRW 1,934.02BtotalLiabTangible bookKRW 1,564.77BShares41,537,085commonStockSharesOutstandingResult KRW 37.67K
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.90xPrice / tangible bookPrice / tangible book per sharePriceKRW 146.80KLatest quoteTangible book / shareKRW 37.67K2025-12-31Result 3.90x
Price KRW 146.80K.
Fixed-charge coverage
-0.86xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDAKRW 18.56BebitdaCapexKRW 61.10BcapitalExpendituresInterestKRW 49.37BinterestExpenseEBITDA − capex-KRW 42.55BShort-term debt was not reported, so the denominator is interest only.Result -0.86x
EBITDA minus capex, divided by interest only.
FCF yield
0.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowKRW 46.38BfreeCashFlowMarket capKRW 6,222.74BMarketCapitalizationResult 0.7%
Latest free cash flow divided by current market cap (KRW 6,222.74B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 49.32BoperatingIncomeTax expenseKRW 77.03BtaxProvisionPretax income-KRW 177.36BincomeBeforeTaxTax rate—EquityKRW 3,257.03BtotalStockholderEquityDebtKRW 859.46BlongTermDebtCashKRW 534.91BcashInvested capitalKRW 3,581.57BROIC 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 0.16x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventoryKRW 5.71BinventoryTotal assetsKRW 205.53BtotalAssetsResult — | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenueKRW 301.37BtotalRevenueNet PP&E—Not reportedResult — | 3.47xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexKRW 13.78BcapitalExpendituresD&AKRW 3.97BreconciledDepreciationResult 3.47x | KRW 2.36KTangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 205.53BtotalAssetsGoodwillKRW 0.00Not reported, treated as 0IntangiblesKRW 6.33BintangibleAssetsLiabilitiesKRW 118.27BtotalLiabTangible bookKRW 80.93BShares34,249,367commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result KRW 2.36K | -35.54xFixed-charge coverage · 2018-12-31(EBITDA − capex) / interestEBITDA-KRW 42.88BebitdaCapexKRW 13.78BcapitalExpendituresInterestKRW 1.59BinterestExpenseEBITDA − capex-KRW 56.66BShort-term debt was not reported, so the denominator is interest only.Result -35.54x | KRW 60.91BFree cash flow · 2018-12-31Reported free cash flowOperating cash flowKRW 74.69BtotalCashFromOperatingActivitiesCapexKRW 13.78BcapitalExpendituresFree cash flowKRW 60.91BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 60.91B | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 79.93BoperatingIncomeTax expenseKRW 22.02BtaxProvisionPretax income-KRW 48.45BincomeBeforeTaxTax rate—EquityKRW 87.26BtotalStockholderEquityDebt—Not reportedCashKRW 58.06BcashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeKRW 79.93BoperatingIncomeNet PP&E—Not reportedResult — |
| 2019 | 8.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 16.84BpropertyPlantAndEquipmentNetInventoryKRW 12.97BinventoryTotal assetsKRW 362.99BtotalAssetsResult 8.2% | 33.32xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueKRW 561.12BtotalRevenueNet PP&EKRW 16.84BpropertyPlantAndEquipmentNetResult 33.32x | 0.61xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexKRW 10.46BcapitalExpendituresD&AKRW 17.03BreconciledDepreciationResult 0.61x | KRW 4.31KTangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 362.99BtotalAssetsGoodwillKRW 18.73BgoodWillIntangiblesKRW 7.01BintangibleAssetsLiabilitiesKRW 189.47BtotalLiabTangible bookKRW 147.78BShares34,249,367commonStockSharesOutstandingResult KRW 4.31K | 40.54xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 109.07BebitdaCapexKRW 10.46BcapitalExpendituresInterestKRW 1.42BinterestExpenseShort-term debtKRW 1.01BshortLongTermDebtEBITDA − capexKRW 98.61BPrincipal due is the current portion of debt.Result 40.54x | KRW 96.95BFree cash flow · 2019-12-31Reported free cash flowOperating cash flowKRW 107.40BtotalCashFromOperatingActivitiesCapexKRW 10.46BcapitalExpendituresFree cash flowKRW 96.95BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 96.95B | 473.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 96.56BoperatingIncomeTax expenseKRW 26.15BtaxProvisionPretax incomeKRW 92.36BincomeBeforeTaxTax rate28.3%EquityKRW 174.18BtotalStockholderEquityDebtKRW 1.22BlongTermDebt + shortLongTermDebtCashKRW 160.78BcashInvested capitalKRW 14.62BResult 473.4% | 5.73xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeKRW 96.56BoperatingIncomeNet PP&EKRW 16.84BpropertyPlantAndEquipmentNetResult 5.73x |
| 2020 | 13.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 198.17BpropertyPlantEquipmentInventoryKRW 61.96BinventoryTotal assetsKRW 1,924.44BtotalAssetsResult 13.5% | 4.02xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueKRW 796.28BtotalRevenueNet PP&EKRW 198.17BpropertyPlantEquipmentResult 4.02x | 1.13xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexKRW 39.48BcapitalExpendituresD&AKRW 34.95BreconciledDepreciationResult 1.13x | KRW 25.26KTangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 1,924.44BtotalAssetsGoodwillKRW 164.93BgoodWillIntangiblesKRW 123.44BintangibleAssetsLiabilitiesKRW 725.50BtotalLiabTangible bookKRW 910.56BShares36,048,110commonStockSharesOutstandingResult KRW 25.26K | 26.41xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 165.08BebitdaCapexKRW 39.48BcapitalExpendituresInterestKRW 3.89BinterestExpenseShort-term debtKRW 868.43MshortLongTermDebtEBITDA − capexKRW 125.60BPrincipal due is the current portion of debt.Result 26.41x | KRW 64.45BFree cash flow · 2020-12-31Reported free cash flowOperating cash flowKRW 116.68BtotalCashFromOperatingActivitiesCapexKRW 39.48BcapitalExpendituresFree cash flowKRW 64.45BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 64.45B | 9.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 145.64BoperatingIncomeTax expenseKRW 39.19BincomeTaxExpensePretax incomeKRW 126.25BincomeBeforeTaxTax rate31.0%EquityKRW 1,195.33BtotalStockholderEquityDebtKRW 200.98BlongTermDebt + shortLongTermDebtCashKRW 380.24BcashInvested capitalKRW 1,016.08BResult 9.9% | 0.73xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeKRW 145.64BoperatingIncomeNet PP&EKRW 198.17BpropertyPlantEquipmentResult 0.73x |
| 2021 | 6.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 237.65BpropertyPlantEquipmentInventoryKRW 83.18BinventoryTotal assetsKRW 4,728.92BtotalAssetsResult 6.8% | 5.28xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueKRW 1,255.93BtotalRevenueNet PP&EKRW 237.65BpropertyPlantEquipmentResult 5.28x | 0.65xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexKRW 54.03BcapitalExpendituresD&AKRW 83.29BreconciledDepreciationResult 0.65x | KRW 37.64KTangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 4,728.92BtotalAssetsGoodwillKRW 1,065.26BgoodWillIntangiblesKRW 264.78BintangibleAssetsLiabilitiesKRW 1,842.33BtotalLiabTangible bookKRW 1,556.55BShares41,353,387commonStockSharesOutstandingResult KRW 37.64K | 1.42xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 307.01BebitdaCapexKRW 54.03BcapitalExpendituresInterestKRW 13.24BinterestExpenseShort-term debtKRW 164.82BshortLongTermDebtEBITDA − capexKRW 252.99BPrincipal due is the current portion of debt.Result 1.42x | KRW 82.66BFree cash flow · 2021-12-31Reported free cash flowOperating cash flowKRW 177.26BtotalCashFromOperatingActivitiesCapexKRW 54.03BcapitalExpendituresFree cash flowKRW 82.66BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 82.66B | 4.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 190.25BoperatingIncomeTax expenseKRW 69.65BincomeTaxExpensePretax incomeKRW 210.48BincomeBeforeTaxTax rate33.1%EquityKRW 2,811.93BtotalStockholderEquityDebtKRW 1,086.82BlongTermDebt + shortLongTermDebtCashKRW 677.68BcashInvested capitalKRW 3,221.07BResult 4.0% | 0.80xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeKRW 190.25BoperatingIncomeNet PP&EKRW 237.65BpropertyPlantEquipmentResult 0.80x |
| 2022 | 7.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 284.00BpropertyPlantEquipmentInventoryKRW 79.18BinventoryTotal assetsKRW 4,870.43BtotalAssetsResult 7.5% | 6.25xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueKRW 1,776.15BtotalRevenueNet PP&EKRW 284.00BpropertyPlantEquipmentResult 6.25x | 0.14xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexKRW 17.06BcapitalExpendituresD&AKRW 118.88BreconciledDepreciationResult 0.14x | KRW 35.27KTangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 4,870.43BtotalAssetsGoodwillKRW 1,244.01BgoodWillIntangiblesKRW 226.16BintangibleAssetsLiabilitiesKRW 1,941.75BtotalLiabTangible bookKRW 1,458.51BShares41,353,387commonStockSharesOutstandingResult KRW 35.27K | 0.87xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 249.98BebitdaCapexKRW 17.06BcapitalExpendituresInterestKRW 34.61BinterestExpenseShort-term debtKRW 231.68BshortLongTermDebtEBITDA − capexKRW 232.92BPrincipal due is the current portion of debt.Result 0.87x | KRW 308.17BFree cash flow · 2022-12-31Reported free cash flowOperating cash flowKRW 347.13BtotalCashFromOperatingActivitiesCapexKRW 17.06BcapitalExpendituresFree cash flowKRW 308.17BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 308.17B | 4.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 236.91BoperatingIncomeTax expenseKRW 48.45BincomeTaxExpensePretax incomeKRW 96.48BincomeBeforeTaxTax rate40.0%EquityKRW 2,770.48BtotalStockholderEquityDebtKRW 942.12BlongTermDebt + shortLongTermDebtCashKRW 531.62BcashInvested capitalKRW 3,180.97BThe effective tax rate was above 40% and was capped at 40%.Result 4.5% | 0.83xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeKRW 236.91BoperatingIncomeNet PP&EKRW 284.00BpropertyPlantEquipmentResult 0.83x |
| 2023 | 7.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 294.89BpropertyPlantAndEquipmentNetInventoryKRW 125.86BinventoryTotal assetsKRW 5,345.68BtotalAssetsResult 7.9% | 7.39xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueKRW 2,178.09BtotalRevenueNet PP&EKRW 294.89BpropertyPlantAndEquipmentNetResult 7.39x | 0.72xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexKRW 92.31BcapitalExpendituresD&AKRW 127.35BreconciledDepreciationResult 0.72x | KRW 22.68KTangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 5,345.68BtotalAssetsGoodwillKRW 1,717.43BgoodWillIntangiblesKRW 447.82BintangibleAssetsLiabilitiesKRW 2,235.77BtotalLiabTangible bookKRW 944.66BShares41,652,097commonStockSharesOutstandingResult KRW 22.68K | 0.38xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 424.50BebitdaCapexKRW 92.31BcapitalExpendituresInterestKRW 47.02BinterestExpenseShort-term debtKRW 825.28BshortLongTermDebtEBITDA − capexKRW 332.20BPrincipal due is the current portion of debt.Result 0.38x | KRW 218.32BFree cash flow · 2023-12-31Reported free cash flowOperating cash flowKRW 310.63BtotalCashFromOperatingActivitiesCapexKRW 92.31BcapitalExpendituresFree cash flowKRW 218.32BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 218.32B | 6.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 295.64BoperatingIncomeTax expenseKRW 66.68BtaxProvisionPretax incomeKRW 250.13BincomeBeforeTaxTax rate26.7%EquityKRW 2,919.40BtotalStockholderEquityDebtKRW 925.28BlongTermDebt + shortLongTermDebtCashKRW 357.86BcashInvested capitalKRW 3,486.81BResult 6.2% | 1.00xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeKRW 295.64BoperatingIncomeNet PP&EKRW 294.89BpropertyPlantAndEquipmentNetResult 1.00x |
| 2024 | 9.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 355.39BpropertyPlantAndEquipmentNetInventoryKRW 163.15BinventoryTotal assetsKRW 5,479.19BtotalAssetsResult 9.5% | 6.35xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueKRW 2,255.65BtotalRevenueNet PP&EKRW 355.39BpropertyPlantAndEquipmentNetResult 6.35x | 0.46xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexKRW 67.81BcapitalExpendituresD&AKRW 146.14BreconciledDepreciationResult 0.46x | KRW 30.58KTangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 5,479.19BtotalAssetsGoodwillKRW 1,809.81BgoodWillIntangiblesKRW 434.45BintangibleAssetsLiabilitiesKRW 1,965.41BtotalLiabTangible bookKRW 1,269.52BShares41,518,493commonStockSharesOutstandingResult KRW 30.58K | 0.98xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAKRW 214.88BebitdaCapexKRW 67.81BcapitalExpendituresInterestKRW 49.31BinterestExpenseShort-term debtKRW 100.19BshortLongTermDebtEBITDA − capexKRW 147.07BPrincipal due is the current portion of debt.Result 0.98x | KRW 83.79BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowKRW 151.60BtotalCashFromOperatingActivitiesCapexKRW 67.81BcapitalExpendituresFree cash flowKRW 83.79BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 83.79B | 3.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 184.05BoperatingIncomeTax expenseKRW 22.86BtaxProvisionPretax incomeKRW 19.42BincomeBeforeTaxTax rate40.0%EquityKRW 3,214.65BtotalStockholderEquityDebtKRW 842.25BlongTermDebt + shortLongTermDebtCashKRW 412.04BcashInvested capitalKRW 3,644.86BThe effective tax rate was above 40% and was capped at 40%.Result 3.0% | 0.52xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeKRW 184.05BoperatingIncomeNet PP&EKRW 355.39BpropertyPlantAndEquipmentNetResult 0.52x |
| 2025 | 9.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EKRW 307.99BpropertyPlantAndEquipmentNetInventoryKRW 184.40BinventoryTotal assetsKRW 5,485.47BtotalAssetsResult 9.0% | 8.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueKRW 2,649.87BtotalRevenueNet PP&EKRW 307.99BpropertyPlantAndEquipmentNetResult 8.60x | 0.42xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexKRW 61.10BcapitalExpendituresD&AKRW 146.54BreconciledDepreciationResult 0.42x | KRW 37.67KTangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsKRW 5,485.47BtotalAssetsGoodwillKRW 1,679.49BgoodWillIntangiblesKRW 307.20BintangibleAssetsLiabilitiesKRW 1,934.02BtotalLiabTangible bookKRW 1,564.77BShares41,537,085commonStockSharesOutstandingResult KRW 37.67K | -0.86xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDAKRW 18.56BebitdaCapexKRW 61.10BcapitalExpendituresInterestKRW 49.37BinterestExpenseEBITDA − capex-KRW 42.55BShort-term debt was not reported, so the denominator is interest only.Result -0.86x | KRW 46.38BFree cash flow · 2025-12-31Reported free cash flowOperating cash flowKRW 107.48BtotalCashFromOperatingActivitiesCapexKRW 61.10BcapitalExpendituresFree cash flowKRW 46.38BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result KRW 46.38B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeKRW 49.32BoperatingIncomeTax expenseKRW 77.03BtaxProvisionPretax income-KRW 177.36BincomeBeforeTaxTax rate—EquityKRW 3,257.03BtotalStockholderEquityDebtKRW 859.46BlongTermDebtCashKRW 534.91BcashInvested capitalKRW 3,581.57BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.16xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeKRW 49.32BoperatingIncomeNet PP&EKRW 307.99BpropertyPlantAndEquipmentNetResult 0.16x |
- 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: KRW 307.99B
Inventory: KRW 184.40B
Total assets: KRW 5,485.47B
Goodwill: KRW 1,679.49B
Intangibles: KRW 307.20B
Liabilities: KRW 1,934.02B
Tangible book: KRW 1,564.77B
Shares: 41,537,085
Revenue: KRW 2,649.87B
Capex: KRW 61.10B
D&A: KRW 146.54B
EBITDA: KRW 18.56B
Interest: KRW 49.37B
Short-term debt: —
Free cash flow: KRW 46.38B
Operating income: KRW 49.32B
Invested capital: KRW 3,581.57B
Tax rate: —