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.
China Southern Airlines Co Ltd Class A
Physical assets are 79.3% of total assets, a heavy footprint. Capex is 0.57x 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 0.60x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.67x.
Physical asset ratio
79.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.67x
Revenue per dollar of the physical asset base.
Capex / D&A
0.57x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 2.62
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.81x
Price CNY 4.74.
Fixed-charge coverage
0.60x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
23.9%
Latest free cash flow divided by current market cap (CNY 85.53B).
ROIC
5.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.03x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 86.5% | 0.68x | 1.69x | CNY 7.24 | -0.05x | -CNY 8.70B | 2.8% | 0.02x |
| 2019 | 90.1% | 0.56x | 1.68x | CNY 5.98 | 0.08x | CNY 15.55B | 2.1% | 0.01x |
| 2020 | 81.5% | 0.35x | 1.21x | CNY 5.65 | -0.23x | -CNY 8.36B | — | -0.06x |
| 2021 | 79.7% | 0.40x | 1.84x | CNY 4.80 | -0.26x | -CNY 9.45B | — | -0.06x |
| 2022 | 80.7% | 0.35x | 1.28x | CNY 2.89 | -0.29x | -CNY 14.15B | — | -0.13x |
| 2023 | 81.2% | 0.64x | 1.07x | CNY 2.50 | 0.05x | CNY 28.77B | — | -0.01x |
| 2024 | 78.9% | 0.67x | 1.46x | CNY 2.40 | 0.01x | CNY 15.31B | -0.4% | 0.00x |
| 2025 | 79.3% | 0.67x | 0.57x | CNY 2.62 | 0.60x | CNY 20.44B | 5.2% | 0.03x |
- Principal due is the current portion of debt.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: CNY 273.93B
Inventory: CNY 3.30B
Total assets: CNY 349.81B
Goodwill: CNY 0.00
Intangibles: CNY 7.55B
Liabilities: CNY 294.80B
Tangible book: CNY 47.46B
Shares: 18,120,922,035
Revenue: CNY 182.26B
Capex: CNY 17.77B
D&A: CNY 31.09B
EBITDA: CNY 41.46B
Interest: CNY 5.55B
Short-term debt: CNY 34.19B
Free cash flow: CNY 20.44B
Operating income: CNY 8.82B
Invested capital: CNY 101.01B
Tax rate: 40.0%