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.
Sany Heavy Industry Co Ltd
Physical assets are 26.3% of total assets, a light footprint. Capex is 0.79x 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 0.84x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 3.88x.
Physical asset ratio
26.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.88x
Revenue per dollar of the physical asset base.
Capex / D&A
0.79x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 9.23
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.92x
Price CNY 17.69.
Fixed-charge coverage
0.84x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
10.6%
Latest free cash flow divided by current market cap (CNY 162.66B).
ROIC
13.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.48x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 32.9% | 4.41x | 0.72x | CNY 3.47 | 1.35x | CNY 9.15B | 20.4% | 0.62x |
| 2019 | 28.7% | 6.50x | 1.17x | CNY 5.08 | 1.35x | CNY 10.91B | 34.4% | 1.19x |
| 2020 | 26.8% | 6.86x | 2.68x | CNY 6.52 | 1.53x | CNY 8.30B | 36.0% | 1.27x |
| 2021 | 28.4% | 5.12x | 5.16x | CNY 7.18 | 0.56x | CNY 1.60B | 22.5% | 0.66x |
| 2022 | 27.6% | 3.36x | 2.36x | CNY 7.22 | 0.05x | -CNY 1.57B | 6.8% | 0.20x |
| 2023 | 30.0% | 2.89x | 1.58x | CNY 7.56 | 0.32x | CNY 1.18B | 6.8% | 0.21x |
| 2024 | 29.0% | 3.23x | 1.03x | CNY 8.05 | 0.62x | CNY 11.88B | 9.9% | 0.29x |
| 2025 | 26.3% | 3.88x | 0.79x | CNY 9.23 | 0.84x | CNY 17.20B | 13.6% | 0.48x |
- 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: CNY 23.14B
Inventory: CNY 22.53B
Total assets: CNY 173.30B
Goodwill: CNY 40.77M
Intangibles: CNY 4.54B
Liabilities: CNY 83.87B
Tangible book: CNY 84.85B
Shares: 9,195,004,437
Revenue: CNY 89.70B
Capex: CNY 2.77B
D&A: CNY 3.51B
EBITDA: CNY 13.99B
Interest: CNY 568.88M
Short-term debt: CNY 12.78B
Free cash flow: CNY 17.20B
Operating income: CNY 11.17B
Invested capital: CNY 70.51B
Tax rate: 14.3%