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 Eastern Airlines Corp Ltd
Physical assets are 82.6% of total assets, a heavy footprint. Capex is 0.77x 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 0.40x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.59x.
Physical asset ratio
82.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.59x
Revenue per dollar of the physical asset base.
Capex / D&A
0.77x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 1.14
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.77x
Price CNY 3.16.
Fixed-charge coverage
0.40x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
24.8%
Latest free cash flow divided by current market cap (CNY 69.13B).
ROIC
1.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.01x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 85.4% | 0.57x | 1.78x | CNY 3.57 | -0.11x | -CNY 3.86B | 2.0% | 0.01x |
| 2019 | 86.5% | 0.49x | 0.83x | CNY 3.95 | 0.35x | CNY 21.38B | 2.3% | 0.01x |
| 2020 | 83.8% | 0.25x | 0.78x | CNY 2.95 | -0.21x | -CNY 6.04B | — | -0.07x |
| 2021 | 80.4% | 0.29x | 1.08x | CNY 2.57 | -0.32x | -CNY 5.12B | — | -0.08x |
| 2022 | 80.8% | 0.20x | 1.16x | CNY 0.98 | -0.61x | -CNY 16.49B | — | -0.17x |
| 2023 | 81.0% | 0.50x | 1.88x | CNY 1.32 | -0.24x | CNY 7.91B | — | -0.04x |
| 2024 | 83.1% | 0.58x | 1.43x | CNY 1.32 | -0.11x | CNY 20.98B | — | -0.02x |
| 2025 | 82.6% | 0.59x | 0.77x | CNY 1.14 | 0.40x | CNY 17.15B | 1.4% | 0.01x |
- 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 238.26B
Inventory: CNY 2.70B
Total assets: CNY 291.76B
Goodwill: CNY 9.03B
Intangibles: CNY 4.58B
Liabilities: CNY 252.92B
Tangible book: CNY 25.23B
Shares: 22,087,736,670
Revenue: CNY 139.94B
Capex: CNY 20.79B
D&A: CNY 26.92B
EBITDA: CNY 31.38B
Interest: CNY 4.19B
Short-term debt: CNY 22.04B
Free cash flow: CNY 17.15B
Operating income: CNY 2.38B
Invested capital: CNY 104.98B
Tax rate: 40.0%