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.
Hainan Airlines Co Ltd A
Physical assets are 59.2% of total assets, a heavy footprint. Capex is 0.20x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 8.6%, 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 0.78x.
Physical asset ratio
59.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.78x
Revenue per dollar of the physical asset base.
Capex / D&A
0.20x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 0.07
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
17.23x
Price CNY 1.20.
Fixed-charge coverage
2.14x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
27.0%
Latest free cash flow divided by current market cap (CNY 51.43B).
ROIC
8.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.05x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 39.9% | 0.83x | 0.56x | CNY 4.34 | 0.13x | CNY 6.10B | — | -0.06x |
| 2019 | 35.1% | 1.07x | 0.18x | CNY 3.60 | 0.22x | CNY 12.81B | 1.0% | 0.01x |
| 2020 | 35.0% | 0.52x | 0.31x | -CNY 1.43 | -0.31x | -CNY 1.90B | — | -1.27x |
| 2021 | 69.3% | 0.35x | 0.40x | CNY 0.27 | -0.67x | -CNY 876.30M | 8.1% | 0.04x |
| 2022 | 65.7% | 0.26x | 0.23x | -CNY 0.06 | -2.23x | -CNY 3.22B | — | -0.32x |
| 2023 | 60.8% | 0.73x | 0.65x | -CNY 0.02 | 0.98x | CNY 5.45B | — | -0.01x |
| 2024 | 59.3% | 0.80x | 0.73x | -CNY 0.02 | 0.80x | CNY 10.92B | — | -0.02x |
| 2025 | 59.2% | 0.78x | 0.20x | CNY 0.07 | 2.14x | CNY 13.86B | 8.6% | 0.05x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CNY 87.87B
Inventory: CNY 2.35B
Total assets: CNY 152.29B
Goodwill: CNY 843.98M
Intangibles: CNY 1.52B
Liabilities: CNY 146.91B
Tangible book: CNY 3.01B
Shares: 43,215,632,535
Revenue: CNY 68.47B
Capex: CNY 2.19B
D&A: CNY 10.86B
EBITDA: CNY 17.54B
Interest: CNY 4.03B
Short-term debt: CNY 3.13B
Free cash flow: CNY 13.86B
Operating income: CNY 4.19B
Invested capital: CNY 36.43B
Tax rate: 25.6%