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.
Air China Ltd Class A
Physical assets are 76.4% 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 0.36x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.65x.
Physical asset ratio
76.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.65x
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 1.78
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.17x
Price CNY 5.65.
Fixed-charge coverage
0.36x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
22.8%
Latest free cash flow divided by current market cap (CNY 116.19B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.02x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 79.8% | 0.71x | 0.85x | CNY 6.91 | 0.63x | CNY 19.11B | 6.6% | 0.05x |
| 2019 | 82.6% | 0.57x | 1.34x | CNY 7.03 | 0.42x | CNY 25.23B | 5.4% | 0.04x |
| 2020 | 84.4% | 0.29x | 1.30x | CNY 5.76 | -0.40x | -CNY 10.63B | — | -0.08x |
| 2021 | 80.8% | 0.31x | 0.65x | CNY 4.46 | -0.51x | CNY 6.81B | — | -0.09x |
| 2022 | 82.9% | 0.22x | 0.86x | CNY 1.18 | -1.23x | -CNY 24.40B | — | -0.19x |
| 2023 | 78.6% | 0.54x | 1.94x | CNY 1.65 | -0.39x | CNY 12.65B | — | -0.01x |
| 2024 | 76.6% | 0.64x | 1.49x | CNY 1.95 | -0.28x | CNY 14.44B | — | -0.01x |
| 2025 | 76.4% | 0.65x | 0.57x | CNY 1.78 | 0.36x | CNY 26.54B | — | -0.02x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CNY 263.73B
Inventory: CNY 4.96B
Total assets: CNY 351.61B
Goodwill: CNY 3.61B
Intangibles: CNY 6.19B
Liabilities: CNY 312.07B
Tangible book: CNY 29.74B
Shares: 16,669,332,000
Revenue: CNY 171.48B
Capex: CNY 17.56B
D&A: CNY 30.85B
EBITDA: CNY 26.06B
Interest: CNY 5.75B
Short-term debt: CNY 17.61B
Free cash flow: CNY 26.54B
Operating income: -CNY 4.78B
Invested capital: CNY 137.01B
Tax rate: —