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.
Juneyao Airlines
Physical assets are 70.3% of total assets, a heavy footprint. Capex is 0.17x 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 0.47x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.62x.
Physical asset ratio
70.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.62x
Revenue per dollar of the physical asset base.
Capex / D&A
0.17x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
CNY 5.47
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.75x
Price CNY 9.56.
Fixed-charge coverage
0.47x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
32.1%
Latest free cash flow divided by current market cap (CNY 20.69B).
ROIC
6.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 70.1% | 0.96x | 7.90x | CNY 5.31 | -0.65x | -CNY 3.45B | 7.4% | 0.10x |
| 2019 | 59.5% | 0.86x | 5.26x | CNY 6.52 | -0.38x | -CNY 1.02B | 3.9% | 0.07x |
| 2020 | 63.5% | 0.50x | 0.66x | CNY 5.10 | -0.03x | CNY 24.72M | — | -0.04x |
| 2021 | 74.6% | 0.36x | 2.59x | CNY 4.72 | -0.17x | -CNY 475.42M | — | -0.02x |
| 2022 | 71.5% | 0.26x | 2.02x | CNY 4.01 | -0.35x | -CNY 1.49B | — | -0.17x |
| 2023 | 76.0% | 0.59x | 0.48x | CNY 3.73 | 0.28x | CNY 5.91B | 3.8% | 0.03x |
| 2024 | 75.8% | 0.61x | 0.83x | CNY 4.00 | 0.24x | CNY 6.74B | 3.9% | 0.03x |
| 2025 | 70.3% | 0.62x | 0.17x | CNY 5.47 | 0.47x | CNY 6.64B | 6.6% | 0.06x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: CNY 36.37B
Inventory: CNY 375.42M
Total assets: CNY 52.25B
Goodwill: CNY 0.00
Intangibles: CNY 187.98M
Liabilities: CNY 40.12B
Tangible book: CNY 11.94B
Shares: 2,184,005,268
Revenue: CNY 22.50B
Capex: CNY 625.62M
D&A: CNY 3.69B
EBITDA: CNY 6.15B
Interest: CNY 1.08B
Short-term debt: CNY 10.58B
Free cash flow: CNY 6.64B
Operating income: CNY 2.30B
Invested capital: CNY 26.08B
Tax rate: 25.0%