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.
BayCurrent Consulting Inc
Physical assets are 9.1% of total assets, a light footprint. Capex is 1.05x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 84.0%, 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 10.88x.
Physical asset ratio
9.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
10.88x
Revenue per dollar of the physical asset base.
Capex / D&A
1.05x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
JPY 643.69
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
15.84x
Price JPY 10.20K.
Fixed-charge coverage
156.71x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.7%
Latest free cash flow divided by current market cap (JPY 1,278.03B).
ROIC
84.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 3.74x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 2.3% | 64.61x | 0.21x | -JPY 19.80 | 4.05x | JPY 2.46B | 15.0% | 11.94x |
| 2020 | 3.6% | 35.12x | 0.01x | JPY 13.07 | 23.90x | JPY 7.97B | 30.7% | 8.56x |
| 2021 | 5.6% | 21.15x | 0.21x | JPY 69.99 | 12.75x | JPY 11.93B | 48.6% | 6.69x |
| 2022 | 3.0% | 43.57x | 0.09x | JPY 146.02 | 20.28x | JPY 15.94B | 74.7% | 16.26x |
| 2023 | 2.8% | 46.94x | 0.36x | JPY 248.55 | 28.04x | JPY 21.25B | 88.2% | 18.46x |
| 2024 | 12.6% | 7.86x | 1.50x | JPY 358.94 | 29.76x | JPY 20.72B | 82.8% | 2.86x |
| 2025 | 10.1% | 9.99x | 0.35x | JPY 493.95 | 39.53x | JPY 31.78B | 95.8% | 3.67x |
| 2026 | 9.1% | 10.88x | 1.05x | JPY 643.69 | 156.71x | JPY 34.97B | 84.0% | 3.74x |
- 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 (2026)
Net PP&E: JPY 13.63B
Inventory: JPY 624.00M
Total assets: JPY 157.49B
Goodwill: JPY 19.19B
Intangibles: JPY 95.00M
Liabilities: JPY 40.45B
Tangible book: JPY 97.76B
Shares: 151,867,000
Revenue: JPY 148.33B
Capex: JPY 2.65B
D&A: JPY 2.53B
EBITDA: JPY 53.58B
Interest: JPY 63.00M
Short-term debt: JPY 262.00M
Free cash flow: JPY 34.97B
Operating income: JPY 50.92B
Invested capital: JPY 44.99B
Tax rate: 25.8%