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.
LIULIUMEI
Physical assets are 72.7% of total assets, a heavy footprint. Capex is 2.45x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.27x, which is below 1.
Fixed-asset turnover is 2.21x. Compare it with other names in the same basket.
Physical asset ratio
72.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$774.16MpropertyPlantAndEquipmentNetInventory$673.37MinventoryTotal assets$1.99BtotalAssetsResult 72.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.21xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.71BtotalRevenueNet PP&E$774.16MpropertyPlantAndEquipmentNetResult 2.21x
Revenue per dollar of the physical asset base.
Capex / D&A
2.45xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$168.63McapitalExpendituresD&A$68.77MdepreciationAndAmortizationResult 2.45x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$11.16Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.99BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.84MintangibleAssetsLiabilities$1.11BtotalLiabTangible book$879.79MShares78,811,208commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.16
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
14.05xPrice / tangible bookPrice / tangible book per sharePrice$156.80Latest quoteTangible book / share$11.162025-12-31Result 14.05x
Price $156.80.
Fixed-charge coverage
0.27xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$301.16MebitdaCapex$168.63McapitalExpendituresInterest$13.22MinterestExpenseShort-term debt$475.39MshortLongTermDebtEBITDA − capex$132.53MPrincipal due is the current portion of debt.Result 0.27x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-0.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$94.16MfreeCashFlowMarket cap$12.46BMarketCapitalizationResult -0.8%
Latest free cash flow divided by current market cap ($12.46B).
ROIC
14.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$223.96MoperatingIncomeTax expense$37.09MincomeTaxExpensePretax income$219.18MincomeBeforeTaxTax rate16.9%Equity$881.63MtotalStockholderEquityDebt$478.36MshortLongTermDebtTotalCash$33.90McashInvested capital$1.33BResult 14.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.29x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2023 | 77.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$654.39MpropertyPlantAndEquipmentNetInventory$425.93MinventoryTotal assets$1.39BtotalAssetsResult 77.5% | 2.02xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.32BtotalRevenueNet PP&E$654.39MpropertyPlantAndEquipmentNetResult 2.02x | 1.44xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$80.65McapitalExpendituresD&A$55.82MdepreciationAndAmortizationResult 1.44x | $3.33Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.39BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.86MintangibleAssetsLiabilities$1.13BtotalLiabTangible book$262.61MShares78,811,208commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.33 | 0.50xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$174.39MebitdaCapex$80.65McapitalExpendituresInterest$7.97MinterestExpenseShort-term debt$180.20MshortLongTermDebtEBITDA − capex$93.74MPrincipal due is the current portion of debt.Result 0.50x | $46.25MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$126.90MtotalCashFromOperatingActivitiesCapex$80.65McapitalExpendituresFree cash flow$46.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $46.25M | 29.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$123.22MoperatingIncomeTax expense$11.37MincomeTaxExpensePretax income$110.60MincomeBeforeTaxTax rate10.3%Equity$265.47MtotalStockholderEquityDebt$184.09MshortLongTermDebtTotalCash$68.38McashAndShortTermInvestmentsInvested capital$381.18MResult 29.0% | 0.19xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$123.22MoperatingIncomeNet PP&E$654.39MpropertyPlantAndEquipmentNetResult 0.19x |
| 2024 | 72.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$678.73MpropertyPlantAndEquipmentNetInventory$523.70MinventoryTotal assets$1.67BtotalAssetsResult 72.0% | 2.38xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.62BtotalRevenueNet PP&E$678.73MpropertyPlantAndEquipmentNetResult 2.38x | 1.82xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$110.29McapitalExpendituresD&A$60.76MdepreciationAndAmortizationResult 1.82x | $7.81Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.67BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.39MintangibleAssetsLiabilities$1.05BtotalLiabTangible book$615.56MShares78,811,208commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $7.81 | 0.42xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$248.94MebitdaCapex$110.29McapitalExpendituresInterest$7.77MinterestExpenseShort-term debt$321.33MshortLongTermDebtEBITDA − capex$138.65MPrincipal due is the current portion of debt.Result 0.42x | -$25.92MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$84.37MtotalCashFromOperatingActivitiesCapex$110.29McapitalExpendituresFree cash flow-$25.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$25.92M | 18.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$190.12MoperatingIncomeTax expense$32.69MincomeTaxExpensePretax income$180.41MincomeBeforeTaxTax rate18.1%Equity$617.95MtotalStockholderEquityDebt$323.26MshortLongTermDebtTotalCash$78.08McashAndShortTermInvestmentsInvested capital$863.13MResult 18.0% | 0.28xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$190.12MoperatingIncomeNet PP&E$678.73MpropertyPlantAndEquipmentNetResult 0.28x |
| 2025 | 72.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$774.16MpropertyPlantAndEquipmentNetInventory$673.37MinventoryTotal assets$1.99BtotalAssetsResult 72.7% | 2.21xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.71BtotalRevenueNet PP&E$774.16MpropertyPlantAndEquipmentNetResult 2.21x | 2.45xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$168.63McapitalExpendituresD&A$68.77MdepreciationAndAmortizationResult 2.45x | $11.16Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.99BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.84MintangibleAssetsLiabilities$1.11BtotalLiabTangible book$879.79MShares78,811,208commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.16 | 0.27xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$301.16MebitdaCapex$168.63McapitalExpendituresInterest$13.22MinterestExpenseShort-term debt$475.39MshortLongTermDebtEBITDA − capex$132.53MPrincipal due is the current portion of debt.Result 0.27x | -$94.16MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$74.47MtotalCashFromOperatingActivitiesCapex$168.63McapitalExpendituresFree cash flow-$94.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$94.16M | 14.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$223.96MoperatingIncomeTax expense$37.09MincomeTaxExpensePretax income$219.18MincomeBeforeTaxTax rate16.9%Equity$881.63MtotalStockholderEquityDebt$478.36MshortLongTermDebtTotalCash$33.90McashInvested capital$1.33BResult 14.0% | 0.29xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$223.96MoperatingIncomeNet PP&E$774.16MpropertyPlantAndEquipmentNetResult 0.29x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $774.16M
Inventory: $673.37M
Total assets: $1.99B
Goodwill: $0.00
Intangibles: $1.84M
Liabilities: $1.11B
Tangible book: $879.79M
Shares: 78,811,208
Revenue: $1.71B
Capex: $168.63M
D&A: $68.77M
EBITDA: $301.16M
Interest: $13.22M
Short-term debt: $475.39M
Free cash flow: -$94.16M
Operating income: $223.96M
Invested capital: $1.33B
Tax rate: 16.9%