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.
Abbott Laboratories
Physical assets are 22.4% of total assets, a light footprint. Capex is 0.70x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 10.6%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.43x. Compare it with other names in the same basket.
Physical asset ratio
22.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.94BpropertyPlantEquipmentInventory$6.49BinventoryTotal assets$86.71BtotalAssetsResult 22.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.43xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$44.33BtotalRevenueNet PP&E$12.94BpropertyPlantEquipmentResult 3.43x
Revenue per dollar of the physical asset base.
Capex / D&A
0.70xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.17BcapitalExpendituresD&A$3.12BdepreciationAndAmortizationResult 0.70x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$13.29Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$86.71BtotalAssetsGoodwill$24.04BgoodWillIntangibles$5.53BintangibleAssetsLiabilities$33.94BtotalLiabTangible book$23.21BShares1,747,000,000commonStockSharesOutstandingResult $13.29
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
8.27xPrice / tangible bookPrice / tangible book per sharePrice$109.93Latest quoteTangible book / share$13.292025-12-31Result 8.27x
Price $109.93.
Fixed-charge coverage
2.89xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.92BebitdaCapex$2.17BcapitalExpendituresInterest$341.00MinterestExpenseShort-term debt$3.03BshortLongTermDebtEBITDA − capex$9.75BPrincipal due is the current portion of debt.Result 2.89x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$7.40BfreeCashFlowMarket cap$196.57BMarketCapitalizationResult 3.8%
Latest free cash flow divided by current market cap ($196.57B).
ROIC
10.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.05BoperatingIncomeTax expense$1.94BincomeTaxExpensePretax income$8.47BincomeBeforeTaxTax rate22.9%Equity$52.13BtotalStockholderEquityDebt$15.07BshortLongTermDebtTotalCash$8.94BcashAndShortTermInvestmentsInvested capital$58.26BResult 10.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.62x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 16.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.56BpropertyPlantEquipmentInventory$3.80BinventoryTotal assets$67.17BtotalAssetsResult 16.9% | 4.04xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$30.58BtotalRevenueNet PP&E$7.56BpropertyPlantEquipmentResult 4.04x | 0.43xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.39BcapitalExpendituresD&A$3.28BdepreciationAndAmortizationResult 0.43x | -$6.48Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$67.17BtotalAssetsGoodwill$23.25BgoodWillIntangibles$18.94BintangibleAssetsLiabilities$36.45BtotalLiabTangible book-$11.47BShares1,770,000,000commonStockSharesOutstandingResult -$6.48 | 5.86xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.88BebitdaCapex$1.39BcapitalExpendituresInterest$729.00MinterestExpenseShort-term debt$207.00MshortTermDebtEBITDA − capex$5.49BPrincipal due is short-term debt.Result 5.86x | $4.91BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$6.30BtotalCashFromOperatingActivitiesCapex$1.39BcapitalExpendituresFree cash flow$4.91BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.91B | 6.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.84BoperatingIncomeTax expense$539.00MincomeTaxExpensePretax income$2.87BincomeBeforeTaxTax rate18.8%Equity$30.52BtotalStockholderEquityDebt$19.57BshortLongTermDebtTotalCash$4.09BcashAndShortTermInvestmentsInvested capital$46.00BResult 6.8% | 0.51xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$3.84BoperatingIncomeNet PP&E$7.56BpropertyPlantEquipmentResult 0.51x |
| 2019 | 19.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.97BpropertyPlantAndEquipmentNetInventory$4.32BinventoryTotal assets$67.89BtotalAssetsResult 19.6% | 3.56xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$31.90BtotalRevenueNet PP&E$8.97BpropertyPlantAndEquipmentNetResult 3.56x | 0.54xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.64BcapitalExpendituresD&A$3.01BdepreciationAndAmortizationResult 0.54x | -$5.01Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$67.89BtotalAssetsGoodwill$23.20BgoodWillIntangibles$17.03BintangibleAssetsLiabilities$36.59BtotalLiabTangible book-$8.92BShares1,781,000,000commonStockSharesOutstandingResult -$5.01 | 2.73xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.91BebitdaCapex$1.64BcapitalExpendituresInterest$818.00MinterestExpenseShort-term debt$1.48BshortLongTermDebtEBITDA − capex$6.27BPrincipal due is the current portion of debt.Result 2.73x | $4.50BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$6.14BtotalCashFromOperatingActivitiesCapex$1.64BcapitalExpendituresFree cash flow$4.50BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.50B | 9.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.59BoperatingIncomeTax expense$390.00MincomeTaxExpensePretax income$4.08BincomeBeforeTaxTax rate9.6%Equity$31.09BtotalStockholderEquityDebt$19.10BshortLongTermDebtTotalCash$4.14BcashAndShortTermInvestmentsInvested capital$46.05BResult 9.0% | 0.51xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$4.59BoperatingIncomeNet PP&E$8.97BpropertyPlantAndEquipmentNetResult 0.51x |
| 2020 | 20.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.13BpropertyPlantAndEquipmentNetInventory$5.01BinventoryTotal assets$72.55BtotalAssetsResult 20.9% | 3.42xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$34.61BtotalRevenueNet PP&E$10.13BpropertyPlantAndEquipmentNetResult 3.42x | 0.65xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.18BcapitalExpendituresD&A$3.33BdepreciationAndAmortizationResult 0.65x | -$3.09Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$72.55BtotalAssetsGoodwill$23.74BgoodWillIntangibles$14.78BintangibleAssetsLiabilities$39.55BtotalLiabTangible book-$5.53BShares1,786,000,000commonStockSharesOutstandingResult -$3.09 | 7.36xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.00BebitdaCapex$2.18BcapitalExpendituresInterest$708.00MinterestExpenseShort-term debt$220.00MshortLongTermDebtEBITDA − capex$6.83BPrincipal due is the current portion of debt.Result 7.36x | $5.72BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$7.90BtotalCashFromOperatingActivitiesCapex$2.18BcapitalExpendituresFree cash flow$5.72BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.72B | 10.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.29BoperatingIncomeTax expense$497.00MincomeTaxExpensePretax income$4.97BincomeBeforeTaxTax rate10.0%Equity$32.78BtotalStockholderEquityDebt$19.89BshortLongTermDebtTotalCash$7.15BcashAndShortTermInvestmentsInvested capital$45.53BResult 10.5% | 0.52xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$5.29BoperatingIncomeNet PP&E$10.13BpropertyPlantAndEquipmentNetResult 0.52x |
| 2021 | 20.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.11BpropertyPlantAndEquipmentNetInventory$5.16BinventoryTotal assets$75.20BtotalAssetsResult 20.3% | 4.26xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$43.08BtotalRevenueNet PP&E$10.11BpropertyPlantAndEquipmentNetResult 4.26x | 0.53xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.89BcapitalExpendituresD&A$3.54BdepreciationAndAmortizationResult 0.53x | $0.03Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$75.20BtotalAssetsGoodwill$23.23BgoodWillIntangibles$12.74BintangibleAssetsLiabilities$39.17BtotalLiabTangible book$54.00MShares1,789,000,000commonStockSharesOutstandingResult $0.03 | 8.83xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$12.16BebitdaCapex$1.89BcapitalExpendituresInterest$410.00MinterestExpenseShort-term debt$754.00MshortLongTermDebtEBITDA − capex$10.27BPrincipal due is the current portion of debt.Result 8.83x | $8.65BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$10.53BtotalCashFromOperatingActivitiesCapex$1.89BcapitalExpendituresFree cash flow$8.65BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.65B | 17.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.20BoperatingIncomeTax expense$1.14BincomeTaxExpensePretax income$8.21BincomeBeforeTaxTax rate13.9%Equity$35.80BtotalStockholderEquityDebt$19.25BshortLongTermDebtTotalCash$10.25BcashAndShortTermInvestmentsInvested capital$44.80BResult 17.7% | 0.91xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$9.20BoperatingIncomeNet PP&E$10.11BpropertyPlantAndEquipmentNetResult 0.91x |
| 2022 | 22.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.28BpropertyPlantAndEquipmentNetInventory$6.17BinventoryTotal assets$74.44BtotalAssetsResult 22.1% | 4.25xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$43.65BtotalRevenueNet PP&E$10.28BpropertyPlantAndEquipmentNetResult 4.25x | 0.54xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.78BcapitalExpendituresD&A$3.27BdepreciationAndAmortizationResult 0.54x | $2.07Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$74.44BtotalAssetsGoodwill$22.80BgoodWillIntangibles$10.45BintangibleAssetsLiabilities$37.53BtotalLiabTangible book$3.65BShares1,764,000,000commonStockSharesOutstandingResult $2.07 | 3.94xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.89BebitdaCapex$1.78BcapitalExpendituresInterest$315.00MinterestExpenseShort-term debt$2.25BshortLongTermDebtEBITDA − capex$10.11BPrincipal due is the current portion of debt.Result 3.94x | $7.80BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$9.58BtotalCashFromOperatingActivitiesCapex$1.78BcapitalExpendituresFree cash flow$7.80BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.80B | 15.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.36BoperatingIncomeTax expense$1.37BincomeTaxExpensePretax income$8.31BincomeBeforeTaxTax rate16.5%Equity$36.69BtotalStockholderEquityDebt$17.95BshortLongTermDebtTotalCash$10.17BcashAndShortTermInvestmentsInvested capital$44.46BResult 15.7% | 0.81xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$8.36BoperatingIncomeNet PP&E$10.28BpropertyPlantAndEquipmentNetResult 0.81x |
| 2023 | 24.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.28BpropertyPlantEquipmentInventory$6.57BinventoryTotal assets$73.21BtotalAssetsResult 24.4% | 3.56xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$40.11BtotalRevenueNet PP&E$11.28BpropertyPlantEquipmentResult 3.56x | 0.68xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.20BcapitalExpendituresD&A$3.24BdepreciationAndAmortizationResult 0.68x | $3.62Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$73.21BtotalAssetsGoodwill$23.68BgoodWillIntangibles$8.82BintangibleAssetsLiabilities$34.39BtotalLiabTangible book$6.33BShares1,749,000,000commonStockSharesOutstandingResult $3.62 | 4.73xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.61BebitdaCapex$2.20BcapitalExpendituresInterest$698.00MinterestExpenseShort-term debt$1.08BshortLongTermDebtEBITDA − capex$8.40BPrincipal due is the current portion of debt.Result 4.73x | $5.06BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$7.26BtotalCashFromOperatingActivitiesCapex$2.20BcapitalExpendituresFree cash flow$5.06BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.06B | 11.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.44BoperatingIncomeTax expense$941.00MincomeTaxExpensePretax income$6.66BincomeBeforeTaxTax rate14.1%Equity$38.60BtotalStockholderEquityDebt$15.87BshortLongTermDebtTotalCash$7.28BcashAndShortTermInvestmentsInvested capital$47.20BResult 11.7% | 0.57xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$6.44BoperatingIncomeNet PP&E$11.28BpropertyPlantEquipmentResult 0.57x |
| 2024 | 22.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.73BpropertyPlantEquipmentInventory$6.19BinventoryTotal assets$81.41BtotalAssetsResult 22.0% | 3.58xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$41.95BtotalRevenueNet PP&E$11.73BpropertyPlantEquipmentResult 3.58x | 0.69xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.21BcapitalExpendituresD&A$3.22BdepreciationAndAmortizationResult 0.69x | $10.38Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$81.41BtotalAssetsGoodwill$23.11BgoodWillIntangibles$6.65BintangibleAssetsLiabilities$33.51BtotalLiabTangible book$18.15BShares1,748,000,000commonStockSharesOutstandingResult $10.38 | 4.10xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.83BebitdaCapex$2.21BcapitalExpendituresInterest$603.00MinterestExpenseShort-term debt$1.50BshortLongTermDebtEBITDA − capex$8.63BPrincipal due is the current portion of debt.Result 4.10x | $6.35BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$8.56BtotalCashFromOperatingActivitiesCapex$2.21BcapitalExpendituresFree cash flow$6.35BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.35B | 12.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.83BoperatingIncomeTax expense-$6.39BincomeTaxExpensePretax income$7.01BincomeBeforeTaxTax rate0.0%Equity$47.66BtotalStockholderEquityDebt$15.28BshortLongTermDebtTotalCash$7.97BcashAndShortTermInvestmentsInvested capital$54.97BResult 12.4% | 0.58xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$6.83BoperatingIncomeNet PP&E$11.73BpropertyPlantEquipmentResult 0.58x |
| 2025 | 22.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.94BpropertyPlantEquipmentInventory$6.49BinventoryTotal assets$86.71BtotalAssetsResult 22.4% | 3.43xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$44.33BtotalRevenueNet PP&E$12.94BpropertyPlantEquipmentResult 3.43x | 0.70xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.17BcapitalExpendituresD&A$3.12BdepreciationAndAmortizationResult 0.70x | $13.29Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$86.71BtotalAssetsGoodwill$24.04BgoodWillIntangibles$5.53BintangibleAssetsLiabilities$33.94BtotalLiabTangible book$23.21BShares1,747,000,000commonStockSharesOutstandingResult $13.29 | 2.89xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.92BebitdaCapex$2.17BcapitalExpendituresInterest$341.00MinterestExpenseShort-term debt$3.03BshortLongTermDebtEBITDA − capex$9.75BPrincipal due is the current portion of debt.Result 2.89x | $7.40BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$9.57BtotalCashFromOperatingActivitiesCapex$2.17BcapitalExpendituresFree cash flow$7.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.40B | 10.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.05BoperatingIncomeTax expense$1.94BincomeTaxExpensePretax income$8.47BincomeBeforeTaxTax rate22.9%Equity$52.13BtotalStockholderEquityDebt$15.07BshortLongTermDebtTotalCash$8.94BcashAndShortTermInvestmentsInvested capital$58.26BResult 10.6% | 0.62xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$8.05BoperatingIncomeNet PP&E$12.94BpropertyPlantEquipmentResult 0.62x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $12.94B
Inventory: $6.49B
Total assets: $86.71B
Goodwill: $24.04B
Intangibles: $5.53B
Liabilities: $33.94B
Tangible book: $23.21B
Shares: 1,747,000,000
Revenue: $44.33B
Capex: $2.17B
D&A: $3.12B
EBITDA: $11.92B
Interest: $341.00M
Short-term debt: $3.03B
Free cash flow: $7.40B
Operating income: $8.05B
Invested capital: $58.26B
Tax rate: 22.9%