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.
Analog Devices Inc
Physical assets are 10.4% of total assets, a light footprint. Capex is 0.27x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 6.3%, below an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 3.32x.
Physical asset ratio
10.4%Physical asset ratio · 2025-10-31(Net PP&E + inventory) / total assetsNet PP&E$3.32BpropertyPlantAndEquipmentNetInventory$1.66BinventoryTotal assets$47.99BtotalAssetsResult 10.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.32xFixed asset turnover · 2025-10-31Revenue / net PP&ERevenue$11.02BtotalRevenueNet PP&E$3.32BpropertyPlantAndEquipmentNetResult 3.32x
Revenue per dollar of the physical asset base.
Capex / D&A
0.27xCapex / D&A · 2025-10-31Capital expenditures / depreciation and amortizationCapex$533.55McapitalExpendituresD&A$2.00BdepreciationAndAmortizationResult 0.27x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$2.30Tangible book / share · 2025-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47.99BtotalAssetsGoodwill$26.95BgoodWillIntangibles$8.01BintangibleAssetsLiabilities$14.18BtotalLiabTangible book-$1.14BShares496,709,000commonStockSharesOutstandingResult -$2.30
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$406.24Latest quoteTangible book / share-$2.302025-10-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $406.24.
Fixed-charge coverage
5.88xFixed-charge coverage · 2025-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.03BebitdaCapex$533.55McapitalExpendituresInterest$317.72MinterestExpenseShort-term debt$446.64MshortLongTermDebtEBITDA − capex$4.50BPrincipal due is the current portion of debt.Result 5.88x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.1%Free cash flow yield · 2025-10-31Latest free cash flow / current market capFree cash flow$4.28BfreeCashFlowMarket cap$203.42BMarketCapitalizationResult 2.1%
Latest free cash flow divided by current market cap ($203.42B).
ROIC
6.3%ROIC · 2025-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.93BoperatingIncomeTax expense$444.77MincomeTaxExpensePretax income$2.71BincomeBeforeTaxTax rate16.4%Equity$33.82BtotalStockholderEquityDebt$8.66BshortLongTermDebtTotalCash$3.65BcashAndShortTermInvestmentsInvested capital$38.83BResult 6.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.88x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 8.5%Physical asset ratio · 2018-10-31(Net PP&E + inventory) / total assetsNet PP&E$1.15BpropertyPlantEquipmentInventory$586.76MinventoryTotal assets$20.45BtotalAssetsResult 8.5% | 5.39xFixed asset turnover · 2018-10-31Revenue / net PP&ERevenue$6.22BtotalRevenueNet PP&E$1.15BpropertyPlantEquipmentResult 5.39x | 0.32xCapex / D&A · 2018-10-31Capital expenditures / depreciation and amortizationCapex$254.88McapitalExpendituresD&A$799.06MdepreciationAndAmortizationResult 0.32x | -$15.34Tangible book / share · 2018-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$20.45BtotalAssetsGoodwill$12.25BgoodWillIntangibles$4.78BintangibleAssetsLiabilities$9.17BtotalLiabTangible book-$5.75BShares374,938,000commonStockSharesOutstandingResult -$15.34 | 7.65xFixed-charge coverage · 2018-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.71BebitdaCapex$254.88McapitalExpendituresInterest$253.59MinterestExpenseShort-term debt$67.00MshortTermDebtEBITDA − capex$2.45BPrincipal due is short-term debt.Result 7.65x | $2.19BFree cash flow · 2018-10-31Reported free cash flowOperating cash flow$2.44BtotalCashFromOperatingActivitiesCapex$254.88McapitalExpendituresFree cash flow$2.19BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.19B | 10.3%ROIC · 2018-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.90BoperatingIncomeTax expense$148.33MincomeTaxExpensePretax income$1.66BincomeBeforeTaxTax rate9.0%Equity$11.27BtotalStockholderEquityDebt$6.33BshortLongTermDebtTotalCash$816.59McashInvested capital$16.78BResult 10.3% | 1.65xEBIT / PP&E · 2018-10-31Operating income / net PP&EOperating income$1.90BoperatingIncomeNet PP&E$1.15BpropertyPlantEquipmentResult 1.65x |
| 2019 | 8.6%Physical asset ratio · 2019-10-31(Net PP&E + inventory) / total assetsNet PP&E$1.22BpropertyPlantEquipmentInventory$609.89MinventoryTotal assets$21.39BtotalAssetsResult 8.6% | 4.91xFixed asset turnover · 2019-10-31Revenue / net PP&ERevenue$5.99BtotalRevenueNet PP&E$1.22BpropertyPlantEquipmentResult 4.91x | 0.34xCapex / D&A · 2019-10-31Capital expenditures / depreciation and amortizationCapex$275.37McapitalExpendituresD&A$811.25MdepreciationAndAmortizationResult 0.34x | -$12.78Tangible book / share · 2019-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.39BtotalAssetsGoodwill$12.26BgoodWillIntangibles$4.22BintangibleAssetsLiabilities$9.68BtotalLiabTangible book-$4.76BShares372,871,000commonStockSharesOutstandingResult -$12.78 | 4.26xFixed-charge coverage · 2019-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.53BebitdaCapex$275.37McapitalExpendituresInterest$229.08MinterestExpenseShort-term debt$299.67MshortTermDebtEBITDA − capex$2.25BPrincipal due is short-term debt.Result 4.26x | $1.98BFree cash flow · 2019-10-31Reported free cash flowOperating cash flow$2.25BtotalCashFromOperatingActivitiesCapex$275.37McapitalExpendituresFree cash flow$1.98BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.98B | 9.5%ROIC · 2019-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.71BoperatingIncomeTax expense$122.72MincomeTaxExpensePretax income$1.49BincomeBeforeTaxTax rate8.3%Equity$11.71BtotalStockholderEquityDebt$5.49BshortLongTermDebtTotalCash$648.32McashInvested capital$16.55BResult 9.5% | 1.40xEBIT / PP&E · 2019-10-31Operating income / net PP&EOperating income$1.71BoperatingIncomeNet PP&E$1.22BpropertyPlantEquipmentResult 1.40x |
| 2020 | 8.1%Physical asset ratio · 2020-10-31(Net PP&E + inventory) / total assetsNet PP&E$1.12BpropertyPlantEquipmentInventory$608.26MinventoryTotal assets$21.47BtotalAssetsResult 8.1% | 5.00xFixed asset turnover · 2020-10-31Revenue / net PP&ERevenue$5.60BtotalRevenueNet PP&E$1.12BpropertyPlantEquipmentResult 5.00x | 0.20xCapex / D&A · 2020-10-31Capital expenditures / depreciation and amortizationCapex$165.69McapitalExpendituresD&A$810.92MdepreciationAndAmortizationResult 0.20x | -$10.57Tangible book / share · 2020-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.47BtotalAssetsGoodwill$12.28BgoodWillIntangibles$3.65BintangibleAssetsLiabilities$9.47BtotalLiabTangible book-$3.93BShares371,973,000commonStockSharesOutstandingResult -$10.57 | 9.22xFixed-charge coverage · 2020-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.32BebitdaCapex$165.69McapitalExpendituresInterest$193.31MinterestExpenseShort-term debt$39.92MshortTermDebtEBITDA − capex$2.15BPrincipal due is short-term debt.Result 9.22x | $1.84BFree cash flow · 2020-10-31Reported free cash flowOperating cash flow$2.01BtotalCashFromOperatingActivitiesCapex$165.69McapitalExpendituresFree cash flow$1.84BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.84B | 8.6%ROIC · 2020-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.50BoperatingIncomeTax expense$90.86MincomeTaxExpensePretax income$1.31BincomeBeforeTaxTax rate6.9%Equity$12.00BtotalStockholderEquityDebt$5.19BshortLongTermDebtTotalCash$1.06BcashInvested capital$16.13BResult 8.6% | 1.34xEBIT / PP&E · 2020-10-31Operating income / net PP&EOperating income$1.50BoperatingIncomeNet PP&E$1.12BpropertyPlantEquipmentResult 1.34x |
| 2021 | 6.1%Physical asset ratio · 2021-10-31(Net PP&E + inventory) / total assetsNet PP&E$1.98BpropertyPlantEquipmentInventory$1.20BinventoryTotal assets$52.32BtotalAssetsResult 6.1% | 3.70xFixed asset turnover · 2021-10-31Revenue / net PP&ERevenue$7.32BtotalRevenueNet PP&E$1.98BpropertyPlantEquipmentResult 3.70x | 0.32xCapex / D&A · 2021-10-31Capital expenditures / depreciation and amortizationCapex$343.68McapitalExpendituresD&A$1.07BdepreciationAndAmortizationResult 0.32x | -$10.45Tangible book / share · 2021-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$52.32BtotalAssetsGoodwill$26.92BgoodWillIntangibles$15.27BintangibleAssetsLiabilities$14.33BtotalLiabTangible book-$4.19BShares401,288,000commonStockSharesOutstandingResult -$10.45 | 3.20xFixed-charge coverage · 2021-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.59BebitdaCapex$343.68McapitalExpendituresInterest$184.83MinterestExpenseShort-term debt$516.66MshortLongTermDebtEBITDA − capex$2.24BPrincipal due is the current portion of debt.Result 3.20x | $2.39BFree cash flow · 2021-10-31Reported free cash flowOperating cash flow$2.74BtotalCashFromOperatingActivitiesCapex$343.68McapitalExpendituresFree cash flow$2.39BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.39B | 4.0%ROIC · 2021-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.69BoperatingIncomeTax expense-$61.71MincomeTaxExpensePretax income$1.33BincomeBeforeTaxTax rate0.0%Equity$37.99BtotalStockholderEquityDebt$6.82BshortLongTermDebtTotalCash$1.98BcashInvested capital$42.84BResult 4.0% | 0.86xEBIT / PP&E · 2021-10-31Operating income / net PP&EOperating income$1.69BoperatingIncomeNet PP&E$1.98BpropertyPlantEquipmentResult 0.86x |
| 2022 | 8.1%Physical asset ratio · 2022-10-31(Net PP&E + inventory) / total assetsNet PP&E$2.66BpropertyPlantEquipmentInventory$1.40BinventoryTotal assets$50.30BtotalAssetsResult 8.1% | 4.51xFixed asset turnover · 2022-10-31Revenue / net PP&ERevenue$12.01BtotalRevenueNet PP&E$2.66BpropertyPlantEquipmentResult 4.51x | 0.30xCapex / D&A · 2022-10-31Capital expenditures / depreciation and amortizationCapex$699.31McapitalExpendituresD&A$2.30BdepreciationAndAmortizationResult 0.30x | -$7.10Tangible book / share · 2022-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$50.30BtotalAssetsGoodwill$26.91BgoodWillIntangibles$13.27BintangibleAssetsLiabilities$13.84BtotalLiabTangible book-$3.71BShares523,178,000commonStockSharesOutstandingResult -$7.10 | 19.28xFixed-charge coverage · 2022-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.60BebitdaCapex$699.31McapitalExpendituresInterest$200.41MinterestExpenseShort-term debt$53.63MshortTermDebtEBITDA − capex$4.90BPrincipal due is short-term debt.Result 19.28x | $3.78BFree cash flow · 2022-10-31Reported free cash flowOperating cash flow$4.48BtotalCashFromOperatingActivitiesCapex$699.31McapitalExpendituresFree cash flow$3.78BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.78B | 7.0%ROIC · 2022-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.28BoperatingIncomeTax expense$350.19MincomeTaxExpensePretax income$3.10BincomeBeforeTaxTax rate11.3%Equity$36.47BtotalStockholderEquityDebt$6.60BshortLongTermDebtTotalCash$1.47BcashInvested capital$41.60BResult 7.0% | 1.23xEBIT / PP&E · 2022-10-31Operating income / net PP&EOperating income$3.28BoperatingIncomeNet PP&E$2.66BpropertyPlantEquipmentResult 1.23x |
| 2023 | 10.5%Physical asset ratio · 2023-10-31(Net PP&E + inventory) / total assetsNet PP&E$3.50BpropertyPlantEquipmentInventory$1.64BinventoryTotal assets$48.79BtotalAssetsResult 10.5% | 3.52xFixed asset turnover · 2023-10-31Revenue / net PP&ERevenue$12.31BtotalRevenueNet PP&E$3.50BpropertyPlantEquipmentResult 3.52x | 0.55xCapex / D&A · 2023-10-31Capital expenditures / depreciation and amortizationCapex$1.26BcapitalExpendituresD&A$2.29BdepreciationAndAmortizationResult 0.55x | -$5.26Tangible book / share · 2023-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$48.79BtotalAssetsGoodwill$26.91BgoodWillIntangibles$11.31BintangibleAssetsLiabilities$13.23BtotalLiabTangible book-$2.66BShares505,959,000commonStockSharesOutstandingResult -$5.26 | 3.74xFixed-charge coverage · 2023-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.17BebitdaCapex$1.26BcapitalExpendituresInterest$264.64MinterestExpenseShort-term debt$1.05BshortLongTermDebtEBITDA − capex$4.90BPrincipal due is the current portion of debt.Result 3.74x | $3.56BFree cash flow · 2023-10-31Reported free cash flowOperating cash flow$4.82BtotalCashFromOperatingActivitiesCapex$1.26BcapitalExpendituresFree cash flow$3.56BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.56B | 8.4%ROIC · 2023-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.82BoperatingIncomeTax expense$293.42MincomeTaxExpensePretax income$3.61BincomeBeforeTaxTax rate8.1%Equity$35.57BtotalStockholderEquityDebt$7.01BshortLongTermDebtTotalCash$958.06McashInvested capital$41.62BResult 8.4% | 1.09xEBIT / PP&E · 2023-10-31Operating income / net PP&EOperating income$3.82BoperatingIncomeNet PP&E$3.50BpropertyPlantEquipmentResult 1.09x |
| 2024 | 10.1%Physical asset ratio · 2024-10-31(Net PP&E + inventory) / total assetsNet PP&E$3.42BpropertyPlantAndEquipmentNetInventory$1.45BinventoryTotal assets$48.23BtotalAssetsResult 10.1% | 2.76xFixed asset turnover · 2024-10-31Revenue / net PP&ERevenue$9.43BtotalRevenueNet PP&E$3.42BpropertyPlantAndEquipmentNetResult 2.76x | 0.35xCapex / D&A · 2024-10-31Capital expenditures / depreciation and amortizationCapex$730.46McapitalExpendituresD&A$2.10BdepreciationAndAmortizationResult 0.35x | -$2.64Tangible book / share · 2024-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$48.23BtotalAssetsGoodwill$26.91BgoodWillIntangibles$9.59BintangibleAssetsLiabilities$13.05BtotalLiabTangible book-$1.32BShares498,697,000commonStockSharesOutstandingResult -$2.64 | 2.74xFixed-charge coverage · 2024-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.20BebitdaCapex$730.46McapitalExpendituresInterest$322.23MinterestExpenseShort-term debt$947.37MshortLongTermDebtEBITDA − capex$3.47BPrincipal due is the current portion of debt.Result 2.74x | $3.12BFree cash flow · 2024-10-31Reported free cash flowOperating cash flow$3.85BtotalCashFromOperatingActivitiesCapex$730.46McapitalExpendituresFree cash flow$3.12BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.12B | 4.6%ROIC · 2024-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.03BoperatingIncomeTax expense$142.07MincomeTaxExpensePretax income$1.78BincomeBeforeTaxTax rate8.0%Equity$35.18BtotalStockholderEquityDebt$7.65BshortLongTermDebtTotalCash$2.36BcashAndShortTermInvestmentsInvested capital$40.46BResult 4.6% | 0.60xEBIT / PP&E · 2024-10-31Operating income / net PP&EOperating income$2.03BoperatingIncomeNet PP&E$3.42BpropertyPlantAndEquipmentNetResult 0.60x |
| 2025 | 10.4%Physical asset ratio · 2025-10-31(Net PP&E + inventory) / total assetsNet PP&E$3.32BpropertyPlantAndEquipmentNetInventory$1.66BinventoryTotal assets$47.99BtotalAssetsResult 10.4% | 3.32xFixed asset turnover · 2025-10-31Revenue / net PP&ERevenue$11.02BtotalRevenueNet PP&E$3.32BpropertyPlantAndEquipmentNetResult 3.32x | 0.27xCapex / D&A · 2025-10-31Capital expenditures / depreciation and amortizationCapex$533.55McapitalExpendituresD&A$2.00BdepreciationAndAmortizationResult 0.27x | -$2.30Tangible book / share · 2025-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47.99BtotalAssetsGoodwill$26.95BgoodWillIntangibles$8.01BintangibleAssetsLiabilities$14.18BtotalLiabTangible book-$1.14BShares496,709,000commonStockSharesOutstandingResult -$2.30 | 5.88xFixed-charge coverage · 2025-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.03BebitdaCapex$533.55McapitalExpendituresInterest$317.72MinterestExpenseShort-term debt$446.64MshortLongTermDebtEBITDA − capex$4.50BPrincipal due is the current portion of debt.Result 5.88x | $4.28BFree cash flow · 2025-10-31Reported free cash flowOperating cash flow$4.81BtotalCashFromOperatingActivitiesCapex$533.55McapitalExpendituresFree cash flow$4.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.28B | 6.3%ROIC · 2025-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.93BoperatingIncomeTax expense$444.77MincomeTaxExpensePretax income$2.71BincomeBeforeTaxTax rate16.4%Equity$33.82BtotalStockholderEquityDebt$8.66BshortLongTermDebtTotalCash$3.65BcashAndShortTermInvestmentsInvested capital$38.83BResult 6.3% | 0.88xEBIT / PP&E · 2025-10-31Operating income / net PP&EOperating income$2.93BoperatingIncomeNet PP&E$3.32BpropertyPlantAndEquipmentNetResult 0.88x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $3.32B
Inventory: $1.66B
Total assets: $47.99B
Goodwill: $26.95B
Intangibles: $8.01B
Liabilities: $14.18B
Tangible book: -$1.14B
Shares: 496,709,000
Revenue: $11.02B
Capex: $533.55M
D&A: $2.00B
EBITDA: $5.03B
Interest: $317.72M
Short-term debt: $446.64M
Free cash flow: $4.28B
Operating income: $2.93B
Invested capital: $38.83B
Tax rate: 16.4%