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.
Booking Holdings Inc
Physical assets are 2.8% of total assets, a light footprint. Capex is 0.42x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 33.35x. Compare it with other names in the same basket.
Physical asset ratio
2.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
33.35x
Revenue per dollar of the physical asset base.
Capex / D&A
0.42x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$11.23
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $165.80.
Fixed-charge coverage
2.54x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.3%
Latest free cash flow divided by current market cap ($124.58B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 11.50x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 2.9% | 22.14x | 1.04x | $3.12 | 17.31x | $4.90B | 39.5% | 8.14x |
| 2019 | 6.3% | 11.09x | 0.57x | $0.98 | 5.18x | $4.50B | 56.6% | 3.94x |
| 2020 | 7.4% | 5.29x | 0.45x | $1.15 | 0.95x | -$201.00M | -6.1% | -0.49x |
| 2021 | 7.3% | 8.31x | 0.51x | $1.19 | 0.90x | $2.52B | 31.5% | 1.89x |
| 2022 | 7.1% | 13.01x | 0.61x | -$1.85 | 5.11x | $6.19B | 117.2% | 3.88x |
| 2023 | 3.5% | 14.35x | 0.52x | -$7.87 | 2.34x | $7.00B | — | 3.92x |
| 2024 | 5.0% | 17.07x | 0.57x | -$9.63 | 2.93x | $7.89B | — | 5.43x |
| 2025 | 2.8% | 33.35x | 0.42x | -$11.23 | 2.54x | $9.09B | — | 11.50x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $807.00M
Inventory: $0.00
Total assets: $29.26B
Goodwill: $2.67B
Intangibles: $918.00M
Liabilities: $34.84B
Tangible book: -$9.17B
Shares: 815,975,000
Revenue: $26.92B
Capex: $322.00M
D&A: $768.00M
EBITDA: $9.22B
Interest: $1.62B
Short-term debt: $1.88B
Free cash flow: $9.09B
Operating income: $9.28B
Invested capital: —
Tax rate: 20.9%