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.
BlackRock Inc
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.33x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 7.74x. Compare it with other names in the same basket.
Physical asset ratio
1.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.74x
Revenue per dollar of the physical asset base.
Capex / D&A
0.33x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-BRL 11.02
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price BRL 87.75.
Fixed-charge coverage
14.63x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.4%
Latest free cash flow divided by current market cap (BRL 884.60B).
ROIC
9.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.25x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.4% | 22.08x | 0.93x | BRL 6.37 | 30.32x | BRL 2.87B | 14.1% | 8.49x |
| 2019 | 0.8% | 10.51x | 0.63x | BRL 3.97 | 30.25x | BRL 2.63B | 12.9% | 4.01x |
| 2020 | 0.8% | 12.18x | 0.54x | BRL 16.19 | 33.62x | BRL 3.55B | 13.6% | 4.28x |
| 2021 | 1.6% | 8.13x | 2.32x | BRL 25.64 | 39.92x | BRL 4.60B | 15.9% | 3.14x |
| 2022 | 2.2% | 7.02x | 1.28x | BRL 27.38 | 30.13x | BRL 4.42B | 13.7% | 2.51x |
| 2023 | 2.1% | 7.05x | 0.83x | BRL 50.22 | 25.75x | BRL 3.79B | 12.9% | 2.48x |
| 2024 | 1.9% | 7.78x | 0.48x | BRL 17.19 | 16.93x | BRL 4.70B | 12.6% | 2.89x |
| 2025 | 1.8% | 7.74x | 0.33x | -BRL 11.02 | 14.63x | BRL 3.55B | 9.6% | 2.25x |
- 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: BRL 3.13B
Inventory: BRL 0.00
Total assets: BRL 170.00B
Goodwill: BRL 35.28B
Intangibles: BRL 27.97B
Liabilities: BRL 108.46B
Tangible book: -BRL 1.71B
Shares: 155,069,171
Revenue: BRL 24.22B
Capex: BRL 375.00M
D&A: BRL 1.13B
EBITDA: BRL 9.36B
Interest: BRL 614.00M
Short-term debt: BRL 0.00
Free cash flow: BRL 3.55B
Operating income: BRL 7.05B
Invested capital: BRL 57.19B
Tax rate: 22.0%