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.
Broadridge Financial Solutions Inc
Physical assets are 4.9% of total assets, a light footprint. Capex is 0.20x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 17.0%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 18.56x.
Physical asset ratio
4.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
18.56x
Revenue per dollar of the physical asset base.
Capex / D&A
0.20x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$25.33
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $174.16.
Fixed-charge coverage
11.35x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.7%
Latest free cash flow divided by current market cap ($19.00B).
ROIC
17.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 3.23x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 5.4% | 23.08x | 0.28x | -$7.82 | 9.08x | $544.40M | 21.8% | 3.45x |
| 2020 | 9.7% | 9.97x | 0.33x | -$7.79 | 1.79x | $499.50M | 16.7% | 1.38x |
| 2021 | 2.5% | 28.18x | 0.30x | -$28.32 | 9.31x | $539.40M | 9.8% | 3.83x |
| 2022 | 4.9% | 15.28x | 0.16x | -$22.30 | 8.64x | $370.40M | 10.6% | 2.03x |
| 2023 | 2.2% | 41.60x | 0.18x | -$22.59 | 0.97x | $748.10M | 13.2% | 6.43x |
| 2024 | 4.6% | 18.68x | 0.24x | -$21.90 | 7.40x | $943.20M | 14.9% | 2.92x |
| 2025 | 4.1% | 19.89x | 0.23x | -$18.87 | 2.48x | $1.06B | 17.0% | 3.43x |
| 2026 | 4.9% | 18.56x | 0.20x | -$25.33 | 11.35x | $1.28B | 17.0% | 3.23x |
- 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 (2026)
Net PP&E: $402.90M
Inventory: $35.10M
Total assets: $8.95B
Goodwill: $3.79B
Intangibles: $2.02B
Liabilities: $6.10B
Tangible book: -$2.97B
Shares: 117,100,000
Revenue: $7.48B
Capex: $67.20M
D&A: $341.30M
EBITDA: $1.64B
Interest: $99.90M
Short-term debt: $38.90M
Free cash flow: $1.28B
Operating income: $1.30B
Invested capital: $5.96B
Tax rate: 22.2%