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.
BorgWarner Inc
Physical assets are 34.0% of total assets, a mixed footprint. Capex is 0.61x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 4.8%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.11x. Compare it with other names in the same basket.
Physical asset ratio
34.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.48BpropertyPlantAndEquipmentNetInventory$1.21BinventoryTotal assets$13.77BtotalAssetsResult 34.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.11xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$14.32BtotalRevenueNet PP&E$3.48BpropertyPlantAndEquipmentNetResult 4.11x
Revenue per dollar of the physical asset base.
Capex / D&A
0.61xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$440.00McapitalExpendituresD&A$719.00MdepreciationAndAmortizationResult 0.61x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$14.63Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.77BtotalAssetsGoodwill$2.06BgoodWillIntangibles$394.00MintangibleAssetsLiabilities$8.16BtotalLiabTangible book$3.17BShares216,400,000commonStockSharesOutstandingResult $14.63
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.34xPrice / tangible bookPrice / tangible book per sharePrice$48.87Latest quoteTangible book / share$14.632025-12-31Result 3.34x
Price $48.87.
Fixed-charge coverage
8.10xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.28BebitdaCapex$440.00McapitalExpendituresInterest$99.00MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$842.00MPrincipal due is the current portion of debt.Result 8.10x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
12.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.21BfreeCashFlowMarket cap$9.54BMarketCapitalizationResult 12.7%
Latest free cash flow divided by current market cap ($9.54B).
ROIC
4.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$536.00MoperatingIncomeTax expense$189.00MincomeTaxExpensePretax income$524.00MincomeBeforeTaxTax rate36.1%Equity$5.44BtotalStockholderEquityDebt$4.06BshortLongTermDebtTotalCash$2.31BcashAndEquivalentsInvested capital$7.19BResult 4.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.15x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 36.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.90BpropertyPlantAndEquipmentNetInventory$781.00MinventoryTotal assets$10.10BtotalAssetsResult 36.5% | 3.63xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$10.53BtotalRevenueNet PP&E$2.90BpropertyPlantAndEquipmentNetResult 3.63x | 1.27xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$546.00McapitalExpendituresD&A$431.00MdepreciationAndAmortizationResult 1.27x | $9.80Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.10BtotalAssetsGoodwill$1.85BgoodWillIntangibles$439.00MintangibleAssetsLiabilities$5.75BtotalLiabTangible book$2.05BShares209,500,000commonStockSharesOutstandingResult $9.80 | 4.96xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.69BebitdaCapex$546.00McapitalExpendituresInterest$59.00MinterestExpenseShort-term debt$172.60MshortLongTermDebtEBITDA − capex$1.15BPrincipal due is the current portion of debt.Result 4.96x | $580.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.13BtotalCashFromOperatingActivitiesCapex$546.00McapitalExpendituresFree cash flow$580.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $580.00M | 18.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.29BoperatingIncomeTax expense$211.30MincomeTaxExpensePretax income$1.20BincomeBeforeTaxTax rate17.7%Equity$4.23BtotalStockholderEquityDebt$2.11BshortLongTermDebtTotalCash$739.00McashInvested capital$5.60BResult 18.9% | 0.44xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.29BoperatingIncomeNet PP&E$2.90BpropertyPlantAndEquipmentNetResult 0.44x |
| 2019 | 39.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.01BpropertyPlantAndEquipmentNetInventory$807.00MinventoryTotal assets$9.70BtotalAssetsResult 39.3% | 3.38xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$10.17BtotalRevenueNet PP&E$3.01BpropertyPlantAndEquipmentNetResult 3.38x | 1.10xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$481.00McapitalExpendituresD&A$439.00MdepreciationAndAmortizationResult 1.10x | $12.57Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.70BtotalAssetsGoodwill$1.84BgoodWillIntangibles$402.00MintangibleAssetsLiabilities$4.86BtotalLiabTangible book$2.60BShares206,800,000commonStockSharesOutstandingResult $12.57 | 3.78xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.77BebitdaCapex$481.00McapitalExpendituresInterest$55.00MinterestExpenseShort-term debt$286.00MshortLongTermDebtEBITDA − capex$1.29BPrincipal due is the current portion of debt.Result 3.78x | $527.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.01BtotalCashFromOperatingActivitiesCapex$481.00McapitalExpendituresFree cash flow$527.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $527.00M | 13.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.23BoperatingIncomeTax expense$468.00MincomeTaxExpensePretax income$1.27BincomeBeforeTaxTax rate37.0%Equity$4.71BtotalStockholderEquityDebt$2.05BshortLongTermDebtTotalCash$832.00McashAndEquivalentsInvested capital$5.92BResult 13.1% | 0.41xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.23BoperatingIncomeNet PP&E$3.01BpropertyPlantAndEquipmentNetResult 0.41x |
| 2020 | 38.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.80BpropertyPlantAndEquipmentNetInventory$1.29BinventoryTotal assets$16.03BtotalAssetsResult 38.0% | 2.12xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$10.17BtotalRevenueNet PP&E$4.80BpropertyPlantAndEquipmentNetResult 2.12x | 0.95xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$501.00McapitalExpendituresD&A$530.00MdepreciationAndAmortizationResult 0.95x | $14.05Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.03BtotalAssetsGoodwill$2.63BgoodWillIntangibles$1.10BintangibleAssetsLiabilities$9.31BtotalLiabTangible book$3.01BShares214,000,000commonStockSharesOutstandingResult $14.05 | 8.89xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.59BebitdaCapex$501.00McapitalExpendituresInterest$73.00MinterestExpenseShort-term debt$49.00MshortLongTermDebtEBITDA − capex$1.08BPrincipal due is the current portion of debt.Result 8.89x | $723.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$1.22BtotalCashFromOperatingActivitiesCapex$501.00McapitalExpendituresFree cash flow$723.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $723.00M | 6.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$957.00MoperatingIncomeTax expense$397.00MincomeTaxExpensePretax income$964.00MincomeBeforeTaxTax rate40.0%Equity$6.43BtotalStockholderEquityDebt$4.01BshortLongTermDebtTotalCash$1.65BcashAndEquivalentsInvested capital$8.78BThe effective tax rate was above 40% and was capped at 40%.Result 6.5% | 0.20xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$957.00MoperatingIncomeNet PP&E$4.80BpropertyPlantAndEquipmentNetResult 0.20x |
| 2021 | 36.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.58BpropertyPlantAndEquipmentNetInventory$1.53BinventoryTotal assets$16.58BtotalAssetsResult 36.9% | 3.24xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$14.84BtotalRevenueNet PP&E$4.58BpropertyPlantAndEquipmentNetResult 3.24x | 1.16xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$668.00McapitalExpendituresD&A$574.00MdepreciationAndAmortizationResult 1.16x | $12.08Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.58BtotalAssetsGoodwill$3.28BgoodWillIntangibles$1.09BintangibleAssetsLiabilities$9.31BtotalLiabTangible book$2.89BShares239,500,000commonStockSharesOutstandingResult $12.08 | 5.55xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.49BebitdaCapex$668.00McapitalExpendituresInterest$82.00MinterestExpenseShort-term debt$66.00MshortLongTermDebtEBITDA − capex$822.00MPrincipal due is the current portion of debt.Result 5.55x | $638.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.31BtotalCashFromOperatingActivitiesCapex$668.00McapitalExpendituresFree cash flow$638.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $638.00M | 11.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.39BoperatingIncomeTax expense$150.00MincomeTaxExpensePretax income$789.00MincomeBeforeTaxTax rate19.0%Equity$6.95BtotalStockholderEquityDebt$4.52BshortLongTermDebtTotalCash$1.84BcashInvested capital$9.63BResult 11.7% | 0.30xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.39BoperatingIncomeNet PP&E$4.58BpropertyPlantAndEquipmentNetResult 0.30x |
| 2022 | 34.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.56BpropertyPlantEquipmentInventory$1.22BinventoryTotal assets$16.99BtotalAssetsUses the property line, which is larger than net PP&E ($3.53B, propertyPlantAndEquipmentNet).Result 34.0% | 2.77xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$12.64BtotalRevenueNet PP&E$4.56BpropertyPlantEquipmentResult 2.77x | 1.31xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$723.00McapitalExpendituresD&A$552.00MdepreciationAndAmortizationResult 1.31x | $16.52Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.99BtotalAssetsGoodwill$2.98BgoodWillIntangibles$619.00MintangibleAssetsLiabilities$9.49BtotalLiabTangible book$3.91BShares236,800,000commonStockSharesOutstandingResult $16.52 | 6.31xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.56BebitdaCapex$723.00McapitalExpendituresInterest$71.00MinterestExpenseShort-term debt$62.00MshortLongTermDebtEBITDA − capex$839.00MPrincipal due is the current portion of debt.Result 6.31x | $846.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.57BtotalCashFromOperatingActivitiesCapex$723.00McapitalExpendituresFree cash flow$846.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $846.00M | 7.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.06BoperatingIncomeTax expense$195.00MincomeTaxExpensePretax income$913.00MincomeBeforeTaxTax rate21.4%Equity$7.22BtotalStockholderEquityDebt$4.31BshortLongTermDebtTotalCash$1.08BcashAndShortTermInvestmentsInvested capital$10.45BResult 7.9% | 0.23xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.06BoperatingIncomeNet PP&E$4.56BpropertyPlantEquipmentResult 0.23x |
| 2023 | 36.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.93BpropertyPlantEquipmentInventory$1.31BinventoryTotal assets$14.45BtotalAssetsResult 36.2% | 3.62xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$14.20BtotalRevenueNet PP&E$3.93BpropertyPlantEquipmentResult 3.62x | 1.43xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$832.00McapitalExpendituresD&A$582.00MdepreciationAndAmortizationResult 1.43x | $10.62Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.45BtotalAssetsGoodwill$3.01BgoodWillIntangibles$564.00MintangibleAssetsLiabilities$8.39BtotalLiabTangible book$2.49BShares234,400,000commonStockSharesOutstandingResult $10.62 | 3.95xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.16BebitdaCapex$832.00McapitalExpendituresInterest$10.00MinterestExpenseShort-term debt$73.00MshortLongTermDebtEBITDA − capex$328.00MPrincipal due is the current portion of debt.Result 3.95x | $477.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$1.31BtotalCashFromOperatingActivitiesCapex$832.00McapitalExpendituresFree cash flow$477.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $477.00M | 9.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.16BoperatingIncomeTax expense$289.00MincomeTaxExpensePretax income$914.00MincomeBeforeTaxTax rate31.6%Equity$5.83BtotalStockholderEquityDebt$3.93BshortLongTermDebtTotalCash$1.53BcashAndEquivalentsInvested capital$8.22BResult 9.6% | 0.30xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.16BoperatingIncomeNet PP&E$3.93BpropertyPlantEquipmentResult 0.30x |
| 2024 | 35.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.75BpropertyPlantEquipmentInventory$1.25BinventoryTotal assets$13.99BtotalAssetsResult 35.8% | 3.75xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$14.08BtotalRevenueNet PP&E$3.75BpropertyPlantEquipmentResult 3.75x | 1.00xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$671.00McapitalExpendituresD&A$673.00MdepreciationAndAmortizationResult 1.00x | $12.79Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.99BtotalAssetsGoodwill$2.36BgoodWillIntangibles$474.00MintangibleAssetsLiabilities$8.29BtotalLiabTangible book$2.88BShares224,800,000commonStockSharesOutstandingResult $12.79 | 1.34xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.32BebitdaCapex$671.00McapitalExpendituresInterest$84.00MinterestExpenseShort-term debt$398.00MshortLongTermDebtEBITDA − capex$648.00MPrincipal due is the current portion of debt.Result 1.34x | $681.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$1.35BtotalCashFromOperatingActivitiesCapex$671.00McapitalExpendituresFree cash flow$681.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $681.00M | 12.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.26BoperatingIncomeTax expense$111.00MincomeTaxExpensePretax income$539.00MincomeBeforeTaxTax rate20.6%Equity$5.53BtotalStockholderEquityDebt$4.34BshortLongTermDebtTotalCash$2.09BcashAndEquivalentsInvested capital$7.78BResult 12.8% | 0.34xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.26BoperatingIncomeNet PP&E$3.75BpropertyPlantEquipmentResult 0.34x |
| 2025 | 34.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.48BpropertyPlantAndEquipmentNetInventory$1.21BinventoryTotal assets$13.77BtotalAssetsResult 34.0% | 4.11xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$14.32BtotalRevenueNet PP&E$3.48BpropertyPlantAndEquipmentNetResult 4.11x | 0.61xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$440.00McapitalExpendituresD&A$719.00MdepreciationAndAmortizationResult 0.61x | $14.63Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.77BtotalAssetsGoodwill$2.06BgoodWillIntangibles$394.00MintangibleAssetsLiabilities$8.16BtotalLiabTangible book$3.17BShares216,400,000commonStockSharesOutstandingResult $14.63 | 8.10xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.28BebitdaCapex$440.00McapitalExpendituresInterest$99.00MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$842.00MPrincipal due is the current portion of debt.Result 8.10x | $1.21BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.65BtotalCashFromOperatingActivitiesCapex$440.00McapitalExpendituresFree cash flow$1.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.21B | 4.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$536.00MoperatingIncomeTax expense$189.00MincomeTaxExpensePretax income$524.00MincomeBeforeTaxTax rate36.1%Equity$5.44BtotalStockholderEquityDebt$4.06BshortLongTermDebtTotalCash$2.31BcashAndEquivalentsInvested capital$7.19BResult 4.8% | 0.15xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$536.00MoperatingIncomeNet PP&E$3.48BpropertyPlantAndEquipmentNetResult 0.15x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $3.48B
Inventory: $1.21B
Total assets: $13.77B
Goodwill: $2.06B
Intangibles: $394.00M
Liabilities: $8.16B
Tangible book: $3.17B
Shares: 216,400,000
Revenue: $14.32B
Capex: $440.00M
D&A: $719.00M
EBITDA: $1.28B
Interest: $99.00M
Short-term debt: $5.00M
Free cash flow: $1.21B
Operating income: $536.00M
Invested capital: $7.19B
Tax rate: 36.1%