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.
Citigroup 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 1.49x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.13x, which is below 1.
Fixed-asset turnover is 5.05x. Compare it with other names in the same basket.
Physical asset ratio
1.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$33.34BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2,657.20BtotalAssetsInventory was not reported and is treated as zero.Result 1.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.05xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$168.29BtotalRevenueNet PP&E$33.34BpropertyPlantEquipmentResult 5.05x
Revenue per dollar of the physical asset base.
Capex / D&A
1.49xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$6.52BcapitalExpendituresD&A$4.37BdepreciationAndAmortizationResult 1.49x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$102.24Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,657.20BtotalAssetsGoodwill$19.10BgoodWillIntangibles$4.28BintangibleAssetsLiabilities$2,443.38BtotalLiabTangible book$190.44BShares1,862,600,000commonStockSharesOutstandingResult $102.24
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.16xPrice / tangible bookPrice / tangible book per sharePrice$119.05Latest quoteTangible book / share$102.242025-12-31Result 1.16x
Price $119.05.
Fixed-charge coverage
0.13xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$24.20BebitdaCapex$6.52BcapitalExpendituresInterest$83.07BinterestExpenseShort-term debt$51.88BshortLongTermDebtEBITDA − capex$17.68BPrincipal due is the current portion of debt.Result 0.13x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-37.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$74.15BfreeCashFlowMarket cap$196.06BMarketCapitalizationResult -37.8%
Latest free cash flow divided by current market cap ($196.06B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$19.83BoperatingIncomeTax expense$5.37BincomeTaxExpensePretax income$19.83BincomeBeforeTaxTax rate27.1%Equity$212.29BtotalStockholderEquityDebt$367.71BlongTermDebt + shortLongTermDebtCash$675.44BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.59x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory-$748.87BinventoryTotal assets$1,917.29BtotalAssetsResult — | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$97.12BtotalRevenueNet PP&E—Not reportedResult — | 1.01xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$3.77BcapitalExpendituresD&A$3.75BdepreciationAndAmortizationResult 1.01x | $68.06Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1,917.29BtotalAssetsGoodwill$22.05BgoodWillIntangibles$5.22BintangibleAssetsLiabilities$1,720.21BtotalLiabTangible book$169.81BShares2,494,800,000commonStockSharesOutstandingResult $68.06 | 0.41xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$27.20BebitdaCapex$3.77BcapitalExpendituresInterest$24.27BinterestExpenseShort-term debt$32.25BshortTermDebtEBITDA − capex$23.43BPrincipal due is short-term debt.Result 0.41x | $33.18BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$36.95BtotalCashFromOperatingActivitiesCapex$3.77BcapitalExpendituresFree cash flow$33.18BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $33.18B | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$23.45BoperatingIncomeTax expense$5.36BincomeTaxExpensePretax income$23.45BincomeBeforeTaxTax rate22.8%Equity$197.07BtotalStockholderEquityDebt$264.35BlongTermDebt + shortLongTermDebtCash$466.85BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$23.45BoperatingIncomeNet PP&E—Not reportedResult — |
| 2019 | -38.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.10BpropertyPlantEquipmentInventory-$761.30BinventoryTotal assets$1,951.16BtotalAssetsResult -38.9% | 33.37xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$103.45BtotalRevenueNet PP&E$3.10BpropertyPlantEquipmentResult 33.37x | 1.37xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$5.34BcapitalExpendituresD&A$3.91BdepreciationAndAmortizationResult 1.37x | $73.72Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1,951.16BtotalAssetsGoodwill$22.13BgoodWillIntangibles$4.82BintangibleAssetsLiabilities$1,757.21BtotalLiabTangible book$167.00BShares2,265,300,000commonStockSharesOutstandingResult $73.72 | 0.31xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$27.81BebitdaCapex$5.34BcapitalExpendituresInterest$28.38BinterestExpenseShort-term debt$45.05BshortTermDebtEBITDA − capex$22.47BPrincipal due is short-term debt.Result 0.31x | -$18.17BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$12.84BtotalCashFromOperatingActivitiesCapex$5.34BcapitalExpendituresFree cash flow-$18.17BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$18.17B | 14.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$23.90BoperatingIncomeTax expense$4.43BincomeTaxExpensePretax income$23.90BincomeBeforeTaxTax rate18.5%Equity$193.95BtotalStockholderEquityDebt$413.70BshortLongTermDebtTotalCash$474.18BcashAndShortTermInvestmentsInvested capital$133.47BResult 14.6% | 7.71xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$23.90BoperatingIncomeNet PP&E$3.10BpropertyPlantEquipmentResult 7.71x |
| 2020 | -45.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.80BpropertyPlantEquipmentInventory-$1,024.26BinventoryTotal assets$2,260.32BtotalAssetsResult -45.2% | 31.73xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$88.83BtotalRevenueNet PP&E$2.80BpropertyPlantEquipmentResult 31.73x | 0.88xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$3.45BcapitalExpendituresD&A$3.94BdepreciationAndAmortizationResult 0.88x | $82.71Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,260.32BtotalAssetsGoodwill$22.16BgoodWillIntangibles$4.75BintangibleAssetsLiabilities$2,059.80BtotalLiabTangible book$173.61BShares2,099,000,000commonStockSharesOutstandingResult $82.71 | 0.33xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$17.57BebitdaCapex$3.45BcapitalExpendituresInterest$13.34BinterestExpenseShort-term debt$29.51BshortTermDebtEBITDA − capex$14.12BPrincipal due is short-term debt.Result 0.33x | -$24.07BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$20.62BtotalCashFromOperatingActivitiesCapex$3.45BcapitalExpendituresFree cash flow-$24.07BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$24.07B | 44.3%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.63BoperatingIncomeTax expense$2.53BincomeTaxExpensePretax income$13.63BincomeBeforeTaxTax rate18.5%Equity$200.52BtotalStockholderEquityDebt$469.23BshortLongTermDebtTotalCash$644.70BcashAndShortTermInvestmentsInvested capital$25.05BResult 44.3% | 4.87xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$13.63BoperatingIncomeNet PP&E$2.80BpropertyPlantEquipmentResult 4.87x |
| 2021 | -43.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$24.33BpropertyPlantAndEquipmentNetInventory-$1,030.43BinventoryTotal assets$2,291.41BtotalAssetsResult -43.9% | 3.28xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$79.87BtotalRevenueNet PP&E$24.33BpropertyPlantAndEquipmentNetResult 3.28x | 1.04xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$4.12BcapitalExpendituresD&A$3.96BdepreciationAndAmortizationResult 1.04x | $86.31Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,291.41BtotalAssetsGoodwill$21.30BgoodWillIntangibles$4.50BintangibleAssetsLiabilities$2,088.74BtotalLiabTangible book$176.88BShares2,049,400,000commonStockSharesOutstandingResult $86.31 | 0.76xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$31.43BebitdaCapex$4.12BcapitalExpendituresInterest$7.98BinterestExpenseShort-term debt$27.97BshortLongTermDebtEBITDA − capex$27.31BPrincipal due is the current portion of debt.Result 0.76x | $57.13BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$61.25BtotalCashFromOperatingActivitiesCapex$4.12BcapitalExpendituresFree cash flow$57.13BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $57.13B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$27.47BoperatingIncomeTax expense$5.45BincomeTaxExpensePretax income$27.47BincomeBeforeTaxTax rate19.8%Equity$201.97BtotalStockholderEquityDebt$282.35BlongTermDebt + shortLongTermDebtCash$541.33BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 1.13xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$27.47BoperatingIncomeNet PP&E$24.33BpropertyPlantAndEquipmentNetResult 1.13x |
| 2022 | -47.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$26.25BpropertyPlantEquipmentInventory-$1,167.27BinventoryTotal assets$2,416.68BtotalAssetsResult -47.2% | 3.82xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$100.22BtotalRevenueNet PP&E$26.25BpropertyPlantEquipmentResult 3.82x | 1.32xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$5.63BcapitalExpendituresD&A$4.26BdepreciationAndAmortizationResult 1.32x | $90.47Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,416.68BtotalAssetsGoodwill$19.69BgoodWillIntangibles$4.43BintangibleAssetsLiabilities$2,214.84BtotalLiabTangible book$177.72BShares1,964,300,000commonStockSharesOutstandingResult $90.47 | 0.24xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$23.07BebitdaCapex$5.63BcapitalExpendituresInterest$25.74BinterestExpenseShort-term debt$47.10BshortLongTermDebtEBITDA − capex$17.44BPrincipal due is the current portion of debt.Result 0.24x | $19.44BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$25.07BtotalCashFromOperatingActivitiesCapex$5.63BcapitalExpendituresFree cash flow$19.44BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $19.44B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$18.81BoperatingIncomeTax expense$3.64BincomeTaxExpensePretax income$18.81BincomeBeforeTaxTax rate19.4%Equity$201.19BtotalStockholderEquityDebt$318.70BlongTermDebt + shortLongTermDebtCash$580.77BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.72xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$18.81BoperatingIncomeNet PP&E$26.25BpropertyPlantEquipmentResult 0.72x |
| 2023 | -46.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.75BpropertyPlantEquipmentInventory-$1,148.51BinventoryTotal assets$2,411.83BtotalAssetsResult -46.4% | 5.41xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$155.38BtotalRevenueNet PP&E$28.75BpropertyPlantEquipmentResult 5.41x | 1.44xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$6.58BcapitalExpendituresD&A$4.56BdepreciationAndAmortizationResult 1.44x | $92.92Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,411.83BtotalAssetsGoodwill$20.10BgoodWillIntangibles$4.42BintangibleAssetsLiabilities$2,205.58BtotalLiabTangible book$181.73BShares1,955,800,000commonStockSharesOutstandingResult $92.92 | 0.09xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$17.47BebitdaCapex$6.58BcapitalExpendituresInterest$78.36BinterestExpenseShort-term debt$37.46BshortLongTermDebtEBITDA − capex$10.89BPrincipal due is the current portion of debt.Result 0.09x | -$80.00BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$73.42BtotalCashFromOperatingActivitiesCapex$6.58BcapitalExpendituresFree cash flow-$80.00BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$80.00B | 39.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$12.91BoperatingIncomeTax expense$3.53BincomeTaxExpensePretax income$12.91BincomeBeforeTaxTax rate27.3%Equity$205.45BtotalStockholderEquityDebt$324.08BlongTermDebt + shortLongTermDebtCash$506.00BcashAndShortTermInvestmentsInvested capital$23.53BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 39.9% | 0.45xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$12.91BoperatingIncomeNet PP&E$28.75BpropertyPlantEquipmentResult 0.45x |
| 2024 | 1.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.19BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2,352.95BtotalAssetsInventory was not reported and is treated as zero.Result 1.3% | 5.65xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$170.71BtotalRevenueNet PP&E$30.19BpropertyPlantEquipmentResult 5.65x | 1.51xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$6.50BcapitalExpendituresD&A$4.31BdepreciationAndAmortizationResult 1.51x | $97.60Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,352.95BtotalAssetsGoodwill$19.30BgoodWillIntangibles$4.49BintangibleAssetsLiabilities$2,143.58BtotalLiabTangible book$185.57BShares1,901,400,000commonStockSharesOutstandingResult $97.60 | 0.11xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$21.36BebitdaCapex$6.50BcapitalExpendituresInterest$89.62BinterestExpenseShort-term debt$48.51BshortLongTermDebtEBITDA − capex$14.86BPrincipal due is the current portion of debt.Result 0.11x | -$26.17BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$19.67BtotalCashFromOperatingActivitiesCapex$6.50BcapitalExpendituresFree cash flow-$26.17BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$26.17B | 27.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.05BoperatingIncomeTax expense$4.21BincomeTaxExpensePretax income$17.05BincomeBeforeTaxTax rate24.7%Equity$208.60BtotalStockholderEquityDebt$335.81BlongTermDebt + shortLongTermDebtCash$498.02BcashAndShortTermInvestmentsInvested capital$46.38BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 27.7% | 0.56xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$17.05BoperatingIncomeNet PP&E$30.19BpropertyPlantEquipmentResult 0.56x |
| 2025 | 1.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$33.34BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2,657.20BtotalAssetsInventory was not reported and is treated as zero.Result 1.3% | 5.05xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$168.29BtotalRevenueNet PP&E$33.34BpropertyPlantEquipmentResult 5.05x | 1.49xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$6.52BcapitalExpendituresD&A$4.37BdepreciationAndAmortizationResult 1.49x | $102.24Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2,657.20BtotalAssetsGoodwill$19.10BgoodWillIntangibles$4.28BintangibleAssetsLiabilities$2,443.38BtotalLiabTangible book$190.44BShares1,862,600,000commonStockSharesOutstandingResult $102.24 | 0.13xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$24.20BebitdaCapex$6.52BcapitalExpendituresInterest$83.07BinterestExpenseShort-term debt$51.88BshortLongTermDebtEBITDA − capex$17.68BPrincipal due is the current portion of debt.Result 0.13x | -$74.15BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$67.63BtotalCashFromOperatingActivitiesCapex$6.52BcapitalExpendituresFree cash flow-$74.15BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$74.15B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$19.83BoperatingIncomeTax expense$5.37BincomeTaxExpensePretax income$19.83BincomeBeforeTaxTax rate27.1%Equity$212.29BtotalStockholderEquityDebt$367.71BlongTermDebt + shortLongTermDebtCash$675.44BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.59xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$19.83BoperatingIncomeNet PP&E$33.34BpropertyPlantEquipmentResult 0.59x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $33.34B
Inventory: $0.00
Total assets: $2,657.20B
Goodwill: $19.10B
Intangibles: $4.28B
Liabilities: $2,443.38B
Tangible book: $190.44B
Shares: 1,862,600,000
Revenue: $168.29B
Capex: $6.52B
D&A: $4.37B
EBITDA: $24.20B
Interest: $83.07B
Short-term debt: $51.88B
Free cash flow: -$74.15B
Operating income: $19.83B
Invested capital: —
Tax rate: 27.1%