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.
CNH Industrial N.V.
Physical assets are 19.7% of total assets, a light footprint. Capex is 0.86x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.20x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 4.80x.
Physical asset ratio
19.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.80x
Revenue per dollar of the physical asset base.
Capex / D&A
0.86x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.50
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.79x
Price $11.96.
Fixed-charge coverage
0.20x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
10.4%
Latest free cash flow divided by current market cap ($19.27B).
ROIC
6.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.74x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 31.2% | 3.87x | 1.42x | $1.36 | 0.25x | $652.00M | 6.9% | 0.43x |
| 2019 | 30.0% | 3.94x | 1.61x | $2.08 | 0.11x | -$136.00M | 28.4% | 0.47x |
| 2020 | 26.5% | 2.14x | 1.57x | $1.70 | 0.01x | $4.68B | — | 0.27x |
| 2021 | 15.0% | 6.07x | 1.72x | $1.79 | 0.19x | $3.16B | 8.9% | 1.03x |
| 2022 | 20.5% | 7.23x | 1.87x | $1.85 | 0.27x | -$442.00M | 12.4% | 1.34x |
| 2023 | 19.8% | 6.81x | 2.12x | $2.40 | 0.27x | -$288.00M | 12.5% | 1.36x |
| 2024 | 19.7% | 5.39x | 1.96x | $2.35 | 0.20x | $782.00M | 9.6% | 1.05x |
| 2025 | 19.7% | 4.80x | 0.86x | $2.50 | 0.20x | $2.00B | 6.3% | 0.74x |
- 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: $3.77B
Inventory: $4.65B
Total assets: $42.75B
Goodwill: $3.62B
Intangibles: $1.09B
Liabilities: $34.92B
Tangible book: $3.12B
Shares: 1,251,000,000
Revenue: $18.10B
Capex: $543.00M
D&A: $629.00M
EBITDA: $2.80B
Interest: $1.48B
Short-term debt: $10.02B
Free cash flow: $2.00B
Operating income: $2.78B
Invested capital: $32.19B
Tax rate: 26.7%