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.
Costco Wholesale Corp
Physical assets are 64.7% of total assets, a heavy footprint. Capex is 2.41x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 38.1%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 7.91x. Compare it with other names in the same basket.
Physical asset ratio
64.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.91x
Revenue per dollar of the physical asset base.
Capex / D&A
2.41x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$80.56
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
12.14x
Price $978.01.
Fixed-charge coverage
3.31x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.2%
Latest free cash flow divided by current market cap ($435.15B).
ROIC
38.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.30x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 71.1% | 7.31x | 2.01x | $35.06 | 1.84x | $3.36B | 27.6% | 0.23x |
| 2020 | 67.4% | 6.62x | 1.71x | $37.69 | 16.86x | $6.05B | 25.6% | 0.22x |
| 2021 | 70.2% | 7.16x | 2.01x | $36.33 | 5.20x | $5.37B | 39.6% | 0.24x |
| 2022 | 70.6% | 8.28x | 2.05x | $44.19 | 26.00x | $3.50B | 36.4% | 0.28x |
| 2023 | 68.7% | 7.89x | 2.08x | $54.14 | 5.16x | $6.75B | 36.9% | 0.26x |
| 2024 | 74.1% | 7.69x | 2.11x | $50.88 | 27.34x | $6.63B | 38.2% | 0.28x |
| 2025 | 70.3% | 7.62x | 2.27x | $63.33 | 9.86x | $7.84B | 39.7% | 0.29x |
| 2026 | 64.7% | 7.91x | 2.41x | $80.56 | 3.31x | $9.39B | 38.1% | 0.30x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: $38.33B
Inventory: $19.32B
Total assets: $89.05B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $53.24B
Tangible book: $35.80B
Shares: 444,427,000
Revenue: $303.15B
Capex: $6.44B
D&A: $2.67B
EBITDA: $14.36B
Interest: $145.00M
Short-term debt: $2.25B
Free cash flow: $9.39B
Operating income: $11.69B
Invested capital: $23.08B
Tax rate: 24.7%