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.
Danaher Corporation
Physical assets are 11.1% of total assets, a light footprint. Capex is 0.47x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 6.6%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.64x. Compare it with other names in the same basket.
Physical asset ratio
11.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.75BpropertyPlantAndEquipmentNetInventory$2.49BinventoryTotal assets$83.46BtotalAssetsResult 11.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.64xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$24.57BtotalRevenueNet PP&E$6.75BpropertyPlantAndEquipmentNetResult 3.64x
Revenue per dollar of the physical asset base.
Capex / D&A
0.47xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.16BcapitalExpendituresD&A$2.45BdepreciationAndAmortizationResult 0.47x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$11.86Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$83.46BtotalAssetsGoodwill$43.15BgoodWillIntangibles$17.82BintangibleAssetsLiabilities$30.93BtotalLiabTangible book-$8.43BShares711,000,000commonStockSharesOutstandingResult -$11.86
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$230.25Latest quoteTangible book / share-$11.862025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $230.25.
Fixed-charge coverage
21.68xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.95BebitdaCapex$1.16BcapitalExpendituresInterest$265.00MinterestExpenseShort-term debt$2.00MshortTermDebtEBITDA − capex$5.79BPrincipal due is short-term debt.Result 21.68x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$5.26BfreeCashFlowMarket cap$161.86BMarketCapitalizationResult 3.2%
Latest free cash flow divided by current market cap ($161.86B).
ROIC
6.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.14BoperatingIncomeTax expense$619.00MincomeTaxExpensePretax income$4.23BincomeBeforeTaxTax rate14.6%Equity$52.53BtotalStockholderEquityDebt$18.42BshortLongTermDebtTotalCash$4.62BcashAndEquivalentsInvested capital$66.34BResult 6.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.76x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 8.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.51BpropertyPlantEquipmentInventory$1.63BinventoryTotal assets$47.83BtotalAssetsResult 8.7% | 6.79xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$17.05BtotalRevenueNet PP&E$2.51BpropertyPlantEquipmentResult 6.79x | 0.50xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$584.00McapitalExpendituresD&A$1.18BdepreciationAndAmortizationResult 0.50x | -$6.53Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47.83BtotalAssetsGoodwill$22.58BgoodWillIntangibles$10.28BintangibleAssetsLiabilities$19.61BtotalLiabTangible book-$4.64BShares710,200,000commonStockSharesOutstandingResult -$6.53 | 19.57xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.28BebitdaCapex$584.00McapitalExpendituresInterest$136.90MinterestExpenseShort-term debt$51.80MshortTermDebtEBITDA − capex$3.69BPrincipal due is short-term debt.Result 19.57x | $3.44BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$4.02BtotalCashFromOperatingActivitiesCapex$584.00McapitalExpendituresFree cash flow$3.44BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.44B | 6.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.07BoperatingIncomeTax expense$555.60MincomeTaxExpensePretax income$2.96BincomeBeforeTaxTax rate18.8%Equity$28.21BtotalStockholderEquityDebt$9.74BshortLongTermDebtTotalCash$787.80McashAndEquivalentsInvested capital$37.17BResult 6.7% | 1.22xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$3.07BoperatingIncomeNet PP&E$2.51BpropertyPlantEquipmentResult 1.22x |
| 2019 | 7.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.07BpropertyPlantAndEquipmentNetInventory$1.63BinventoryTotal assets$62.08BtotalAssetsResult 7.6% | 5.84xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$17.91BtotalRevenueNet PP&E$3.07BpropertyPlantAndEquipmentNetResult 5.84x | 0.53xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$635.50McapitalExpendituresD&A$1.19BdepreciationAndAmortizationResult 0.53x | -$3.01Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62.08BtotalAssetsGoodwill$22.71BgoodWillIntangibles$9.75BintangibleAssetsLiabilities$31.80BtotalLiabTangible book-$2.18BShares725,500,000commonStockSharesOutstandingResult -$3.01 | 12.36xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.60BebitdaCapex$635.50McapitalExpendituresInterest$108.60MinterestExpenseShort-term debt$212.40MshortLongTermDebtEBITDA − capex$3.97BPrincipal due is the current portion of debt.Result 12.36x | $3.32BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$3.95BtotalCashFromOperatingActivitiesCapex$635.50McapitalExpendituresFree cash flow$3.32BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.32B | 7.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.36BoperatingIncomeTax expense$873.00MincomeTaxExpensePretax income$3.31BincomeBeforeTaxTax rate26.4%Equity$30.27BtotalStockholderEquityDebt$22.53BshortLongTermDebtTotalCash$19.91BcashAndEquivalentsInvested capital$32.88BResult 7.5% | 1.10xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$3.36BoperatingIncomeNet PP&E$3.07BpropertyPlantAndEquipmentNetResult 1.10x |
| 2020 | 8.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.20BpropertyPlantAndEquipmentNetInventory$2.29BinventoryTotal assets$76.16BtotalAssetsResult 8.5% | 5.30xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$22.28BtotalRevenueNet PP&E$4.20BpropertyPlantAndEquipmentNetResult 5.30x | 0.45xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$791.00McapitalExpendituresD&A$1.78BdepreciationAndAmortizationResult 0.45x | -$23.55Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$76.16BtotalAssetsGoodwill$35.42BgoodWillIntangibles$21.28BintangibleAssetsLiabilities$36.38BtotalLiabTangible book-$16.93BShares718,700,000commonStockSharesOutstandingResult -$23.55 | 20.25xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.54BebitdaCapex$791.00McapitalExpendituresInterest$273.00MinterestExpenseShort-term debt$11.00MshortLongTermDebtEBITDA − capex$5.75BPrincipal due is the current portion of debt.Result 20.25x | $5.42BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$6.21BtotalCashFromOperatingActivitiesCapex$791.00McapitalExpendituresFree cash flow$5.42BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.42B | 6.3%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.31BoperatingIncomeTax expense$849.00MincomeTaxExpensePretax income$4.50BincomeBeforeTaxTax rate18.9%Equity$39.77BtotalStockholderEquityDebt$22.18BshortLongTermDebtTotalCash$6.04BcashAndEquivalentsInvested capital$55.91BResult 6.3% | 1.03xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$4.31BoperatingIncomeNet PP&E$4.20BpropertyPlantAndEquipmentNetResult 1.03x |
| 2021 | 9.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.83BpropertyPlantAndEquipmentNetInventory$2.77BinventoryTotal assets$83.18BtotalAssetsResult 9.1% | 6.10xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$29.45BtotalRevenueNet PP&E$4.83BpropertyPlantAndEquipmentNetResult 6.10x | 0.60xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.29BcapitalExpendituresD&A$2.17BdepreciationAndAmortizationResult 0.60x | -$25.58Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$83.18BtotalAssetsGoodwill$41.18BgoodWillIntangibles$22.84BintangibleAssetsLiabilities$38.01BtotalLiabTangible book-$18.85BShares736,800,000commonStockSharesOutstandingResult -$25.58 | 34.99xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.01BebitdaCapex$1.29BcapitalExpendituresInterest$241.00MinterestExpenseShort-term debt$8.00MshortLongTermDebtEBITDA − capex$8.71BPrincipal due is the current portion of debt.Result 34.99x | $7.06BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$8.36BtotalCashFromOperatingActivitiesCapex$1.29BcapitalExpendituresFree cash flow$7.06BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.06B | 10.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.05BoperatingIncomeTax expense$1.25BincomeTaxExpensePretax income$7.60BincomeBeforeTaxTax rate16.5%Equity$45.17BtotalStockholderEquityDebt$23.27BshortLongTermDebtTotalCash$2.59BcashAndEquivalentsInvested capital$65.85BResult 10.2% | 1.67xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$8.05BoperatingIncomeNet PP&E$4.83BpropertyPlantAndEquipmentNetResult 1.67x |
| 2022 | 8.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.59BpropertyPlantAndEquipmentNetInventory$2.77BinventoryTotal assets$84.35BtotalAssetsResult 8.7% | 5.80xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$26.64BtotalRevenueNet PP&E$4.59BpropertyPlantAndEquipmentNetResult 5.80x | 0.54xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.15BcapitalExpendituresD&A$2.13BdepreciationAndAmortizationResult 0.54x | -$9.51Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$84.35BtotalAssetsGoodwill$37.28BgoodWillIntangibles$19.82BintangibleAssetsLiabilities$34.26BtotalLiabTangible book-$7.01BShares737,100,000commonStockSharesOutstandingResult -$9.51 | 10.44xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.49BebitdaCapex$1.15BcapitalExpendituresInterest$207.00MinterestExpenseShort-term debt$591.00MshortLongTermDebtEBITDA − capex$8.33BPrincipal due is the current portion of debt.Result 10.44x | $7.37BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$8.52BtotalCashFromOperatingActivitiesCapex$1.15BcapitalExpendituresFree cash flow$7.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.37B | 10.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.54BoperatingIncomeTax expense$818.00MincomeTaxExpensePretax income$7.15BincomeBeforeTaxTax rate11.4%Equity$50.08BtotalStockholderEquityDebt$20.62BshortLongTermDebtTotalCash$6.00BcashAndEquivalentsInvested capital$64.70BResult 10.3% | 1.64xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$7.54BoperatingIncomeNet PP&E$4.59BpropertyPlantAndEquipmentNetResult 1.64x |
| 2023 | 9.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.61BpropertyPlantEquipmentInventory$2.59BinventoryTotal assets$84.49BtotalAssetsResult 9.7% | 4.26xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$23.89BtotalRevenueNet PP&E$5.61BpropertyPlantEquipmentResult 4.26x | 0.64xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.38BcapitalExpendituresD&A$2.17BdepreciationAndAmortizationResult 0.64x | -$11.93Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$84.49BtotalAssetsGoodwill$41.61BgoodWillIntangibles$20.75BintangibleAssetsLiabilities$31.00BtotalLiabTangible book-$8.86BShares743,100,000commonStockSharesOutstandingResult -$11.93 | 1.93xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.20BebitdaCapex$1.38BcapitalExpendituresInterest$286.00MinterestExpenseShort-term debt$1.70BshortLongTermDebtEBITDA − capex$3.82BPrincipal due is the current portion of debt.Result 1.93x | $5.78BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$7.16BtotalCashFromOperatingActivitiesCapex$1.38BcapitalExpendituresFree cash flow$5.78BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.78B | 7.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.20BoperatingIncomeTax expense$301.00MincomeTaxExpensePretax income$5.04BincomeBeforeTaxTax rate6.0%Equity$53.49BtotalStockholderEquityDebt$19.54BshortLongTermDebtTotalCash$5.86BcashAndEquivalentsInvested capital$67.16BResult 7.3% | 0.93xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$5.20BoperatingIncomeNet PP&E$5.61BpropertyPlantEquipmentResult 0.93x |
| 2024 | 10.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.07BpropertyPlantEquipmentInventory$2.33BinventoryTotal assets$77.54BtotalAssetsResult 10.8% | 3.93xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$23.88BtotalRevenueNet PP&E$6.07BpropertyPlantEquipmentResult 3.93x | 0.59xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.39BcapitalExpendituresD&A$2.35BdepreciationAndAmortizationResult 0.59x | -$12.91Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$77.54BtotalAssetsGoodwill$40.50BgoodWillIntangibles$18.57BintangibleAssetsLiabilities$27.99BtotalLiabTangible book-$9.52BShares737,200,000commonStockSharesOutstandingResult -$12.91 | 7.51xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.28BebitdaCapex$1.39BcapitalExpendituresInterest$278.00MinterestExpenseShort-term debt$505.00MshortLongTermDebtEBITDA − capex$5.88BPrincipal due is the current portion of debt.Result 7.51x | $5.30BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$6.69BtotalCashFromOperatingActivitiesCapex$1.39BcapitalExpendituresFree cash flow$5.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.30B | 6.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.18BoperatingIncomeTax expense$747.00MincomeTaxExpensePretax income$4.65BincomeBeforeTaxTax rate16.1%Equity$49.54BtotalStockholderEquityDebt$17.15BshortLongTermDebtTotalCash$2.08BcashAndEquivalentsInvested capital$64.61BResult 6.7% | 0.85xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$5.18BoperatingIncomeNet PP&E$6.07BpropertyPlantEquipmentResult 0.85x |
| 2025 | 11.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.75BpropertyPlantAndEquipmentNetInventory$2.49BinventoryTotal assets$83.46BtotalAssetsResult 11.1% | 3.64xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$24.57BtotalRevenueNet PP&E$6.75BpropertyPlantAndEquipmentNetResult 3.64x | 0.47xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.16BcapitalExpendituresD&A$2.45BdepreciationAndAmortizationResult 0.47x | -$11.86Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$83.46BtotalAssetsGoodwill$43.15BgoodWillIntangibles$17.82BintangibleAssetsLiabilities$30.93BtotalLiabTangible book-$8.43BShares711,000,000commonStockSharesOutstandingResult -$11.86 | 21.68xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.95BebitdaCapex$1.16BcapitalExpendituresInterest$265.00MinterestExpenseShort-term debt$2.00MshortTermDebtEBITDA − capex$5.79BPrincipal due is short-term debt.Result 21.68x | $5.26BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$6.42BtotalCashFromOperatingActivitiesCapex$1.16BcapitalExpendituresFree cash flow$5.26BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.26B | 6.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.14BoperatingIncomeTax expense$619.00MincomeTaxExpensePretax income$4.23BincomeBeforeTaxTax rate14.6%Equity$52.53BtotalStockholderEquityDebt$18.42BshortLongTermDebtTotalCash$4.62BcashAndEquivalentsInvested capital$66.34BResult 6.6% | 0.76xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$5.14BoperatingIncomeNet PP&E$6.75BpropertyPlantAndEquipmentNetResult 0.76x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $6.75B
Inventory: $2.49B
Total assets: $83.46B
Goodwill: $43.15B
Intangibles: $17.82B
Liabilities: $30.93B
Tangible book: -$8.43B
Shares: 711,000,000
Revenue: $24.57B
Capex: $1.16B
D&A: $2.45B
EBITDA: $6.95B
Interest: $265.00M
Short-term debt: $2.00M
Free cash flow: $5.26B
Operating income: $5.14B
Invested capital: $66.34B
Tax rate: 14.6%