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.
Equinix Inc
Physical assets are 62.2% of total assets, a heavy footprint. Capex is 2.09x 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.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.37x.
Physical asset ratio
62.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.37x
Revenue per dollar of the physical asset base.
Capex / D&A
2.09x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$70.10
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
14.07x
Price $985.98.
Fixed-charge coverage
-0.13x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-0.4%
Latest free cash flow divided by current market cap ($97.29B).
ROIC
4.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.07x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 54.5% | 0.46x | 1.71x | $0.62 | 0.10x | -$280.75M | 4.6% | 0.09x |
| 2019 | 50.7% | 0.46x | 1.62x | $23.10 | 0.31x | -$86.79M | 4.2% | 0.10x |
| 2020 | 53.6% | 0.41x | 1.60x | $33.83 | 0.10x | $27.32M | 3.3% | 0.07x |
| 2021 | 60.9% | 0.40x | 1.66x | $39.54 | -0.41x | -$204.31M | 3.7% | 0.07x |
| 2022 | 55.2% | 0.44x | 1.31x | $43.06 | 1.76x | $685.18M | 3.9% | 0.07x |
| 2023 | 57.0% | 0.44x | 1.51x | $53.95 | 0.42x | $562.12M | 4.5% | 0.08x |
| 2024 | 58.9% | 0.42x | 1.53x | $68.16 | 0.47x | $183.00M | 4.1% | 0.06x |
| 2025 | 62.2% | 0.37x | 2.09x | $70.10 | -0.13x | -$400.00M | 4.9% | 0.07x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $24.98B
Inventory: $0.00
Total assets: $40.14B
Goodwill: $5.98B
Intangibles: $1.32B
Liabilities: $25.96B
Tangible book: $6.88B
Shares: 98,123,000
Revenue: $9.26B
Capex: $4.31B
D&A: $2.07B
EBITDA: $4.07B
Interest: $569.00M
Short-term debt: $1.32B
Free cash flow: -$400.00M
Operating income: $1.85B
Invested capital: $33.66B
Tax rate: 10.6%