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.
Expeditors International of Washington Inc
Physical assets are 20.7% of total assets, a light footprint. Capex is 0.94x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 10.93x. Compare it with other names in the same basket.
Physical asset ratio
20.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
10.93x
Revenue per dollar of the physical asset base.
Capex / D&A
0.94x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€17.55
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
9.99x
Price €175.40.
Fixed-charge coverage
—
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.9%
Latest free cash flow divided by current market cap (€19.65B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | — | — | 0.88x | €11.54 | — | €525.33M | — | — |
| 2019 | 24.1% | 9.19x | 0.92x | €12.91 | — | €724.91M | — | 0.86x |
| 2020 | 19.1% | 10.21x | 0.83x | €15.68 | 4,337.23x | €607.43M | — | 1.00x |
| 2021 | 12.4% | 17.45x | 0.71x | €20.87 | 4,682.22x | €832.25M | — | 2.02x |
| 2022 | 18.1% | 16.91x | 1.51x | €20.13 | 77.11x | €2.04B | — | 1.81x |
| 2023 | 22.0% | 9.34x | 0.58x | €16.57 | 201.75x | €1.01B | — | 0.94x |
| 2024 | 21.1% | 10.59x | 0.66x | €16.07 | — | €682.90M | — | 1.04x |
| 2025 | 20.7% | 10.93x | 0.94x | €17.55 | — | €953.40M | — | 1.04x |
- 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.
Latest year inputs (2025)
Net PP&E: €1.01B
Inventory: €0.00
Total assets: €4.89B
Goodwill: €7.93M
Intangibles: €0.00
Liabilities: €2.54B
Tangible book: €2.35B
Shares: 133,884,000
Revenue: €11.07B
Capex: €53.10M
D&A: €56.77M
EBITDA: €1.11B
Interest: —
Short-term debt: —
Free cash flow: €953.40M
Operating income: €1.05B
Invested capital: —
Tax rate: 25.8%