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.
Expedia Group Inc.
Physical assets are 11.2% of total assets, a light footprint. Capex is 0.87x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 269.2%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 5.37x. Compare it with other names in the same basket.
Physical asset ratio
11.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.37x
Revenue per dollar of the physical asset base.
Capex / D&A
0.87x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$38.99
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $291.87.
Fixed-charge coverage
1.01x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.4%
Latest free cash flow divided by current market cap ($32.97B).
ROIC
269.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.79x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 11.8% | 5.98x | 0.92x | -$28.98 | 2.86x | $1.10B | 8.4% | 0.38x |
| 2019 | 16.8% | 4.30x | 1.27x | -$29.32 | 0.75x | $1.61B | 11.9% | 0.32x |
| 2020 | 19.3% | 1.84x | 0.75x | -$34.43 | -2.52x | -$4.63B | — | -0.96x |
| 2021 | 19.9% | 3.32x | 0.83x | -$33.47 | 0.37x | $3.08B | — | 0.07x |
| 2022 | 20.1% | 4.53x | 0.84x | -$28.59 | 2.67x | $2.78B | 14.7% | 0.42x |
| 2023 | 14.2% | 4.73x | 1.05x | -$33.86 | 3.94x | $1.84B | 18.1% | 0.38x |
| 2024 | 12.1% | 5.04x | 0.90x | -$35.25 | 1.45x | $2.33B | 29.0% | 0.49x |
| 2025 | 11.2% | 5.37x | 0.87x | -$38.99 | 1.01x | $3.11B | 269.2% | 0.79x |
- 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.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $2.74B
Inventory: $0.00
Total assets: $24.45B
Goodwill: $6.87B
Intangibles: $819.00M
Liabilities: $21.91B
Tangible book: -$5.14B
Shares: 131,943,000
Revenue: $14.73B
Capex: $770.00M
D&A: $887.00M
EBITDA: $2.78B
Interest: $299.00M
Short-term debt: $1.69B
Free cash flow: $3.11B
Operating income: $2.16B
Invested capital: $657.00M
Tax rate: 18.2%