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.
F5 Networks Inc
Physical assets are 9.2% 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. ROIC is 25.9%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 8.84x.
Physical asset ratio
9.2%Physical asset ratio · 2026-09-30(Net PP&E + inventory) / total assetsNet PP&E$386.38MpropertyPlantAndEquipmentNetInventory$261.92MinventoryTotal assets$7.06BtotalAssetsResult 9.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.84xFixed asset turnover · 2026-09-30Revenue / net PP&ERevenue$3.42BtotalRevenueNet PP&E$386.38MpropertyPlantAndEquipmentNetResult 8.84x
Revenue per dollar of the physical asset base.
Capex / D&A
0.94xCapex / D&A · 2026-09-30Capital expenditures / depreciation and amortizationCapex$90.55McapitalExpendituresD&A$96.53MdepreciationAndAmortizationResult 0.94x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$26.41Tangible book / share · 2026-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.06BtotalAssetsGoodwill$2.48BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$3.06BtotalLiabTangible book$1.52BShares57,658,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $26.41
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
12.49xPrice / tangible bookPrice / tangible book per sharePrice$329.72Latest quoteTangible book / share$26.412026-09-30Result 12.49x
Price $329.72.
Fixed-charge coverage
—Fixed-charge coverage · 2026-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$952.38MebitdaCapex$90.55McapitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex$861.83MResult —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.6%Free cash flow yield · 2026-09-30Latest free cash flow / current market capFree cash flow$868.94MfreeCashFlowMarket cap$18.73BMarketCapitalizationResult 4.6%
Latest free cash flow divided by current market cap ($18.73B).
ROIC
25.9%ROIC · 2026-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$817.86MoperatingIncomeTax expense$145.77MincomeTaxExpensePretax income$867.92MincomeBeforeTaxTax rate16.8%Equity$4.01BtotalStockholderEquityDebt$212.45MshortLongTermDebtTotalCash$1.59BcashInvested capital$2.63BResult 25.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.12x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 7.6%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$223.43MpropertyPlantEquipmentInventory$34.40MinventoryTotal assets$3.39BtotalAssetsResult 7.6% | 10.04xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$2.24BtotalRevenueNet PP&E$223.43MpropertyPlantEquipmentResult 10.04x | 1.51xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$103.54McapitalExpendituresD&A$68.51MdepreciationAndAmortizationResult 1.51x | $9.71Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.39BtotalAssetsGoodwill$1.07BgoodWillIntangibles$108.90MintangibleAssetsLiabilities$1.63BtotalLiabTangible book$587.22MShares60,456,000commonStockSharesOutstandingResult $9.71 | 21.35xFixed-charge coverage · 2019-09-30(EBITDA − capex) / interestEBITDA$586.97MebitdaCapex$103.54McapitalExpendituresInterest$22.65MinterestExpenseEBITDA − capex$483.43MShort-term debt was not reported, so the denominator is interest only.Result 21.35x | $644.30MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$747.84MtotalCashFromOperatingActivitiesCapex$103.54McapitalExpendituresFree cash flow$644.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $644.30M | —ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$518.46MoperatingIncomeTax expense$113.38MincomeTaxExpensePretax income$541.11MincomeBeforeTaxTax rate21.0%Equity$1.76BtotalStockholderEquityDebt—Not reportedCash$972.28McashAndShortTermInvestmentsInvested capital—Result — | 2.32xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$518.46MoperatingIncomeNet PP&E$223.43MpropertyPlantEquipmentResult 2.32x |
| 2020 | 11.9%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$529.92MpropertyPlantAndEquipmentNetInventory$27.90MinventoryTotal assets$4.68BtotalAssetsResult 11.9% | 4.44xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$2.35BtotalRevenueNet PP&E$529.92MpropertyPlantAndEquipmentNetResult 4.44x | 0.63xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$59.94McapitalExpendituresD&A$95.86MdepreciationAndAmortizationResult 0.63x | $2.40Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.68BtotalAssetsGoodwill$1.86BgoodWillIntangibles$225.90MintangibleAssetsLiabilities$2.45BtotalLiabTangible book$147.40MShares61,378,000commonStockSharesOutstandingResult $2.40 | 14.18xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$495.92MebitdaCapex$59.94McapitalExpendituresInterest$11.47MinterestExpenseShort-term debt$19.28MshortLongTermDebtEBITDA − capex$435.98MPrincipal due is the current portion of debt.Result 14.18x | $600.96MFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$660.90MtotalCashFromOperatingActivitiesCapex$59.94McapitalExpendituresFree cash flow$600.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $600.96M | 21.6%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$392.27MoperatingIncomeTax expense$88.96MincomeTaxExpensePretax income$396.40MincomeBeforeTaxTax rate22.4%Equity$2.23BtotalStockholderEquityDebt$388.32MlongTermDebt + shortLongTermDebtCash$1.21BcashAndShortTermInvestmentsInvested capital$1.41BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 21.6% | 0.74xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$392.27MoperatingIncomeNet PP&E$529.92MpropertyPlantAndEquipmentNetResult 0.74x |
| 2021 | 9.2%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$436.10MpropertyPlantEquipmentInventory$22.06MinventoryTotal assets$5.00BtotalAssetsResult 9.2% | 5.97xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$2.60BtotalRevenueNet PP&E$436.10MpropertyPlantEquipmentResult 5.97x | 0.27xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$30.65McapitalExpendituresD&A$115.42MdepreciationAndAmortizationResult 0.27x | -$1.51Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.00BtotalAssetsGoodwill$2.22BgoodWillIntangibles$237.18MintangibleAssetsLiabilities$2.64BtotalLiabTangible book-$93.52MShares62,057,000commonStockSharesOutstandingResult -$1.51 | 17.89xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$502.36MebitdaCapex$30.65McapitalExpendituresInterest$7.09MinterestExpenseShort-term debt$19.28MshortLongTermDebtEBITDA − capex$471.71MPrincipal due is the current portion of debt.Result 17.89x | $614.55MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow$645.20MtotalCashFromOperatingActivitiesCapex$30.65McapitalExpendituresFree cash flow$614.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $614.55M | 18.5%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$394.03MoperatingIncomeTax expense$55.70MincomeTaxExpensePretax income$386.94MincomeBeforeTaxTax rate14.4%Equity$2.36BtotalStockholderEquityDebt$369.05MlongTermDebt + shortLongTermDebtCash$910.61McashAndShortTermInvestmentsInvested capital$1.82BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 18.5% | 0.90xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$394.03MoperatingIncomeNet PP&E$436.10MpropertyPlantEquipmentResult 0.90x |
| 2022 | 9.9%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$395.66MpropertyPlantEquipmentInventory$125.37MinventoryTotal assets$5.28BtotalAssetsResult 9.9% | 6.81xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$2.70BtotalRevenueNet PP&E$395.66MpropertyPlantEquipmentResult 6.81x | 0.29xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$33.62McapitalExpendituresD&A$115.61MdepreciationAndAmortizationResult 0.29x | $0.15Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.28BtotalAssetsGoodwill$2.26BgoodWillIntangibles$200.29MintangibleAssetsLiabilities$2.81BtotalLiabTangible book$9.41MShares61,097,000commonStockSharesOutstandingResult $0.15 | 1.34xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$527.31MebitdaCapex$33.62McapitalExpendituresInterest$18.40MinterestExpenseShort-term debt$349.77MshortLongTermDebtEBITDA − capex$493.69MPrincipal due is the current portion of debt.Result 1.34x | $409.01MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow$442.63MtotalCashFromOperatingActivitiesCapex$33.62McapitalExpendituresFree cash flow$409.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $409.01M | 17.5%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$403.79MoperatingIncomeTax expense$63.23MincomeTaxExpensePretax income$385.39MincomeBeforeTaxTax rate16.4%Equity$2.47BtotalStockholderEquityDebt$349.77MlongTermDebt + shortLongTermDebtCash$884.57McashAndShortTermInvestmentsInvested capital$1.93BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 17.5% | 1.02xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income$403.79MoperatingIncomeNet PP&E$395.66MpropertyPlantEquipmentResult 1.02x |
| 2023 | 8.3%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$365.89MpropertyPlantEquipmentInventory$72.07MinventoryTotal assets$5.25BtotalAssetsResult 8.3% | 7.69xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$2.81BtotalRevenueNet PP&E$365.89MpropertyPlantEquipmentResult 7.69x | 0.48xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$54.18McapitalExpendituresD&A$112.70MdepreciationAndAmortizationResult 0.48x | $5.98Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.25BtotalAssetsGoodwill$2.29BgoodWillIntangibles$150.97MintangibleAssetsLiabilities$2.45BtotalLiabTangible book$360.59MShares60,270,000commonStockSharesOutstandingResult $5.98 | —Fixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$650.66MebitdaCapex$54.18McapitalExpendituresInterest—Not reportedShort-term debt$41.42MshortTermDebtEBITDA − capex$596.47MPrincipal due is short-term debt.Result — | $599.23MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow$653.41MtotalCashFromOperatingActivitiesCapex$54.18McapitalExpendituresFree cash flow$599.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $599.23M | 15.3%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$472.57MoperatingIncomeTax expense$91.04MincomeTaxExpensePretax income$485.99MincomeBeforeTaxTax rate18.7%Equity$2.80BtotalStockholderEquityDebt$520.55MshortLongTermDebtTotalCash$803.32McashAndShortTermInvestmentsInvested capital$2.52BResult 15.3% | 1.29xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income$472.57MoperatingIncomeNet PP&E$365.89MpropertyPlantEquipmentResult 1.29x |
| 2024 | 7.2%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$329.12MpropertyPlantAndEquipmentNetInventory$76.38MinventoryTotal assets$5.61BtotalAssetsResult 7.2% | 8.56xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$2.82BtotalRevenueNet PP&E$329.12MpropertyPlantAndEquipmentNetResult 8.56x | 0.28xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$30.41McapitalExpendituresD&A$106.99MdepreciationAndAmortizationResult 0.28x | $11.88Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.61BtotalAssetsGoodwill$2.31BgoodWillIntangibles$111.58MintangibleAssetsLiabilities$2.48BtotalLiabTangible book$705.44MShares59,359,000commonStockSharesOutstandingResult $11.88 | —Fixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$774.24MebitdaCapex$30.41McapitalExpendituresInterest—Not reportedShort-term debt$33.78MshortTermDebtEBITDA − capex$743.83MPrincipal due is short-term debt.Result — | $762.01MFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$792.42MtotalCashFromOperatingActivitiesCapex$30.41McapitalExpendituresFree cash flow$762.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $762.01M | 21.3%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$658.59MoperatingIncomeTax expense$128.69MincomeTaxExpensePretax income$695.47MincomeBeforeTaxTax rate18.5%Equity$3.13BtotalStockholderEquityDebt$465.35MshortLongTermDebtTotalCash$1.07BcashInvested capital$2.52BResult 21.3% | 2.00xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$658.59MoperatingIncomeNet PP&E$329.12MpropertyPlantAndEquipmentNetResult 2.00x |
| 2025 | 6.6%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$342.55MpropertyPlantAndEquipmentNetInventory$77.23MinventoryTotal assets$6.32BtotalAssetsResult 6.6% | 9.02xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$3.09BtotalRevenueNet PP&E$342.55MpropertyPlantAndEquipmentNetResult 9.02x | 0.47xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$43.26McapitalExpendituresD&A$92.40MdepreciationAndAmortizationResult 0.47x | $17.92Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.32BtotalAssetsGoodwill$2.44BgoodWillIntangibles$96.27MintangibleAssetsLiabilities$2.73BtotalLiabTangible book$1.05BShares58,684,000commonStockSharesOutstandingResult $17.92 | —Fixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$883.83MebitdaCapex$43.26McapitalExpendituresInterest—Not reportedShort-term debt$31.04MshortTermDebtEBITDA − capex$840.57MPrincipal due is short-term debt.Result — | $906.41MFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$949.67MtotalCashFromOperatingActivitiesCapex$43.26McapitalExpendituresFree cash flow$906.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $906.41M | 23.9%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$765.95MoperatingIncomeTax expense$115.96MincomeTaxExpensePretax income$808.34MincomeBeforeTaxTax rate14.3%Equity$3.59BtotalStockholderEquityDebt$492.54MshortLongTermDebtTotalCash$1.34BcashInvested capital$2.74BResult 23.9% | 2.24xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$765.95MoperatingIncomeNet PP&E$342.55MpropertyPlantAndEquipmentNetResult 2.24x |
| 2026 | 9.2%Physical asset ratio · 2026-09-30(Net PP&E + inventory) / total assetsNet PP&E$386.38MpropertyPlantAndEquipmentNetInventory$261.92MinventoryTotal assets$7.06BtotalAssetsResult 9.2% | 8.84xFixed asset turnover · 2026-09-30Revenue / net PP&ERevenue$3.42BtotalRevenueNet PP&E$386.38MpropertyPlantAndEquipmentNetResult 8.84x | 0.94xCapex / D&A · 2026-09-30Capital expenditures / depreciation and amortizationCapex$90.55McapitalExpendituresD&A$96.53MdepreciationAndAmortizationResult 0.94x | $26.41Tangible book / share · 2026-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.06BtotalAssetsGoodwill$2.48BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$3.06BtotalLiabTangible book$1.52BShares57,658,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $26.41 | —Fixed-charge coverage · 2026-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$952.38MebitdaCapex$90.55McapitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex$861.83MResult — | $868.94MFree cash flow · 2026-09-30Reported free cash flowOperating cash flow$959.49MtotalCashFromOperatingActivitiesCapex$90.55McapitalExpendituresFree cash flow$868.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $868.94M | 25.9%ROIC · 2026-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$817.86MoperatingIncomeTax expense$145.77MincomeTaxExpensePretax income$867.92MincomeBeforeTaxTax rate16.8%Equity$4.01BtotalStockholderEquityDebt$212.45MshortLongTermDebtTotalCash$1.59BcashInvested capital$2.63BResult 25.9% | 2.12xEBIT / PP&E · 2026-09-30Operating income / net PP&EOperating income$817.86MoperatingIncomeNet PP&E$386.38MpropertyPlantAndEquipmentNetResult 2.12x |
- 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 (2026)
Net PP&E: $386.38M
Inventory: $261.92M
Total assets: $7.06B
Goodwill: $2.48B
Intangibles: $0.00
Liabilities: $3.06B
Tangible book: $1.52B
Shares: 57,658,000
Revenue: $3.42B
Capex: $90.55M
D&A: $96.53M
EBITDA: $952.38M
Interest: —
Short-term debt: —
Free cash flow: $868.94M
Operating income: $817.86M
Invested capital: $2.63B
Tax rate: 16.8%