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.
Fidelity National Information Services Inc
Physical assets are 2.8% of total assets, a light footprint. Capex is 0.08x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.63x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 11.58x.
Physical asset ratio
2.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
11.58x
Revenue per dollar of the physical asset base.
Capex / D&A
0.08x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$9.29
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $36.13.
Fixed-charge coverage
0.63x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
15.0%
Latest free cash flow divided by current market cap ($18.67B).
ROIC
6.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.91x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 5.4% | 14.35x | 0.44x | -$24.85 | 3.53x | $1.37B | 7.5% | 2.91x |
| 2019 | 5.2% | 7.06x | 0.34x | -$48.31 | 0.72x | $1.58B | 1.9% | 1.20x |
| 2020 | 5.6% | 8.83x | 0.30x | -$33.62 | 0.72x | $3.31B | 1.4% | 1.09x |
| 2021 | 1.7% | 9.83x | 0.31x | -$33.23 | 0.66x | $3.56B | 1.9% | 1.49x |
| 2022 | 1.5% | 10.12x | 0.85x | $10.04 | 0.24x | $2.55B | 2.7% | 1.98x |
| 2023 | 1.1% | 10.82x | 0.08x | -$3.14 | 0.41x | $4.22B | 4.1% | 2.25x |
| 2024 | 2.6% | 11.56x | 0.06x | -$9.74 | 1.68x | $1.97B | 4.4% | 1.95x |
| 2025 | 2.8% | 11.58x | 0.08x | -$9.29 | 0.63x | $2.81B | 6.1% | 1.91x |
- 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.
- The physical ratio uses the property line, which is larger than net corporate PP&E. Real estate portfolios are often carried there.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: $922.00M
Inventory: $0.00
Total assets: $33.49B
Goodwill: $17.76B
Intangibles: $959.00M
Liabilities: $19.59B
Tangible book: -$4.82B
Shares: 519,000,000
Revenue: $10.68B
Capex: $154.00M
D&A: $1.88B
EBITDA: $2.90B
Interest: $367.00M
Short-term debt: $4.01B
Free cash flow: $2.81B
Operating income: $1.76B
Invested capital: $17.31B
Tax rate: 40.0%