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.
Honda Motor Co Ltd ADR
Physical assets are 36.3% of total assets, a mixed footprint. Capex is 0.69x 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 0.02x, which is below 1.
Fixed-asset turnover is 2.25x. Compare it with other names in the same basket.
Physical asset ratio
36.3%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$9,671.94BpropertyPlantAndEquipmentNetInventory$2,542.14BinventoryTotal assets$33,654.62BtotalAssetsResult 36.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.25xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$21,796.61BtotalRevenueNet PP&E$9,671.94BpropertyPlantAndEquipmentNetResult 2.25x
Revenue per dollar of the physical asset base.
Capex / D&A
0.69xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$897.55BcapitalExpendituresD&A$1,303.26BdepreciationAndAmortizationResult 0.69x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$7.98KTangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$33,654.62BtotalAssetsGoodwill$788.16BgoodWillIntangibles$784.76BintangibleAssetsLiabilities$21,453.86BtotalLiabTangible book$10,627.84BShares1,332,393,666commonStockSharesOutstandingResult $7.98K
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.00xPrice / tangible bookPrice / tangible book per sharePrice$36.26Latest quoteTangible book / share$7.98K2026-03-31Result 0.00x
Price $36.26.
Fixed-charge coverage
0.02xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$983.53BebitdaCapex$897.55BcapitalExpendituresInterest$83.56BinterestExpenseShort-term debt$4,915.46BshortLongTermDebtEBITDA − capex$85.98BPrincipal due is the current portion of debt.Result 0.02x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
520.1%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$237.72BfreeCashFlowMarket cap$45.70BMarketCapitalizationResult 520.1%
Latest free cash flow divided by current market cap ($45.70B).
ROIC
—ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$414.35BoperatingIncomeTax expense-$50.28BincomeTaxExpensePretax income-$403.30BincomeBeforeTaxTax rate—Equity$11,868.77BtotalStockholderEquityDebt$4,915.46BlongTermDebt + shortLongTermDebtCash$5,088.80BcashInvested capital$11,695.42BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 44.2%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$7,430.69BpropertyPlantAndEquipmentNetInventory$1,586.79BinventoryTotal assets$20,419.12BtotalAssetsResult 44.2% | 2.14xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$15,888.62BtotalRevenueNet PP&E$7,430.69BpropertyPlantAndEquipmentNetResult 2.14x | 0.84xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$607.81BcapitalExpendituresD&A$721.70BdepreciationAndAmortizationResult 0.84x | $4.45KTangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$20,419.12BtotalAssetsGoodwill$0.00goodWillIntangibles$744.37BintangibleAssetsLiabilities$11,853.33BtotalLiabTangible book$7,821.42BShares1,759,561,385commonStockSharesOutstandingResult $4.45K | 0.35xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1,714.29BebitdaCapex$607.81BcapitalExpendituresInterest$13.22BinterestExpenseShort-term debt$3,188.78BshortTermDebtEBITDA − capex$1,106.48BPrincipal due is short-term debt.Result 0.35x | $168.18BFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$775.99BtotalCashFromOperatingActivitiesCapex$607.81BcapitalExpendituresFree cash flow$168.18BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $168.18B | 3.8%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$726.37BoperatingIncomeTax expense$303.09BincomeTaxExpensePretax income$979.38BincomeBeforeTaxTax rate30.9%Equity$8,565.79BtotalStockholderEquityDebt$7,394.81BshortLongTermDebtTotalCash$2,657.40BcashAndShortTermInvestmentsInvested capital$13,303.20BResult 3.8% | 0.10xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$726.37BoperatingIncomeNet PP&E$7,430.69BpropertyPlantAndEquipmentNetResult 0.10x |
| 2020 | 45.1%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$7,677.77BpropertyPlantAndEquipmentNetInventory$1,560.57BinventoryTotal assets$20,461.47BtotalAssetsResult 45.1% | 1.94xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$14,931.01BtotalRevenueNet PP&E$7,677.77BpropertyPlantAndEquipmentNetResult 1.94x | 0.86xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$601.26BcapitalExpendituresD&A$699.88BdepreciationAndAmortizationResult 0.86x | $1.43KTangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$20,461.47BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$760.43BintangibleAssetsLiabilities$12,175.44BtotalLiabTangible book$7,525.59BShares5,256,023,889commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.43K | 0.28xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1,514.48BebitdaCapex$601.26BcapitalExpendituresInterest$227.08MinterestExpenseShort-term debt$3,248.46BshortTermDebtEBITDA − capex$913.23BPrincipal due is short-term debt.Result 0.28x | $378.16BFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$979.42BtotalCashFromOperatingActivitiesCapex$601.26BcapitalExpendituresFree cash flow$378.16BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $378.16B | 3.1%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$633.64BoperatingIncomeTax expense$279.99BincomeTaxExpensePretax income$789.92BincomeBeforeTaxTax rate35.4%Equity$8,286.02BtotalStockholderEquityDebt$7,773.26BshortLongTermDebtTotalCash$2,862.41BcashAndShortTermInvestmentsInvested capital$13,196.87BResult 3.1% | 0.08xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$633.64BoperatingIncomeNet PP&E$7,677.77BpropertyPlantAndEquipmentNetResult 0.08x |
| 2021 | 20.8%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$3,021.51BpropertyPlantEquipmentInventory$1,545.60BinventoryTotal assets$21,921.03BtotalAssetsResult 20.8% | 4.36xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$13,170.52BtotalRevenueNet PP&E$3,021.51BpropertyPlantEquipmentResult 4.36x | 0.90xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$551.14BcapitalExpendituresD&A$611.06BdepreciationAndAmortizationResult 0.90x | $4.95KTangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21,921.03BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$818.76BintangibleAssetsLiabilities$12,548.19BtotalLiabTangible book$8,554.08BShares1,726,638,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $4.95K | 0.40xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1,266.26BebitdaCapex$551.14BcapitalExpendituresInterest$130.84MinterestExpenseShort-term debt$1,767.33BshortTermDebtEBITDA − capex$715.12BPrincipal due is short-term debt.Result 0.40x | $521.24BFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$1,072.38BtotalCashFromOperatingActivitiesCapex$551.14BcapitalExpendituresFree cash flow$521.24BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $521.24B | 3.9%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$660.21BoperatingIncomeTax expense$218.61BincomeTaxExpensePretax income$914.05BincomeBeforeTaxTax rate23.9%Equity$9,082.31BtotalStockholderEquityDebt$6,739.07BshortLongTermDebtTotalCash$3,053.33BcashAndShortTermInvestmentsInvested capital$12,768.05BResult 3.9% | 0.22xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$660.21BoperatingIncomeNet PP&E$3,021.51BpropertyPlantEquipmentResult 0.22x |
| 2022 | 42.4%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$8,238.54BpropertyPlantAndEquipmentNetInventory$1,918.55BinventoryTotal assets$23,973.15BtotalAssetsResult 42.4% | 1.77xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$14,552.70BtotalRevenueNet PP&E$8,238.54BpropertyPlantAndEquipmentNetResult 1.77x | 0.74xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$449.23BcapitalExpendituresD&A$611.06BdepreciationAndAmortizationResult 0.74x | $5.77KTangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23,973.15BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$849.51BintangibleAssetsLiabilities$13,200.61BtotalLiabTangible book$9,923.04BShares1,719,962,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $5.77K | 0.34xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1,495.61BebitdaCapex$449.23BcapitalExpendituresInterest$16.87BinterestExpenseShort-term debt$3,068.24BshortTermDebtEBITDA − capex$1,046.38BPrincipal due is short-term debt.Result 0.34x | $1,230.40BFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$1,679.62BtotalCashFromOperatingActivitiesCapex$449.23BcapitalExpendituresFree cash flow$1,230.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1,230.40B | 4.2%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$871.23BoperatingIncomeTax expense$309.49BincomeTaxExpensePretax income$1,070.19BincomeBeforeTaxTax rate28.9%Equity$10,472.82BtotalStockholderEquityDebt$8,052.49BshortLongTermDebtTotalCash$3,892.67BcashAndShortTermInvestmentsInvested capital$14,632.64BResult 4.2% | 0.11xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$871.23BoperatingIncomeNet PP&E$8,238.54BpropertyPlantAndEquipmentNetResult 0.11x |
| 2023 | 40.8%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$7,894.40BpropertyPlantEquipmentInventory$2,167.18BinventoryTotal assets$24,670.07BtotalAssetsResult 40.8% | 2.14xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$16,907.73BtotalRevenueNet PP&E$7,894.40BpropertyPlantEquipmentResult 2.14x | 0.88xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$632.49BcapitalExpendituresD&A$721.63BdepreciationAndAmortizationResult 0.88x | $6.27KTangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24,670.07BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$870.90BintangibleAssetsLiabilities$13,167.78BtotalLiabTangible book$10,631.39BShares1,696,307,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $6.27K | 0.31xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1,637.31BebitdaCapex$632.49BcapitalExpendituresInterest$36.11BinterestExpenseShort-term debt$3,249.76BshortTermDebtEBITDA − capex$1,004.82BPrincipal due is short-term debt.Result 0.31x | $1,496.53BFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$2,129.02BtotalCashFromOperatingActivitiesCapex$632.49BcapitalExpendituresFree cash flow$1,496.53BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1,496.53B | 4.3%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$780.77BoperatingIncomeTax expense$162.26BincomeTaxExpensePretax income$879.57BincomeBeforeTaxTax rate18.4%Equity$11,184.25BtotalStockholderEquityDebt$7,623.74BshortLongTermDebtTotalCash$4,066.91BcashAndShortTermInvestmentsInvested capital$14,741.08BResult 4.3% | 0.10xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$780.77BoperatingIncomeNet PP&E$7,894.40BpropertyPlantEquipmentResult 0.10x |
| 2024 | 36.5%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$8,437.18BpropertyPlantEquipmentInventory$2,442.97BinventoryTotal assets$29,774.15BtotalAssetsResult 36.5% | 2.42xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$20,428.80BtotalRevenueNet PP&E$8,437.18BpropertyPlantEquipmentResult 2.42x | 0.77xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$608.67BcapitalExpendituresD&A$794.37BdepreciationAndAmortizationResult 0.77x | $7.35KTangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29,774.15BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$999.69BintangibleAssetsLiabilities$16,768.28BtotalLiabTangible book$12,006.18BShares1,633,853,333commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $7.35K | 0.46xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2,496.38BebitdaCapex$608.67BcapitalExpendituresInterest$59.63BinterestExpenseShort-term debt$4,026.29BshortTermDebtEBITDA − capex$1,887.72BPrincipal due is short-term debt.Result 0.46x | $138.61BFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$747.28BtotalCashFromOperatingActivitiesCapex$608.67BcapitalExpendituresFree cash flow$138.61BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $138.61B | 5.7%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1,381.98BoperatingIncomeTax expense$459.79BincomeTaxExpensePretax income$1,642.38BincomeBeforeTaxTax rate28.0%Equity$12,697.00BtotalStockholderEquityDebt$10,084.26BshortLongTermDebtTotalCash$5,184.15BcashAndShortTermInvestmentsInvested capital$17,597.11BResult 5.7% | 0.16xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$1,381.98BoperatingIncomeNet PP&E$8,437.18BpropertyPlantEquipmentResult 0.16x |
| 2025 | 37.1%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$8,958.11BpropertyPlantEquipmentInventory$2,470.59BinventoryTotal assets$30,775.87BtotalAssetsResult 37.1% | 2.42xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$21,688.77BtotalRevenueNet PP&E$8,958.11BpropertyPlantEquipmentResult 2.42x | 1.14xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$847.44BcapitalExpendituresD&A$742.86BdepreciationAndAmortizationResult 1.14x | $7.39KTangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$30,775.87BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1,126.02BintangibleAssetsLiabilities$18,148.05BtotalLiabTangible book$11,501.80BShares1,557,127,666commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $7.39K | 0.28xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2,115.41BebitdaCapex$847.44BcapitalExpendituresInterest$54.91BinterestExpenseShort-term debt$4,422.24BshortTermDebtEBITDA − capex$1,267.98BPrincipal due is short-term debt.Result 0.28x | -$555.28BFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$292.15BtotalCashFromOperatingActivitiesCapex$847.44BcapitalExpendituresFree cash flow-$555.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$555.28B | 6.9%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1,213.49BoperatingIncomeTax expense$414.61BincomeTaxExpensePretax income$1,317.64BincomeBeforeTaxTax rate31.5%Equity$12,326.53BtotalStockholderEquityDebt$4,422.24BshortLongTermDebtTotalCash$4,737.27BcashAndShortTermInvestmentsInvested capital$12,011.49BResult 6.9% | 0.14xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$1,213.49BoperatingIncomeNet PP&E$8,958.11BpropertyPlantEquipmentResult 0.14x |
| 2026 | 36.3%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$9,671.94BpropertyPlantAndEquipmentNetInventory$2,542.14BinventoryTotal assets$33,654.62BtotalAssetsResult 36.3% | 2.25xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$21,796.61BtotalRevenueNet PP&E$9,671.94BpropertyPlantAndEquipmentNetResult 2.25x | 0.69xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$897.55BcapitalExpendituresD&A$1,303.26BdepreciationAndAmortizationResult 0.69x | $7.98KTangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$33,654.62BtotalAssetsGoodwill$788.16BgoodWillIntangibles$784.76BintangibleAssetsLiabilities$21,453.86BtotalLiabTangible book$10,627.84BShares1,332,393,666commonStockSharesOutstandingResult $7.98K | 0.02xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$983.53BebitdaCapex$897.55BcapitalExpendituresInterest$83.56BinterestExpenseShort-term debt$4,915.46BshortLongTermDebtEBITDA − capex$85.98BPrincipal due is the current portion of debt.Result 0.02x | $237.72BFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$1,135.26BtotalCashFromOperatingActivitiesCapex$897.55BcapitalExpendituresFree cash flow$237.72BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $237.72B | —ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$414.35BoperatingIncomeTax expense-$50.28BincomeTaxExpensePretax income-$403.30BincomeBeforeTaxTax rate—Equity$11,868.77BtotalStockholderEquityDebt$4,915.46BlongTermDebt + shortLongTermDebtCash$5,088.80BcashInvested capital$11,695.42BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.04xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income-$414.35BoperatingIncomeNet PP&E$9,671.94BpropertyPlantAndEquipmentNetResult -0.04x |
- Principal due is the current portion of debt.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2026)
Net PP&E: $9,671.94B
Inventory: $2,542.14B
Total assets: $33,654.62B
Goodwill: $788.16B
Intangibles: $784.76B
Liabilities: $21,453.86B
Tangible book: $10,627.84B
Shares: 1,332,393,666
Revenue: $21,796.61B
Capex: $897.55B
D&A: $1,303.26B
EBITDA: $983.53B
Interest: $83.56B
Short-term debt: $4,915.46B
Free cash flow: $237.72B
Operating income: -$414.35B
Invested capital: $11,695.42B
Tax rate: —