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.
Hexagon AB ADR
Physical assets are 7.5% of total assets, a light footprint. Capex is 0.76x 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 7.31x.
Physical asset ratio
7.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.31x
Revenue per dollar of the physical asset base.
Capex / D&A
0.76x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$0.69
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $10.54.
Fixed-charge coverage
0.63x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.7%
Latest free cash flow divided by current market cap ($27.68B).
ROIC
5.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.37x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 8.7% | 9.79x | 1.38x | -$0.70 | 1.81x | $561.10M | 10.4% | 2.41x |
| 2019 | 10.5% | 5.52x | 1.06x | -$0.61 | 1.93x | $651.80M | 9.0% | 1.26x |
| 2020 | 9.9% | 5.49x | 0.74x | -$0.77 | 2.00x | $909.90M | 7.9% | 1.15x |
| 2021 | 8.4% | 5.88x | 1.05x | -$0.82 | 1.63x | $898.70M | 7.4% | 1.37x |
| 2022 | 8.4% | 6.52x | 1.22x | -$1.09 | 1.77x | $763.30M | 7.9% | 1.63x |
| 2023 | 8.5% | 6.79x | 1.11x | -$0.67 | 0.96x | $743.80M | 7.4% | 1.52x |
| 2024 | 8.1% | 6.72x | 1.09x | -$0.95 | 1.62x | $955.90M | 8.2% | 1.78x |
| 2025 | 7.5% | 7.31x | 0.76x | -$0.69 | 0.63x | $1.02B | 5.9% | 1.37x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $741.60M
Inventory: $539.00M
Total assets: $17.11B
Goodwill: $9.00B
Intangibles: $3.13B
Liabilities: $6.85B
Tangible book: -$1.87B
Shares: 2,705,478,000
Revenue: $5.42B
Capex: $598.00M
D&A: $791.20M
EBITDA: $1.72B
Interest: $145.60M
Short-term debt: $1.64B
Free cash flow: $1.02B
Operating income: $1.02B
Invested capital: $13.58B
Tax rate: 21.0%