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.
Intel Corporation
Physical assets are 55.4% of total assets, a heavy footprint. Capex is 1.25x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.08x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 0.50x.
Physical asset ratio
55.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$105.41BpropertyPlantEquipmentInventory$11.62BinventoryTotal assets$211.43BtotalAssetsResult 55.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.50xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$52.85BtotalRevenueNet PP&E$105.41BpropertyPlantEquipmentResult 0.50x
Revenue per dollar of the physical asset base.
Capex / D&A
1.25xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$14.65BcapitalExpendituresD&A$11.71BdepreciationAndAmortizationResult 1.25x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$20.53Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$211.43BtotalAssetsGoodwill$23.91BgoodWillIntangibles$2.77BintangibleAssetsLiabilities$85.07BtotalLiabTangible book$99.68BShares4,856,000,000commonStockSharesOutstandingResult $20.53
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.55xPrice / tangible bookPrice / tangible book per sharePrice$52.25Latest quoteTangible book / share$20.532025-12-31Result 2.55x
Price $52.25.
Fixed-charge coverage
-0.08xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.35BebitdaCapex$14.65BcapitalExpendituresInterest$1.09BinterestExpenseShort-term debt$2.50BshortTermDebtEBITDA − capex-$292.00MPrincipal due is short-term debt.Result -0.08x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$4.95BfreeCashFlowMarket cap$277.71BMarketCapitalizationResult -1.8%
Latest free cash flow divided by current market cap ($277.71B).
ROIC
-1.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.21BoperatingIncomeTax expense$1.53BincomeTaxExpensePretax income$1.56BincomeBeforeTaxTax rate40.0%Equity$114.28BtotalStockholderEquityDebt$46.59BshortLongTermDebtTotalCash$37.42BcashAndShortTermInvestmentsInvested capital$123.45BThe effective tax rate was above 40% and was capped at 40%.Result -1.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.02x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 43.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$48.98BpropertyPlantEquipmentInventory$7.25BinventoryTotal assets$127.96BtotalAssetsResult 43.9% | 1.45xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$70.85BtotalRevenueNet PP&E$48.98BpropertyPlantEquipmentResult 1.45x | 75.91xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$15.18BcapitalExpendituresD&A$200.00MdepreciationAndAmortizationResult 75.91x | $8.22Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$127.96BtotalAssetsGoodwill$24.51BgoodWillIntangibles$11.84BintangibleAssetsLiabilities$52.98BtotalLiabTangible book$38.63BShares4,701,000,000commonStockSharesOutstandingResult $8.22 | 4.82xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$23.52BebitdaCapex$15.18BcapitalExpendituresInterest$468.00MinterestExpenseShort-term debt$1.26BshortTermDebtEBITDA − capex$8.34BPrincipal due is short-term debt.Result 4.82x | $14.25BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$29.43BtotalCashFromOperatingActivitiesCapex$15.18BcapitalExpendituresFree cash flow$14.25BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.25B | 23.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$23.32BoperatingIncomeTax expense$2.26BincomeTaxExpensePretax income$23.32BincomeBeforeTaxTax rate9.7%Equity$74.98BtotalStockholderEquityDebt$26.36BshortLongTermDebtTotalCash$11.65BcashAndShortTermInvestmentsInvested capital$89.69BResult 23.5% | 0.48xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$23.32BoperatingIncomeNet PP&E$48.98BpropertyPlantEquipmentResult 0.48x |
| 2019 | 47.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$56.01BpropertyPlantAndEquipmentNetInventory$8.74BinventoryTotal assets$136.52BtotalAssetsResult 47.4% | 1.28xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$71.97BtotalRevenueNet PP&E$56.01BpropertyPlantAndEquipmentNetResult 1.28x | 1.40xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$16.21BcapitalExpendituresD&A$11.61BdepreciationAndAmortizationResult 1.40x | $9.07Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$136.52BtotalAssetsGoodwill$26.28BgoodWillIntangibles$10.83BintangibleAssetsLiabilities$58.87BtotalLiabTangible book$40.56BShares4,473,000,000commonStockSharesOutstandingResult $9.07 | 4.17xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$33.65BebitdaCapex$16.21BcapitalExpendituresInterest$489.00MinterestExpenseShort-term debt$3.69BshortTermDebtEBITDA − capex$17.43BPrincipal due is short-term debt.Result 4.17x | $16.93BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$33.15BtotalCashFromOperatingActivitiesCapex$16.21BcapitalExpendituresFree cash flow$16.93BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $16.93B | 20.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$22.04BoperatingIncomeTax expense$3.01BincomeTaxExpensePretax income$24.06BincomeBeforeTaxTax rate12.5%Equity$77.66BtotalStockholderEquityDebt$29.00BshortLongTermDebtTotalCash$13.12BcashAndShortTermInvestmentsInvested capital$93.54BResult 20.6% | 0.39xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$22.04BoperatingIncomeNet PP&E$56.01BpropertyPlantAndEquipmentNetResult 0.39x |
| 2020 | 42.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$56.58BpropertyPlantEquipmentInventory$8.43BinventoryTotal assets$153.09BtotalAssetsResult 42.5% | 1.38xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$77.87BtotalRevenueNet PP&E$56.58BpropertyPlantEquipmentResult 1.38x | 1.01xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$14.45BcapitalExpendituresD&A$14.34BdepreciationAndAmortizationResult 1.01x | $10.64Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$153.09BtotalAssetsGoodwill$26.97BgoodWillIntangibles$9.03BintangibleAssetsLiabilities$72.05BtotalLiabTangible book$45.04BShares4,232,000,000commonStockSharesOutstandingResult $10.64 | 7.83xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$38.02BebitdaCapex$14.45BcapitalExpendituresInterest$504.00MinterestExpenseShort-term debt$2.50BshortTermDebtEBITDA − capex$23.57BPrincipal due is short-term debt.Result 7.83x | $20.93BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$35.38BtotalCashFromOperatingActivitiesCapex$14.45BcapitalExpendituresFree cash flow$20.93BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $20.93B | 21.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$23.68BoperatingIncomeTax expense$4.18BincomeTaxExpensePretax income$25.08BincomeBeforeTaxTax rate16.7%Equity$81.04BtotalStockholderEquityDebt$36.40BshortLongTermDebtTotalCash$23.90BcashAndShortTermInvestmentsInvested capital$93.54BResult 21.1% | 0.42xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$23.68BoperatingIncomeNet PP&E$56.58BpropertyPlantEquipmentResult 0.42x |
| 2021 | 44.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$63.25BpropertyPlantEquipmentInventory$10.78BinventoryTotal assets$168.41BtotalAssetsResult 44.0% | 1.25xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$79.02BtotalRevenueNet PP&E$63.25BpropertyPlantEquipmentResult 1.25x | 1.19xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$20.33BcapitalExpendituresD&A$17.04BdepreciationAndAmortizationResult 1.19x | $14.95Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$168.41BtotalAssetsGoodwill$26.96BgoodWillIntangibles$7.27BintangibleAssetsLiabilities$73.02BtotalLiabTangible book$61.16BShares4,090,000,000commonStockSharesOutstandingResult $14.95 | 3.12xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$36.50BebitdaCapex$20.33BcapitalExpendituresInterest$597.00MinterestExpenseShort-term debt$4.59BshortTermDebtEBITDA − capex$16.17BPrincipal due is short-term debt.Result 3.12x | $9.66BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$29.99BtotalCashFromOperatingActivitiesCapex$20.33BcapitalExpendituresFree cash flow$9.66BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.66B | 17.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$19.46BoperatingIncomeTax expense$1.84BincomeTaxExpensePretax income$21.70BincomeBeforeTaxTax rate8.5%Equity$95.39BtotalStockholderEquityDebt$38.10BshortLongTermDebtTotalCash$28.41BcashAndShortTermInvestmentsInvested capital$105.08BResult 17.0% | 0.31xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$19.46BoperatingIncomeNet PP&E$63.25BpropertyPlantEquipmentResult 0.31x |
| 2022 | 51.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$80.86BpropertyPlantEquipmentInventory$13.22BinventoryTotal assets$182.10BtotalAssetsResult 51.7% | 0.78xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$63.05BtotalRevenueNet PP&E$80.86BpropertyPlantEquipmentResult 0.78x | 1.92xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$25.05BcapitalExpendituresD&A$13.04BdepreciationAndAmortizationResult 1.92x | $16.90Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$182.10BtotalAssetsGoodwill$27.59BgoodWillIntangibles$6.02BintangibleAssetsLiabilities$78.82BtotalLiabTangible book$69.68BShares4,123,000,000commonStockSharesOutstandingResult $16.90 | -2.01xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$15.37BebitdaCapex$25.05BcapitalExpendituresInterest$496.00MinterestExpenseShort-term debt$4.32BshortTermDebtEBITDA − capex-$9.68BPrincipal due is short-term debt.Result -2.01x | -$9.62BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$15.43BtotalCashFromOperatingActivitiesCapex$25.05BcapitalExpendituresFree cash flow-$9.62BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$9.62B | 2.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.33BoperatingIncomeTax expense-$249.00MincomeTaxExpensePretax income$7.77BincomeBeforeTaxTax rate0.0%Equity$101.42BtotalStockholderEquityDebt$42.05BshortLongTermDebtTotalCash$28.34BcashAndShortTermInvestmentsInvested capital$115.14BResult 2.0% | 0.03xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$2.33BoperatingIncomeNet PP&E$80.86BpropertyPlantEquipmentResult 0.03x |
| 2023 | 56.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$97.15BpropertyPlantEquipmentInventory$11.13BinventoryTotal assets$191.57BtotalAssetsResult 56.5% | 0.56xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$54.23BtotalRevenueNet PP&E$97.15BpropertyPlantEquipmentResult 0.56x | 2.68xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$25.75BcapitalExpendituresD&A$9.60BdepreciationAndAmortizationResult 2.68x | $18.47Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$191.57BtotalAssetsGoodwill$27.59BgoodWillIntangibles$4.59BintangibleAssetsLiabilities$81.61BtotalLiabTangible book$77.79BShares4,212,000,000commonStockSharesOutstandingResult $18.47 | -8.38xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$93.00MebitdaCapex$25.75BcapitalExpendituresInterest$760.00MinterestExpenseShort-term debt$2.30BshortTermDebtEBITDA − capex-$25.66BPrincipal due is short-term debt.Result -8.38x | -$14.28BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$11.47BtotalCashFromOperatingActivitiesCapex$25.75BcapitalExpendituresFree cash flow-$14.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$14.28B | 0.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$93.00MoperatingIncomeTax expense-$927.00MincomeTaxExpensePretax income$762.00MincomeBeforeTaxTax rate0.0%Equity$105.59BtotalStockholderEquityDebt$49.28BshortLongTermDebtTotalCash$25.03BcashAndShortTermInvestmentsInvested capital$129.83BResult 0.1% | 0.00xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$93.00MoperatingIncomeNet PP&E$97.15BpropertyPlantEquipmentResult 0.00x |
| 2024 | 61.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$108.38BpropertyPlantEquipmentInventory$12.20BinventoryTotal assets$196.49BtotalAssetsResult 61.4% | 0.49xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$53.10BtotalRevenueNet PP&E$108.38BpropertyPlantEquipmentResult 0.49x | 2.10xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$23.94BcapitalExpendituresD&A$11.38BdepreciationAndAmortizationResult 2.10x | $17.91Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$196.49BtotalAssetsGoodwill$24.69BgoodWillIntangibles$3.69BintangibleAssetsLiabilities$91.45BtotalLiabTangible book$76.65BShares4,280,000,000commonStockSharesOutstandingResult $17.91 | -4.99xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.20BebitdaCapex$23.94BcapitalExpendituresInterest$824.00MinterestExpenseShort-term debt$3.73BshortTermDebtEBITDA − capex-$22.74BPrincipal due is short-term debt.Result -4.99x | -$15.66BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$8.29BtotalCashFromOperatingActivitiesCapex$23.94BcapitalExpendituresFree cash flow-$15.66BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$15.66B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.68BoperatingIncomeTax expense$8.02BincomeTaxExpensePretax income-$11.21BincomeBeforeTaxTax rate—Equity$99.27BtotalStockholderEquityDebt$50.01BshortLongTermDebtTotalCash$22.06BcashAndShortTermInvestmentsInvested capital$127.22BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.11xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$11.68BoperatingIncomeNet PP&E$108.38BpropertyPlantEquipmentResult -0.11x |
| 2025 | 55.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$105.41BpropertyPlantEquipmentInventory$11.62BinventoryTotal assets$211.43BtotalAssetsResult 55.4% | 0.50xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$52.85BtotalRevenueNet PP&E$105.41BpropertyPlantEquipmentResult 0.50x | 1.25xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$14.65BcapitalExpendituresD&A$11.71BdepreciationAndAmortizationResult 1.25x | $20.53Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$211.43BtotalAssetsGoodwill$23.91BgoodWillIntangibles$2.77BintangibleAssetsLiabilities$85.07BtotalLiabTangible book$99.68BShares4,856,000,000commonStockSharesOutstandingResult $20.53 | -0.08xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.35BebitdaCapex$14.65BcapitalExpendituresInterest$1.09BinterestExpenseShort-term debt$2.50BshortTermDebtEBITDA − capex-$292.00MPrincipal due is short-term debt.Result -0.08x | -$4.95BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$9.70BtotalCashFromOperatingActivitiesCapex$14.65BcapitalExpendituresFree cash flow-$4.95BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.95B | -1.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.21BoperatingIncomeTax expense$1.53BincomeTaxExpensePretax income$1.56BincomeBeforeTaxTax rate40.0%Equity$114.28BtotalStockholderEquityDebt$46.59BshortLongTermDebtTotalCash$37.42BcashAndShortTermInvestmentsInvested capital$123.45BThe effective tax rate was above 40% and was capped at 40%.Result -1.1% | -0.02xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$2.21BoperatingIncomeNet PP&E$105.41BpropertyPlantEquipmentResult -0.02x |
- Principal due is short-term debt, the amount reported as due within a year.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: $105.41B
Inventory: $11.62B
Total assets: $211.43B
Goodwill: $23.91B
Intangibles: $2.77B
Liabilities: $85.07B
Tangible book: $99.68B
Shares: 4,856,000,000
Revenue: $52.85B
Capex: $14.65B
D&A: $11.71B
EBITDA: $14.35B
Interest: $1.09B
Short-term debt: $2.50B
Free cash flow: -$4.95B
Operating income: -$2.21B
Invested capital: $123.45B
Tax rate: 40.0%