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.
Johnson & Johnson
Physical assets are 19.4% of total assets, a light footprint. Capex is 0.64x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 19.3%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.85x. Compare it with other names in the same basket.
Physical asset ratio
19.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.85x
Revenue per dollar of the physical asset base.
Capex / D&A
0.64x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$7.26
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $253.37.
Fixed-charge coverage
3.83x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.2%
Latest free cash flow divided by current market cap ($611.90B).
ROIC
19.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.05x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 16.8% | 4.79x | 0.53x | -$6.71 | 5.86x | $18.53B | 25.5% | 1.24x |
| 2019 | 16.9% | 4.65x | 0.50x | -$8.13 | 13.92x | $19.92B | 27.0% | 1.19x |
| 2020 | 16.1% | 4.40x | 0.46x | -$9.93 | 7.27x | $20.19B | 24.0% | 1.05x |
| 2021 | 16.1% | 4.15x | 0.49x | -$2.85 | 5.85x | $19.76B | 25.5% | 1.10x |
| 2022 | 16.0% | 4.04x | 0.58x | $0.85 | 1.73x | $17.19B | 18.9% | 1.06x |
| 2023 | 19.1% | 4.07x | 0.61x | -$0.77 | 5.28x | $18.25B | 25.7% | 1.05x |
| 2024 | 18.9% | 4.11x | 0.60x | -$4.25 | 3.02x | $19.84B | 22.3% | 1.02x |
| 2025 | 19.4% | 3.85x | 0.64x | -$7.26 | 3.83x | $19.70B | 19.3% | 1.05x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $24.47B
Inventory: $14.19B
Total assets: $199.21B
Goodwill: $48.77B
Intangibles: $50.40B
Liabilities: $117.67B
Tangible book: -$17.63B
Shares: 2,429,400,000
Revenue: $94.19B
Capex: $4.83B
D&A: $7.50B
EBITDA: $41.06B
Interest: $971.00M
Short-term debt: $8.50B
Free cash flow: $19.70B
Operating income: $25.60B
Invested capital: $109.38B
Tax rate: 17.7%