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.
JPMorgan Chase & Co
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.00x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by 0.50x, which is below 1.
Fixed-asset turnover is 7.72x. Compare it with other names in the same basket.
Physical asset ratio
0.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.72x
Revenue per dollar of the physical asset base.
Capex / D&A
0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$106.66
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.21x
Price $22.77.
Fixed-charge coverage
0.50x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-44.4%
Latest free cash flow divided by current market cap ($333.19B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.00x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -47.2% | 8.69x | 0.00x | $59.22 | 0.54x | $15.61B | — | 2.73x |
| 2019 | -41.3% | 5.52x | 0.00x | $64.38 | 0.79x | $4.09B | — | 1.74x |
| 2020 | -45.8% | 4.79x | 0.00x | $73.18 | 0.81x | -$79.91B | — | 1.32x |
| 2021 | -45.9% | 4.70x | 0.00x | $78.45 | 1.14x | $78.08B | — | 2.20x |
| 2022 | -44.2% | 5.55x | 0.00x | $77.94 | 0.76x | $107.12B | — | 1.66x |
| 2023 | -47.1% | 7.83x | 0.17x | $89.53 | 0.54x | $11.68B | — | 2.04x |
| 2024 | 0.8% | 8.40x | 0.00x | $97.32 | 0.50x | -$42.01B | — | 2.33x |
| 2025 | 0.8% | 7.72x | 0.00x | $106.66 | 0.50x | -$147.78B | — | 2.00x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $36.24B
Inventory: $0.00
Total assets: $4,424.90B
Goodwill: $52.73B
Intangibles: $11.73B
Liabilities: $4,062.46B
Tangible book: $297.98B
Shares: 2,793,700,000
Revenue: $279.75B
Capex: $0.00
D&A: $8.82B
EBITDA: $81.42B
Interest: $97.90B
Short-term debt: $66.01B
Free cash flow: -$147.78B
Operating income: $72.60B
Invested capital: —
Tax rate: 21.4%