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.
The Kraft Heinz Company
Physical assets are 12.8% of total assets, a light footprint. Capex is 0.83x 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 -1.52x, which is below 1.
Fixed-asset turnover is 3.41x. Compare it with other names in the same basket.
Physical asset ratio
12.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.41x
Revenue per dollar of the physical asset base.
Capex / D&A
0.83x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$15.10
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $23.27.
Fixed-charge coverage
-1.52x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
13.6%
Latest free cash flow divided by current market cap ($26.92B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.64x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 9.4% | 3.71x | 0.84x | -$28.05 | -5.87x | $1.75B | — | -1.44x |
| 2019 | 9.6% | 3.54x | 0.77x | -$26.51 | 1.78x | $2.78B | 2.8% | 0.44x |
| 2020 | 9.7% | 3.81x | 0.62x | -$24.03 | 1.72x | $4.33B | 1.7% | 0.31x |
| 2021 | 10.2% | 3.83x | 0.99x | -$20.54 | 1.34x | $4.46B | 3.1% | 0.51x |
| 2022 | 12.2% | 3.58x | 0.98x | -$19.93 | 2.22x | $1.55B | 4.3% | 0.49x |
| 2023 | 11.9% | 3.74x | 1.05x | -$18.77 | 2.90x | $2.96B | 5.3% | 0.64x |
| 2024 | 11.9% | 3.61x | 1.08x | -$16.01 | 1.08x | $3.16B | 2.5% | 0.24x |
| 2025 | 12.8% | 3.41x | 0.83x | -$15.10 | -1.52x | $3.66B | — | -0.64x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $7.32B
Inventory: $3.17B
Total assets: $81.79B
Goodwill: $22.18B
Intangibles: $37.53B
Liabilities: $40.00B
Tangible book: -$17.92B
Shares: 1,187,000,000
Revenue: $24.94B
Capex: $801.00M
D&A: $968.00M
EBITDA: -$3.53B
Interest: $947.00M
Short-term debt: $1.91B
Free cash flow: $3.66B
Operating income: -$4.67B
Invested capital: $59.21B
Tax rate: —