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.
Mastercard Inc
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 1.06x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash.
Fixed-asset turnover is 14.24x. Compare it with other names in the same basket.
Physical asset ratio
4.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
14.24x
Revenue per dollar of the physical asset base.
Capex / D&A
1.06x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$8.13
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $616.34.
Fixed-charge coverage
13.14x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.0%
Latest free cash flow divided by current market cap ($539.90B).
ROIC
96.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 8.21x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 3.7% | 16.23x | 1.10x | $1.52 | 10.71x | $5.72B | 176.7% | 7.91x |
| 2019 | 12.9% | 9.24x | 1.39x | $0.54 | 6.12x | $7.46B | 98.2% | 5.29x |
| 2020 | 12.5% | 8.04x | 1.22x | -$0.19 | 7.79x | $6.52B | 78.8% | 4.25x |
| 2021 | 11.6% | 9.90x | 1.12x | -$3.95 | 8.71x | $8.65B | 63.8% | 5.29x |
| 2022 | 10.8% | 11.09x | 1.46x | -$5.15 | 15.91x | $10.10B | 83.4% | 6.34x |
| 2023 | 9.2% | 12.18x | 0.46x | -$5.02 | 7.66x | $11.61B | 89.4% | 7.10x |
| 2024 | 4.4% | 13.17x | 0.53x | -$8.77 | 11.69x | $14.31B | 86.5% | 7.64x |
| 2025 | 4.3% | 14.24x | 1.06x | -$8.13 | 13.14x | $16.43B | 96.1% | 8.21x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $2.30B
Inventory: $0.00
Total assets: $54.16B
Goodwill: $9.56B
Intangibles: $5.55B
Liabilities: $46.41B
Tangible book: -$7.37B
Shares: 906,000,000
Revenue: $32.79B
Capex: $1.22B
D&A: $1.14B
EBITDA: $20.54B
Interest: $722.00M
Short-term debt: $749.00M
Free cash flow: $16.43B
Operating income: $18.90B
Invested capital: $15.84B
Tax rate: 19.4%