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.
Medtronic PLC
Physical assets are 14.4% 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 7.5%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.90x. Compare it with other names in the same basket.
Physical asset ratio
14.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.90x
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
-$2.07
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $95.47.
Fixed-charge coverage
3.17x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.4%
Latest free cash flow divided by current market cap ($122.09B).
ROIC
7.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.87x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 9.4% | 6.54x | 0.43x | -$7.59 | 3.59x | $5.87B | 8.6% | 1.34x |
| 2020 | 10.0% | 5.99x | 0.46x | -$5.94 | 1.71x | $6.02B | 7.4% | 0.99x |
| 2021 | 11.3% | 4.84x | 0.50x | -$5.98 | 6.59x | $4.89B | 6.2% | 0.72x |
| 2022 | 11.0% | 5.85x | 0.51x | -$2.50 | 1.73x | $5.98B | 8.0% | 1.06x |
| 2023 | 13.1% | 4.72x | 0.54x | -$3.45 | 11.03x | $4.58B | 5.7% | 0.83x |
| 2024 | 13.7% | 4.53x | 0.60x | -$2.85 | 3.67x | $5.20B | 5.9% | 0.72x |
| 2025 | 14.6% | 4.23x | 0.65x | -$3.99 | 2.05x | $5.19B | 7.3% | 0.75x |
| 2026 | 14.4% | 4.90x | 0.64x | -$2.07 | 3.17x | $5.43B | 7.5% | 0.87x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $7.42B
Inventory: $5.95B
Total assets: $93.03B
Goodwill: $42.59B
Intangibles: $10.15B
Liabilities: $42.96B
Tangible book: -$2.66B
Shares: 1,288,100,000
Revenue: $36.36B
Capex: $1.90B
D&A: $2.96B
EBITDA: $9.81B
Interest: $715.00M
Short-term debt: $1.78B
Free cash flow: $5.43B
Operating income: $6.47B
Invested capital: $68.20B
Tax rate: 21.2%