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.
NCR Atleos Corporation
Physical assets are 18.2% of total assets, a light footprint. Capex is 0.42x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 14.4%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 6.33x.
Physical asset ratio
18.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$688.00MpropertyPlantAndEquipmentNetInventory$342.00MinventoryTotal assets$5.67BtotalAssetsResult 18.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.33xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.35BtotalRevenueNet PP&E$688.00MpropertyPlantAndEquipmentNetResult 6.33x
Revenue per dollar of the physical asset base.
Capex / D&A
0.42xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$117.00McapitalExpendituresD&A$277.00MdepreciationAndAmortizationResult 0.42x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$27.17Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.67BtotalAssetsGoodwill$1.96BgoodWillIntangibles$498.00MintangibleAssetsLiabilities$5.27BtotalLiabTangible book-$2.05BShares75,600,000commonStockSharesOutstandingResult -$27.17
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$47.37Latest quoteTangible book / share-$27.172025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $47.37.
Fixed-charge coverage
1.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$736.00MebitdaCapex$117.00McapitalExpendituresInterest$270.00MinterestExpenseShort-term debt$86.00MshortTermDebtEBITDA − capex$619.00MPrincipal due is short-term debt.Result 1.74x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$239.00MfreeCashFlowMarket cap$3.50BMarketCapitalizationResult 6.8%
Latest free cash flow divided by current market cap ($3.50B).
ROIC
14.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$478.00MoperatingIncomeTax expense$27.00MincomeTaxExpensePretax income$189.00MincomeBeforeTaxTax rate14.3%Equity$403.00MtotalStockholderEquityDebt$2.90BshortLongTermDebtTotalCash$456.00McashInvested capital$2.84BResult 14.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.69x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2014 | 1.4%Physical asset ratio · 2014-12-31(Net PP&E + inventory) / total assetsNet PP&E$24.54MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.75BtotalAssetsInventory was not reported and is treated as zero.Result 1.4% | 24.57xFixed asset turnover · 2014-12-31Revenue / net PP&ERevenue$602.94MtotalRevenueNet PP&E$24.54MpropertyPlantAndEquipmentNetResult 24.57x | 3.80xCapex / D&A · 2014-12-31Capital expenditures / depreciation and amortizationCapex$5.06McapitalExpendituresD&A$1.33MdepreciationAndAmortizationResult 3.80x | $17.86Tangible book / share · 2014-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.75BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$7.79MintangibleAssetsLiabilities$1.39BtotalLiabTangible book$354.30MShares19,833,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $17.86 | —Fixed-charge coverage · 2014-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$13.10MebitdaCapex$5.06McapitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex$8.04MResult — | $81.38MFree cash flow · 2014-12-31Reported free cash flowOperating cash flow$86.44MtotalCashFromOperatingActivitiesCapex$5.06McapitalExpendituresFree cash flow$81.38MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $81.38M | —ROIC · 2014-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.77MoperatingIncomeTax expense$739.00KincomeTaxExpensePretax income$11.77MincomeBeforeTaxTax rate6.3%Equity$362.09MtotalStockholderEquityDebt$12.00MshortLongTermDebtTotalCash$1.16BcashAndShortTermInvestmentsInvested capital—Result — | 0.48xEBIT / PP&E · 2014-12-31Operating income / net PP&EOperating income$11.77MoperatingIncomeNet PP&E$24.54MpropertyPlantAndEquipmentNetResult 0.48x |
| 2015 | 1.2%Physical asset ratio · 2015-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.56MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.94BtotalAssetsInventory was not reported and is treated as zero.Result 1.2% | 27.73xFixed asset turnover · 2015-12-31Revenue / net PP&ERevenue$625.73MtotalRevenueNet PP&E$22.56MpropertyPlantAndEquipmentNetResult 27.73x | 1.75xCapex / D&A · 2015-12-31Capital expenditures / depreciation and amortizationCapex$3.64McapitalExpendituresD&A$2.08MdepreciationAndAmortizationResult 1.75x | $17.64Tangible book / share · 2015-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.94BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$7.65MintangibleAssetsLiabilities$1.58BtotalLiabTangible book$351.25MShares19,910,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $17.64 | —Fixed-charge coverage · 2015-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$29.56MebitdaCapex$3.64McapitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex$25.93MResult — | $130.35MFree cash flow · 2015-12-31Reported free cash flowOperating cash flow$133.99MtotalCashFromOperatingActivitiesCapex$3.64McapitalExpendituresFree cash flow$130.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $130.35M | —ROIC · 2015-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$27.48MoperatingIncomeTax expense$6.64MincomeTaxExpensePretax income$27.48MincomeBeforeTaxTax rate24.1%Equity$358.90MtotalStockholderEquityDebt$12.00MshortLongTermDebtTotalCash$1.25BcashAndShortTermInvestmentsInvested capital—Result — | 1.22xEBIT / PP&E · 2015-12-31Operating income / net PP&EOperating income$27.48MoperatingIncomeNet PP&E$22.56MpropertyPlantAndEquipmentNetResult 1.22x |
| 2020 | —Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets—Not reportedResult — | —Fixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$2.99BtotalRevenueNet PP&E—Not reportedResult — | 0.91xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$30.00McapitalExpendituresD&A$33.00MdepreciationAndAmortizationResult 0.91x | —Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares69,800,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | 41.50xFixed-charge coverage · 2020-12-31(EBITDA − capex) / interestEBITDA$279.00MebitdaCapex$30.00McapitalExpendituresInterest$6.00MinterestExpenseEBITDA − capex$249.00MShort-term debt was not reported, so the denominator is interest only.Result 41.50x | $380.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$410.00MtotalCashFromOperatingActivitiesCapex$30.00McapitalExpendituresFree cash flow$380.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $380.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$216.00MoperatingIncomeTax expense$48.00MincomeTaxExpensePretax income$240.00MincomeBeforeTaxTax rate20.0%Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—Result — | —EBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$216.00MoperatingIncomeNet PP&E—Not reportedResult — |
| 2021 | 17.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$528.00MpropertyPlantEquipmentInventory$467.00MinventoryTotal assets$5.58BtotalAssetsResult 17.8% | 6.72xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$3.55BtotalRevenueNet PP&E$528.00MpropertyPlantEquipmentResult 6.72x | 0.70xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$111.00McapitalExpendituresD&A$159.00MdepreciationAndAmortizationResult 0.70x | -$5.52Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.58BtotalAssetsGoodwill$1.91BgoodWillIntangibles$815.00MintangibleAssetsLiabilities$3.24BtotalLiabTangible book-$385.00MShares69,800,000commonStockSharesOutstandingResult -$5.52 | 1.35xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$459.00MebitdaCapex$111.00McapitalExpendituresInterest$49.00MinterestExpenseShort-term debt$208.00MshortTermDebtEBITDA − capex$348.00MPrincipal due is short-term debt.Result 1.35x | $338.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$449.00MtotalCashFromOperatingActivitiesCapex$111.00McapitalExpendituresFree cash flow$338.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $338.00M | 5.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$248.00MoperatingIncomeTax expense$64.00MincomeTaxExpensePretax income$251.00MincomeBeforeTaxTax rate25.5%Equity$2.33BtotalStockholderEquityDebt$1.46BshortLongTermDebtTotalCash$238.00McashInvested capital$3.55BResult 5.2% | 0.47xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$248.00MoperatingIncomeNet PP&E$528.00MpropertyPlantEquipmentResult 0.47x |
| 2022 | 15.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$497.00MpropertyPlantEquipmentInventory$419.00MinventoryTotal assets$5.77BtotalAssetsResult 15.9% | 8.31xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$4.13BtotalRevenueNet PP&E$497.00MpropertyPlantEquipmentResult 8.31x | 0.37xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$97.00McapitalExpendituresD&A$259.00MdepreciationAndAmortizationResult 0.37x | $8.54Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.77BtotalAssetsGoodwill$1.95BgoodWillIntangibles$729.00MintangibleAssetsLiabilities$2.51BtotalLiabTangible book$584.00MShares68,400,000commonStockSharesOutstandingResult $8.54 | 2.52xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$447.00MebitdaCapex$97.00McapitalExpendituresInterest$31.00MinterestExpenseShort-term debt$108.00MshortTermDebtEBITDA − capex$350.00MPrincipal due is short-term debt.Result 2.52x | $177.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$274.00MtotalCashFromOperatingActivitiesCapex$97.00McapitalExpendituresFree cash flow$177.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $177.00M | 4.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$269.00MoperatingIncomeTax expense$50.00MincomeTaxExpensePretax income$157.00MincomeBeforeTaxTax rate31.8%Equity$3.26BtotalStockholderEquityDebt$884.00MshortLongTermDebtTotalCash$293.00McashInvested capital$3.85BResult 4.8% | 0.54xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$269.00MoperatingIncomeNet PP&E$497.00MpropertyPlantEquipmentResult 0.54x |
| 2023 | 16.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$614.00MpropertyPlantAndEquipmentNetInventory$333.00MinventoryTotal assets$5.74BtotalAssetsResult 16.5% | 6.83xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$4.19BtotalRevenueNet PP&E$614.00MpropertyPlantAndEquipmentNetResult 6.83x | 0.52xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$132.00McapitalExpendituresD&A$254.00MdepreciationAndAmortizationResult 0.52x | -$32.58Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.74BtotalAssetsGoodwill$1.95BgoodWillIntangibles$635.00MintangibleAssetsLiabilities$5.45BtotalLiabTangible book-$2.30BShares70,600,000commonStockSharesOutstandingResult -$32.58 | 1.92xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$451.00MebitdaCapex$132.00McapitalExpendituresInterest$90.00MinterestExpenseShort-term debt$76.00MshortTermDebtEBITDA − capex$319.00MPrincipal due is short-term debt.Result 1.92x | $223.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$355.00MtotalCashFromOperatingActivitiesCapex$132.00McapitalExpendituresFree cash flow$223.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $223.00M | 5.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$271.00MoperatingIncomeTax expense$239.00MincomeTaxExpensePretax income$107.00MincomeBeforeTaxTax rate40.0%Equity$284.00MtotalStockholderEquityDebt$3.12BshortLongTermDebtTotalCash$339.00McashInvested capital$3.07BThe effective tax rate was above 40% and was capped at 40%.Result 5.3% | 0.44xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$271.00MoperatingIncomeNet PP&E$614.00MpropertyPlantAndEquipmentNetResult 0.44x |
| 2024 | 16.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$618.00MpropertyPlantAndEquipmentNetInventory$307.00MinventoryTotal assets$5.55BtotalAssetsResult 16.7% | 6.99xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$4.32BtotalRevenueNet PP&E$618.00MpropertyPlantAndEquipmentNetResult 6.99x | 0.48xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$139.00McapitalExpendituresD&A$287.00MdepreciationAndAmortizationResult 0.48x | -$30.13Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.55BtotalAssetsGoodwill$1.95BgoodWillIntangibles$550.00MintangibleAssetsLiabilities$5.29BtotalLiabTangible book-$2.24BShares74,200,000commonStockSharesOutstandingResult -$30.13 | 1.46xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$735.00MebitdaCapex$139.00McapitalExpendituresInterest$327.00MinterestExpenseShort-term debt$81.00MshortTermDebtEBITDA − capex$596.00MPrincipal due is short-term debt.Result 1.46x | $205.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$344.00MtotalCashFromOperatingActivitiesCapex$139.00McapitalExpendituresFree cash flow$205.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $205.00M | 10.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$449.00MoperatingIncomeTax expense$47.00MincomeTaxExpensePretax income$139.00MincomeBeforeTaxTax rate33.8%Equity$260.00MtotalStockholderEquityDebt$3.05BshortLongTermDebtTotalCash$419.00McashInvested capital$2.89BResult 10.3% | 0.73xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$449.00MoperatingIncomeNet PP&E$618.00MpropertyPlantAndEquipmentNetResult 0.73x |
| 2025 | 18.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$688.00MpropertyPlantAndEquipmentNetInventory$342.00MinventoryTotal assets$5.67BtotalAssetsResult 18.2% | 6.33xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.35BtotalRevenueNet PP&E$688.00MpropertyPlantAndEquipmentNetResult 6.33x | 0.42xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$117.00McapitalExpendituresD&A$277.00MdepreciationAndAmortizationResult 0.42x | -$27.17Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.67BtotalAssetsGoodwill$1.96BgoodWillIntangibles$498.00MintangibleAssetsLiabilities$5.27BtotalLiabTangible book-$2.05BShares75,600,000commonStockSharesOutstandingResult -$27.17 | 1.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$736.00MebitdaCapex$117.00McapitalExpendituresInterest$270.00MinterestExpenseShort-term debt$86.00MshortTermDebtEBITDA − capex$619.00MPrincipal due is short-term debt.Result 1.74x | $239.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$356.00MtotalCashFromOperatingActivitiesCapex$117.00McapitalExpendituresFree cash flow$239.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $239.00M | 14.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$478.00MoperatingIncomeTax expense$27.00MincomeTaxExpensePretax income$189.00MincomeBeforeTaxTax rate14.3%Equity$403.00MtotalStockholderEquityDebt$2.90BshortLongTermDebtTotalCash$456.00McashInvested capital$2.84BResult 14.4% | 0.69xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$478.00MoperatingIncomeNet PP&E$688.00MpropertyPlantAndEquipmentNetResult 0.69x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $688.00M
Inventory: $342.00M
Total assets: $5.67B
Goodwill: $1.96B
Intangibles: $498.00M
Liabilities: $5.27B
Tangible book: -$2.05B
Shares: 75,600,000
Revenue: $4.35B
Capex: $117.00M
D&A: $277.00M
EBITDA: $736.00M
Interest: $270.00M
Short-term debt: $86.00M
Free cash flow: $239.00M
Operating income: $478.00M
Invested capital: $2.84B
Tax rate: 14.3%