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.
Nomura Holdings Inc ADR
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 5.18x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.06x, which is below 1.
Fixed-asset turnover is 8.75x. Compare it with other names in the same basket.
Physical asset ratio
0.9%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$543.85BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$62,645.93BtotalAssetsInventory was not reported and is treated as zero.Result 0.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.75xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$4,758.49BtotalRevenueNet PP&E$543.85BpropertyPlantAndEquipmentNetResult 8.75x
Revenue per dollar of the physical asset base.
Capex / D&A
5.18xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$353.82BcapitalExpendituresD&A$68.27BdepreciationAndAmortizationResult 5.18x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.16KTangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62,645.93BtotalAssetsGoodwill$172.49BgoodWillIntangibles$142.89BintangibleAssetsLiabilities$58,791.01BtotalLiabTangible book$3,539.54BShares3,043,357,000commonStockSharesOutstandingResult $1.16K
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.01xPrice / tangible bookPrice / tangible book per sharePrice$9.50Latest quoteTangible book / share$1.16K2026-03-31Result 0.01x
Price $9.50.
Fixed-charge coverage
0.06xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$608.09BebitdaCapex$353.82BcapitalExpendituresInterest$2,590.77BinterestExpenseShort-term debt$1,752.67BshortTermDebtEBITDA − capex$254.27BPrincipal due is short-term debt.Result 0.06x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-4,182.8%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow-$1,196.78BfreeCashFlowMarket cap$28.61BMarketCapitalizationResult -4,182.8%
Latest free cash flow divided by current market cap ($28.61B).
ROIC
2.3%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$539.82BoperatingIncomeTax expense$165.44BincomeTaxExpensePretax income$539.82BincomeBeforeTaxTax rate30.6%Equity$3,707.87BtotalStockholderEquityDebt$17,297.63BshortLongTermDebtTotalCash$5,008.33BcashAndShortTermInvestmentsInvested capital$15,997.16BResult 2.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.99x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 0.9%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$349.37BpropertyPlantEquipmentInventory$1.88BinventoryTotal assets$40,969.44BtotalAssetsResult 0.9% | 4.94xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$1,726.19BtotalRevenueNet PP&E$349.37BpropertyPlantEquipmentResult 4.94x | 5.51xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$319.09BcapitalExpendituresD&A$57.92BdepreciationAndAmortizationResult 5.51x | $792.07Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$40,969.44BtotalAssetsGoodwill$474.00MgoodWillIntangibles$19.32BintangibleAssetsLiabilities$38,288.65BtotalLiabTangible book$2,661.00BShares3,359,565,000commonStockSharesOutstandingResult $792.07 | -0.19xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$20.22BebitdaCapex$319.09BcapitalExpendituresInterest$718.35BinterestExpenseShort-term debt$841.76BshortLongTermDebtEBITDA − capex-$298.87BPrincipal due is the current portion of debt.Result -0.19x | -$680.26BFree cash flow · 2019-03-31Reported free cash flowOperating cash flow-$361.17BtotalCashFromOperatingActivitiesCapex$319.09BcapitalExpendituresFree cash flow-$680.26BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$680.26B | —ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$37.70BoperatingIncomeTax expense$57.01BincomeTaxExpensePretax income-$37.70BincomeBeforeTaxTax rate—Equity$2,631.06BtotalStockholderEquityDebt$8,757.53BlongTermDebt + shortLongTermDebtCash$3,261.87BcashAndShortTermInvestmentsInvested capital$8,126.72BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.11xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income-$37.70BoperatingIncomeNet PP&E$349.37BpropertyPlantEquipmentResult -0.11x |
| 2020 | 1.0%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$440.51BpropertyPlantEquipmentInventory$13.01BinventoryTotal assets$43,999.82BtotalAssetsResult 1.0% | 3.94xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$1,737.45BtotalRevenueNet PP&E$440.51BpropertyPlantEquipmentResult 3.94x | 3.25xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$206.75BcapitalExpendituresD&A$63.58BdepreciationAndAmortizationResult 3.25x | $828.16Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$43,999.82BtotalAssetsGoodwill$472.00MgoodWillIntangibles$17.31BintangibleAssetsLiabilities$41,268.55BtotalLiabTangible book$2,713.48BShares3,276,510,000commonStockSharesOutstandingResult $828.16 | 0.05xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$311.84BebitdaCapex$206.75BcapitalExpendituresInterest$664.65BinterestExpenseShort-term debt$1,486.73BshortLongTermDebtEBITDA − capex$105.10BPrincipal due is the current portion of debt.Result 0.05x | -$222.69BFree cash flow · 2020-03-31Reported free cash flowOperating cash flow-$15.94BtotalCashFromOperatingActivitiesCapex$206.75BcapitalExpendituresFree cash flow-$222.69BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$222.69B | 2.7%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$248.26BoperatingIncomeTax expense$28.89BincomeTaxExpensePretax income$248.26BincomeBeforeTaxTax rate11.6%Equity$2,653.47BtotalStockholderEquityDebt$9,262.40BlongTermDebt + shortLongTermDebtCash$3,874.95BcashAndShortTermInvestmentsInvested capital$8,040.92BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 2.7% | 0.56xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$248.26BoperatingIncomeNet PP&E$440.51BpropertyPlantEquipmentResult 0.56x |
| 2021 | 19.8%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$464.45BpropertyPlantEquipmentInventory$7,933.62BinventoryTotal assets$42,516.48BtotalAssetsResult 19.8% | 3.04xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$1,414.14BtotalRevenueNet PP&E$464.45BpropertyPlantEquipmentResult 3.04x | 1.88xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$119.88BcapitalExpendituresD&A$63.85BdepreciationAndAmortizationResult 1.88x | $866.58Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$42,516.48BtotalAssetsGoodwill$13.15BgoodWillIntangibles$15.90BintangibleAssetsLiabilities$39,760.03BtotalLiabTangible book$2,727.41BShares3,147,339,000commonStockSharesOutstandingResult $866.58 | 0.11xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$294.52BebitdaCapex$119.88BcapitalExpendituresInterest$215.36BinterestExpenseShort-term debt$1,368.10BshortLongTermDebtEBITDA − capex$174.64BPrincipal due is the current portion of debt.Result 0.11x | $545.90BFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$665.77BtotalCashFromOperatingActivitiesCapex$119.88BcapitalExpendituresFree cash flow$545.90BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $545.90B | 1.9%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$230.67BoperatingIncomeTax expense$70.27BincomeTaxExpensePretax income$230.67BincomeBeforeTaxTax rate30.5%Equity$2,694.94BtotalStockholderEquityDebt$9,735.63BlongTermDebt + shortLongTermDebtCash$4,164.74BcashAndShortTermInvestmentsInvested capital$8,265.83BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 1.9% | 0.50xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$230.67BoperatingIncomeNet PP&E$464.45BpropertyPlantEquipmentResult 0.50x |
| 2022 | 20.9%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$419.05BpropertyPlantEquipmentInventory$8,639.25BinventoryTotal assets$43,412.16BtotalAssetsResult 20.9% | 3.28xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$1,373.83BtotalRevenueNet PP&E$419.05BpropertyPlantEquipmentResult 3.28x | 1.87xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$111.33BcapitalExpendituresD&A$59.52BdepreciationAndAmortizationResult 1.87x | $931.65Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$43,412.16BtotalAssetsGoodwill$14.41BgoodWillIntangibles$15.60BintangibleAssetsLiabilities$40,439.35BtotalLiabTangible book$2,942.80BShares3,158,708,000commonStockSharesOutstandingResult $931.65 | 0.14xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$286.15BebitdaCapex$111.33BcapitalExpendituresInterest$230.11BinterestExpenseShort-term debt$1,050.14BshortLongTermDebtEBITDA − capex$174.82BPrincipal due is the current portion of debt.Result 0.14x | -$1,480.04BFree cash flow · 2022-03-31Reported free cash flowOperating cash flow-$1,368.71BtotalCashFromOperatingActivitiesCapex$111.33BcapitalExpendituresFree cash flow-$1,480.04BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1,480.04B | —ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$226.62BoperatingIncomeTax expense$80.09BincomeTaxExpensePretax income$226.62BincomeBeforeTaxTax rate35.3%Equity$2,914.61BtotalStockholderEquityDebt$10,704.74BlongTermDebt + shortLongTermDebtCash$14,650.92BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.54xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$226.62BoperatingIncomeNet PP&E$419.05BpropertyPlantEquipmentResult 0.54x |
| 2023 | 20.7%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$464.32BpropertyPlantEquipmentInventory$9,436.96BinventoryTotal assets$47,771.80BtotalAssetsResult 20.7% | 4.95xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$2,296.12BtotalRevenueNet PP&E$464.32BpropertyPlantEquipmentResult 4.95x | 2.79xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$171.17BcapitalExpendituresD&A$61.42BdepreciationAndAmortizationResult 2.79x | $1.02KTangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47,771.80BtotalAssetsGoodwill$17.64BgoodWillIntangibles$18.56BintangibleAssetsLiabilities$44,547.66BtotalLiabTangible book$3,187.95BShares3,114,314,000commonStockSharesOutstandingResult $1.02K | 0.02xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$210.90BebitdaCapex$171.17BcapitalExpendituresInterest$1,151.15BinterestExpenseShort-term debt$1,008.54BshortLongTermDebtEBITDA − capex$39.73BPrincipal due is the current portion of debt.Result 0.02x | -$1,145.92BFree cash flow · 2023-03-31Reported free cash flowOperating cash flow-$974.75BtotalCashFromOperatingActivitiesCapex$171.17BcapitalExpendituresFree cash flow-$1,145.92BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1,145.92B | 0.9%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$149.47BoperatingIncomeTax expense$57.80BincomeTaxExpensePretax income$149.47BincomeBeforeTaxTax rate38.7%Equity$3,148.57BtotalStockholderEquityDebt$11,407.75BlongTermDebt + shortLongTermDebtCash$4,521.25BcashAndShortTermInvestmentsInvested capital$10,035.07BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 0.9% | 0.32xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$149.47BoperatingIncomeNet PP&E$464.32BpropertyPlantEquipmentResult 0.32x |
| 2024 | -112.6%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$448.79BpropertyPlantEquipmentInventory-$62,526.76BinventoryTotal assets$55,147.20BtotalAssetsResult -112.6% | 8.85xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$3,973.31BtotalRevenueNet PP&E$448.79BpropertyPlantEquipmentResult 8.85x | 2.38xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$145.78BcapitalExpendituresD&A$61.34BdepreciationAndAmortizationResult 2.38x | $1.08KTangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$55,147.20BtotalAssetsGoodwill$19.26BgoodWillIntangibles$19.13BintangibleAssetsLiabilities$51,698.69BtotalLiabTangible book$3,410.13BShares3,144,541,000commonStockSharesOutstandingResult $1.08K | 0.05xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$335.19BebitdaCapex$145.78BcapitalExpendituresInterest$2,595.29BinterestExpenseShort-term debt$1,054.72BshortLongTermDebtEBITDA − capex$189.41BPrincipal due is the current portion of debt.Result 0.05x | -$13.14BFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$132.64BtotalCashFromOperatingActivitiesCapex$145.78BcapitalExpendituresFree cash flow-$13.14BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$13.14B | 1.5%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$273.85BoperatingIncomeTax expense$96.63BincomeTaxExpensePretax income$273.85BincomeBeforeTaxTax rate35.3%Equity$3,350.19BtotalStockholderEquityDebt$13,900.04BlongTermDebt + shortLongTermDebtCash$5,154.97BcashAndShortTermInvestmentsInvested capital$12,095.26BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 1.5% | 0.61xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$273.85BoperatingIncomeNet PP&E$448.79BpropertyPlantEquipmentResult 0.61x |
| 2025 | 0.8%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$436.45BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$56,802.17BtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 10.33xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$4,506.63BtotalRevenueNet PP&E$436.45BpropertyPlantEquipmentResult 10.33x | 3.08xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$189.97BcapitalExpendituresD&A$61.65BdepreciationAndAmortizationResult 3.08x | $1.14KTangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$56,802.17BtotalAssetsGoodwill$17.20BgoodWillIntangibles$56.15BintangibleAssetsLiabilities$53,221.17BtotalLiabTangible book$3,507.65BShares3,066,459,000commonStockSharesOutstandingResult $1.14K | 0.09xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$533.62BebitdaCapex$189.97BcapitalExpendituresInterest$2,844.26BinterestExpenseShort-term debt$1,117.29BshortLongTermDebtEBITDA − capex$343.65BPrincipal due is the current portion of debt.Result 0.09x | -$868.58BFree cash flow · 2025-03-31Reported free cash flowOperating cash flow-$678.61BtotalCashFromOperatingActivitiesCapex$189.97BcapitalExpendituresFree cash flow-$868.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$868.58B | 2.7%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$471.96BoperatingIncomeTax expense$124.71BincomeTaxExpensePretax income$471.96BincomeBeforeTaxTax rate26.4%Equity$3,470.88BtotalStockholderEquityDebt$14,884.39BlongTermDebt + shortLongTermDebtCash$5,514.70BcashAndShortTermInvestmentsInvested capital$12,840.57BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 2.7% | 1.08xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$471.96BoperatingIncomeNet PP&E$436.45BpropertyPlantEquipmentResult 1.08x |
| 2026 | 0.9%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$543.85BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$62,645.93BtotalAssetsInventory was not reported and is treated as zero.Result 0.9% | 8.75xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$4,758.49BtotalRevenueNet PP&E$543.85BpropertyPlantAndEquipmentNetResult 8.75x | 5.18xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$353.82BcapitalExpendituresD&A$68.27BdepreciationAndAmortizationResult 5.18x | $1.16KTangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62,645.93BtotalAssetsGoodwill$172.49BgoodWillIntangibles$142.89BintangibleAssetsLiabilities$58,791.01BtotalLiabTangible book$3,539.54BShares3,043,357,000commonStockSharesOutstandingResult $1.16K | 0.06xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$608.09BebitdaCapex$353.82BcapitalExpendituresInterest$2,590.77BinterestExpenseShort-term debt$1,752.67BshortTermDebtEBITDA − capex$254.27BPrincipal due is short-term debt.Result 0.06x | -$1,196.78BFree cash flow · 2026-03-31Reported free cash flowOperating cash flow-$842.96BtotalCashFromOperatingActivitiesCapex$353.82BcapitalExpendituresFree cash flow-$1,196.78BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1,196.78B | 2.3%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$539.82BoperatingIncomeTax expense$165.44BincomeTaxExpensePretax income$539.82BincomeBeforeTaxTax rate30.6%Equity$3,707.87BtotalStockholderEquityDebt$17,297.63BshortLongTermDebtTotalCash$5,008.33BcashAndShortTermInvestmentsInvested capital$15,997.16BResult 2.3% | 0.99xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$539.82BoperatingIncomeNet PP&E$543.85BpropertyPlantAndEquipmentNetResult 0.99x |
- 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.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2026)
Net PP&E: $543.85B
Inventory: $0.00
Total assets: $62,645.93B
Goodwill: $172.49B
Intangibles: $142.89B
Liabilities: $58,791.01B
Tangible book: $3,539.54B
Shares: 3,043,357,000
Revenue: $4,758.49B
Capex: $353.82B
D&A: $68.27B
EBITDA: $608.09B
Interest: $2,590.77B
Short-term debt: $1,752.67B
Free cash flow: -$1,196.78B
Operating income: $539.82B
Invested capital: $15,997.16B
Tax rate: 30.6%