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.
Novartis AG
Physical assets are 16.1% of total assets, a light footprint. Capex is 0.30x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 21.3%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.63x. Compare it with other names in the same basket.
Physical asset ratio
16.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.63x
Revenue per dollar of the physical asset base.
Capex / D&A
0.30x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$4.31
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $144.32.
Fixed-charge coverage
3.27x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.1%
Latest free cash flow divided by current market cap ($258.69B).
ROIC
21.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.44x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 15.6% | 3.39x | 0.64x | $2.00 | 1.60x | $10.92B | 7.9% | 0.52x |
| 2019 | 16.7% | 3.54x | 0.39x | $0.10 | 1.63x | $11.37B | 9.9% | 0.66x |
| 2020 | 16.0% | 3.58x | 0.40x | -$4.42 | 1.33x | $11.07B | 10.0% | 0.73x |
| 2021 | 15.0% | 4.03x | 0.53x | $1.79 | 2.01x | $12.10B | 15.2% | 0.89x |
| 2022 | 16.5% | 4.25x | 0.40x | -$0.69 | 1.81x | $11.57B | 11.2% | 0.75x |
| 2023 | 16.8% | 4.27x | 0.33x | -$1.65 | 2.34x | $11.71B | 15.6% | 0.89x |
| 2024 | 16.2% | 4.77x | 0.63x | -$3.71 | 1.86x | $13.81B | 20.5% | 1.34x |
| 2025 | 16.1% | 4.63x | 0.30x | -$4.31 | 3.27x | $18.43B | 21.3% | 1.44x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $12.34B
Inventory: $6.26B
Total assets: $115.49B
Goodwill: $25.55B
Intangibles: $29.39B
Liabilities: $68.97B
Tangible book: -$8.42B
Shares: 1,955,000,000
Revenue: $57.13B
Capex: $1.62B
D&A: $5.33B
EBITDA: $23.70B
Interest: $1.24B
Short-term debt: $5.52B
Free cash flow: $18.43B
Operating income: $17.80B
Invested capital: $71.53B
Tax rate: 14.6%