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.
PayPal Holdings 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 0.88x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 19.51x. Compare it with other names in the same basket.
Physical asset ratio
2.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
19.51x
Revenue per dollar of the physical asset base.
Capex / D&A
0.88x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$9.49
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
6.02x
Price $57.16.
Fixed-charge coverage
15.52x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
11.5%
Latest free cash flow divided by current market cap ($48.36B).
ROIC
25.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 3.57x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 4.0% | 8.96x | 1.06x | $6.88 | 1.16x | $4.66B | 23.0% | 1.27x |
| 2019 | 3.3% | 10.50x | 0.77x | $8.37 | 15.16x | $3.86B | 19.2% | 1.61x |
| 2020 | 2.6% | 11.87x | 0.73x | $8.32 | 15.86x | $5.35B | 16.3% | 1.82x |
| 2021 | 2.5% | 13.29x | 0.72x | $7.54 | 12.53x | $4.89B | 20.3% | 2.23x |
| 2022 | 2.2% | 15.91x | 0.54x | $7.15 | 9.41x | $5.11B | 13.4% | 2.22x |
| 2023 | 1.2% | 20.01x | 0.58x | $8.57 | 3.57x | $4.22B | 23.7% | 3.38x |
| 2024 | 1.8% | 21.09x | 0.66x | $8.91 | 15.86x | $6.77B | 21.3% | 3.53x |
| 2025 | 2.1% | 19.51x | 0.88x | $9.49 | 15.52x | $5.56B | 25.4% | 3.57x |
- 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 total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $1.70B
Inventory: $0.00
Total assets: $80.17B
Goodwill: $10.86B
Intangibles: $208.00M
Liabilities: $59.92B
Tangible book: $9.18B
Shares: 968,000,000
Revenue: $33.17B
Capex: $852.00M
D&A: $963.00M
EBITDA: $7.70B
Interest: $441.00M
Short-term debt: $0.00
Free cash flow: $5.56B
Operating income: $6.07B
Invested capital: $19.82B
Tax rate: 16.8%