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.
Qnity Electronics, Inc
Physical assets are 27.1% of total assets, a light footprint. Capex is 0.76x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 6.9%, below an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 1.51x.
Physical asset ratio
27.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.15BpropertyPlantAndEquipmentNetInventory$661.00MinventoryTotal assets$14.07BtotalAssetsResult 27.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.51xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.75BtotalRevenueNet PP&E$3.15BpropertyPlantAndEquipmentNetResult 1.51x
Revenue per dollar of the physical asset base.
Capex / D&A
0.76xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$285.00McapitalExpendituresD&A$376.00MdepreciationAndAmortizationResult 0.76x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$6.05Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.07BtotalAssetsGoodwill$7.52BgoodWillIntangibles$1.11BintangibleAssetsLiabilities$6.70BtotalLiabTangible book-$1.27BShares209,479,173commonStockSharesOutstandingResult -$6.05
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$118.78Latest quoteTangible book / share-$6.052025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $118.78.
Fixed-charge coverage
12.56xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.40BebitdaCapex$285.00McapitalExpendituresInterest$65.00MinterestExpenseShort-term debt$24.00MshortLongTermDebtEBITDA − capex$1.12BPrincipal due is the current portion of debt.Result 12.56x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$988.00MfreeCashFlowMarket cap$24.87BMarketCapitalizationResult 4.0%
Latest free cash flow divided by current market cap ($24.87B).
ROIC
6.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.01BoperatingIncomeTax expense$233.00MincomeTaxExpensePretax income$962.00MincomeBeforeTaxTax rate24.2%Equity$7.10BtotalStockholderEquityDebt$4.98BshortLongTermDebtTotalCash$915.00McashInvested capital$11.16BResult 6.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.32x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2022 | —Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets—Not reportedResult — | —Fixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$4.76BtotalRevenueNet PP&E—Not reportedResult — | 0.49xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$202.00McapitalExpendituresD&A$414.00MdepreciationAndAmortizationResult 0.49x | —Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares209,433,618commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | 37.55xFixed-charge coverage · 2022-12-31(EBITDA − capex) / interestEBITDA$1.37BebitdaCapex$202.00McapitalExpendituresInterest$31.00MinterestExpenseEBITDA − capex$1.16BShort-term debt was not reported, so the denominator is interest only.Result 37.55x | $951.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.15BtotalCashFromOperatingActivitiesCapex$202.00McapitalExpendituresFree cash flow$951.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $951.00M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.03BoperatingIncomeTax expense$151.00MincomeTaxExpensePretax income$952.00MincomeBeforeTaxTax rate15.9%Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—Result — | —EBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.03BoperatingIncomeNet PP&E—Not reportedResult — |
| 2023 | 17.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.71BpropertyPlantAndEquipmentNetInventory$534.00MinventoryTotal assets$12.52BtotalAssetsResult 17.9% | 2.37xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$4.04BtotalRevenueNet PP&E$1.71BpropertyPlantAndEquipmentNetResult 2.37x | 0.57xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$231.00McapitalExpendituresD&A$403.00MdepreciationAndAmortizationResult 0.57x | $10.47Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.52BtotalAssetsGoodwill$7.46BgoodWillIntangibles$1.54BintangibleAssetsLiabilities$1.33BtotalLiabTangible book$2.19BShares209,433,618commonStockSharesOutstandingResult $10.47 | 11.65xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.04BebitdaCapex$231.00McapitalExpendituresInterest$16.00MinterestExpenseShort-term debt$53.00MshortTermDebtEBITDA − capex$804.00MPrincipal due is short-term debt.Result 11.65x | $651.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$882.00MtotalCashFromOperatingActivitiesCapex$231.00McapitalExpendituresFree cash flow$651.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $651.00M | 5.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$657.00MoperatingIncomeTax expense$99.00MincomeTaxExpensePretax income$632.00MincomeBeforeTaxTax rate15.7%Equity$10.94BtotalStockholderEquityDebt$222.00MshortLongTermDebtTotalCash$139.00McashAndEquivalentsInvested capital$11.02BResult 5.0% | 0.39xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$657.00MoperatingIncomeNet PP&E$1.71BpropertyPlantAndEquipmentNetResult 0.39x |
| 2024 | 18.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.68BpropertyPlantAndEquipmentNetInventory$597.00MinventoryTotal assets$12.27BtotalAssetsResult 18.5% | 2.59xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$4.34BtotalRevenueNet PP&E$1.68BpropertyPlantAndEquipmentNetResult 2.59x | 0.51xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$200.00McapitalExpendituresD&A$394.00MdepreciationAndAmortizationResult 0.51x | $10.65Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.27BtotalAssetsGoodwill$7.38BgoodWillIntangibles$1.29BintangibleAssetsLiabilities$1.38BtotalLiabTangible book$2.23BShares209,433,618commonStockSharesOutstandingResult $10.65 | 3.20xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.29BebitdaCapex$200.00McapitalExpendituresInterest$280.00MinterestExpenseShort-term debt$61.00MshortTermDebtEBITDA − capex$1.09BPrincipal due is short-term debt.Result 3.20x | $861.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$1.06BtotalCashFromOperatingActivitiesCapex$200.00McapitalExpendituresFree cash flow$861.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $861.00M | 6.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$847.00MoperatingIncomeTax expense$177.00MincomeTaxExpensePretax income$901.00MincomeBeforeTaxTax rate19.6%Equity$10.64BtotalStockholderEquityDebt$191.00MshortLongTermDebtTotalCash$166.00McashAndEquivalentsInvested capital$10.67BResult 6.4% | 0.51xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$847.00MoperatingIncomeNet PP&E$1.68BpropertyPlantAndEquipmentNetResult 0.51x |
| 2025 | 27.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.15BpropertyPlantAndEquipmentNetInventory$661.00MinventoryTotal assets$14.07BtotalAssetsResult 27.1% | 1.51xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.75BtotalRevenueNet PP&E$3.15BpropertyPlantAndEquipmentNetResult 1.51x | 0.76xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$285.00McapitalExpendituresD&A$376.00MdepreciationAndAmortizationResult 0.76x | -$6.05Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.07BtotalAssetsGoodwill$7.52BgoodWillIntangibles$1.11BintangibleAssetsLiabilities$6.70BtotalLiabTangible book-$1.27BShares209,479,173commonStockSharesOutstandingResult -$6.05 | 12.56xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.40BebitdaCapex$285.00McapitalExpendituresInterest$65.00MinterestExpenseShort-term debt$24.00MshortLongTermDebtEBITDA − capex$1.12BPrincipal due is the current portion of debt.Result 12.56x | $988.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.27BtotalCashFromOperatingActivitiesCapex$285.00McapitalExpendituresFree cash flow$988.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $988.00M | 6.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.01BoperatingIncomeTax expense$233.00MincomeTaxExpensePretax income$962.00MincomeBeforeTaxTax rate24.2%Equity$7.10BtotalStockholderEquityDebt$4.98BshortLongTermDebtTotalCash$915.00McashInvested capital$11.16BResult 6.9% | 0.32xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.01BoperatingIncomeNet PP&E$3.15BpropertyPlantAndEquipmentNetResult 0.32x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $3.15B
Inventory: $661.00M
Total assets: $14.07B
Goodwill: $7.52B
Intangibles: $1.11B
Liabilities: $6.70B
Tangible book: -$1.27B
Shares: 209,479,173
Revenue: $4.75B
Capex: $285.00M
D&A: $376.00M
EBITDA: $1.40B
Interest: $65.00M
Short-term debt: $24.00M
Free cash flow: $988.00M
Operating income: $1.01B
Invested capital: $11.16B
Tax rate: 24.2%