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.
Sun Life Financial 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.
Fixed-asset turnover is 26.63x. Compare it with other names in the same basket.
Physical asset ratio
0.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
26.63x
Revenue per dollar of the physical asset base.
Capex / D&A
—
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$18.84
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
5.92x
Price $111.46.
Fixed-charge coverage
2.19x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.3%
Latest free cash flow divided by current market cap ($61.97B).
ROIC
26.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 3.32x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -4.5% | 43.43x | 0.38x | $28.44 | 9.67x | $3.75B | 13.0% | 5.65x |
| 2019 | -5.2% | 28.34x | 0.30x | $28.23 | 10.55x | $2.43B | 12.9% | 2.31x |
| 2020 | -5.9% | 31.09x | 0.39x | $29.39 | 5.57x | $7.10B | 16.9% | 2.36x |
| 2021 | -5.3% | 27.31x | 0.18x | $30.82 | 6.42x | -$1.94B | 16.9% | 3.90x |
| 2022 | -4.7% | 2.52x | 6.98x | $27.08 | 0.33x | $8.00B | 9.8% | 2.67x |
| 2023 | -5.5% | 25.05x | 0.29x | $17.07 | 1.70x | $5.44B | 37.0% | 2.71x |
| 2024 | 0.4% | 24.61x | — | $19.96 | 1.64x | $2.39B | 24.7% | 3.10x |
| 2025 | 0.4% | 26.63x | — | $18.84 | 2.19x | $2.65B | 26.0% | 3.32x |
- 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.
Latest year inputs (2025)
Net PP&E: $1.44B
Inventory: $0.00
Total assets: $398.46B
Goodwill: $9.53B
Intangibles: $5.30B
Liabilities: $372.96B
Tangible book: $10.67B
Shares: 566,000,000
Revenue: $38.45B
Capex: $145.00M
D&A: —
EBITDA: $5.32B
Interest: $526.00M
Short-term debt: $1.83B
Free cash flow: $2.65B
Operating income: $4.80B
Invested capital: $14.56B
Tax rate: 21.2%