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.
Sandisk Corp
Physical assets are 15.0% of total assets, a light footprint. Capex is 1.19x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 95.7%, above an 8% cost-of-capital hurdle. That coverage ratio uses interest only, because short-term debt was not on the balance sheet.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 30.04x.
Physical asset ratio
15.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
30.04x
Revenue per dollar of the physical asset base.
Capex / D&A
1.19x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$69.30
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
18.75x
Price $1.30K.
Fixed-charge coverage
178.93x
EBITDA minus capex, divided by interest only.
FCF yield
6.1%
Latest free cash flow divided by current market cap ($187.78B).
ROIC
95.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 18.38x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2014 | 13.5% | — | 0.48x | — | — | $1.64B | — | — |
| 2015 | 13.8% | — | 0.45x | — | — | $1.44B | — | — |
| 2016 | 17.6% | — | 0.68x | — | — | $623.89M | — | — |
| 2022 | 19.2% | 9.39x | 0.78x | $34.42 | 1.39x | $741.00M | 7.6% | 1.15x |
| 2023 | 23.8% | 5.93x | 0.49x | $29.35 | -1.81x | -$932.00M | — | -1.98x |
| 2024 | 21.7% | 6.87x | 0.74x | $26.91 | -0.47x | -$475.00M | — | -0.48x |
| 2025 | 20.8% | 11.88x | 1.25x | $29.08 | -17.55x | -$120.00M | — | -2.22x |
| 2026 | 15.0% | 30.04x | 1.19x | $69.30 | 178.93x | $11.49B | 95.7% | 18.38x |
- 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.
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2026)
Net PP&E: $674.00M
Inventory: $2.70B
Total assets: $22.51B
Goodwill: $4.99B
Intangibles: $0.00
Liabilities: $6.77B
Tangible book: $10.74B
Shares: 155,000,000
Revenue: $20.25B
Capex: $177.00M
D&A: $149.00M
EBITDA: $13.24B
Interest: $73.00M
Short-term debt: —
Free cash flow: $11.49B
Operating income: $12.39B
Invested capital: $11.37B
Tax rate: 12.2%