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.
Smith & Nephew SNATS Inc
Physical assets are 35.9% of total assets, a mixed 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 7.9%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.76x. Compare it with other names in the same basket.
Physical asset ratio
35.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.76x
Revenue per dollar of the physical asset base.
Capex / D&A
0.76x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.98
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
9.77x
Price $29.09.
Fixed-charge coverage
4.53x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.3%
Latest free cash flow divided by current market cap ($11.67B).
ROIC
7.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.48x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 30.5% | 4.62x | 0.81x | $3.03 | 4.74x | $584.00M | 12.3% | 0.81x |
| 2019 | 31.6% | 3.88x | 0.81x | $1.79 | 11.78x | $760.00M | 9.5% | 0.62x |
| 2020 | 28.5% | 3.15x | 0.81x | $1.98 | 1.57x | $492.00M | 4.1% | 0.20x |
| 2021 | 30.7% | 3.44x | 0.72x | $2.69 | 1.68x | $469.00M | 7.0% | 0.39x |
| 2022 | 36.7% | 3.58x | 0.65x | $2.27 | 4.44x | $110.00M | 5.5% | 0.31x |
| 2023 | 38.7% | 3.77x | 0.81x | $5.10 | 1.00x | $181.00M | 4.8% | 0.29x |
| 2024 | 36.8% | 4.09x | 0.69x | $2.75 | 6.97x | $606.00M | 6.8% | 0.46x |
| 2025 | 35.9% | 3.76x | 0.76x | $2.98 | 4.53x | $852.00M | 7.9% | 0.48x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $1.64B
Inventory: $2.12B
Total assets: $10.46B
Goodwill: $3.11B
Intangibles: $882.00M
Liabilities: $5.17B
Tangible book: $1.30B
Shares: 436,467,000
Revenue: $6.16B
Capex: $433.00M
D&A: $573.00M
EBITDA: $1.45B
Interest: $141.33M
Short-term debt: $83.00M
Free cash flow: $852.00M
Operating income: $794.00M
Invested capital: $8.06B
Tax rate: 19.8%