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.
Trip.com Group Ltd ADR
Physical assets are 2.4% of total assets, a light footprint. Capex is 0.73x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 10.5%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 9.59x. Compare it with other names in the same basket.
Physical asset ratio
2.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
9.59x
Revenue per dollar of the physical asset base.
Capex / D&A
0.73x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$139.44
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.29x
Price $40.01.
Fixed-charge coverage
1.95x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
54.0%
Latest free cash flow divided by current market cap ($25.14B).
ROIC
10.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.42x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 5.4% | 5.27x | 0.72x | $29.77 | 0.08x | $6.41B | 1.8% | 0.44x |
| 2019 | 4.6% | 4.86x | 0.58x | $53.17 | 0.18x | $6.50B | 3.6% | 0.69x |
| 2020 | 3.6% | 2.71x | 0.34x | $48.05 | -0.01x | -$4.36B | — | -0.21x |
| 2021 | 3.3% | 3.17x | 0.40x | $60.02 | 0.05x | $1.90B | — | -0.22x |
| 2022 | 3.2% | 3.31x | 0.39x | $64.43 | 0.15x | $2.14B | 0.1% | 0.01x |
| 2023 | 7.0% | 7.60x | 0.58x | $75.98 | 0.51x | $21.40B | 8.9% | 1.93x |
| 2024 | 2.4% | 9.03x | 0.53x | $101.25 | 1.04x | $19.03B | 11.6% | 2.40x |
| 2025 | 2.4% | 9.59x | 0.73x | $139.44 | 1.95x | $13.58B | 10.5% | 2.42x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $6.33B
Inventory: $0.00
Total assets: $267.56B
Goodwill: $62.31B
Intangibles: $13.02B
Liabilities: $94.85B
Tangible book: $97.38B
Shares: 698,379,000
Revenue: $60.71B
Capex: $797.00M
D&A: $1.10B
EBITDA: $40.05B
Interest: $825.87M
Short-term debt: $19.34B
Free cash flow: $13.58B
Operating income: $15.34B
Invested capital: $123.92B
Tax rate: 14.8%