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.
Toronto Dominion Bank
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. Capex is 0.99x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by 0.09x, which is below 1.
Fixed-asset turnover is 6.69x. Compare it with other names in the same basket.
Physical asset ratio
0.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.69x
Revenue per dollar of the physical asset base.
Capex / D&A
0.99x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$61.02
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.79x
Price $170.02.
Fixed-charge coverage
0.09x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-26.2%
Latest free cash flow divided by current market cap ($273.64B).
ROIC
8.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.33x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -24.1% | 7.32x | 0.42x | $33.19 | 0.12x | $5.11B | 7.7% | 2.59x |
| 2019 | 0.4% | 7.45x | 0.99x | $37.33 | 0.11x | -$555.00M | 10.8% | 2.40x |
| 2020 | 0.6% | 4.31x | 0.82x | $42.14 | 0.11x | $228.35B | — | 1.18x |
| 2021 | -33.3% | 4.65x | 0.55x | $44.75 | 0.13x | $49.00B | 16.7% | 1.87x |
| 2022 | -30.4% | 5.22x | 0.82x | $50.41 | 0.09x | $37.50B | 7.8% | 2.17x |
| 2023 | -30.1% | 5.55x | 0.96x | $49.71 | 0.05x | -$67.15B | 1.9% | 1.37x |
| 2024 | 0.5% | 5.82x | 1.07x | $53.34 | 0.03x | $52.76B | 1.6% | 1.10x |
| 2025 | 0.5% | 6.69x | 0.99x | $61.02 | 0.09x | -$71.79B | 8.9% | 2.33x |
- 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: $10.13B
Inventory: $0.00
Total assets: $2,094.56B
Goodwill: $18.98B
Intangibles: $3.41B
Liabilities: $1,966.73B
Tangible book: $105.44B
Shares: 1,728,000,000
Revenue: $67.78B
Capex: $2.15B
D&A: $2.17B
EBITDA: $25.81B
Interest: $54.56B
Short-term debt: $211.74B
Free cash flow: -$71.79B
Operating income: $23.64B
Invested capital: $230.77B
Tax rate: 13.1%