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.
Target Corporation
Physical assets are 83.6% of total assets, a heavy 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 12.8%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.80x. Compare it with other names in the same basket.
Physical asset ratio
83.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.80x
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
$34.10
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.59x
Price $156.60.
Fixed-charge coverage
1.79x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.0%
Latest free cash flow divided by current market cap ($71.16B).
ROIC
12.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.14x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 89.6% | 2.74x | 1.42x | $19.88 | 2.05x | $2.46B | 14.1% | 0.15x |
| 2020 | 87.7% | 2.74x | 1.16x | $21.62 | 6.65x | $4.09B | 18.7% | 0.16x |
| 2021 | 77.6% | 3.21x | 1.07x | $27.25 | 3.00x | $7.88B | 24.5% | 0.22x |
| 2022 | 83.0% | 3.45x | 1.34x | $24.70 | 14.23x | $5.08B | 29.8% | 0.29x |
| 2023 | 89.4% | 3.19x | 2.05x | $22.78 | 1.76x | -$1.51B | 11.1% | 0.11x |
| 2024 | 87.3% | 2.95x | 1.72x | $27.64 | 2.34x | $3.82B | 15.2% | 0.16x |
| 2025 | 85.7% | 2.90x | 0.97x | $30.39 | 2.81x | $4.48B | 14.5% | 0.15x |
| 2026 | 83.6% | 2.80x | 1.19x | $34.10 | 1.79x | $2.84B | 12.8% | 0.14x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $37.45B
Inventory: $12.30B
Total assets: $59.49B
Goodwill: $631.00M
Intangibles: $0.00
Liabilities: $43.33B
Tangible book: $15.53B
Shares: 455,600,000
Revenue: $104.78B
Capex: $3.73B
D&A: $3.13B
EBITDA: $8.35B
Interest: $445.00M
Short-term debt: $2.13B
Free cash flow: $2.84B
Operating income: $5.12B
Invested capital: $30.97B
Tax rate: 22.3%