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.
TriNet Group Inc
Physical assets are 1.2% of total assets, a light footprint. Capex is 0.04x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 27.5%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 106.60x.
Physical asset ratio
1.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$47.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.80BtotalAssetsInventory was not reported and is treated as zero.Result 1.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
106.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$5.01BtotalRevenueNet PP&E$47.00MpropertyPlantAndEquipmentNetResult 106.60x
Revenue per dollar of the physical asset base.
Capex / D&A
0.04xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.00McapitalExpendituresD&A$73.00MdepreciationAndAmortizationResult 0.04x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$11.67Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.80BtotalAssetsGoodwill$461.00MgoodWillIntangibles$153.00MintangibleAssetsLiabilities$3.74BtotalLiabTangible book-$560.00MShares48,000,000commonStockSharesOutstandingResult -$11.67
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$66.63Latest quoteTangible book / share-$11.672025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $66.63.
Fixed-charge coverage
5.20xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$346.00MebitdaCapex$3.00McapitalExpendituresInterest$56.00MinterestExpenseShort-term debt$10.00MshortTermDebtEBITDA − capex$343.00MPrincipal due is short-term debt.Result 5.20x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$300.00MfreeCashFlowMarket cap$3.05BMarketCapitalizationResult 9.8%
Latest free cash flow divided by current market cap ($3.05B).
ROIC
27.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$273.00MoperatingIncomeTax expense$62.00MincomeTaxExpensePretax income$217.00MincomeBeforeTaxTax rate28.6%Equity$54.00MtotalStockholderEquityDebt$942.00MshortLongTermDebtTotalCash$287.00McashInvested capital$709.00MResult 27.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 5.81x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 43.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$79.00MpropertyPlantEquipmentInventory$990.00MinventoryTotal assets$2.44BtotalAssetsResult 43.9% | 44.34xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.50BtotalRevenueNet PP&E$79.00MpropertyPlantEquipmentResult 44.34x | 1.08xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$43.00McapitalExpendituresD&A$40.00MdepreciationAndAmortizationResult 1.08x | $0.90Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.44BtotalAssetsGoodwill$289.00MgoodWillIntangibles$21.00MintangibleAssetsLiabilities$2.06BtotalLiabTangible book$65.00MShares72,300,663commonStockSharesOutstandingResult $0.90 | 5.91xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$303.00MebitdaCapex$43.00McapitalExpendituresInterest$22.00MinterestExpenseShort-term debt$22.00MshortTermDebtEBITDA − capex$260.00MPrincipal due is short-term debt.Result 5.91x | -$147.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$104.00MtotalCashFromOperatingActivitiesCapex$43.00McapitalExpendituresFree cash flow-$147.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$147.00M | 39.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$251.00MoperatingIncomeTax expense$49.00MincomeTaxExpensePretax income$241.00MincomeBeforeTaxTax rate20.3%Equity$375.00MtotalStockholderEquityDebt$413.00MshortLongTermDebtTotalCash$282.00McashAndShortTermInvestmentsInvested capital$506.00MResult 39.5% | 3.18xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$251.00MoperatingIncomeNet PP&E$79.00MpropertyPlantEquipmentResult 3.18x |
| 2019 | 49.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$140.00MpropertyPlantAndEquipmentNetInventory$1.23BinventoryTotal assets$2.75BtotalAssetsResult 49.9% | 27.54xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$3.86BtotalRevenueNet PP&E$140.00MpropertyPlantAndEquipmentNetResult 27.54x | 0.98xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$45.00McapitalExpendituresD&A$46.00MdepreciationAndAmortizationResult 0.98x | $2.41Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.75BtotalAssetsGoodwill$289.00MgoodWillIntangibles$15.00MintangibleAssetsLiabilities$2.27BtotalLiabTangible book$171.00MShares71,000,000commonStockSharesOutstandingResult $2.41 | 7.28xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$358.00MebitdaCapex$45.00McapitalExpendituresInterest$21.00MinterestExpenseShort-term debt$22.00MshortLongTermDebtEBITDA − capex$313.00MPrincipal due is the current portion of debt.Result 7.28x | $426.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$471.00MtotalCashFromOperatingActivitiesCapex$45.00McapitalExpendituresFree cash flow$426.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $426.00M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$268.00MoperatingIncomeTax expense$58.00MincomeTaxExpensePretax income$270.00MincomeBeforeTaxTax rate21.5%Equity$475.00MtotalStockholderEquityDebt$456.00MshortLongTermDebtTotalCash$1.46BcashAndShortTermInvestmentsInvested capital—Result — | 1.91xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$268.00MoperatingIncomeNet PP&E$140.00MpropertyPlantAndEquipmentNetResult 1.91x |
| 2020 | 52.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$130.00MpropertyPlantAndEquipmentNetInventory$1.45BinventoryTotal assets$3.04BtotalAssetsResult 52.0% | 31.03xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.03BtotalRevenueNet PP&E$130.00MpropertyPlantAndEquipmentNetResult 31.03x | 0.77xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$36.00McapitalExpendituresD&A$47.00MdepreciationAndAmortizationResult 0.77x | $4.34Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.04BtotalAssetsGoodwill$294.00MgoodWillIntangibles$18.00MintangibleAssetsLiabilities$2.44BtotalLiabTangible book$295.00MShares68,000,000commonStockSharesOutstandingResult $4.34 | 9.53xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$446.00MebitdaCapex$36.00McapitalExpendituresInterest$21.00MinterestExpenseShort-term debt$22.00MshortLongTermDebtEBITDA − capex$410.00MPrincipal due is the current portion of debt.Result 9.53x | $510.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$546.00MtotalCashFromOperatingActivitiesCapex$36.00McapitalExpendituresFree cash flow$510.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $510.00M | 41.3%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$368.00MoperatingIncomeTax expense$85.00MincomeTaxExpensePretax income$357.00MincomeBeforeTaxTax rate23.8%Equity$607.00MtotalStockholderEquityDebt$430.00MshortLongTermDebtTotalCash$358.00McashAndShortTermInvestmentsInvested capital$679.00MResult 41.3% | 2.83xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$368.00MoperatingIncomeNet PP&E$130.00MpropertyPlantAndEquipmentNetResult 2.83x |
| 2021 | 40.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$79.00MpropertyPlantEquipmentInventory$1.26BinventoryTotal assets$3.31BtotalAssetsResult 40.5% | 57.47xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$4.54BtotalRevenueNet PP&E$79.00MpropertyPlantEquipmentResult 57.47x | 0.68xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$40.00McapitalExpendituresD&A$59.00MdepreciationAndAmortizationResult 0.68x | $7.85Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.31BtotalAssetsGoodwill$294.00MgoodWillIntangibles$61.00MintangibleAssetsLiabilities$2.43BtotalLiabTangible book$526.00MShares67,000,000commonStockSharesOutstandingResult $7.85 | 15.48xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$520.00MebitdaCapex$40.00McapitalExpendituresInterest$20.00MinterestExpenseShort-term debt$11.00MshortTermDebtEBITDA − capex$480.00MPrincipal due is short-term debt.Result 15.48x | $178.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$218.00MtotalCashFromOperatingActivitiesCapex$40.00McapitalExpendituresFree cash flow$178.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $178.00M | 51.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$455.00MoperatingIncomeTax expense$103.00MincomeTaxExpensePretax income$441.00MincomeBeforeTaxTax rate23.4%Equity$881.00MtotalStockholderEquityDebt$547.00MshortLongTermDebtTotalCash$747.00McashAndShortTermInvestmentsInvested capital$681.00MResult 51.2% | 5.76xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$455.00MoperatingIncomeNet PP&E$79.00MpropertyPlantEquipmentResult 5.76x |
| 2022 | 40.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$55.00MpropertyPlantAndEquipmentNetInventory$1.33BinventoryTotal assets$3.44BtotalAssetsResult 40.3% | 88.82xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$4.89BtotalRevenueNet PP&E$55.00MpropertyPlantAndEquipmentNetResult 88.82x | 0.63xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$56.00McapitalExpendituresD&A$89.00MdepreciationAndAmortizationResult 0.63x | $2.34Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.44BtotalAssetsGoodwill$462.00MgoodWillIntangibles$163.00MintangibleAssetsLiabilities$2.67BtotalLiabTangible book$150.00MShares64,000,000commonStockSharesOutstandingResult $2.34 | 10.26xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$610.00MebitdaCapex$56.00McapitalExpendituresInterest$39.00MinterestExpenseShort-term debt$15.00MshortTermDebtEBITDA − capex$554.00MPrincipal due is short-term debt.Result 10.26x | $506.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$562.00MtotalCashFromOperatingActivitiesCapex$56.00McapitalExpendituresFree cash flow$506.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $506.00M | 41.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$499.00MoperatingIncomeTax expense$127.00MincomeTaxExpensePretax income$482.00MincomeBeforeTaxTax rate26.3%Equity$775.00MtotalStockholderEquityDebt$552.00MshortLongTermDebtTotalCash$430.00McashAndShortTermInvestmentsInvested capital$897.00MResult 41.0% | 9.07xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$499.00MoperatingIncomeNet PP&E$55.00MpropertyPlantAndEquipmentNetResult 9.07x |
| 2023 | -33.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$41.00MpropertyPlantAndEquipmentNetInventory-$1.27BinventoryTotal assets$3.69BtotalAssetsResult -33.3% | 120.05xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$4.92BtotalRevenueNet PP&E$41.00MpropertyPlantAndEquipmentNetResult 120.05x | 0.62xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$75.00McapitalExpendituresD&A$121.00MdepreciationAndAmortizationResult 0.62x | -$9.75Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.69BtotalAssetsGoodwill$462.00MgoodWillIntangibles$172.00MintangibleAssetsLiabilities$3.62BtotalLiabTangible book-$556.00MShares57,000,000commonStockSharesOutstandingResult -$9.75 | 3.94xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$662.00MebitdaCapex$75.00McapitalExpendituresInterest$40.00MinterestExpenseShort-term debt$109.00MshortLongTermDebtEBITDA − capex$587.00MPrincipal due is the current portion of debt.Result 3.94x | $470.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$545.00MtotalCashFromOperatingActivitiesCapex$75.00McapitalExpendituresFree cash flow$470.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $470.00M | 40.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$469.00MoperatingIncomeTax expense$126.00MincomeTaxExpensePretax income$501.00MincomeBeforeTaxTax rate25.1%Equity$78.00MtotalStockholderEquityDebt$1.14BshortLongTermDebtTotalCash$352.00McashAndShortTermInvestmentsInvested capital$863.00MResult 40.7% | 11.44xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$469.00MoperatingIncomeNet PP&E$41.00MpropertyPlantAndEquipmentNetResult 11.44x |
| 2024 | 0.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$34.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$4.12BtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 148.62xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$5.05BtotalRevenueNet PP&E$34.00MpropertyPlantAndEquipmentNetResult 148.62x | 0.91xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$78.00McapitalExpendituresD&A$86.00MdepreciationAndAmortizationResult 0.91x | -$10.96Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.12BtotalAssetsGoodwill$461.00MgoodWillIntangibles$156.00MintangibleAssetsLiabilities$4.05BtotalLiabTangible book-$548.00MShares50,000,000commonStockSharesOutstandingResult -$10.96 | 2.16xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$374.00MebitdaCapex$78.00McapitalExpendituresInterest$62.00MinterestExpenseShort-term debt$75.00MshortLongTermDebtEBITDA − capex$296.00MPrincipal due is the current portion of debt.Result 2.16x | $201.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$279.00MtotalCashFromOperatingActivitiesCapex$78.00McapitalExpendituresFree cash flow$201.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $201.00M | 30.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$288.00MoperatingIncomeTax expense$53.00MincomeTaxExpensePretax income$226.00MincomeBeforeTaxTax rate23.5%Equity$69.00MtotalStockholderEquityDebt$1.02BshortLongTermDebtTotalCash$360.00McashInvested capital$731.00MResult 30.2% | 8.47xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$288.00MoperatingIncomeNet PP&E$34.00MpropertyPlantAndEquipmentNetResult 8.47x |
| 2025 | 1.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$47.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.80BtotalAssetsInventory was not reported and is treated as zero.Result 1.2% | 106.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$5.01BtotalRevenueNet PP&E$47.00MpropertyPlantAndEquipmentNetResult 106.60x | 0.04xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.00McapitalExpendituresD&A$73.00MdepreciationAndAmortizationResult 0.04x | -$11.67Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.80BtotalAssetsGoodwill$461.00MgoodWillIntangibles$153.00MintangibleAssetsLiabilities$3.74BtotalLiabTangible book-$560.00MShares48,000,000commonStockSharesOutstandingResult -$11.67 | 5.20xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$346.00MebitdaCapex$3.00McapitalExpendituresInterest$56.00MinterestExpenseShort-term debt$10.00MshortTermDebtEBITDA − capex$343.00MPrincipal due is short-term debt.Result 5.20x | $300.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$303.00MtotalCashFromOperatingActivitiesCapex$3.00McapitalExpendituresFree cash flow$300.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $300.00M | 27.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$273.00MoperatingIncomeTax expense$62.00MincomeTaxExpensePretax income$217.00MincomeBeforeTaxTax rate28.6%Equity$54.00MtotalStockholderEquityDebt$942.00MshortLongTermDebtTotalCash$287.00McashInvested capital$709.00MResult 27.5% | 5.81xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$273.00MoperatingIncomeNet PP&E$47.00MpropertyPlantAndEquipmentNetResult 5.81x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $47.00M
Inventory: $0.00
Total assets: $3.80B
Goodwill: $461.00M
Intangibles: $153.00M
Liabilities: $3.74B
Tangible book: -$560.00M
Shares: 48,000,000
Revenue: $5.01B
Capex: $3.00M
D&A: $73.00M
EBITDA: $346.00M
Interest: $56.00M
Short-term debt: $10.00M
Free cash flow: $300.00M
Operating income: $273.00M
Invested capital: $709.00M
Tax rate: 28.6%