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.
Visa Inc. Class A
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 1.21x 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.
Fixed-asset turnover is 7.71x. Compare it with other names in the same basket.
Physical asset ratio
5.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.71x
Revenue per dollar of the physical asset base.
Capex / D&A
1.21x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$4.89
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $399.71.
Fixed-charge coverage
3.98x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.9%
Latest free cash flow divided by current market cap ($734.85B).
ROIC
48.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 4.62x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 8.4% | 8.34x | 1.17x | -$3.76 | 4.79x | $12.00B | 25.4% | 5.24x |
| 2019 | 8.6% | 8.53x | 1.15x | -$3.41 | 3.39x | $12.03B | 28.1% | 5.57x |
| 2020 | 7.7% | 7.98x | 0.96x | -$3.38 | 4.08x | $9.70B | 27.2% | 5.14x |
| 2021 | 8.1% | 8.88x | 0.88x | -$2.76 | 11.03x | $14.52B | 30.2% | 5.82x |
| 2022 | 11.3% | 9.09x | 1.13x | -$3.40 | 6.66x | $17.88B | 39.3% | 5.84x |
| 2023 | 9.1% | 9.53x | 1.12x | -$2.57 | 28.75x | $19.70B | 44.1% | 6.13x |
| 2024 | 5.0% | 7.65x | 1.22x | -$3.30 | 37.96x | $18.69B | 43.5% | 5.02x |
| 2025 | 5.2% | 7.71x | 1.21x | -$4.89 | 3.98x | $21.58B | 48.4% | 4.62x |
- 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: $5.19B
Inventory: $0.00
Total assets: $99.63B
Goodwill: $19.88B
Intangibles: $27.65B
Liabilities: $61.72B
Tangible book: -$9.62B
Shares: 1,966,000,000
Revenue: $40.00B
Capex: $1.48B
D&A: $1.22B
EBITDA: $26.00B
Interest: $589.00M
Short-term debt: $5.57B
Free cash flow: $21.58B
Operating income: $23.99B
Invested capital: $41.09B
Tax rate: 17.1%