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.
Western Digital Corporation
Physical assets are 28.8% of total assets, a light footprint. Capex is 1.11x 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 50.8%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 5.22x.
Physical asset ratio
28.8%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.48BpropertyPlantAndEquipmentNetInventory$1.51BinventoryTotal assets$13.86BtotalAssetsResult 28.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.22xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$12.92BtotalRevenueNet PP&E$2.48BpropertyPlantAndEquipmentNetResult 5.22x
Revenue per dollar of the physical asset base.
Capex / D&A
1.11xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$418.00McapitalExpendituresD&A$375.00MdepreciationAndAmortizationResult 1.11x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$11.66Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.86BtotalAssetsGoodwill$4.32BgoodWillIntangibles$77.00MintangibleAssetsLiabilities$5.00BtotalLiabTangible book$4.47BShares383,000,000commonStockSharesOutstandingResult $11.66
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
23.95xPrice / tangible bookPrice / tangible book per sharePrice$279.30Latest quoteTangible book / share$11.662026-06-30Result 23.95x
Price $279.30.
Fixed-charge coverage
8.28xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$10.28BebitdaCapex$418.00McapitalExpendituresInterest$139.00MinterestExpenseShort-term debt$1.05BshortTermDebtEBITDA − capex$9.86BPrincipal due is short-term debt.Result 8.28x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.9%Free cash flow yield · 2026-06-30Latest free cash flow / current market capFree cash flow$3.51BfreeCashFlowMarket cap$121.22BMarketCapitalizationResult 2.9%
Latest free cash flow divided by current market cap ($121.22B).
ROIC
50.8%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.45BoperatingIncomeTax expense$481.00MincomeTaxExpensePretax income$9.91BincomeBeforeTaxTax rate4.9%Equity$8.86BtotalStockholderEquityDebt$1.05BshortLongTermDebtTotalCash$1.58BcashInvested capital$8.34BResult 50.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.80x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 23.2%Physical asset ratio · 2019-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.84BpropertyPlantEquipmentInventory$3.28BinventoryTotal assets$26.37BtotalAssetsResult 23.2% | 5.83xFixed asset turnover · 2019-06-30Revenue / net PP&ERevenue$16.57BtotalRevenueNet PP&E$2.84BpropertyPlantEquipmentResult 5.83x | 0.42xCapex / D&A · 2019-06-30Capital expenditures / depreciation and amortizationCapex$757.00McapitalExpendituresD&A$1.81BdepreciationAndAmortizationResult 0.42x | -$6.23Tangible book / share · 2019-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.37BtotalAssetsGoodwill$10.08BgoodWillIntangibles$1.71BintangibleAssetsLiabilities$16.40BtotalLiabTangible book-$1.82BShares292,000,000commonStockSharesOutstandingResult -$6.23 | 1.66xFixed-charge coverage · 2019-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.99BebitdaCapex$757.00McapitalExpendituresInterest$469.00MinterestExpenseShort-term debt$276.00MshortTermDebtEBITDA − capex$1.24BPrincipal due is short-term debt.Result 1.66x | $790.00MFree cash flow · 2019-06-30Reported free cash flowOperating cash flow$1.55BtotalCashFromOperatingActivitiesCapex$757.00McapitalExpendituresFree cash flow$790.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $790.00M | —ROIC · 2019-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$87.00MoperatingIncomeTax expense$467.00MincomeTaxExpensePretax income-$287.00MincomeBeforeTaxTax rate—Equity$9.97BtotalStockholderEquityDebt$10.52BshortLongTermDebtTotalCash$3.46BcashInvested capital$17.03BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.03xEBIT / PP&E · 2019-06-30Operating income / net PP&EOperating income$87.00MoperatingIncomeNet PP&E$2.84BpropertyPlantEquipmentResult 0.03x |
| 2020 | 24.0%Physical asset ratio · 2020-06-30(Net PP&E + inventory) / total assetsNet PP&E$3.08BpropertyPlantEquipmentInventory$3.07BinventoryTotal assets$25.66BtotalAssetsResult 24.0% | 5.43xFixed asset turnover · 2020-06-30Revenue / net PP&ERevenue$16.74BtotalRevenueNet PP&E$3.08BpropertyPlantEquipmentResult 5.43x | 0.41xCapex / D&A · 2020-06-30Capital expenditures / depreciation and amortizationCapex$647.00McapitalExpendituresD&A$1.57BdepreciationAndAmortizationResult 0.41x | -$4.89Tangible book / share · 2020-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$25.66BtotalAssetsGoodwill$10.07BgoodWillIntangibles$941.00MintangibleAssetsLiabilities$16.11BtotalLiabTangible book-$1.46BShares298,000,000commonStockSharesOutstandingResult -$4.89 | 1.84xFixed-charge coverage · 2020-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.93BebitdaCapex$647.00McapitalExpendituresInterest$413.00MinterestExpenseShort-term debt$286.00MshortTermDebtEBITDA − capex$1.29BPrincipal due is short-term debt.Result 1.84x | $177.00MFree cash flow · 2020-06-30Reported free cash flowOperating cash flow$824.00MtotalCashFromOperatingActivitiesCapex$647.00McapitalExpendituresFree cash flow$177.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $177.00M | —ROIC · 2020-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$335.00MoperatingIncomeTax expense$204.00MincomeTaxExpensePretax income-$46.00MincomeBeforeTaxTax rate—Equity$9.55BtotalStockholderEquityDebt$9.58BshortLongTermDebtTotalCash$3.05BcashInvested capital$16.08BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.11xEBIT / PP&E · 2020-06-30Operating income / net PP&EOperating income$335.00MoperatingIncomeNet PP&E$3.08BpropertyPlantEquipmentResult 0.11x |
| 2021 | 26.0%Physical asset ratio · 2021-06-30(Net PP&E + inventory) / total assetsNet PP&E$3.19BpropertyPlantEquipmentInventory$3.62BinventoryTotal assets$26.13BtotalAssetsResult 26.0% | 5.31xFixed asset turnover · 2021-06-30Revenue / net PP&ERevenue$16.92BtotalRevenueNet PP&E$3.19BpropertyPlantEquipmentResult 5.31x | 0.83xCapex / D&A · 2021-06-30Capital expenditures / depreciation and amortizationCapex$1.00BcapitalExpendituresD&A$1.21BdepreciationAndAmortizationResult 0.83x | $0.69Tangible book / share · 2021-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.13BtotalAssetsGoodwill$10.07BgoodWillIntangibles$442.00MintangibleAssetsLiabilities$15.41BtotalLiabTangible book$213.00MShares309,000,000commonStockSharesOutstandingResult $0.69 | 2.53xFixed-charge coverage · 2021-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$2.47BebitdaCapex$1.00BcapitalExpendituresInterest$326.00MinterestExpenseShort-term debt$251.00MshortTermDebtEBITDA − capex$1.46BPrincipal due is short-term debt.Result 2.53x | $895.00MFree cash flow · 2021-06-30Reported free cash flowOperating cash flow$1.90BtotalCashFromOperatingActivitiesCapex$1.00BcapitalExpendituresFree cash flow$895.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $895.00M | 6.7%ROIC · 2021-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.22BoperatingIncomeTax expense$106.00MincomeTaxExpensePretax income$927.00MincomeBeforeTaxTax rate11.4%Equity$10.72BtotalStockholderEquityDebt$8.73BshortLongTermDebtTotalCash$3.37BcashInvested capital$16.08BResult 6.7% | 0.38xEBIT / PP&E · 2021-06-30Operating income / net PP&EOperating income$1.22BoperatingIncomeNet PP&E$3.19BpropertyPlantEquipmentResult 0.38x |
| 2022 | 27.8%Physical asset ratio · 2022-06-30(Net PP&E + inventory) / total assetsNet PP&E$3.67BpropertyPlantEquipmentInventory$3.64BinventoryTotal assets$26.26BtotalAssetsResult 27.8% | 5.12xFixed asset turnover · 2022-06-30Revenue / net PP&ERevenue$18.79BtotalRevenueNet PP&E$3.67BpropertyPlantEquipmentResult 5.12x | 1.19xCapex / D&A · 2022-06-30Capital expenditures / depreciation and amortizationCapex$1.11BcapitalExpendituresD&A$929.00MdepreciationAndAmortizationResult 1.19x | $6.22Tangible book / share · 2022-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.26BtotalAssetsGoodwill$10.04BgoodWillIntangibles$213.00MintangibleAssetsLiabilities$14.04BtotalLiabTangible book$1.97BShares316,000,000commonStockSharesOutstandingResult $6.22 | 6.68xFixed-charge coverage · 2022-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$3.40BebitdaCapex$1.11BcapitalExpendituresInterest$304.00MinterestExpenseShort-term debt$40.00MshortTermDebtEBITDA − capex$2.30BPrincipal due is short-term debt.Result 6.68x | $773.00MFree cash flow · 2022-06-30Reported free cash flowOperating cash flow$1.88BtotalCashFromOperatingActivitiesCapex$1.11BcapitalExpendituresFree cash flow$773.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $773.00M | 10.0%ROIC · 2022-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.39BoperatingIncomeTax expense$625.00MincomeTaxExpensePretax income$2.17BincomeBeforeTaxTax rate28.8%Equity$12.22BtotalStockholderEquityDebt$7.06BshortLongTermDebtTotalCash$2.33BcashInvested capital$16.96BResult 10.0% | 0.65xEBIT / PP&E · 2022-06-30Operating income / net PP&EOperating income$2.39BoperatingIncomeNet PP&E$3.67BpropertyPlantEquipmentResult 0.65x |
| 2023 | 29.8%Physical asset ratio · 2023-06-30(Net PP&E + inventory) / total assetsNet PP&E$3.62BpropertyPlantEquipmentInventory$3.70BinventoryTotal assets$24.55BtotalAssetsResult 29.8% | 1.73xFixed asset turnover · 2023-06-30Revenue / net PP&ERevenue$6.26BtotalRevenueNet PP&E$3.62BpropertyPlantEquipmentResult 1.73x | 0.97xCapex / D&A · 2023-06-30Capital expenditures / depreciation and amortizationCapex$807.00McapitalExpendituresD&A$828.00MdepreciationAndAmortizationResult 0.97x | $2.66Tangible book / share · 2023-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.55BtotalAssetsGoodwill$10.04BgoodWillIntangibles$80.00MintangibleAssetsLiabilities$13.58BtotalLiabTangible book$847.00MShares318,000,000commonStockSharesOutstandingResult $2.66 | -0.34xFixed-charge coverage · 2023-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$289.00MebitdaCapex$807.00McapitalExpendituresInterest$310.00MinterestExpenseShort-term debt$1.21BshortLongTermDebtEBITDA − capex-$518.00MPrincipal due is the current portion of debt.Result -0.34x | -$1.22BFree cash flow · 2023-06-30Reported free cash flowOperating cash flow-$408.00MtotalCashFromOperatingActivitiesCapex$807.00McapitalExpendituresFree cash flow-$1.22BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.22B | —ROIC · 2023-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$548.00MoperatingIncomeTax expense$53.00MincomeTaxExpensePretax income-$849.00MincomeBeforeTaxTax rate—Equity$10.96BtotalStockholderEquityDebt$8.47BshortLongTermDebtTotalCash$2.02BcashInvested capital$17.42BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.15xEBIT / PP&E · 2023-06-30Operating income / net PP&EOperating income-$548.00MoperatingIncomeNet PP&E$3.62BpropertyPlantEquipmentResult -0.15x |
| 2024 | 15.5%Physical asset ratio · 2024-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.36BpropertyPlantAndEquipmentNetInventory$1.39BinventoryTotal assets$24.19BtotalAssetsResult 15.5% | 2.68xFixed asset turnover · 2024-06-30Revenue / net PP&ERevenue$6.32BtotalRevenueNet PP&E$2.36BpropertyPlantAndEquipmentNetResult 2.68x | 0.86xCapex / D&A · 2024-06-30Capital expenditures / depreciation and amortizationCapex$487.00McapitalExpendituresD&A$568.00MdepreciationAndAmortizationResult 0.86x | $19.71Tangible book / share · 2024-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.19BtotalAssetsGoodwill$4.32BgoodWillIntangibles$72.00MintangibleAssetsLiabilities$13.37BtotalLiabTangible book$6.43BShares326,000,000commonStockSharesOutstandingResult $19.71 | -0.11xFixed-charge coverage · 2024-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$243.00MebitdaCapex$487.00McapitalExpendituresInterest$414.00MinterestExpenseShort-term debt$1.75BshortLongTermDebtEBITDA − capex-$244.00MPrincipal due is the current portion of debt.Result -0.11x | -$781.00MFree cash flow · 2024-06-30Reported free cash flowOperating cash flow-$294.00MtotalCashFromOperatingActivitiesCapex$487.00McapitalExpendituresFree cash flow-$781.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$781.00M | —ROIC · 2024-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$403.00MoperatingIncomeTax expense$26.00MincomeTaxExpensePretax income-$739.00MincomeBeforeTaxTax rate—Equity$10.82BtotalStockholderEquityDebt$7.82BshortLongTermDebtTotalCash$1.55BcashInvested capital$17.09BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.17xEBIT / PP&E · 2024-06-30Operating income / net PP&EOperating income-$403.00MoperatingIncomeNet PP&E$2.36BpropertyPlantAndEquipmentNetResult -0.17x |
| 2025 | 26.8%Physical asset ratio · 2025-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.47BpropertyPlantAndEquipmentNetInventory$1.29BinventoryTotal assets$14.00BtotalAssetsResult 26.8% | 3.86xFixed asset turnover · 2025-06-30Revenue / net PP&ERevenue$9.52BtotalRevenueNet PP&E$2.47BpropertyPlantAndEquipmentNetResult 3.86x | 0.90xCapex / D&A · 2025-06-30Capital expenditures / depreciation and amortizationCapex$407.00McapitalExpendituresD&A$451.00MdepreciationAndAmortizationResult 0.90x | $2.56Tangible book / share · 2025-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.00BtotalAssetsGoodwill$4.32BgoodWillIntangibles$72.00MintangibleAssetsLiabilities$8.69BtotalLiabTangible book$920.00MShares359,000,000commonStockSharesOutstandingResult $2.56 | 0.59xFixed-charge coverage · 2025-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.94BebitdaCapex$407.00McapitalExpendituresInterest$357.00MinterestExpenseShort-term debt$2.23BshortLongTermDebtEBITDA − capex$1.53BPrincipal due is the current portion of debt.Result 0.59x | $1.28BFree cash flow · 2025-06-30Reported free cash flowOperating cash flow$1.69BtotalCashFromOperatingActivitiesCapex$407.00McapitalExpendituresFree cash flow$1.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.28B | 29.5%ROIC · 2025-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.33BoperatingIncomeTax expense-$513.00MincomeTaxExpensePretax income$1.13BincomeBeforeTaxTax rate0.0%Equity$5.31BtotalStockholderEquityDebt$5.08BshortLongTermDebtTotalCash$2.47BcashAndShortTermInvestmentsInvested capital$7.92BResult 29.5% | 0.95xEBIT / PP&E · 2025-06-30Operating income / net PP&EOperating income$2.33BoperatingIncomeNet PP&E$2.47BpropertyPlantAndEquipmentNetResult 0.95x |
| 2026 | 28.8%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.48BpropertyPlantAndEquipmentNetInventory$1.51BinventoryTotal assets$13.86BtotalAssetsResult 28.8% | 5.22xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$12.92BtotalRevenueNet PP&E$2.48BpropertyPlantAndEquipmentNetResult 5.22x | 1.11xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$418.00McapitalExpendituresD&A$375.00MdepreciationAndAmortizationResult 1.11x | $11.66Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.86BtotalAssetsGoodwill$4.32BgoodWillIntangibles$77.00MintangibleAssetsLiabilities$5.00BtotalLiabTangible book$4.47BShares383,000,000commonStockSharesOutstandingResult $11.66 | 8.28xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$10.28BebitdaCapex$418.00McapitalExpendituresInterest$139.00MinterestExpenseShort-term debt$1.05BshortTermDebtEBITDA − capex$9.86BPrincipal due is short-term debt.Result 8.28x | $3.51BFree cash flow · 2026-06-30Reported free cash flowOperating cash flow$3.93BtotalCashFromOperatingActivitiesCapex$418.00McapitalExpendituresFree cash flow$3.51BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.51B | 50.8%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.45BoperatingIncomeTax expense$481.00MincomeTaxExpensePretax income$9.91BincomeBeforeTaxTax rate4.9%Equity$8.86BtotalStockholderEquityDebt$1.05BshortLongTermDebtTotalCash$1.58BcashInvested capital$8.34BResult 50.8% | 1.80xEBIT / PP&E · 2026-06-30Operating income / net PP&EOperating income$4.45BoperatingIncomeNet PP&E$2.48BpropertyPlantAndEquipmentNetResult 1.80x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: $2.48B
Inventory: $1.51B
Total assets: $13.86B
Goodwill: $4.32B
Intangibles: $77.00M
Liabilities: $5.00B
Tangible book: $4.47B
Shares: 383,000,000
Revenue: $12.92B
Capex: $418.00M
D&A: $375.00M
EBITDA: $10.28B
Interest: $139.00M
Short-term debt: $1.05B
Free cash flow: $3.51B
Operating income: $4.45B
Invested capital: $8.34B
Tax rate: 4.9%