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.
The Wendy’s Co
Physical assets are 38.3% of total assets, a mixed footprint. Capex is 0.60x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 9.4%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 1.15x. Compare it with other names in the same basket.
Physical asset ratio
38.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.89BpropertyPlantAndEquipmentNetInventory$7.39MinventoryTotal assets$4.96BtotalAssetsResult 38.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.15xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.18BtotalRevenueNet PP&E$1.89BpropertyPlantAndEquipmentNetResult 1.15x
Revenue per dollar of the physical asset base.
Capex / D&A
0.60xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$101.93McapitalExpendituresD&A$170.87MdepreciationAndAmortizationResult 0.60x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$9.42Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.96BtotalAssetsGoodwill$774.09MgoodWillIntangibles$1.17BintangibleAssetsLiabilities$4.84BtotalLiabTangible book-$1.83BShares194,032,000commonStockSharesOutstandingResult -$9.42
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$7.65Latest quoteTangible book / share-$9.422025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $7.65.
Fixed-charge coverage
2.71xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$524.58MebitdaCapex$101.93McapitalExpendituresInterest$126.47MinterestExpenseShort-term debt$29.75MshortLongTermDebtEBITDA − capex$422.66MPrincipal due is the current portion of debt.Result 2.71x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
16.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$242.62MfreeCashFlowMarket cap$1.46BMarketCapitalizationResult 16.6%
Latest free cash flow divided by current market cap ($1.46B).
ROIC
9.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$332.32MoperatingIncomeTax expense$62.17MincomeTaxExpensePretax income$227.25MincomeBeforeTaxTax rate27.4%Equity$117.38MtotalStockholderEquityDebt$2.76BlongTermDebt + shortLongTermDebtCash$300.83McashInvested capital$2.58BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 9.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.18x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 28.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.21BpropertyPlantEquipmentInventory$3.69MinventoryTotal assets$4.29BtotalAssetsResult 28.4% | 1.31xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.59BtotalRevenueNet PP&E$1.21BpropertyPlantEquipmentResult 1.31x | 0.54xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$69.86McapitalExpendituresD&A$128.88MdepreciationAndAmortizationResult 0.54x | -$5.69Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.29BtotalAssetsGoodwill$747.88MgoodWillIntangibles$1.29BintangibleAssetsLiabilities$3.64BtotalLiabTangible book-$1.39BShares244,963,000commonStockSharesOutstandingResult -$5.69 | 4.98xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$823.41MebitdaCapex$69.86McapitalExpendituresInterest$119.62MinterestExpenseShort-term debt$31.66MshortTermDebtEBITDA − capex$753.56MPrincipal due is short-term debt.Result 4.98x | $154.37MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$224.23MtotalCashFromOperatingActivitiesCapex$69.86McapitalExpendituresFree cash flow$154.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $154.37M | 6.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$249.89MoperatingIncomeTax expense$114.80MincomeTaxExpensePretax income$574.92MincomeBeforeTaxTax rate20.0%Equity$648.45MtotalStockholderEquityDebt$2.78BshortLongTermDebtTotalCash$431.41McashInvested capital$3.00BResult 6.7% | 0.21xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$249.89MoperatingIncomeNet PP&E$1.21BpropertyPlantEquipmentResult 0.21x |
| 2019 | 40.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.03BpropertyPlantAndEquipmentNetInventory$3.89MinventoryTotal assets$4.99BtotalAssetsResult 40.8% | 0.84xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.71BtotalRevenueNet PP&E$2.03BpropertyPlantAndEquipmentNetResult 0.84x | 0.57xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$74.45McapitalExpendituresD&A$131.69MdepreciationAndAmortizationResult 0.57x | -$6.32Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.99BtotalAssetsGoodwill$755.91MgoodWillIntangibles$1.25BintangibleAssetsLiabilities$4.48BtotalLiabTangible book-$1.49BShares235,075,000commonStockSharesOutstandingResult -$6.32 | 2.48xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$419.15MebitdaCapex$74.45McapitalExpendituresInterest$115.97MinterestExpenseShort-term debt$22.75MshortLongTermDebtEBITDA − capex$344.69MPrincipal due is the current portion of debt.Result 2.48x | $214.48MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$288.93MtotalCashFromOperatingActivitiesCapex$74.45McapitalExpendituresFree cash flow$214.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $214.48M | 8.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$262.58MoperatingIncomeTax expense$34.54MincomeTaxExpensePretax income$171.48MincomeBeforeTaxTax rate20.1%Equity$516.36MtotalStockholderEquityDebt$2.28BlongTermDebt + shortLongTermDebtCash$300.20McashInvested capital$2.50BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.4% | 0.13xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$262.58MoperatingIncomeNet PP&E$2.03BpropertyPlantAndEquipmentNetResult 0.13x |
| 2020 | 38.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.94BpropertyPlantAndEquipmentNetInventory$4.73MinventoryTotal assets$5.04BtotalAssetsResult 38.7% | 0.89xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.73BtotalRevenueNet PP&E$1.94BpropertyPlantAndEquipmentNetResult 0.89x | 0.52xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$68.97McapitalExpendituresD&A$132.78MdepreciationAndAmortizationResult 0.52x | -$6.26Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.04BtotalAssetsGoodwill$751.05MgoodWillIntangibles$1.22BintangibleAssetsLiabilities$4.49BtotalLiabTangible book-$1.43BShares228,014,000commonStockSharesOutstandingResult -$6.26 | 2.28xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$403.31MebitdaCapex$68.97McapitalExpendituresInterest$117.74MinterestExpenseShort-term debt$28.96MshortLongTermDebtEBITDA − capex$334.34MPrincipal due is the current portion of debt.Result 2.28x | $215.39MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$284.36MtotalCashFromOperatingActivitiesCapex$68.97McapitalExpendituresFree cash flow$215.39MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $215.39M | 8.3%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$269.31MoperatingIncomeTax expense$34.96MincomeTaxExpensePretax income$152.80MincomeBeforeTaxTax rate22.9%Equity$549.60MtotalStockholderEquityDebt$2.25BlongTermDebt + shortLongTermDebtCash$306.99McashInvested capital$2.49BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.3% | 0.14xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$269.31MoperatingIncomeNet PP&E$1.94BpropertyPlantAndEquipmentNetResult 0.14x |
| 2021 | 38.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.96BpropertyPlantEquipmentInventory$5.93MinventoryTotal assets$5.10BtotalAssetsResult 38.6% | 0.97xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.90BtotalRevenueNet PP&E$1.96BpropertyPlantEquipmentResult 0.97x | 0.62xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$77.98McapitalExpendituresD&A$125.54MdepreciationAndAmortizationResult 0.62x | -$7.22Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.10BtotalAssetsGoodwill$775.28MgoodWillIntangibles$1.28BintangibleAssetsLiabilities$4.66BtotalLiabTangible book-$1.62BShares224,405,000commonStockSharesOutstandingResult -$7.22 | 2.98xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$475.30MebitdaCapex$77.98McapitalExpendituresInterest$109.19MinterestExpenseShort-term debt$24.25MshortLongTermDebtEBITDA − capex$397.32MPrincipal due is the current portion of debt.Result 2.98x | $267.79MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$345.77MtotalCashFromOperatingActivitiesCapex$77.98McapitalExpendituresFree cash flow$267.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $267.79M | 11.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$366.96MoperatingIncomeTax expense$40.19MincomeTaxExpensePretax income$240.58MincomeBeforeTaxTax rate16.7%Equity$436.41MtotalStockholderEquityDebt$2.38BlongTermDebt + shortLongTermDebtCash$249.44McashInvested capital$2.57BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 11.9% | 0.19xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$366.96MoperatingIncomeNet PP&E$1.96BpropertyPlantEquipmentResult 0.19x |
| 2022 | 34.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.88BpropertyPlantAndEquipmentNetInventory$7.13MinventoryTotal assets$5.50BtotalAssetsResult 34.4% | 1.11xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$2.10BtotalRevenueNet PP&E$1.88BpropertyPlantAndEquipmentNetResult 1.11x | 0.63xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$85.54McapitalExpendituresD&A$135.81MdepreciationAndAmortizationResult 0.63x | -$7.21Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.50BtotalAssetsGoodwill$773.09MgoodWillIntangibles$1.25BintangibleAssetsLiabilities$5.03BtotalLiabTangible book-$1.56BShares215,839,000commonStockSharesOutstandingResult -$7.21 | 2.75xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$501.63MebitdaCapex$85.54McapitalExpendituresInterest$122.32MinterestExpenseShort-term debt$29.25MshortLongTermDebtEBITDA − capex$416.09MPrincipal due is the current portion of debt.Result 2.75x | $174.36MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$259.90MtotalCashFromOperatingActivitiesCapex$85.54McapitalExpendituresFree cash flow$174.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $174.36M | 10.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$353.31MoperatingIncomeTax expense$66.14MincomeTaxExpensePretax income$243.51MincomeBeforeTaxTax rate27.2%Equity$465.72MtotalStockholderEquityDebt$2.85BlongTermDebt + shortLongTermDebtCash$745.89McashInvested capital$2.57BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 10.0% | 0.19xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$353.31MoperatingIncomeNet PP&E$1.88BpropertyPlantAndEquipmentNetResult 0.19x |
| 2023 | 35.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.83BpropertyPlantAndEquipmentNetInventory$6.69MinventoryTotal assets$5.18BtotalAssetsResult 35.4% | 1.19xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.18BtotalRevenueNet PP&E$1.83BpropertyPlantAndEquipmentNetResult 1.19x | 0.57xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$85.02McapitalExpendituresD&A$148.57MdepreciationAndAmortizationResult 0.57x | -$7.96Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.18BtotalAssetsGoodwill$773.73MgoodWillIntangibles$1.22BintangibleAssetsLiabilities$4.87BtotalLiabTangible book-$1.68BShares211,534,000commonStockSharesOutstandingResult -$7.96 | 3.05xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$552.05MebitdaCapex$85.02McapitalExpendituresInterest$124.06MinterestExpenseShort-term debt$29.25MshortLongTermDebtEBITDA − capex$467.03MPrincipal due is the current portion of debt.Result 3.05x | $260.40MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$345.42MtotalCashFromOperatingActivitiesCapex$85.02McapitalExpendituresFree cash flow$260.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $260.40M | 7.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$381.98MoperatingIncomeTax expense$74.98MincomeTaxExpensePretax income$279.42MincomeBeforeTaxTax rate26.8%Equity$309.78MtotalStockholderEquityDebt$4.14BshortLongTermDebtTotalCash$516.04McashInvested capital$3.93BResult 7.1% | 0.21xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$381.98MoperatingIncomeNet PP&E$1.83BpropertyPlantAndEquipmentNetResult 0.21x |
| 2024 | 36.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.83BpropertyPlantAndEquipmentNetInventory$6.53MinventoryTotal assets$5.03BtotalAssetsResult 36.5% | 1.23xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.25BtotalRevenueNet PP&E$1.83BpropertyPlantAndEquipmentNetResult 1.23x | 0.60xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$94.39McapitalExpendituresD&A$157.94MdepreciationAndAmortizationResult 0.60x | -$8.29Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.03BtotalAssetsGoodwill$771.47MgoodWillIntangibles$1.19BintangibleAssetsLiabilities$4.78BtotalLiabTangible book-$1.70BShares205,614,000commonStockSharesOutstandingResult -$8.29 | 2.28xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$554.23MebitdaCapex$94.39McapitalExpendituresInterest$123.88MinterestExpenseShort-term debt$78.16MshortLongTermDebtEBITDA − capex$459.84MPrincipal due is the current portion of debt.Result 2.28x | $260.92MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$355.31MtotalCashFromOperatingActivitiesCapex$94.39McapitalExpendituresFree cash flow$260.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $260.92M | 6.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$371.36MoperatingIncomeTax expense$78.06MincomeTaxExpensePretax income$272.41MincomeBeforeTaxTax rate28.7%Equity$259.35MtotalStockholderEquityDebt$4.09BshortLongTermDebtTotalCash$450.51McashInvested capital$3.90BResult 6.8% | 0.20xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$371.36MoperatingIncomeNet PP&E$1.83BpropertyPlantAndEquipmentNetResult 0.20x |
| 2025 | 38.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.89BpropertyPlantAndEquipmentNetInventory$7.39MinventoryTotal assets$4.96BtotalAssetsResult 38.3% | 1.15xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.18BtotalRevenueNet PP&E$1.89BpropertyPlantAndEquipmentNetResult 1.15x | 0.60xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$101.93McapitalExpendituresD&A$170.87MdepreciationAndAmortizationResult 0.60x | -$9.42Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.96BtotalAssetsGoodwill$774.09MgoodWillIntangibles$1.17BintangibleAssetsLiabilities$4.84BtotalLiabTangible book-$1.83BShares194,032,000commonStockSharesOutstandingResult -$9.42 | 2.71xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$524.58MebitdaCapex$101.93McapitalExpendituresInterest$126.47MinterestExpenseShort-term debt$29.75MshortLongTermDebtEBITDA − capex$422.66MPrincipal due is the current portion of debt.Result 2.71x | $242.62MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$344.54MtotalCashFromOperatingActivitiesCapex$101.93McapitalExpendituresFree cash flow$242.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $242.62M | 9.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$332.32MoperatingIncomeTax expense$62.17MincomeTaxExpensePretax income$227.25MincomeBeforeTaxTax rate27.4%Equity$117.38MtotalStockholderEquityDebt$2.76BlongTermDebt + shortLongTermDebtCash$300.83McashInvested capital$2.58BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 9.4% | 0.18xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$332.32MoperatingIncomeNet PP&E$1.89BpropertyPlantAndEquipmentNetResult 0.18x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $1.89B
Inventory: $7.39M
Total assets: $4.96B
Goodwill: $774.09M
Intangibles: $1.17B
Liabilities: $4.84B
Tangible book: -$1.83B
Shares: 194,032,000
Revenue: $2.18B
Capex: $101.93M
D&A: $170.87M
EBITDA: $524.58M
Interest: $126.47M
Short-term debt: $29.75M
Free cash flow: $242.62M
Operating income: $332.32M
Invested capital: $2.58B
Tax rate: 27.4%