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.
Walmart Inc.
Physical assets are 75.8% of total assets, a heavy footprint. Capex is 1.88x 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 14.4%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.54x. Compare it with other names in the same basket.
Physical asset ratio
75.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.54x
Revenue per dollar of the physical asset base.
Capex / D&A
1.88x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$9.65
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
12.21x
Price $117.87.
Fixed-charge coverage
1.53x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.6%
Latest free cash flow divided by current market cap ($938.02B).
ROIC
14.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.19x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 71.0% | 4.62x | 0.97x | $4.83 | 1.50x | $17.41B | 10.6% | 0.20x |
| 2020 | 72.5% | 4.12x | 0.97x | $5.26 | 2.69x | $14.55B | 10.8% | 0.16x |
| 2021 | 61.3% | 5.09x | 0.92x | $6.28 | 4.20x | $25.81B | 11.3% | 0.21x |
| 2022 | 69.1% | 5.09x | 1.23x | $6.90 | 3.50x | $11.08B | 16.8% | 0.23x |
| 2023 | 72.2% | 5.13x | 1.54x | $6.28 | 1.98x | $12.24B | 11.9% | 0.17x |
| 2024 | 73.4% | 4.97x | 1.74x | $7.20 | 2.25x | $15.12B | 14.3% | 0.21x |
| 2025 | 75.2% | 4.87x | 1.83x | $7.97 | 2.17x | $12.66B | 18.6% | 0.21x |
| 2026 | 75.8% | 4.54x | 1.88x | $9.65 | 1.53x | $14.92B | 14.4% | 0.19x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $156.96B
Inventory: $58.85B
Total assets: $284.67B
Goodwill: $28.74B
Intangibles: $0.00
Liabilities: $178.49B
Tangible book: $77.45B
Shares: 8,022,000,000
Revenue: $713.16B
Capex: $26.64B
D&A: $14.20B
EBITDA: $46.47B
Interest: $2.80B
Short-term debt: $10.14B
Free cash flow: $14.92B
Operating income: $29.83B
Invested capital: $155.99B
Tax rate: 24.4%