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.
Xp Inc
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 0.69x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.08x, which is below 1.
Fixed-asset turnover is 22.68x. Compare it with other names in the same basket.
Physical asset ratio
0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$804.13MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$396.53BtotalAssetsInventory was not reported and is treated as zero.Result 0.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
22.68xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$18.24BtotalRevenueNet PP&E$804.13MpropertyPlantAndEquipmentNetResult 22.68x
Revenue per dollar of the physical asset base.
Capex / D&A
0.69xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$209.29McapitalExpendituresD&A$304.14MdepreciationAndAmortizationResult 0.69x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$39.07Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$396.53BtotalAssetsGoodwill$1.92BgoodWillIntangibles$841.90MintangibleAssetsLiabilities$372.98BtotalLiabTangible book$20.78BShares531,923,000commonStockSharesOutstandingResult $39.07
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.38xPrice / tangible bookPrice / tangible book per sharePrice$14.95Latest quoteTangible book / share$39.072025-12-31Result 0.38x
Price $14.95.
Fixed-charge coverage
0.08xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.26BebitdaCapex$209.29McapitalExpendituresInterest$613.12MinterestExpenseShort-term debt$74.65BshortLongTermDebtEBITDA − capex$6.05BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.08x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
157.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$11.84BfreeCashFlowMarket cap$7.50BMarketCapitalizationResult 157.8%
Latest free cash flow divided by current market cap ($7.50B).
ROIC
5.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.91BoperatingIncomeTax expense$273.78MincomeTaxExpensePretax income$5.34BincomeBeforeTaxTax rate5.1%Equity$23.55BtotalStockholderEquityDebt$85.30BshortLongTermDebtTotalCash$10.36BcashInvested capital$98.49BResult 5.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 7.35x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -98.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$99.13MpropertyPlantEquipmentInventory-$17.63BinventoryTotal assets$17.72BtotalAssetsResult -98.9% | 31.85xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.16BtotalRevenueNet PP&E$99.13MpropertyPlantEquipmentResult 31.85x | 2.59xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$136.67McapitalExpendituresD&A$52.79MdepreciationAndAmortizationResult 2.59x | $2.88Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$17.72BtotalAssetsGoodwill$382.50MgoodWillIntangibles$122.42MintangibleAssetsLiabilities$15.63BtotalLiabTangible book$1.59BShares551,800,000commonStockSharesOutstandingResult $2.88 | 3.52xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$809.11MebitdaCapex$136.67McapitalExpendituresInterest$76.70MinterestExpenseShort-term debt$114.49MshortLongTermDebtEBITDA − capex$672.45MPrincipal due is the current portion of debt.Result 3.52x | -$593.41MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$456.75MtotalCashFromOperatingActivitiesCapex$136.67McapitalExpendituresFree cash flow-$593.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$593.41M | 45.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$806.56MoperatingIncomeTax expense$186.05MincomeTaxExpensePretax income$679.62MincomeBeforeTaxTax rate27.4%Equity$2.08BtotalStockholderEquityDebt$876.15MlongTermDebt + shortLongTermDebtCash$1.66BcashAndShortTermInvestmentsInvested capital$1.30BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 45.1% | 8.14xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$806.56MoperatingIncomeNet PP&E$99.13MpropertyPlantEquipmentResult 8.14x |
| 2019 | 2.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$369.94MpropertyPlantEquipmentInventory$905.27MinventoryTotal assets$43.62BtotalAssetsResult 2.9% | 13.97xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$5.17BtotalRevenueNet PP&E$369.94MpropertyPlantEquipmentResult 13.97x | 1.78xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$161.45McapitalExpendituresD&A$90.71MdepreciationAndAmortizationResult 1.78x | $12.90Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$43.62BtotalAssetsGoodwill$382.50MgoodWillIntangibles$170.95MintangibleAssetsLiabilities$36.47BtotalLiabTangible book$6.60BShares511,710,000commonStockSharesOutstandingResult $12.90 | 7.61xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.67BebitdaCapex$161.45McapitalExpendituresInterest$81.87MinterestExpenseShort-term debt$116.45MshortLongTermDebtEBITDA − capex$1.51BPrincipal due is the current portion of debt.Result 7.61x | $1.37BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.53BtotalCashFromOperatingActivitiesCapex$161.45McapitalExpendituresFree cash flow$1.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.37B | 21.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.61BoperatingIncomeTax expense$441.01MincomeTaxExpensePretax income$1.50BincomeBeforeTaxTax rate29.4%Equity$7.15BtotalStockholderEquityDebt$1.47BlongTermDebt + shortLongTermDebtCash$3.23BcashAndShortTermInvestmentsInvested capital$5.40BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 21.0% | 4.34xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.61BoperatingIncomeNet PP&E$369.94MpropertyPlantEquipmentResult 4.34x |
| 2020 | 8.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$387.17MpropertyPlantEquipmentInventory$7.90BinventoryTotal assets$96.03BtotalAssetsResult 8.6% | 22.20xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$8.60BtotalRevenueNet PP&E$387.17MpropertyPlantEquipmentResult 22.20x | 2.03xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$291.53McapitalExpendituresD&A$143.26MdepreciationAndAmortizationResult 2.03x | $18.21Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$96.03BtotalAssetsGoodwill$474.37MgoodWillIntangibles$239.20MintangibleAssetsLiabilities$85.13BtotalLiabTangible book$10.18BShares559,108,000commonStockSharesOutstandingResult $18.21 | 22.39xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.64BebitdaCapex$291.53McapitalExpendituresInterest$53.09MinterestExpenseShort-term debt$51.66MshortLongTermDebtEBITDA − capex$2.35BPrincipal due is the current portion of debt.Result 22.39x | $1.22BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$1.51BtotalCashFromOperatingActivitiesCapex$291.53McapitalExpendituresFree cash flow$1.22BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.22B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.59BoperatingIncomeTax expense$342.63MincomeTaxExpensePretax income$2.44BincomeBeforeTaxTax rate14.0%Equity$10.89BtotalStockholderEquityDebt$879.44MlongTermDebt + shortLongTermDebtCash$22.05BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 6.69xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$2.59BoperatingIncomeNet PP&E$387.17MpropertyPlantEquipmentResult 6.69x |
| 2021 | 14.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$599.00MpropertyPlantEquipmentInventory$19.91BinventoryTotal assets$139.34BtotalAssetsResult 14.7% | 21.66xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$12.97BtotalRevenueNet PP&E$599.00MpropertyPlantEquipmentResult 21.66x | 1.52xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$353.01McapitalExpendituresD&A$231.73MdepreciationAndAmortizationResult 1.52x | $23.71Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$139.34BtotalAssetsGoodwill$542.75MgoodWillIntangibles$278.23MintangibleAssetsLiabilities$124.92BtotalLiabTangible book$13.60BShares573,499,000commonStockSharesOutstandingResult $23.71 | 0.14xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.34BebitdaCapex$353.01McapitalExpendituresInterest$141.07MinterestExpenseShort-term debt$27.94BshortTermDebtEBITDA − capex$3.98BPrincipal due is short-term debt.Result 0.14x | -$4.37BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$4.02BtotalCashFromOperatingActivitiesCapex$353.01McapitalExpendituresFree cash flow-$4.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.37B | 61.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.15BoperatingIncomeTax expense$231.47MincomeTaxExpensePretax income$3.97BincomeBeforeTaxTax rate5.8%Equity$14.42BtotalStockholderEquityDebt$28.21BshortLongTermDebtTotalCash$36.22BcashAndShortTermInvestmentsInvested capital$6.40BResult 61.1% | 6.93xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$4.15BoperatingIncomeNet PP&E$599.00MpropertyPlantEquipmentResult 6.93x |
| 2022 | 0.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$569.39MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$192.03BtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 24.90xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$14.18BtotalRevenueNet PP&E$569.39MpropertyPlantEquipmentResult 24.90x | 0.62xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$126.98McapitalExpendituresD&A$205.88MdepreciationAndAmortizationResult 0.62x | $28.27Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$192.03BtotalAssetsGoodwill$595.22MgoodWillIntangibles$248.96MintangibleAssetsLiabilities$174.99BtotalLiabTangible book$16.20BShares573,006,000commonStockSharesOutstandingResult $28.27 | 0.12xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.19BebitdaCapex$126.98McapitalExpendituresInterest$416.73MinterestExpenseShort-term debt$33.66BshortTermDebtEBITDA − capex$4.06BPrincipal due is short-term debt.Result 0.12x | $1.68BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.80BtotalCashFromOperatingActivitiesCapex$126.98McapitalExpendituresFree cash flow$1.68BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.68B | 36.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.05BoperatingIncomeTax expense-$140.42MincomeTaxExpensePretax income$3.57BincomeBeforeTaxTax rate0.0%Equity$17.04BtotalStockholderEquityDebt$35.52BshortLongTermDebtTotalCash$41.30BcashAndShortTermInvestmentsInvested capital$11.25BResult 36.0% | 7.11xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$4.05BoperatingIncomeNet PP&E$569.39MpropertyPlantEquipmentResult 7.11x |
| 2023 | 0.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$655.17MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$249.04BtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 22.62xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$14.82BtotalRevenueNet PP&E$655.17MpropertyPlantAndEquipmentNetResult 22.62x | 0.78xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$196.22McapitalExpendituresD&A$252.41MdepreciationAndAmortizationResult 0.78x | $31.14Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$249.04BtotalAssetsGoodwill$1.83BgoodWillIntangibles$668.64MintangibleAssetsLiabilities$229.59BtotalLiabTangible book$16.95BShares544,212,000commonStockSharesOutstandingResult $31.14 | 0.13xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.73BebitdaCapex$196.22McapitalExpendituresInterest$607.62MinterestExpenseShort-term debt$35.54BshortLongTermDebtEBITDA − capex$4.54BPrincipal due is the current portion of debt.Result 0.13x | $7.93BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$8.13BtotalCashFromOperatingActivitiesCapex$196.22McapitalExpendituresFree cash flow$7.93BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.93B | 13.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.55BoperatingIncomeTax expense$36.37MincomeTaxExpensePretax income$3.87BincomeBeforeTaxTax rate0.9%Equity$19.45BtotalStockholderEquityDebt$68.56BshortLongTermDebtTotalCash$54.41BcashAndShortTermInvestmentsInvested capital$33.60BResult 13.4% | 6.94xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$4.55BoperatingIncomeNet PP&E$655.17MpropertyPlantAndEquipmentNetResult 6.94x |
| 2024 | 0.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$763.10MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$347.46BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 26.04xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$19.87BtotalRevenueNet PP&E$763.10MpropertyPlantAndEquipmentNetResult 26.04x | 1.24xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$330.21McapitalExpendituresD&A$265.33MdepreciationAndAmortizationResult 1.24x | $31.76Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$347.46BtotalAssetsGoodwill$1.92BgoodWillIntangibles$713.10MintangibleAssetsLiabilities$327.41BtotalLiabTangible book$17.41BShares548,319,000commonStockSharesOutstandingResult $31.76 | 0.08xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.88BebitdaCapex$330.21McapitalExpendituresInterest$894.20MinterestExpenseShort-term debt$81.84BshortTermDebtEBITDA − capex$6.55BPrincipal due is short-term debt.Result 0.08x | $10.85BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$11.18BtotalCashFromOperatingActivitiesCapex$330.21McapitalExpendituresFree cash flow$10.85BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.85B | 9.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.60BoperatingIncomeTax expense$540.43MincomeTaxExpensePretax income$5.72BincomeBeforeTaxTax rate9.4%Equity$20.04BtotalStockholderEquityDebt$115.13BshortLongTermDebtTotalCash$74.91BcashAndShortTermInvestmentsInvested capital$60.27BResult 9.9% | 8.64xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$6.60BoperatingIncomeNet PP&E$763.10MpropertyPlantAndEquipmentNetResult 8.64x |
| 2025 | 0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$804.13MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$396.53BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 22.68xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$18.24BtotalRevenueNet PP&E$804.13MpropertyPlantAndEquipmentNetResult 22.68x | 0.69xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$209.29McapitalExpendituresD&A$304.14MdepreciationAndAmortizationResult 0.69x | $39.07Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$396.53BtotalAssetsGoodwill$1.92BgoodWillIntangibles$841.90MintangibleAssetsLiabilities$372.98BtotalLiabTangible book$20.78BShares531,923,000commonStockSharesOutstandingResult $39.07 | 0.08xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.26BebitdaCapex$209.29McapitalExpendituresInterest$613.12MinterestExpenseShort-term debt$74.65BshortLongTermDebtEBITDA − capex$6.05BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.08x | $11.84BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$12.04BtotalCashFromOperatingActivitiesCapex$209.29McapitalExpendituresFree cash flow$11.84BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $11.84B | 5.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.91BoperatingIncomeTax expense$273.78MincomeTaxExpensePretax income$5.34BincomeBeforeTaxTax rate5.1%Equity$23.55BtotalStockholderEquityDebt$85.30BshortLongTermDebtTotalCash$10.36BcashInvested capital$98.49BResult 5.7% | 7.35xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$5.91BoperatingIncomeNet PP&E$804.13MpropertyPlantAndEquipmentNetResult 7.35x |
- 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.
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2025)
Net PP&E: $804.13M
Inventory: $0.00
Total assets: $396.53B
Goodwill: $1.92B
Intangibles: $841.90M
Liabilities: $372.98B
Tangible book: $20.78B
Shares: 531,923,000
Revenue: $18.24B
Capex: $209.29M
D&A: $304.14M
EBITDA: $6.26B
Interest: $613.12M
Short-term debt: $74.65B
Free cash flow: $11.84B
Operating income: $5.91B
Invested capital: $98.49B
Tax rate: 5.1%