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.
Yiren Digital Ltd.
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 0.84x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 63.51x. Compare it with other names in the same basket.
Physical asset ratio
0.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$87.73MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$13.45BtotalAssetsInventory was not reported and is treated as zero.Result 0.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
63.51xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$5.57BtotalRevenueNet PP&E$87.73MpropertyPlantEquipmentResult 63.51x
Revenue per dollar of the physical asset base.
Capex / D&A
0.84xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$25.74McapitalExpendituresD&A$30.59MdepreciationAndAmortizationResult 0.84x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$105.96Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.45BtotalAssetsGoodwill$4.78MgoodWillIntangibles$12.07MintangibleAssetsLiabilities$4.18BtotalLiabTangible book$9.26BShares87,342,345commonStockSharesOutstandingResult $105.96
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.00xPrice / tangible bookPrice / tangible book per sharePrice$0.36Latest quoteTangible book / share$105.962025-12-31Result 0.00x
Price $0.36.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$26.32MebitdaCapex$25.74McapitalExpendituresInterest—Not reportedShort-term debt$39.76MshortLongTermDebtTotal − longTermDebtEBITDA − capex-$52.06MShort-term debt is total debt minus long-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1,866.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$677.88MfreeCashFlowMarket cap$36.32MMarketCapitalizationResult 1,866.6%
Latest free cash flow divided by current market cap ($36.32M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.15BoperatingIncomeTax expense-$96.33MincomeTaxExpensePretax income-$56.91MincomeBeforeTaxTax rate—Equity$9.27BtotalStockholderEquityDebt$9.09MlongTermDebt + shortLongTermDebtCash$3.35BcashAndShortTermInvestmentsInvested capital$5.93BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 24.45x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 4.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$266.00MpropertyPlantEquipmentInventory$58.78MinventoryTotal assets$7.52BtotalAssetsUses the property line, which is larger than net PP&E ($89.83M, propertyPlantAndEquipmentNet).Result 4.3% | 21.13xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$5.62BtotalRevenueNet PP&E$266.00MpropertyPlantEquipmentResult 21.13x | 3.57xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$140.73McapitalExpendituresD&A$39.43MdepreciationAndAmortizationResult 3.57x | $47.51Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.52BtotalAssetsGoodwill$0.00goodWillIntangibles$696.27MintangibleAssetsLiabilities$2.40BtotalLiabTangible book$4.42BShares93,135,258commonStockSharesOutstandingResult $47.51 | 2.59xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$877.46MebitdaCapex$140.73McapitalExpendituresInterest$71.30MinterestExpenseShort-term debt$213.28MshortTermDebtEBITDA − capex$736.73MPrincipal due is short-term debt.Result 2.59x | -$4.10BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$3.96BtotalCashFromOperatingActivitiesCapex$140.73McapitalExpendituresFree cash flow-$4.10BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.10B | 28.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$838.03MoperatingIncomeTax expense$194.29MincomeTaxExpensePretax income$1.16BincomeBeforeTaxTax rate16.7%Equity$5.12BtotalStockholderEquityDebt$213.28MshortLongTermDebtTotalCash$2.86BcashAndShortTermInvestmentsInvested capital$2.47BResult 28.2% | 3.15xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$838.03MoperatingIncomeNet PP&E$266.00MpropertyPlantEquipmentResult 3.15x |
| 2019 | 5.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$529.99MpropertyPlantEquipmentInventory-$42.10MinventoryTotal assets$9.64BtotalAssetsResult 5.1% | 16.26xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$8.62BtotalRevenueNet PP&E$529.99MpropertyPlantEquipmentResult 16.26x | 0.12xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$48.01McapitalExpendituresD&A$394.61MdepreciationAndAmortizationResult 0.12x | $20.71Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.64BtotalAssetsGoodwill$0.00goodWillIntangibles$2.56BintangibleAssetsLiabilities$5.15BtotalLiabTangible book$1.93BShares93,267,732commonStockSharesOutstandingResult $20.71 | 2.23xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.52BebitdaCapex$48.01McapitalExpendituresInterest$661.42MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$1.47BPrincipal due is short-term debt.Result 2.23x | $226.16MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$274.17MtotalCashFromOperatingActivitiesCapex$48.01McapitalExpendituresFree cash flow$226.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $226.16M | 110.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.13BoperatingIncomeTax expense$239.23MincomeTaxExpensePretax income$1.39BincomeBeforeTaxTax rate17.2%Equity$4.49BtotalStockholderEquityDebt$18.59MlongTermDebt + shortLongTermDebtCash$3.66BcashAndShortTermInvestmentsInvested capital$849.60MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 110.0% | 2.13xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.13BoperatingIncomeNet PP&E$529.99MpropertyPlantEquipmentResult 2.13x |
| 2020 | 3.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$252.87MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$6.70BtotalAssetsResult 3.8% | 15.67xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$3.96BtotalRevenueNet PP&E$252.87MpropertyPlantEquipmentResult 15.67x | 0.04xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$13.72McapitalExpendituresD&A$327.46MdepreciationAndAmortizationResult 0.04x | $12.86Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.70BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.62BintangibleAssetsLiabilities$2.92BtotalLiabTangible book$1.16BShares90,150,949commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $12.86 | 0.19xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$277.46MebitdaCapex$13.72McapitalExpendituresInterest$1.05BinterestExpenseShort-term debt$367.13MshortTermDebtEBITDA − capex$263.74MPrincipal due is short-term debt.Result 0.19x | $268.31MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$282.03MtotalCashFromOperatingActivitiesCapex$13.72McapitalExpendituresFree cash flow$268.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $268.31M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$50.00MoperatingIncomeTax expense-$80.61MincomeTaxExpensePretax income-$773.36MincomeBeforeTaxTax rate—Equity$3.78BtotalStockholderEquityDebt$500.50MlongTermDebt + shortLongTermDebtCash$2.65BcashAndShortTermInvestmentsInvested capital$1.63BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.20xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$50.00MoperatingIncomeNet PP&E$252.87MpropertyPlantEquipmentResult -0.20x |
| 2021 | 3.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$183.30MpropertyPlantEquipmentInventory$102.55MinventoryTotal assets$7.74BtotalAssetsResult 3.7% | 24.43xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$4.48BtotalRevenueNet PP&E$183.30MpropertyPlantEquipmentResult 24.43x | 0.07xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$9.40McapitalExpendituresD&A$139.95MdepreciationAndAmortizationResult 0.07x | $56.53Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.74BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.92BtotalLiabTangible book$4.82BShares85,295,102commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $56.53 | 20.74xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.29BebitdaCapex$9.40McapitalExpendituresInterest$61.62MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$1.28BPrincipal due is short-term debt.Result 20.74x | $148.79MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$158.19MtotalCashFromOperatingActivitiesCapex$9.40McapitalExpendituresFree cash flow$148.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $148.79M | 34.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.15BoperatingIncomeTax expense$170.19MincomeTaxExpensePretax income$1.20BincomeBeforeTaxTax rate14.1%Equity$4.82BtotalStockholderEquityDebt$1.10BshortLongTermDebtTotalCash$3.04BcashAndShortTermInvestmentsInvested capital$2.88BResult 34.2% | 6.26xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.15BoperatingIncomeNet PP&E$183.30MpropertyPlantEquipmentResult 6.26x |
| 2022 | -4.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$183.30MpropertyPlantAndEquipmentNetInventory-$493.16MinventoryTotal assets$7.74BtotalAssetsResult -4.0% | 18.74xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$3.43BtotalRevenueNet PP&E$183.30MpropertyPlantAndEquipmentNetResult 18.74x | 0.02xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$882.00KcapitalExpendituresD&A$52.83MdepreciationAndAmortizationResult 0.02x | $56.14Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.74BtotalAssetsGoodwill$4.78MgoodWillIntangibles$28.49MintangibleAssetsLiabilities$2.92BtotalLiabTangible book$4.79BShares85,295,102commonStockSharesOutstandingResult $56.14 | 3.79xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.52BebitdaCapex$882.00KcapitalExpendituresInterest$61.62MinterestExpenseShort-term debt$340.22MshortTermDebtEBITDA − capex$1.52BPrincipal due is short-term debt.Result 3.79x | $1.85BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.85BtotalCashFromOperatingActivitiesCapex$882.00KcapitalExpendituresFree cash flow$1.85BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.85B | 70.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.47BoperatingIncomeTax expense$300.51MincomeTaxExpensePretax income$1.50BincomeBeforeTaxTax rate20.1%Equity$4.82BtotalStockholderEquityDebt$1.11BshortLongTermDebtTotalCash$4.27BcashAndEquivalentsInvested capital$1.66BResult 70.9% | 8.03xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.47BoperatingIncomeNet PP&E$183.30MpropertyPlantAndEquipmentNetResult 8.03x |
| 2023 | 0.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$102.54MpropertyPlantEquipmentInventory-$76.05MinventoryTotal assets$10.28BtotalAssetsUses the property line, which is larger than net PP&E ($69.55M, propertyPlantAndEquipmentNet).Result 0.3% | 47.74xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$4.90BtotalRevenueNet PP&E$102.54MpropertyPlantEquipmentResult 47.74x | 0.17xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$4.44McapitalExpendituresD&A$25.44MdepreciationAndAmortizationResult 0.17x | $90.08Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.28BtotalAssetsGoodwill$4.78MgoodWillIntangibles$32.99MintangibleAssetsLiabilities$2.19BtotalLiabTangible book$8.05BShares89,344,160commonStockSharesOutstandingResult $90.08 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.62BebitdaCapex$4.44McapitalExpendituresInterest—Not reportedShort-term debt$18.98MshortTermDebtEBITDA − capex$2.62BPrincipal due is short-term debt.Result — | $2.17BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$2.17BtotalCashFromOperatingActivitiesCapex$4.44McapitalExpendituresFree cash flow$2.17BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.17B | 113.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.59BoperatingIncomeTax expense$565.16MincomeTaxExpensePretax income$2.65BincomeBeforeTaxTax rate21.4%Equity$8.09BtotalStockholderEquityDebt$23.65MshortLongTermDebtTotalCash$6.31BcashAndShortTermInvestmentsInvested capital$1.80BResult 113.1% | 25.31xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.59BoperatingIncomeNet PP&E$102.54MpropertyPlantEquipmentResult 25.31x |
| 2024 | 0.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$118.37MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$12.98BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($84.59M, propertyPlantAndEquipmentNet).Result 0.9% | 49.05xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$5.81BtotalRevenueNet PP&E$118.37MpropertyPlantEquipmentResult 49.05x | 0.32xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$9.19McapitalExpendituresD&A$28.29MdepreciationAndAmortizationResult 0.32x | $108.79Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.98BtotalAssetsGoodwill$4.78MgoodWillIntangibles$33.78MintangibleAssetsLiabilities$3.44BtotalLiabTangible book$9.50BShares87,356,000commonStockSharesOutstandingResult $108.79 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.68BebitdaCapex$9.19McapitalExpendituresInterest—Not reportedShort-term debt$0.00shortTermDebtEBITDA − capex$1.67BPrincipal due is short-term debt.Result — | $1.41BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$1.42BtotalCashFromOperatingActivitiesCapex$9.19McapitalExpendituresFree cash flow$1.41BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.41B | 26.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.65BoperatingIncomeTax expense$279.18MincomeTaxExpensePretax income$1.86BincomeBeforeTaxTax rate15.0%Equity$9.54BtotalStockholderEquityDebt$40.77MshortLongTermDebtTotalCash$4.27BcashAndShortTermInvestmentsInvested capital$5.31BResult 26.4% | 13.91xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.65BoperatingIncomeNet PP&E$118.37MpropertyPlantEquipmentResult 13.91x |
| 2025 | 0.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$87.73MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$13.45BtotalAssetsInventory was not reported and is treated as zero.Result 0.7% | 63.51xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$5.57BtotalRevenueNet PP&E$87.73MpropertyPlantEquipmentResult 63.51x | 0.84xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$25.74McapitalExpendituresD&A$30.59MdepreciationAndAmortizationResult 0.84x | $105.96Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.45BtotalAssetsGoodwill$4.78MgoodWillIntangibles$12.07MintangibleAssetsLiabilities$4.18BtotalLiabTangible book$9.26BShares87,342,345commonStockSharesOutstandingResult $105.96 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$26.32MebitdaCapex$25.74McapitalExpendituresInterest—Not reportedShort-term debt$39.76MshortLongTermDebtTotal − longTermDebtEBITDA − capex-$52.06MShort-term debt is total debt minus long-term debt.Result — | $677.88MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$703.62MtotalCashFromOperatingActivitiesCapex$25.74McapitalExpendituresFree cash flow$677.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $677.88M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.15BoperatingIncomeTax expense-$96.33MincomeTaxExpensePretax income-$56.91MincomeBeforeTaxTax rate—Equity$9.27BtotalStockholderEquityDebt$9.09MlongTermDebt + shortLongTermDebtCash$3.35BcashAndShortTermInvestmentsInvested capital$5.93BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 24.45xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$2.15BoperatingIncomeNet PP&E$87.73MpropertyPlantEquipmentResult 24.45x |
- 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 total debt minus long-term debt.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2025)
Net PP&E: $87.73M
Inventory: $0.00
Total assets: $13.45B
Goodwill: $4.78M
Intangibles: $12.07M
Liabilities: $4.18B
Tangible book: $9.26B
Shares: 87,342,345
Revenue: $5.57B
Capex: $25.74M
D&A: $30.59M
EBITDA: -$26.32M
Interest: —
Short-term debt: $39.76M
Free cash flow: $677.88M
Operating income: $2.15B
Invested capital: $5.93B
Tax rate: —