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.
Zimmer Biomet Holdings Inc
Physical assets are 19.5% of total assets, a light footprint. Capex is 0.21x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 5.9%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.73x. Compare it with other names in the same basket.
Physical asset ratio
19.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.73x
Revenue per dollar of the physical asset base.
Capex / D&A
0.21x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$9.86
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $94.37.
Fixed-charge coverage
2.26x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.4%
Latest free cash flow divided by current market cap ($17.50B).
ROIC
5.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.62x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 17.7% | 3.94x | 0.16x | -$29.50 | 1.10x | $1.58B | — | 0.02x |
| 2019 | 18.1% | 3.84x | 0.40x | -$21.60 | 1.00x | $1.18B | 5.7% | 0.55x |
| 2020 | 18.4% | 2.99x | 0.13x | -$19.89 | 1.25x | $1.09B | — | 0.04x |
| 2021 | 17.8% | 3.39x | 0.16x | -$8.49 | 0.82x | $1.35B | 4.0% | 0.43x |
| 2022 | 19.1% | 3.71x | 0.20x | -$7.69 | 1.84x | $1.10B | 2.9% | 0.37x |
| 2023 | 21.6% | 3.27x | 0.41x | -$5.66 | 1.66x | $1.19B | 6.9% | 0.56x |
| 2024 | 21.1% | 3.39x | 0.36x | -$5.26 | 1.75x | $1.14B | 6.2% | 0.57x |
| 2025 | 19.5% | 3.73x | 0.21x | -$9.86 | 2.26x | $1.47B | 5.9% | 0.62x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $2.21B
Inventory: $2.29B
Total assets: $23.09B
Goodwill: $9.95B
Intangibles: $4.72B
Liabilities: $10.39B
Tangible book: -$1.96B
Shares: 198,700,000
Revenue: $8.23B
Capex: $224.50M
D&A: $1.09B
EBITDA: $2.22B
Interest: $292.80M
Short-term debt: $587.10M
Free cash flow: $1.47B
Operating income: $1.36B
Invested capital: $19.62B
Tax rate: 15.1%