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.
Barrick Gold Corp
Physical assets are 61.0% of total assets, a heavy footprint. Capex is 2.04x 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 26.8%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.58x.
Physical asset ratio
61.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.58x
Revenue per dollar of the physical asset base.
Capex / D&A
2.04x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$19.19
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.00x
Price $57.56.
Fixed-charge coverage
14.34x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.6%
Latest free cash flow divided by current market cap ($91.10B).
ROIC
26.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.28x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 65.5% | 0.56x | 0.96x | $6.96 | 0.49x | $365.00M | — | 0.10x |
| 2019 | 59.9% | 0.40x | 0.79x | $14.20 | 9.32x | $1.13B | 15.4% | 0.21x |
| 2020 | 57.2% | 0.51x | 0.83x | $15.11 | 16.54x | $3.36B | 14.6% | 0.19x |
| 2021 | 57.1% | 0.48x | 1.13x | $15.44 | 11.87x | $1.94B | 13.1% | 0.18x |
| 2022 | 60.2% | 0.43x | 1.21x | $15.61 | 5.52x | $432.00M | 7.6% | 0.11x |
| 2023 | 61.7% | 0.43x | 1.42x | $16.16 | 5.11x | $646.00M | 8.5% | 0.11x |
| 2024 | 64.2% | 0.45x | 1.66x | $17.19 | 6.99x | $1.32B | 11.7% | 0.16x |
| 2025 | 61.0% | 0.58x | 2.04x | $19.19 | 14.34x | $4.19B | 26.8% | 0.28x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $29.35B
Inventory: $2.06B
Total assets: $51.48B
Goodwill: $3.03B
Intangibles: $65.88M
Liabilities: $15.63B
Tangible book: $32.76B
Shares: 1,707,000,000
Revenue: $16.96B
Capex: $3.89B
D&A: $1.91B
EBITDA: $9.82B
Interest: $358.00M
Short-term debt: $55.90M
Free cash flow: $4.19B
Operating income: $8.10B
Invested capital: $24.56B
Tax rate: 18.8%