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.
AltaGas Ltd
Physical assets are 61.9% of total assets, a heavy footprint. Capex is 3.02x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.38x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.79x.
Physical asset ratio
61.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.79x
Revenue per dollar of the physical asset base.
Capex / D&A
3.02x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$13.23
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.18x
Price $55.26.
Fixed-charge coverage
0.38x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-2.0%
Latest free cash flow divided by current market cap ($17.24B).
ROIC
4.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.07x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 48.7% | 0.38x | 2.54x | $12.85 | -0.43x | -$1.11B | — | -0.05x |
| 2019 | 54.6% | 0.53x | 2.99x | $10.24 | 0.07x | -$719.00M | 1.0% | 0.01x |
| 2020 | 55.2% | 0.50x | 2.01x | $7.40 | 0.56x | -$70.00M | 3.3% | 0.06x |
| 2021 | 57.5% | 0.91x | 1.90x | $8.02 | 0.62x | -$76.00M | 4.5% | 0.08x |
| 2022 | 54.7% | 1.20x | 2.18x | $7.80 | 0.54x | -$419.00M | 5.6% | 0.10x |
| 2023 | 59.3% | 0.99x | 2.14x | $8.62 | 0.49x | $178.00M | 3.2% | 0.06x |
| 2024 | 60.6% | 0.82x | 2.92x | $10.78 | 0.17x | $149.00M | 4.4% | 0.07x |
| 2025 | 61.9% | 0.79x | 3.02x | $13.23 | 0.38x | -$344.00M | 4.6% | 0.07x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $15.94B
Inventory: $633.00M
Total assets: $26.77B
Goodwill: $5.45B
Intangibles: $110.00M
Liabilities: $17.22B
Tangible book: $3.99B
Shares: 301,500,000
Revenue: $12.55B
Capex: $1.58B
D&A: $522.00M
EBITDA: $2.02B
Interest: $465.00M
Short-term debt: $700.00M
Free cash flow: -$344.00M
Operating income: $1.17B
Invested capital: $19.36B
Tax rate: 24.3%