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.
Air Products and Chemicals Inc
Physical assets are 65.9% of total assets, a heavy footprint. Capex is 4.49x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -5.89x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.46x.
Physical asset ratio
65.9%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$26.28BpropertyPlantEquipmentInventory$776.50MinventoryTotal assets$41.06BtotalAssetsResult 65.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.46xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$12.04BtotalRevenueNet PP&E$26.28BpropertyPlantEquipmentResult 0.46x
Revenue per dollar of the physical asset base.
Capex / D&A
4.49xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$7.02BcapitalExpendituresD&A$1.56BdepreciationAndAmortizationResult 4.49x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$72.20Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.06BtotalAssetsGoodwill$963.90MgoodWillIntangibles$293.50MintangibleAssetsLiabilities$23.71BtotalLiabTangible book$16.09BShares222,900,000commonStockSharesOutstandingResult $72.20
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.29xPrice / tangible bookPrice / tangible book per sharePrice$309.49Latest quoteTangible book / share$72.202025-09-30Result 4.29x
Price $309.49.
Fixed-charge coverage
-5.89xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.34BebitdaCapex$7.02BcapitalExpendituresInterest$214.00MinterestExpenseShort-term debt$751.00MshortLongTermDebtEBITDA − capex-$5.69BPrincipal due is the current portion of debt.Result -5.89x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-5.3%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow-$3.77BfreeCashFlowMarket cap$71.01BMarketCapitalizationResult -5.3%
Latest free cash flow divided by current market cap ($71.01B).
ROIC
—ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$877.00MoperatingIncomeTax expense-$94.30MincomeTaxExpensePretax income-$440.70MincomeBeforeTaxTax rate—Equity$15.02BtotalStockholderEquityDebt$18.41BshortLongTermDebtTotalCash$1.86BcashAndEquivalentsInvested capital$31.58BROIC 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 -0.03x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 53.8%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E$9.92BpropertyPlantEquipmentInventory$396.10MinventoryTotal assets$19.18BtotalAssetsResult 53.8% | 0.90xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$8.93BtotalRevenueNet PP&E$9.92BpropertyPlantEquipmentResult 0.90x | 1.62xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$1.57BcapitalExpendituresD&A$970.70MdepreciationAndAmortizationResult 1.62x | $45.06Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.18BtotalAssetsGoodwill$788.90MgoodWillIntangibles$438.50MintangibleAssetsLiabilities$8.00BtotalLiabTangible book$9.95BShares220,800,000commonStockSharesOutstandingResult $45.06 | 2.62xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$3.12BebitdaCapex$1.57BcapitalExpendituresInterest$130.50MinterestExpenseShort-term debt$460.90MshortTermDebtEBITDA − capex$1.55BPrincipal due is short-term debt.Result 2.62x | $973.50MFree cash flow · 2018-09-30Reported free cash flowOperating cash flow$2.54BtotalCashFromOperatingActivitiesCapex$1.57BcapitalExpendituresFree cash flow$973.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $973.50M | 12.4%ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.97BoperatingIncomeTax expense$524.30MincomeTaxExpensePretax income$2.02BincomeBeforeTaxTax rate26.0%Equity$10.86BtotalStockholderEquityDebt$3.81BshortLongTermDebtTotalCash$2.98BcashAndShortTermInvestmentsInvested capital$11.69BResult 12.4% | 0.20xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income$1.97BoperatingIncomeNet PP&E$9.92BpropertyPlantEquipmentResult 0.20x |
| 2019 | 56.6%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$10.34BpropertyPlantEquipmentInventory$388.30MinventoryTotal assets$18.94BtotalAssetsResult 56.6% | 0.86xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$8.92BtotalRevenueNet PP&E$10.34BpropertyPlantEquipmentResult 0.86x | 1.84xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$1.99BcapitalExpendituresD&A$1.08BdepreciationAndAmortizationResult 1.84x | $45.90Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.94BtotalAssetsGoodwill$797.10MgoodWillIntangibles$419.50MintangibleAssetsLiabilities$7.55BtotalLiabTangible book$10.17BShares221,600,000commonStockSharesOutstandingResult $45.90 | 6.45xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$3.51BebitdaCapex$1.99BcapitalExpendituresInterest$137.00MinterestExpenseShort-term debt$98.60MshortTermDebtEBITDA − capex$1.52BPrincipal due is short-term debt.Result 6.45x | $980.20MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$2.97BtotalCashFromOperatingActivitiesCapex$1.99BcapitalExpendituresFree cash flow$980.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $980.20M | 14.2%ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.14BoperatingIncomeTax expense$480.10MincomeTaxExpensePretax income$2.29BincomeBeforeTaxTax rate21.0%Equity$11.05BtotalStockholderEquityDebt$3.33BshortLongTermDebtTotalCash$2.41BcashAndShortTermInvestmentsInvested capital$11.96BResult 14.2% | 0.21xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$2.14BoperatingIncomeNet PP&E$10.34BpropertyPlantEquipmentResult 0.21x |
| 2020 | 50.6%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$12.34BpropertyPlantAndEquipmentNetInventory$404.80MinventoryTotal assets$25.17BtotalAssetsResult 50.6% | 0.72xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$8.86BtotalRevenueNet PP&E$12.34BpropertyPlantAndEquipmentNetResult 0.72x | 2.12xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$2.51BcapitalExpendituresD&A$1.19BdepreciationAndAmortizationResult 2.12x | $50.00Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$25.17BtotalAssetsGoodwill$891.50MgoodWillIntangibles$435.80MintangibleAssetsLiabilities$12.73BtotalLiabTangible book$11.12BShares222,300,000commonStockSharesOutstandingResult $50.00 | 2.06xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$3.72BebitdaCapex$2.51BcapitalExpendituresInterest$109.30MinterestExpenseShort-term debt$477.70MshortLongTermDebtEBITDA − capex$1.21BPrincipal due is the current portion of debt.Result 2.06x | $755.70MFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$3.26BtotalCashFromOperatingActivitiesCapex$2.51BcapitalExpendituresFree cash flow$755.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $755.70M | 12.8%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.24BoperatingIncomeTax expense$478.40MincomeTaxExpensePretax income$2.42BincomeBeforeTaxTax rate19.7%Equity$12.08BtotalStockholderEquityDebt$8.31BshortLongTermDebtTotalCash$6.36BcashAndShortTermInvestmentsInvested capital$14.04BResult 12.8% | 0.18xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$2.24BoperatingIncomeNet PP&E$12.34BpropertyPlantAndEquipmentNetResult 0.18x |
| 2021 | 53.1%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$13.82BpropertyPlantAndEquipmentNetInventory$453.90MinventoryTotal assets$26.86BtotalAssetsResult 53.1% | 0.75xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$10.32BtotalRevenueNet PP&E$13.82BpropertyPlantAndEquipmentNetResult 0.75x | 1.86xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$2.46BcapitalExpendituresD&A$1.32BdepreciationAndAmortizationResult 1.86x | $57.33Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.86BtotalAssetsGoodwill$911.50MgoodWillIntangibles$420.70MintangibleAssetsLiabilities$12.77BtotalLiabTangible book$12.76BShares222,500,000commonStockSharesOutstandingResult $57.33 | 2.40xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$3.97BebitdaCapex$2.46BcapitalExpendituresInterest$141.80MinterestExpenseShort-term debt$486.90MshortLongTermDebtEBITDA − capex$1.51BPrincipal due is the current portion of debt.Result 2.40x | $877.70MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow$3.34BtotalCashFromOperatingActivitiesCapex$2.46BcapitalExpendituresFree cash flow$877.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $877.70M | 11.7%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.28BoperatingIncomeTax expense$462.80MincomeTaxExpensePretax income$2.51BincomeBeforeTaxTax rate18.5%Equity$13.54BtotalStockholderEquityDebt$8.22BshortLongTermDebtTotalCash$5.80BcashAndShortTermInvestmentsInvested capital$15.96BResult 11.7% | 0.17xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$2.28BoperatingIncomeNet PP&E$13.82BpropertyPlantAndEquipmentNetResult 0.17x |
| 2022 | 56.5%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$14.86BpropertyPlantAndEquipmentNetInventory$514.20MinventoryTotal assets$27.19BtotalAssetsResult 56.5% | 0.85xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$12.70BtotalRevenueNet PP&E$14.86BpropertyPlantAndEquipmentNetResult 0.85x | 2.19xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$2.93BcapitalExpendituresD&A$1.34BdepreciationAndAmortizationResult 2.19x | $56.32Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.19BtotalAssetsGoodwill$823.00MgoodWillIntangibles$347.50MintangibleAssetsLiabilities$13.49BtotalLiabTangible book$12.53BShares222,500,000commonStockSharesOutstandingResult $56.32 | 1.88xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$4.22BebitdaCapex$2.93BcapitalExpendituresInterest$128.00MinterestExpenseShort-term debt$559.00MshortLongTermDebtEBITDA − capex$1.29BPrincipal due is the current portion of debt.Result 1.88x | $303.70MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow$3.23BtotalCashFromOperatingActivitiesCapex$2.93BcapitalExpendituresFree cash flow$303.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $303.70M | 10.5%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.34BoperatingIncomeTax expense$500.80MincomeTaxExpensePretax income$2.75BincomeBeforeTaxTax rate18.2%Equity$13.14BtotalStockholderEquityDebt$8.33BshortLongTermDebtTotalCash$3.30BcashAndShortTermInvestmentsInvested capital$18.17BResult 10.5% | 0.16xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income$2.34BoperatingIncomeNet PP&E$14.86BpropertyPlantAndEquipmentNetResult 0.16x |
| 2023 | 59.7%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$18.45BpropertyPlantEquipmentInventory$651.80MinventoryTotal assets$32.00BtotalAssetsResult 59.7% | 0.68xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$12.60BtotalRevenueNet PP&E$18.45BpropertyPlantEquipmentResult 0.68x | 3.41xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$4.63BcapitalExpendituresD&A$1.36BdepreciationAndAmortizationResult 3.41x | $64.95Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$32.00BtotalAssetsGoodwill$861.70MgoodWillIntangibles$334.60MintangibleAssetsLiabilities$16.34BtotalLiabTangible book$14.46BShares222,700,000commonStockSharesOutstandingResult $64.95 | -0.20xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$4.42BebitdaCapex$4.63BcapitalExpendituresInterest$177.50MinterestExpenseShort-term debt$874.50MshortLongTermDebtEBITDA − capex-$208.20MPrincipal due is the current portion of debt.Result -0.20x | -$1.42BFree cash flow · 2023-09-30Reported free cash flowOperating cash flow$3.21BtotalCashFromOperatingActivitiesCapex$4.63BcapitalExpendituresFree cash flow-$1.42BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.42B | 8.6%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.49BoperatingIncomeTax expense$551.20MincomeTaxExpensePretax income$2.88BincomeBeforeTaxTax rate19.1%Equity$14.31BtotalStockholderEquityDebt$11.03BshortLongTermDebtTotalCash$1.95BcashAndShortTermInvestmentsInvested capital$23.40BResult 8.6% | 0.14xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income$2.49BoperatingIncomeNet PP&E$18.45BpropertyPlantEquipmentResult 0.14x |
| 2024 | 63.6%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$24.42BpropertyPlantEquipmentInventory$766.00MinventoryTotal assets$39.57BtotalAssetsResult 63.6% | 0.50xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$12.10BtotalRevenueNet PP&E$24.42BpropertyPlantEquipmentResult 0.50x | 4.68xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$6.80BcapitalExpendituresD&A$1.45BdepreciationAndAmortizationResult 4.68x | $78.35Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$39.57BtotalAssetsGoodwill$905.10MgoodWillIntangibles$311.60MintangibleAssetsLiabilities$20.90BtotalLiabTangible book$17.46BShares222,800,000commonStockSharesOutstandingResult $78.35 | -0.33xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$6.49BebitdaCapex$6.80BcapitalExpendituresInterest$218.80MinterestExpenseShort-term debt$694.90MshortLongTermDebtEBITDA − capex-$305.60MPrincipal due is the current portion of debt.Result -0.33x | -$3.15BFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$3.65BtotalCashFromOperatingActivitiesCapex$6.80BcapitalExpendituresFree cash flow-$3.15BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.15B | 12.4%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.47BoperatingIncomeTax expense$944.90MincomeTaxExpensePretax income$4.82BincomeBeforeTaxTax rate19.6%Equity$17.04BtotalStockholderEquityDebt$15.01BshortLongTermDebtTotalCash$2.98BcashAndShortTermInvestmentsInvested capital$29.06BResult 12.4% | 0.18xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$4.47BoperatingIncomeNet PP&E$24.42BpropertyPlantEquipmentResult 0.18x |
| 2025 | 65.9%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$26.28BpropertyPlantEquipmentInventory$776.50MinventoryTotal assets$41.06BtotalAssetsResult 65.9% | 0.46xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$12.04BtotalRevenueNet PP&E$26.28BpropertyPlantEquipmentResult 0.46x | 4.49xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$7.02BcapitalExpendituresD&A$1.56BdepreciationAndAmortizationResult 4.49x | $72.20Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.06BtotalAssetsGoodwill$963.90MgoodWillIntangibles$293.50MintangibleAssetsLiabilities$23.71BtotalLiabTangible book$16.09BShares222,900,000commonStockSharesOutstandingResult $72.20 | -5.89xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.34BebitdaCapex$7.02BcapitalExpendituresInterest$214.00MinterestExpenseShort-term debt$751.00MshortLongTermDebtEBITDA − capex-$5.69BPrincipal due is the current portion of debt.Result -5.89x | -$3.77BFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$3.25BtotalCashFromOperatingActivitiesCapex$7.02BcapitalExpendituresFree cash flow-$3.77BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.77B | —ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$877.00MoperatingIncomeTax expense-$94.30MincomeTaxExpensePretax income-$440.70MincomeBeforeTaxTax rate—Equity$15.02BtotalStockholderEquityDebt$18.41BshortLongTermDebtTotalCash$1.86BcashAndEquivalentsInvested capital$31.58BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.03xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income-$877.00MoperatingIncomeNet PP&E$26.28BpropertyPlantEquipmentResult -0.03x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $26.28B
Inventory: $776.50M
Total assets: $41.06B
Goodwill: $963.90M
Intangibles: $293.50M
Liabilities: $23.71B
Tangible book: $16.09B
Shares: 222,900,000
Revenue: $12.04B
Capex: $7.02B
D&A: $1.56B
EBITDA: $1.34B
Interest: $214.00M
Short-term debt: $751.00M
Free cash flow: -$3.77B
Operating income: -$877.00M
Invested capital: $31.58B
Tax rate: —