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.
BCE Inc
Physical assets are 42.7% of total assets, a mixed footprint. Capex is 0.71x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 7.2%, below an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 0.72x.
Physical asset ratio
42.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.72x
Revenue per dollar of the physical asset base.
Capex / D&A
0.71x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$7.60
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $28.58.
Fixed-charge coverage
1.57x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
12.6%
Latest free cash flow divided by current market cap ($26.11B).
ROIC
7.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.16x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 44.3% | 0.94x | 1.00x | -$3.53 | 0.88x | $3.36B | 9.3% | 0.22x |
| 2019 | 46.5% | 0.86x | 0.92x | -$2.76 | 1.16x | $3.97B | 8.9% | 0.20x |
| 2020 | 46.1% | 0.83x | 0.97x | -$2.63 | 1.41x | $3.47B | 8.4% | 0.19x |
| 2021 | 43.0% | 0.83x | 1.50x | -$3.53 | 0.73x | $1.09B | 7.5% | 0.19x |
| 2022 | 43.1% | 0.83x | 1.09x | -$5.02 | 0.88x | $3.23B | 7.6% | 0.19x |
| 2023 | 42.8% | 0.81x | 0.97x | -$7.67 | 0.94x | $3.18B | 7.0% | 0.18x |
| 2024 | 41.4% | 0.81x | 0.88x | -$10.62 | 0.54x | $2.56B | 6.0% | 0.18x |
| 2025 | 42.7% | 0.72x | 0.71x | -$7.60 | 1.57x | $3.29B | 7.2% | 0.16x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $33.78B
Inventory: $389.00M
Total assets: $80.08B
Goodwill: $13.11B
Intangibles: $17.15B
Liabilities: $56.87B
Tangible book: -$7.06B
Shares: 928,571,000
Revenue: $24.47B
Capex: $3.70B
D&A: $5.24B
EBITDA: $14.72B
Interest: $1.78B
Short-term debt: $5.22B
Free cash flow: $3.29B
Operating income: $5.42B
Invested capital: $63.66B
Tax rate: 15.5%