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.
Bank of Montreal
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.79x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.08x, which is below 1.
Fixed-asset turnover is 12.45x. Compare it with other names in the same basket.
Physical asset ratio
0.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.45x
Revenue per dollar of the physical asset base.
Capex / D&A
0.79x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$92.01
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.56x
Price $235.42.
Fixed-charge coverage
0.08x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.3%
Latest free cash flow divided by current market cap ($162.07B).
ROIC
5.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.84x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.4% | 7.82x | 0.79x | $57.50 | 0.58x | $17.03B | — | 3.66x |
| 2019 | -32.1% | 8.66x | 0.94x | $66.08 | 0.08x | $28.18B | 19.3% | 4.21x |
| 2020 | -30.6% | 4.57x | 0.64x | $74.15 | 0.18x | $49.80B | 40.3% | 2.04x |
| 2021 | -33.3% | 5.53x | 0.63x | $76.89 | 0.12x | $43.07B | 22.7% | 2.89x |
| 2022 | -29.0% | 5.14x | 0.98x | $95.48 | 0.16x | $3.51B | 19.6% | 3.79x |
| 2023 | -26.0% | 4.56x | 0.80x | $77.54 | 0.04x | $7.91B | 3.6% | 1.62x |
| 2024 | 0.4% | 12.44x | 0.74x | $85.91 | 0.06x | $27.47B | 3.0% | 1.44x |
| 2025 | 0.4% | 12.45x | 0.79x | $92.01 | 0.08x | $8.51B | 5.6% | 1.84x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $6.28B
Inventory: $0.00
Total assets: $1,476.80B
Goodwill: $16.80B
Intangibles: $4.76B
Liabilities: $1,388.70B
Tangible book: $66.55B
Shares: 723,267,000
Revenue: $78.15B
Capex: $1.73B
D&A: $2.18B
EBITDA: $13.56B
Interest: $42.05B
Short-term debt: $113.34B
Free cash flow: $8.51B
Operating income: $11.55B
Invested capital: $156.36B
Tax rate: 24.8%