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 Nova Scotia
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 0.22x 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 0.07x, which is below 1.
Fixed-asset turnover is 14.99x. Compare it with other names in the same basket.
Physical asset ratio
0.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
14.99x
Revenue per dollar of the physical asset base.
Capex / D&A
0.22x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$58.03
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.23x
Price $129.52.
Fixed-charge coverage
0.07x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.2%
Latest free cash flow divided by current market cap ($157.60B).
ROIC
3.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.15x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.3% | 10.51x | 0.49x | $40.65 | 0.10x | $17.40B | 33.4% | 8.50x |
| 2019 | 0.3% | 11.33x | 0.18x | $42.15 | 0.09x | -$12.21B | 7.9% | 4.07x |
| 2020 | 0.5% | 5.31x | 0.50x | $43.03 | 0.13x | $55.89B | 34.3% | 1.41x |
| 2021 | -32.3% | 5.50x | 0.31x | $45.95 | 1.20x | -$13.27B | — | 2.22x |
| 2022 | -31.4% | 5.46x | 0.37x | $47.94 | 0.09x | $16.37B | 8.4% | 4.93x |
| 2023 | -33.3% | 5.63x | 0.24x | $51.06 | 0.07x | $31.28B | 2.7% | 1.54x |
| 2024 | 0.4% | 5.61x | 0.28x | $54.56 | 0.07x | $15.16B | 2.5% | 1.67x |
| 2025 | 0.3% | 14.99x | 0.22x | $58.03 | 0.07x | $5.06B | 3.5% | 2.15x |
- 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: $4.88B
Inventory: $0.00
Total assets: $1,460.04B
Goodwill: $8.59B
Intangibles: $7.58B
Liabilities: $1,371.46B
Tangible book: $72.42B
Shares: 1,248,000,000
Revenue: $73.18B
Capex: $347.00M
D&A: $1.60B
EBITDA: $10.56B
Interest: $36.08B
Short-term debt: $112.35B
Free cash flow: $5.06B
Operating income: $10.51B
Invested capital: $215.45B
Tax rate: 27.8%