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.
Crown Castle
Physical assets are 37.3% of total assets, a mixed footprint. Reported capex is 0.26x depreciation. Acquisitions sit outside that line, so a low ratio here is the landlord pattern rather than an aging building stock. EBITDA after capex covers debt service by 0.69x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.36x.
Physical asset ratio
37.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.36x
Revenue per dollar of the physical asset base.
Capex / D&A
0.26x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$17.44
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $82.22.
Fixed-charge coverage
0.69x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.0%
Latest free cash flow divided by current market cap ($35.95B).
ROIC
7.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.18x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 42.7% | 0.39x | 1.14x | -$9.69 | 1.40x | $761.00M | 4.8% | 0.10x |
| 2019 | 54.7% | 0.28x | 1.31x | -$10.59 | 1.33x | $641.00M | 4.4% | 0.07x |
| 2020 | 56.4% | 0.27x | 1.01x | -$11.88 | 2.17x | $1.43B | 5.3% | 0.09x |
| 2021 | 56.9% | 0.29x | 0.75x | -$13.52 | 3.16x | $1.50B | 5.6% | 0.09x |
| 2022 | 57.0% | 0.32x | 0.77x | -$14.36 | 1.85x | $1.57B | 6.8% | 0.11x |
| 2023 | 56.7% | 0.32x | 0.81x | -$15.86 | 1.62x | $1.70B | 6.6% | 0.11x |
| 2024 | 64.5% | 0.31x | 0.70x | -$18.53 | -1.63x | $1.72B | — | -0.14x |
| 2025 | 37.3% | 0.36x | 0.26x | -$17.44 | 0.69x | $2.88B | 7.4% | 0.18x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
- Capex/D&A uses reported capital expenditures only. Property acquisitions sit in other investing cash flow, so this ratio does not capture portfolio growth.
Latest year inputs (2025)
Net PP&E: $11.75B
Inventory: $0.00
Total assets: $31.52B
Goodwill: $5.13B
Intangibles: $861.00M
Liabilities: $33.15B
Tangible book: -$7.62B
Shares: 437,000,000
Revenue: $4.27B
Capex: $182.00M
D&A: $690.00M
EBITDA: $2.77B
Interest: $959.00M
Short-term debt: $2.78B
Free cash flow: $2.88B
Operating income: $2.08B
Invested capital: $27.66B
Tax rate: 1.4%