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.
Citizens Financial Group, Inc.
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 0.36x 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 0.68x, which is below 1.
Fixed-asset turnover is 12.18x. Compare it with other names in the same basket.
Physical asset ratio
0.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$915.00MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$226.35BtotalAssetsInventory was not reported and is treated as zero.Result 0.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.18xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$11.15BtotalRevenueNet PP&E$915.00MpropertyPlantEquipmentResult 12.18x
Revenue per dollar of the physical asset base.
Capex / D&A
0.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$174.00McapitalExpendituresD&A$478.00MdepreciationAndAmortizationResult 0.36x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$41.37Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$226.35BtotalAssetsGoodwill$8.19BgoodWillIntangibles$115.00MintangibleAssetsLiabilities$200.03BtotalLiabTangible book$18.02BShares435,472,000commonStockSharesOutstandingResult $41.37
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.53xPrice / tangible bookPrice / tangible book per sharePrice$63.24Latest quoteTangible book / share$41.372025-12-31Result 1.53x
Price $63.24.
Fixed-charge coverage
0.68xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.81BebitdaCapex$174.00McapitalExpendituresInterest$3.81BinterestExpenseShort-term debt$58.00MshortTermDebtEBITDA − capex$2.63BPrincipal due is short-term debt.Result 0.68x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$2.04BfreeCashFlowMarket cap$26.76BMarketCapitalizationResult 7.6%
Latest free cash flow divided by current market cap ($26.76B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.33BoperatingIncomeTax expense$497.00MincomeTaxExpensePretax income$2.33BincomeBeforeTaxTax rate21.3%Equity$26.32BtotalStockholderEquityDebt$11.28BshortLongTermDebtTotalCash$49.39BcashAndShortTermInvestmentsInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.54x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$791.00MpropertyPlantEquipmentInventory-$22.00MinventoryTotal assets$160.52BtotalAssetsResult 0.5% | 9.30xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$7.35BtotalRevenueNet PP&E$791.00MpropertyPlantEquipmentResult 9.30x | 0.47xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$232.00McapitalExpendituresD&A$489.00MdepreciationAndAmortizationResult 0.47x | $27.15Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$160.52BtotalAssetsGoodwill$6.92BgoodWillIntangibles$852.00MintangibleAssetsLiabilities$139.70BtotalLiabTangible book$13.04BShares480,430,741commonStockSharesOutstandingResult $27.15 | 0.85xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.67BebitdaCapex$232.00McapitalExpendituresInterest$1.23BinterestExpenseShort-term debt$1.65BshortLongTermDebtEBITDA − capex$2.44BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.85x | $1.54BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.77BtotalCashFromOperatingActivitiesCapex$232.00McapitalExpendituresFree cash flow$1.54BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.54B | 12.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.18BoperatingIncomeTax expense$462.00MincomeTaxExpensePretax income$2.18BincomeBeforeTaxTax rate21.2%Equity$20.82BtotalStockholderEquityDebt$16.38BshortLongTermDebtTotalCash$23.75BcashAndShortTermInvestmentsInvested capital$13.44BResult 12.8% | 2.76xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$2.18BoperatingIncomeNet PP&E$791.00MpropertyPlantEquipmentResult 2.76x |
| 2019 | -1.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$761.00MpropertyPlantEquipmentInventory-$3.73BinventoryTotal assets$165.73BtotalAssetsResult -1.8% | 10.60xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$8.07BtotalRevenueNet PP&E$761.00MpropertyPlantEquipmentResult 10.60x | 0.58xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$366.00McapitalExpendituresD&A$633.00MdepreciationAndAmortizationResult 0.58x | $30.02Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$165.73BtotalAssetsGoodwill$7.04BgoodWillIntangibles$1.61BintangibleAssetsLiabilities$143.53BtotalLiabTangible book$13.55BShares451,213,701commonStockSharesOutstandingResult $30.02 | 1.59xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.88BebitdaCapex$366.00McapitalExpendituresInterest$1.58BinterestExpenseShort-term debt$9.00MshortLongTermDebtEBITDA − capex$2.52BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 1.59x | $1.33BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.70BtotalCashFromOperatingActivitiesCapex$366.00McapitalExpendituresFree cash flow$1.33BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.33B | 14.8%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.25BoperatingIncomeTax expense$460.00MincomeTaxExpensePretax income$2.25BincomeBeforeTaxTax rate20.4%Equity$22.20BtotalStockholderEquityDebt$14.18BshortLongTermDebtTotalCash$24.30BcashAndShortTermInvestmentsInvested capital$12.08BResult 14.8% | 2.96xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$2.25BoperatingIncomeNet PP&E$761.00MpropertyPlantEquipmentResult 2.96x |
| 2020 | -7.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$759.00MpropertyPlantEquipmentInventory-$13.54BinventoryTotal assets$183.35BtotalAssetsResult -7.0% | 10.11xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$7.68BtotalRevenueNet PP&E$759.00MpropertyPlantEquipmentResult 10.11x | 0.20xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$118.00McapitalExpendituresD&A$578.00MdepreciationAndAmortizationResult 0.20x | $32.71Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$183.35BtotalAssetsGoodwill$7.05BgoodWillIntangibles$1.62BintangibleAssetsLiabilities$160.68BtotalLiabTangible book$14.01BShares428,157,780commonStockSharesOutstandingResult $32.71 | 1.73xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.88BebitdaCapex$118.00McapitalExpendituresInterest$771.00MinterestExpenseShort-term debt$243.00MshortLongTermDebtEBITDA − capex$1.76BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 1.73x | -$7.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$111.00MtotalCashFromOperatingActivitiesCapex$118.00McapitalExpendituresFree cash flow-$7.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$7.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.30BoperatingIncomeTax expense$241.00MincomeTaxExpensePretax income$1.30BincomeBeforeTaxTax rate18.6%Equity$22.67BtotalStockholderEquityDebt$8.72BshortLongTermDebtTotalCash$35.98BcashAndShortTermInvestmentsInvested capital—Result — | 1.71xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$1.30BoperatingIncomeNet PP&E$759.00MpropertyPlantEquipmentResult 1.71x |
| 2021 | -4.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$768.00MpropertyPlantEquipmentInventory-$9.98BinventoryTotal assets$188.41BtotalAssetsResult -4.9% | 9.10xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$6.99BtotalRevenueNet PP&E$768.00MpropertyPlantEquipmentResult 9.10x | 0.20xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$124.00McapitalExpendituresD&A$625.00MdepreciationAndAmortizationResult 0.20x | $37.99Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$188.41BtotalAssetsGoodwill$7.12BgoodWillIntangibles$64.00MintangibleAssetsLiabilities$164.99BtotalLiabTangible book$16.24BShares427,436,000commonStockSharesOutstandingResult $37.99 | 8.42xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.60BebitdaCapex$124.00McapitalExpendituresInterest$339.00MinterestExpenseShort-term debt$74.00MshortTermDebtEBITDA − capex$3.48BPrincipal due is short-term debt.Result 8.42x | $2.15BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.28BtotalCashFromOperatingActivitiesCapex$124.00McapitalExpendituresFree cash flow$2.15BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.15B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.98BoperatingIncomeTax expense$658.00MincomeTaxExpensePretax income$2.98BincomeBeforeTaxTax rate22.1%Equity$23.42BtotalStockholderEquityDebt$7.01BshortLongTermDebtTotalCash$34.90BcashAndShortTermInvestmentsInvested capital—Result — | 3.88xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.98BoperatingIncomeNet PP&E$768.00MpropertyPlantEquipmentResult 3.88x |
| 2022 | 0.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$844.00MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$226.73BtotalAssetsInventory was not reported and is treated as zero.Result 0.4% | 10.75xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$9.07BtotalRevenueNet PP&E$844.00MpropertyPlantEquipmentResult 10.75x | 0.22xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$126.00McapitalExpendituresD&A$565.00MdepreciationAndAmortizationResult 0.22x | $32.06Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$226.73BtotalAssetsGoodwill$8.17BgoodWillIntangibles$197.00MintangibleAssetsLiabilities$203.04BtotalLiabTangible book$15.32BShares477,803,000commonStockSharesOutstandingResult $32.06 | 2.94xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.22BebitdaCapex$126.00McapitalExpendituresInterest$1.05BinterestExpenseShort-term debt$3.00MshortTermDebtEBITDA − capex$3.09BPrincipal due is short-term debt.Result 2.94x | $3.99BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$4.12BtotalCashFromOperatingActivitiesCapex$126.00McapitalExpendituresFree cash flow$3.99BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.99B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.66BoperatingIncomeTax expense$582.00MincomeTaxExpensePretax income$2.66BincomeBeforeTaxTax rate21.9%Equity$23.69BtotalStockholderEquityDebt$7.37BlongTermDebt + shortLongTermDebtCash$34.59BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 3.15xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$2.66BoperatingIncomeNet PP&E$844.00MpropertyPlantEquipmentResult 3.15x |
| 2023 | -5.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.78BpropertyPlantEquipmentInventory-$14.16BinventoryTotal assets$221.96BtotalAssetsUses the property line, which is larger than net PP&E ($895.00M, propertyPlantAndEquipmentNet).Result -5.6% | 6.85xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$12.19BtotalRevenueNet PP&E$1.78BpropertyPlantEquipmentResult 6.85x | 0.36xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$172.00McapitalExpendituresD&A$478.00MdepreciationAndAmortizationResult 0.36x | $33.56Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$221.96BtotalAssetsGoodwill$8.19BgoodWillIntangibles$157.00MintangibleAssetsLiabilities$197.62BtotalLiabTangible book$16.00BShares476,693,000commonStockSharesOutstandingResult $33.56 | 0.52xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.51BebitdaCapex$172.00McapitalExpendituresInterest$3.96BinterestExpenseShort-term debt$505.00MshortTermDebtEBITDA − capex$2.34BPrincipal due is short-term debt.Result 0.52x | $2.79BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$2.96BtotalCashFromOperatingActivitiesCapex$172.00McapitalExpendituresFree cash flow$2.79BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.79B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.03BoperatingIncomeTax expense$422.00MincomeTaxExpensePretax income$2.03BincomeBeforeTaxTax rate20.8%Equity$24.34BtotalStockholderEquityDebt$13.97BshortLongTermDebtTotalCash$41.70BcashAndShortTermInvestmentsInvested capital—Result — | 1.14xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.03BoperatingIncomeNet PP&E$1.78BpropertyPlantEquipmentResult 1.14x |
| 2024 | 0.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.74BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$217.52BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($875.00M, propertyPlantAndEquipmentNet).Result 0.8% | 7.08xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$12.35BtotalRevenueNet PP&E$1.74BpropertyPlantEquipmentResult 7.08x | 0.24xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$122.00McapitalExpendituresD&A$498.00MdepreciationAndAmortizationResult 0.24x | $35.11Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$217.52BtotalAssetsGoodwill$8.19BgoodWillIntangibles$146.00MintangibleAssetsLiabilities$193.27BtotalLiabTangible book$15.92BShares453,510,000commonStockSharesOutstandingResult $35.11 | 0.35xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.39BebitdaCapex$122.00McapitalExpendituresInterest$4.55BinterestExpenseShort-term debt$1.99BshortTermDebtEBITDA − capex$2.26BPrincipal due is short-term debt.Result 0.35x | $1.88BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$2.00BtotalCashFromOperatingActivitiesCapex$122.00McapitalExpendituresFree cash flow$1.88BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.88B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.89BoperatingIncomeTax expense$379.00MincomeTaxExpensePretax income$1.89BincomeBeforeTaxTax rate20.1%Equity$24.25BtotalStockholderEquityDebt$12.40BshortLongTermDebtTotalCash$43.85BcashAndShortTermInvestmentsInvested capital—Result — | 1.08xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.89BoperatingIncomeNet PP&E$1.74BpropertyPlantEquipmentResult 1.08x |
| 2025 | 0.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$915.00MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$226.35BtotalAssetsInventory was not reported and is treated as zero.Result 0.4% | 12.18xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$11.15BtotalRevenueNet PP&E$915.00MpropertyPlantEquipmentResult 12.18x | 0.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$174.00McapitalExpendituresD&A$478.00MdepreciationAndAmortizationResult 0.36x | $41.37Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$226.35BtotalAssetsGoodwill$8.19BgoodWillIntangibles$115.00MintangibleAssetsLiabilities$200.03BtotalLiabTangible book$18.02BShares435,472,000commonStockSharesOutstandingResult $41.37 | 0.68xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.81BebitdaCapex$174.00McapitalExpendituresInterest$3.81BinterestExpenseShort-term debt$58.00MshortTermDebtEBITDA − capex$2.63BPrincipal due is short-term debt.Result 0.68x | $2.04BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$2.21BtotalCashFromOperatingActivitiesCapex$174.00McapitalExpendituresFree cash flow$2.04BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.04B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.33BoperatingIncomeTax expense$497.00MincomeTaxExpensePretax income$2.33BincomeBeforeTaxTax rate21.3%Equity$26.32BtotalStockholderEquityDebt$11.28BshortLongTermDebtTotalCash$49.39BcashAndShortTermInvestmentsInvested capital—Result — | 2.54xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$2.33BoperatingIncomeNet PP&E$915.00MpropertyPlantEquipmentResult 2.54x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $915.00M
Inventory: $0.00
Total assets: $226.35B
Goodwill: $8.19B
Intangibles: $115.00M
Liabilities: $200.03B
Tangible book: $18.02B
Shares: 435,472,000
Revenue: $11.15B
Capex: $174.00M
D&A: $478.00M
EBITDA: $2.81B
Interest: $3.81B
Short-term debt: $58.00M
Free cash flow: $2.04B
Operating income: $2.33B
Invested capital: —
Tax rate: 21.3%