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.
Emera Inc.
Physical assets are 63.1% of total assets, a heavy footprint. Capex is 2.72x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.01x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.30x.
Physical asset ratio
63.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.30x
Revenue per dollar of the physical asset base.
Capex / D&A
2.72x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$26.08
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.56x
Price $66.79.
Fixed-charge coverage
-0.01x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-8.4%
Latest free cash flow divided by current market cap ($20.51B).
ROIC
4.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 59.4% | 0.35x | 2.33x | $8.74 | 0.05x | -$472.00M | 5.2% | 0.07x |
| 2019 | 58.7% | 0.34x | 2.74x | $11.50 | -0.07x | -$970.00M | 5.1% | 0.07x |
| 2020 | 64.2% | 0.28x | 2.92x | $14.17 | -0.15x | -$986.00M | 3.5% | 0.06x |
| 2021 | 61.2% | 0.28x | 2.58x | $17.29 | -0.18x | -$1.17B | 3.6% | 0.05x |
| 2022 | 59.9% | 0.33x | 2.71x | $20.42 | 0.02x | -$1.68B | 4.6% | 0.07x |
| 2023 | 63.9% | 0.31x | 2.77x | $22.71 | -0.02x | -$696.00M | 5.1% | 0.07x |
| 2024 | 62.9% | 0.27x | 2.70x | $25.72 | -0.25x | -$505.00M | 3.3% | 0.04x |
| 2025 | 63.1% | 0.30x | 2.72x | $26.08 | -0.01x | -$1.73B | 4.2% | 0.06x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $27.46B
Inventory: $821.00M
Total assets: $44.82B
Goodwill: $5.58B
Intangibles: $0.00
Liabilities: $31.42B
Tangible book: $7.82B
Shares: 299,700,000
Revenue: $8.31B
Capex: $3.53B
D&A: $1.30B
EBITDA: $3.50B
Interest: $1.03B
Short-term debt: $3.01B
Free cash flow: -$1.73B
Operating income: $1.56B
Invested capital: $34.65B
Tax rate: 6.9%