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.
Enbridge Inc
Physical assets are 61.3% of total assets, a heavy footprint. Capex is 1.59x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 5.3%, below an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.49x.
Physical asset ratio
61.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.49x
Revenue per dollar of the physical asset base.
Capex / D&A
1.59x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$12.19
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
5.45x
Price $66.48.
Fixed-charge coverage
1.02x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.7%
Latest free cash flow divided by current market cap ($148.17B).
ROIC
5.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.09x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 57.4% | 0.50x | 2.26x | $21.20 | 0.04x | $3.16B | 5.3% | 0.08x |
| 2019 | 58.7% | 0.53x | 1.68x | $16.87 | 0.80x | $3.71B | 4.6% | 0.08x |
| 2020 | 60.5% | 0.41x | 1.51x | $14.64 | 0.56x | $4.16B | 4.8% | 0.08x |
| 2021 | 60.6% | 0.46x | 2.03x | $13.13 | 0.44x | $1.97B | 4.5% | 0.07x |
| 2022 | 59.8% | 0.51x | 1.12x | $13.30 | 0.45x | $6.41B | 3.9% | 0.08x |
| 2023 | 59.2% | 0.41x | 1.06x | $14.14 | 1.11x | $9.33B | 4.8% | 0.08x |
| 2024 | 60.9% | 0.41x | 1.34x | $12.84 | 0.79x | $5.67B | 4.7% | 0.08x |
| 2025 | 61.3% | 0.49x | 1.59x | $12.19 | 1.02x | $3.98B | 5.3% | 0.09x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $132.20B
Inventory: $1.62B
Total assets: $218.48B
Goodwill: $35.28B
Intangibles: $3.99B
Liabilities: $152.55B
Tangible book: $26.65B
Shares: 2,186,000,000
Revenue: $65.13B
Capex: $8.97B
D&A: $5.66B
EBITDA: $20.49B
Interest: $5.04B
Short-term debt: $6.29B
Free cash flow: $3.98B
Operating income: $11.25B
Invested capital: $167.66B
Tax rate: 20.5%