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.
Franco-Nevada Corporation
Physical assets are 73.6% of total assets, a heavy footprint. Capex is 7.16x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -192.35x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.31x.
Physical asset ratio
73.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.05BpropertyPlantEquipmentInventory$598.91KinventoryTotal assets$8.23BtotalAssetsResult 73.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.31xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.85BtotalRevenueNet PP&E$6.05BpropertyPlantEquipmentResult 0.31x
Revenue per dollar of the physical asset base.
Capex / D&A
7.16xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.24BcapitalExpendituresD&A$312.07MdepreciationAndAmortizationResult 7.16x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$39.49Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.23BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$605.00MtotalLiabTangible book$7.62BShares193,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $39.49
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
9.12xPrice / tangible bookPrice / tangible book per sharePrice$360.24Latest quoteTangible book / share$39.492025-12-31Result 9.12x
Price $360.24.
Fixed-charge coverage
-192.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.63BebitdaCapex$2.24BcapitalExpendituresInterest$3.15MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex-$606.74MPrincipal due is short-term debt.Result -192.35x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$715.31MfreeCashFlowMarket cap$69.48BMarketCapitalizationResult -1.0%
Latest free cash flow divided by current market cap ($69.48B).
ROIC
14.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.32BoperatingIncomeTax expense$309.22MincomeTaxExpensePretax income$1.44BincomeBeforeTaxTax rate21.5%Equity$7.62BtotalStockholderEquityDebt$8.58MshortLongTermDebtTotalCash$669.68McashAndShortTermInvestmentsInvested capital$6.96BResult 14.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.22x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 92.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.57BpropertyPlantEquipmentInventory$5.40MinventoryTotal assets$4.93BtotalAssetsResult 92.7% | 0.14xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$653.20MtotalRevenueNet PP&E$4.57BpropertyPlantEquipmentResult 0.14x | 4.00xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$989.60McapitalExpendituresD&A$247.70MdepreciationAndAmortizationResult 4.00x | $24.97Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.93BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$299.90MtotalLiabTangible book$4.63BShares185,472,618commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $24.97 | -120.24xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$436.50MebitdaCapex$989.60McapitalExpendituresInterest$4.60MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex-$553.10MPrincipal due is short-term debt.Result -120.24x | -$514.80MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$474.80MtotalCashFromOperatingActivitiesCapex$989.60McapitalExpendituresFree cash flow-$514.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$514.80M | 2.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$188.80MoperatingIncomeTax expense$50.10MincomeTaxExpensePretax income$189.10MincomeBeforeTaxTax rate26.5%Equity$4.63BtotalStockholderEquityDebt$207.60MshortLongTermDebtTotalCash$69.70McashAndShortTermInvestmentsInvested capital$4.77BResult 2.9% | 0.04xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$188.80MoperatingIncomeNet PP&E$4.57BpropertyPlantEquipmentResult 0.04x |
| 2019 | 91.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.81BpropertyPlantEquipmentInventory$4.40MinventoryTotal assets$5.28BtotalAssetsResult 91.2% | 0.18xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$844.10MtotalRevenueNet PP&E$4.81BpropertyPlantEquipmentResult 0.18x | 1.69xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$445.20McapitalExpendituresD&A$263.20MdepreciationAndAmortizationResult 1.69x | $26.73Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.28BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$37.60MintangibleAssetsLiabilities$218.40MtotalLiabTangible book$5.02BShares188,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $26.73 | 21.53xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$673.40MebitdaCapex$445.20McapitalExpendituresInterest$10.60MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$228.20MPrincipal due is short-term debt.Result 21.53x | $172.50MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$617.70MtotalCashFromOperatingActivitiesCapex$445.20McapitalExpendituresFree cash flow$172.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $172.50M | 6.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$410.20MoperatingIncomeTax expense$61.80MincomeTaxExpensePretax income$405.90MincomeBeforeTaxTax rate15.2%Equity$5.06BtotalStockholderEquityDebt$82.60MshortLongTermDebtTotalCash$132.10McashAndShortTermInvestmentsInvested capital$5.01BResult 6.9% | 0.09xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$410.20MoperatingIncomeNet PP&E$4.81BpropertyPlantEquipmentResult 0.09x |
| 2020 | 83.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.64BpropertyPlantEquipmentInventory$500.00KinventoryTotal assets$5.59BtotalAssetsResult 83.0% | 0.22xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.02BtotalRevenueNet PP&E$4.64BpropertyPlantEquipmentResult 0.22x | 1.30xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$312.60McapitalExpendituresD&A$241.00MdepreciationAndAmortizationResult 1.30x | $28.55Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.59BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$149.10MtotalLiabTangible book$5.44BShares190,700,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $28.55 | 670.75xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$580.90MebitdaCapex$312.60McapitalExpendituresInterest$400.00KinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$268.30MPrincipal due is short-term debt.Result 670.75x | $491.30MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$803.90MtotalCashFromOperatingActivitiesCapex$312.60McapitalExpendituresFree cash flow$491.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $491.30M | 11.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$592.50MoperatingIncomeTax expense$13.30MincomeTaxExpensePretax income$339.50MincomeBeforeTaxTax rate3.9%Equity$5.44BtotalStockholderEquityDebt$4.40MshortLongTermDebtTotalCash$534.20McashAndShortTermInvestmentsInvested capital$4.91BResult 11.6% | 0.13xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$592.50MoperatingIncomeNet PP&E$4.64BpropertyPlantEquipmentResult 0.13x |
| 2021 | 83.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.16BpropertyPlantEquipmentInventory$500.00KinventoryTotal assets$6.21BtotalAssetsResult 83.0% | 0.25xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.30BtotalRevenueNet PP&E$5.16BpropertyPlantEquipmentResult 0.25x | 2.54xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$760.50McapitalExpendituresD&A$299.60MdepreciationAndAmortizationResult 2.54x | $31.53Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.21BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$16.40MintangibleAssetsLiabilities$184.70MtotalLiabTangible book$6.01BShares190,547,244commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $31.53 | 1,332.67xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.16BebitdaCapex$760.50McapitalExpendituresInterest$300.00KinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$399.80MPrincipal due is short-term debt.Result 1,332.67x | $194.90MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$955.40MtotalCashFromOperatingActivitiesCapex$760.50McapitalExpendituresFree cash flow$194.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $194.90M | 13.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$860.70MoperatingIncomeTax expense$124.10MincomeTaxExpensePretax income$857.80MincomeBeforeTaxTax rate14.5%Equity$6.03BtotalStockholderEquityDebt$6.09MshortLongTermDebtTotalCash$539.30McashAndShortTermInvestmentsInvested capital$5.49BResult 13.4% | 0.17xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$860.70MoperatingIncomeNet PP&E$5.16BpropertyPlantEquipmentResult 0.17x |
| 2022 | 74.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.93BpropertyPlantEquipmentInventory$100.00KinventoryTotal assets$6.63BtotalAssetsResult 74.5% | 0.27xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.32BtotalRevenueNet PP&E$4.93BpropertyPlantEquipmentResult 0.27x | 0.49xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$141.50McapitalExpendituresD&A$286.20MdepreciationAndAmortizationResult 0.49x | $33.44Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.63BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$209.20MtotalLiabTangible book$6.42BShares191,900,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $33.44 | 9,785.00xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.12BebitdaCapex$141.50McapitalExpendituresInterest$100.00KinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$978.50MPrincipal due is short-term debt.Result 9,785.00x | $858.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$999.50MtotalCashFromOperatingActivitiesCapex$141.50McapitalExpendituresFree cash flow$858.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $858.00M | 13.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$820.70MoperatingIncomeTax expense$133.10MincomeTaxExpensePretax income$833.70MincomeBeforeTaxTax rate16.0%Equity$6.42BtotalStockholderEquityDebt$6.00MshortLongTermDebtTotalCash$1.20BcashAndShortTermInvestmentsInvested capital$5.23BResult 13.2% | 0.17xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$820.70MoperatingIncomeNet PP&E$4.93BpropertyPlantEquipmentResult 0.17x |
| 2023 | 67.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.03BpropertyPlantEquipmentInventory$500.00KinventoryTotal assets$5.99BtotalAssetsResult 67.3% | 0.30xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.22BtotalRevenueNet PP&E$4.03BpropertyPlantEquipmentResult 0.30x | 1.91xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$521.60McapitalExpendituresD&A$273.10MdepreciationAndAmortizationResult 1.91x | $30.00Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.99BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$225.00MtotalLiabTangible book$5.77BShares192,300,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $30.00 | -211.24xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$91.00MebitdaCapex$521.60McapitalExpendituresInterest$2.90MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex-$612.60MPrincipal due is short-term debt.Result -211.24x | $469.60MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$991.20MtotalCashFromOperatingActivitiesCapex$521.60McapitalExpendituresFree cash flow$469.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $469.60M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$428.00MoperatingIncomeTax expense$102.20MincomeTaxExpensePretax income-$364.20MincomeBeforeTaxTax rate—Equity$5.77BtotalStockholderEquityDebt$5.67MshortLongTermDebtTotalCash$1.42BcashAndShortTermInvestmentsInvested capital$4.35BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.11xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$428.00MoperatingIncomeNet PP&E$4.03BpropertyPlantEquipmentResult -0.11x |
| 2024 | 66.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.11BpropertyPlantEquipmentInventory$96.80MinventoryTotal assets$6.33BtotalAssetsResult 66.4% | 0.27xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.11BtotalRevenueNet PP&E$4.11BpropertyPlantEquipmentResult 0.27x | 1.81xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$408.00McapitalExpendituresD&A$225.30MdepreciationAndAmortizationResult 1.81x | $31.13Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.33BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$333.80MtotalLiabTangible book$6.00BShares192,600,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $31.13 | 5,813.00xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$989.30MebitdaCapex$408.00McapitalExpendituresInterest$100.00KinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$581.30MPrincipal due is short-term debt.Result 5,813.00x | $421.50MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$829.50MtotalCashFromOperatingActivitiesCapex$408.00McapitalExpendituresFree cash flow$421.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $421.50M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$726.60MoperatingIncomeTax expense$211.80MincomeTaxExpensePretax income$763.90MincomeBeforeTaxTax rate27.7%Equity$6.00BtotalStockholderEquityDebt—Not reportedCash$1.45BcashAndShortTermInvestmentsInvested capital—Result — | 0.18xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$726.60MoperatingIncomeNet PP&E$4.11BpropertyPlantEquipmentResult 0.18x |
| 2025 | 73.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.05BpropertyPlantEquipmentInventory$598.91KinventoryTotal assets$8.23BtotalAssetsResult 73.6% | 0.31xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.85BtotalRevenueNet PP&E$6.05BpropertyPlantEquipmentResult 0.31x | 7.16xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.24BcapitalExpendituresD&A$312.07MdepreciationAndAmortizationResult 7.16x | $39.49Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.23BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$605.00MtotalLiabTangible book$7.62BShares193,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $39.49 | -192.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.63BebitdaCapex$2.24BcapitalExpendituresInterest$3.15MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex-$606.74MPrincipal due is short-term debt.Result -192.35x | -$715.31MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.52BtotalCashFromOperatingActivitiesCapex$2.24BcapitalExpendituresFree cash flow-$715.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$715.31M | 14.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.32BoperatingIncomeTax expense$309.22MincomeTaxExpensePretax income$1.44BincomeBeforeTaxTax rate21.5%Equity$7.62BtotalStockholderEquityDebt$8.58MshortLongTermDebtTotalCash$669.68McashAndShortTermInvestmentsInvested capital$6.96BResult 14.9% | 0.22xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.32BoperatingIncomeNet PP&E$6.05BpropertyPlantEquipmentResult 0.22x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $6.05B
Inventory: $598.91K
Total assets: $8.23B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $605.00M
Tangible book: $7.62B
Shares: 193,000,000
Revenue: $1.85B
Capex: $2.24B
D&A: $312.07M
EBITDA: $1.63B
Interest: $3.15M
Short-term debt: $0.00
Free cash flow: -$715.31M
Operating income: $1.32B
Invested capital: $6.96B
Tax rate: 21.5%