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.
Howmet Aerospace Inc
Physical assets are 41.2% of total assets, a mixed footprint. Capex is 1.60x 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 22.8%, above 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 3.00x.
Physical asset ratio
41.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.76BpropertyPlantEquipmentInventory$1.85BinventoryTotal assets$11.18BtotalAssetsResult 41.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.25BtotalRevenueNet PP&E$2.76BpropertyPlantEquipmentResult 3.00x
Revenue per dollar of the physical asset base.
Capex / D&A
1.60xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$453.00McapitalExpendituresD&A$283.00MdepreciationAndAmortizationResult 1.60x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.15Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.18BtotalAssetsGoodwill$4.02BgoodWillIntangibles$457.00MintangibleAssetsLiabilities$5.83BtotalLiabTangible book$874.00MShares406,000,000commonStockSharesOutstandingResult $2.15
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
95.24xPrice / tangible bookPrice / tangible book per sharePrice$205.02Latest quoteTangible book / share$2.152025-12-31Result 95.24x
Price $205.02.
Fixed-charge coverage
5.32xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.27BebitdaCapex$453.00McapitalExpendituresInterest$151.00MinterestExpenseShort-term debt$191.00MshortTermDebtEBITDA − capex$1.82BPrincipal due is short-term debt.Result 5.32x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.43BfreeCashFlowMarket cap$79.89BMarketCapitalizationResult 1.8%
Latest free cash flow divided by current market cap ($79.89B).
ROIC
22.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.13BoperatingIncomeTax expense$332.00MincomeTaxExpensePretax income$1.84BincomeBeforeTaxTax rate18.0%Equity$5.35BtotalStockholderEquityDebt$3.05BshortLongTermDebtTotalCash$742.00McashAndEquivalentsInvested capital$7.66BResult 22.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.77x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 43.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.70BpropertyPlantEquipmentInventory$2.49BinventoryTotal assets$18.69BtotalAssetsResult 43.8% | 2.46xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$14.02BtotalRevenueNet PP&E$5.70BpropertyPlantEquipmentResult 2.46x | 1.33xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$768.00McapitalExpendituresD&A$576.00MdepreciationAndAmortizationResult 1.33x | $0.33Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.69BtotalAssetsGoodwill$4.50BgoodWillIntangibles$919.00MintangibleAssetsLiabilities$13.11BtotalLiabTangible book$166.00MShares503,000,000commonStockSharesOutstandingResult $0.33 | 1.30xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.82BebitdaCapex$768.00McapitalExpendituresInterest$376.00MinterestExpenseShort-term debt$434.00MshortTermDebtEBITDA − capex$1.05BPrincipal due is short-term debt.Result 1.30x | -$551.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$217.00MtotalCashFromOperatingActivitiesCapex$768.00McapitalExpendituresFree cash flow-$551.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$551.00M | 10.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.35BoperatingIncomeTax expense$226.00MincomeTaxExpensePretax income$868.00MincomeBeforeTaxTax rate26.0%Equity$5.57BtotalStockholderEquityDebt$6.33BshortLongTermDebtTotalCash$2.28BcashAndEquivalentsInvested capital$9.63BResult 10.3% | 0.24xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.35BoperatingIncomeNet PP&E$5.70BpropertyPlantEquipmentResult 0.24x |
| 2019 | 40.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.46BpropertyPlantEquipmentInventory$1.61BinventoryTotal assets$17.58BtotalAssetsResult 40.2% | 1.30xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$7.10BtotalRevenueNet PP&E$5.46BpropertyPlantEquipmentResult 1.30x | 1.99xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$586.00McapitalExpendituresD&A$295.00MdepreciationAndAmortizationResult 1.99x | -$1.14Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$17.58BtotalAssetsGoodwill$4.49BgoodWillIntangibles$658.00MintangibleAssetsLiabilities$12.96BtotalLiabTangible book-$530.00MShares463,000,000commonStockSharesOutstandingResult -$1.14 | 0.19xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$843.00MebitdaCapex$586.00McapitalExpendituresInterest$338.00MinterestExpenseShort-term debt$1.03BshortLongTermDebtEBITDA − capex$257.00MPrincipal due is the current portion of debt.Result 0.19x | -$180.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$406.00MtotalCashFromOperatingActivitiesCapex$586.00McapitalExpendituresFree cash flow-$180.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$180.00M | 7.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.19BoperatingIncomeTax expense$84.00MincomeTaxExpensePretax income$210.00MincomeBeforeTaxTax rate40.0%Equity$4.61BtotalStockholderEquityDebt$6.21BshortLongTermDebtTotalCash$1.58BcashAndEquivalentsInvested capital$9.24BResult 7.7% | 0.22xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.19BoperatingIncomeNet PP&E$5.46BpropertyPlantEquipmentResult 0.22x |
| 2020 | 35.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.59BpropertyPlantEquipmentInventory$1.49BinventoryTotal assets$11.45BtotalAssetsResult 35.6% | 2.03xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$5.26BtotalRevenueNet PP&E$2.59BpropertyPlantEquipmentResult 2.03x | 0.96xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$267.00McapitalExpendituresD&A$279.00MdepreciationAndAmortizationResult 0.96x | -$2.49Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.45BtotalAssetsGoodwill$4.10BgoodWillIntangibles$571.00MintangibleAssetsLiabilities$7.87BtotalLiabTangible book-$1.09BShares439,000,000commonStockSharesOutstandingResult -$2.49 | 0.75xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$831.00MebitdaCapex$267.00McapitalExpendituresInterest$381.00MinterestExpenseShort-term debt$376.00MshortLongTermDebtEBITDA − capex$564.00MPrincipal due is the current portion of debt.Result 0.75x | -$258.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$9.00MtotalCashFromOperatingActivitiesCapex$267.00McapitalExpendituresFree cash flow-$258.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$258.00M | 11.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$849.00MoperatingIncomeTax expense-$40.00MincomeTaxExpensePretax income$171.00MincomeBeforeTaxTax rate0.0%Equity$3.58BtotalStockholderEquityDebt$5.21BshortLongTermDebtTotalCash$1.61BcashAndEquivalentsInvested capital$7.18BResult 11.8% | 0.33xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$849.00MoperatingIncomeNet PP&E$2.59BpropertyPlantEquipmentResult 0.33x |
| 2021 | 37.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.47BpropertyPlantEquipmentInventory$1.40BinventoryTotal assets$10.22BtotalAssetsResult 37.9% | 2.02xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$4.97BtotalRevenueNet PP&E$2.47BpropertyPlantEquipmentResult 2.02x | 0.74xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$199.00McapitalExpendituresD&A$270.00MdepreciationAndAmortizationResult 0.74x | -$2.55Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.22BtotalAssetsGoodwill$4.07BgoodWillIntangibles$549.00MintangibleAssetsLiabilities$6.71BtotalLiabTangible book-$1.11BShares435,000,000commonStockSharesOutstandingResult -$2.55 | 2.48xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$853.00MebitdaCapex$199.00McapitalExpendituresInterest$259.00MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$654.00MPrincipal due is the current portion of debt.Result 2.48x | $250.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$449.00MtotalCashFromOperatingActivitiesCapex$199.00McapitalExpendituresFree cash flow$250.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $250.00M | 9.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$866.00MoperatingIncomeTax expense$66.00MincomeTaxExpensePretax income$324.00MincomeBeforeTaxTax rate20.4%Equity$3.51BtotalStockholderEquityDebt$4.35BshortLongTermDebtTotalCash$720.00McashAndEquivalentsInvested capital$7.13BResult 9.7% | 0.35xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$866.00MoperatingIncomeNet PP&E$2.47BpropertyPlantEquipmentResult 0.35x |
| 2022 | 38.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.33BpropertyPlantEquipmentInventory$1.61BinventoryTotal assets$10.26BtotalAssetsResult 38.4% | 2.43xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$5.66BtotalRevenueNet PP&E$2.33BpropertyPlantEquipmentResult 2.43x | 0.73xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$193.00McapitalExpendituresD&A$265.00MdepreciationAndAmortizationResult 0.73x | -$2.22Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.26BtotalAssetsGoodwill$4.01BgoodWillIntangibles$521.00MintangibleAssetsLiabilities$6.65BtotalLiabTangible book-$933.00MShares421,000,000commonStockSharesOutstandingResult -$2.22 | 3.48xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.10BebitdaCapex$193.00McapitalExpendituresInterest$229.00MinterestExpenseShort-term debt$32.00MshortTermDebtEBITDA − capex$907.00MPrincipal due is short-term debt.Result 3.48x | $540.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$733.00MtotalCashFromOperatingActivitiesCapex$193.00McapitalExpendituresFree cash flow$540.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $540.00M | 11.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.03BoperatingIncomeTax expense$137.00MincomeTaxExpensePretax income$606.00MincomeBeforeTaxTax rate22.6%Equity$3.60BtotalStockholderEquityDebt$4.19BshortLongTermDebtTotalCash$791.00McashAndEquivalentsInvested capital$7.00BResult 11.4% | 0.44xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.03BoperatingIncomeNet PP&E$2.33BpropertyPlantEquipmentResult 0.44x |
| 2023 | 40.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.46BpropertyPlantEquipmentInventory$1.77BinventoryTotal assets$10.43BtotalAssetsResult 40.5% | 2.70xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$6.64BtotalRevenueNet PP&E$2.46BpropertyPlantEquipmentResult 2.70x | 0.81xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$219.00McapitalExpendituresD&A$272.00MdepreciationAndAmortizationResult 0.81x | -$1.21Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.43BtotalAssetsGoodwill$4.04BgoodWillIntangibles$505.00MintangibleAssetsLiabilities$6.39BtotalLiabTangible book-$503.00MShares416,000,000commonStockSharesOutstandingResult -$1.21 | 2.94xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.47BebitdaCapex$219.00McapitalExpendituresInterest$218.00MinterestExpenseShort-term debt$206.00MshortLongTermDebtEBITDA − capex$1.25BPrincipal due is the current portion of debt.Result 2.94x | $682.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$901.00MtotalCashFromOperatingActivitiesCapex$219.00McapitalExpendituresFree cash flow$682.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $682.00M | 13.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.25BoperatingIncomeTax expense$210.00MincomeTaxExpensePretax income$975.00MincomeBeforeTaxTax rate21.5%Equity$4.04BtotalStockholderEquityDebt$3.84BshortLongTermDebtTotalCash$610.00McashAndEquivalentsInvested capital$7.26BResult 13.5% | 0.51xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.25BoperatingIncomeNet PP&E$2.46BpropertyPlantEquipmentResult 0.51x |
| 2024 | 41.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.54BpropertyPlantEquipmentInventory$1.84BinventoryTotal assets$10.52BtotalAssetsResult 41.6% | 2.92xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$7.43BtotalRevenueNet PP&E$2.54BpropertyPlantEquipmentResult 2.92x | 1.16xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$321.00McapitalExpendituresD&A$277.00MdepreciationAndAmortizationResult 1.16x | $0.17Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.52BtotalAssetsGoodwill$4.01BgoodWillIntangibles$475.00MintangibleAssetsLiabilities$5.97BtotalLiabTangible book$69.00MShares410,000,000commonStockSharesOutstandingResult $0.17 | 8.09xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.84BebitdaCapex$321.00McapitalExpendituresInterest$182.00MinterestExpenseShort-term debt$6.00MshortLongTermDebtEBITDA − capex$1.52BPrincipal due is the current portion of debt.Result 8.09x | $977.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$1.30BtotalCashFromOperatingActivitiesCapex$321.00McapitalExpendituresFree cash flow$977.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $977.00M | 18.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.67BoperatingIncomeTax expense$228.00MincomeTaxExpensePretax income$1.38BincomeBeforeTaxTax rate16.5%Equity$4.55BtotalStockholderEquityDebt$3.47BshortLongTermDebtTotalCash$564.00McashAndEquivalentsInvested capital$7.46BResult 18.7% | 0.66xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.67BoperatingIncomeNet PP&E$2.54BpropertyPlantEquipmentResult 0.66x |
| 2025 | 41.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.76BpropertyPlantEquipmentInventory$1.85BinventoryTotal assets$11.18BtotalAssetsResult 41.2% | 3.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.25BtotalRevenueNet PP&E$2.76BpropertyPlantEquipmentResult 3.00x | 1.60xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$453.00McapitalExpendituresD&A$283.00MdepreciationAndAmortizationResult 1.60x | $2.15Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.18BtotalAssetsGoodwill$4.02BgoodWillIntangibles$457.00MintangibleAssetsLiabilities$5.83BtotalLiabTangible book$874.00MShares406,000,000commonStockSharesOutstandingResult $2.15 | 5.32xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.27BebitdaCapex$453.00McapitalExpendituresInterest$151.00MinterestExpenseShort-term debt$191.00MshortTermDebtEBITDA − capex$1.82BPrincipal due is short-term debt.Result 5.32x | $1.43BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.88BtotalCashFromOperatingActivitiesCapex$453.00McapitalExpendituresFree cash flow$1.43BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.43B | 22.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.13BoperatingIncomeTax expense$332.00MincomeTaxExpensePretax income$1.84BincomeBeforeTaxTax rate18.0%Equity$5.35BtotalStockholderEquityDebt$3.05BshortLongTermDebtTotalCash$742.00McashAndEquivalentsInvested capital$7.66BResult 22.8% | 0.77xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$2.13BoperatingIncomeNet PP&E$2.76BpropertyPlantEquipmentResult 0.77x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $2.76B
Inventory: $1.85B
Total assets: $11.18B
Goodwill: $4.02B
Intangibles: $457.00M
Liabilities: $5.83B
Tangible book: $874.00M
Shares: 406,000,000
Revenue: $8.25B
Capex: $453.00M
D&A: $283.00M
EBITDA: $2.27B
Interest: $151.00M
Short-term debt: $191.00M
Free cash flow: $1.43B
Operating income: $2.13B
Invested capital: $7.66B
Tax rate: 18.0%