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.
Morningstar 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 0.77x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 6.26x. Compare it with other names in the same basket.
Physical asset ratio
10.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$390.90MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.59BtotalAssetsInventory was not reported and is treated as zero.Result 10.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.26xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.45BtotalRevenueNet PP&E$390.90MpropertyPlantAndEquipmentNetResult 6.26x
Revenue per dollar of the physical asset base.
Capex / D&A
0.77xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$147.10McapitalExpendituresD&A$189.90MdepreciationAndAmortizationResult 0.77x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$18.20Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.59BtotalAssetsGoodwill$1.61BgoodWillIntangibles$379.30MintangibleAssetsLiabilities$2.37BtotalLiabTangible book-$768.20MShares42,200,000commonStockSharesOutstandingResult -$18.20
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$244.25Latest quoteTangible book / share-$18.202025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $244.25.
Fixed-charge coverage
7.11xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$728.90MebitdaCapex$147.10McapitalExpendituresInterest$40.00MinterestExpenseShort-term debt$41.80MshortTermDebtEBITDA − capex$581.80MPrincipal due is short-term debt.Result 7.11x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$442.60MfreeCashFlowMarket cap$8.78BMarketCapitalizationResult 5.0%
Latest free cash flow divided by current market cap ($8.78B).
ROIC
18.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$526.60MoperatingIncomeTax expense$121.50MincomeTaxExpensePretax income$495.70MincomeBeforeTaxTax rate24.5%Equity$1.22BtotalStockholderEquityDebt$1.41BshortLongTermDebtTotalCash$528.70McashAndShortTermInvestmentsInvested capital$2.10BResult 18.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.35x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 9.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$143.50MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$1.45BtotalAssetsInventory was not reported and is treated as zero.Result 9.9% | 7.11xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.02BtotalRevenueNet PP&E$143.50MpropertyPlantEquipmentResult 7.11x | 0.79xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$76.10McapitalExpendituresD&A$96.70MdepreciationAndAmortizationResult 0.79x | $7.07Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.45BtotalAssetsGoodwill$556.70MgoodWillIntangibles$73.90MintangibleAssetsLiabilities$519.10MtotalLiabTangible book$304.10MShares43,000,000commonStockSharesOutstandingResult $7.07 | 2.29xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$331.40MebitdaCapex$76.10McapitalExpendituresInterest$1.80MinterestExpenseShort-term debt$109.50MshortTermDebtEBITDA − capex$255.30MPrincipal due is short-term debt.Result 2.29x | $238.70MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$314.80MtotalCashFromOperatingActivitiesCapex$76.10McapitalExpendituresFree cash flow$238.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $238.70M | 28.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$215.80MoperatingIncomeTax expense$47.80MincomeTaxExpensePretax income$230.80MincomeBeforeTaxTax rate20.7%Equity$934.70MtotalStockholderEquityDebt$70.00MlongTermDebt + shortLongTermDebtCash$395.90McashAndShortTermInvestmentsInvested capital$608.80MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 28.1% | 1.50xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$215.80MoperatingIncomeNet PP&E$143.50MpropertyPlantEquipmentResult 1.50x |
| 2019 | 12.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$299.50MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.37BtotalAssetsInventory was not reported and is treated as zero.Result 12.6% | 3.94xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.18BtotalRevenueNet PP&E$299.50MpropertyPlantAndEquipmentNetResult 3.94x | 0.68xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$80.00McapitalExpendituresD&A$117.70MdepreciationAndAmortizationResult 0.68x | -$6.69Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.37BtotalAssetsGoodwill$1.04BgoodWillIntangibles$333.40MintangibleAssetsLiabilities$1.29BtotalLiabTangible book-$288.90MShares43,200,000commonStockSharesOutstandingResult -$6.69 | 12.43xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$324.90MebitdaCapex$80.00McapitalExpendituresInterest$8.70MinterestExpenseShort-term debt$11.00MshortLongTermDebtEBITDA − capex$244.90MPrincipal due is the current portion of debt.Result 12.43x | $254.40MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$334.40MtotalCashFromOperatingActivitiesCapex$80.00McapitalExpendituresFree cash flow$254.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $254.40M | 10.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$189.60MoperatingIncomeTax expense$45.60MincomeTaxExpensePretax income$197.60MincomeBeforeTaxTax rate23.1%Equity$1.08BtotalStockholderEquityDebt$687.60MshortLongTermDebtTotalCash$367.50McashAndShortTermInvestmentsInvested capital$1.40BResult 10.4% | 0.63xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$189.60MoperatingIncomeNet PP&E$299.50MpropertyPlantAndEquipmentNetResult 0.63x |
| 2020 | 11.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$302.80MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.70BtotalAssetsInventory was not reported and is treated as zero.Result 11.2% | 4.59xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.39BtotalRevenueNet PP&E$302.80MpropertyPlantAndEquipmentNetResult 4.59x | 0.55xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$76.70McapitalExpendituresD&A$139.50MdepreciationAndAmortizationResult 0.55x | -$7.26Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.70BtotalAssetsGoodwill$1.21BgoodWillIntangibles$380.10MintangibleAssetsLiabilities$1.42BtotalLiabTangible book-$313.70MShares43,200,000commonStockSharesOutstandingResult -$7.26 | 7.00xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$433.60MebitdaCapex$76.70McapitalExpendituresInterest$11.10MinterestExpenseShort-term debt$39.90MshortTermDebtEBITDA − capex$356.90MPrincipal due is short-term debt.Result 7.00x | $307.60MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$384.30MtotalCashFromOperatingActivitiesCapex$76.70McapitalExpendituresFree cash flow$307.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $307.60M | 11.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$215.20MoperatingIncomeTax expense$59.70MincomeTaxExpensePretax income$283.30MincomeBeforeTaxTax rate21.1%Equity$1.27BtotalStockholderEquityDebt$626.70MshortLongTermDebtTotalCash$464.20McashAndShortTermInvestmentsInvested capital$1.43BResult 11.8% | 0.71xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$215.20MoperatingIncomeNet PP&E$302.80MpropertyPlantAndEquipmentNetResult 0.71x |
| 2021 | 11.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$321.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.86BtotalAssetsInventory was not reported and is treated as zero.Result 11.2% | 5.29xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.70BtotalRevenueNet PP&E$321.00MpropertyPlantAndEquipmentNetResult 5.29x | 0.68xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$101.80McapitalExpendituresD&A$150.70MdepreciationAndAmortizationResult 0.68x | -$2.75Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.86BtotalAssetsGoodwill$1.21BgoodWillIntangibles$328.20MintangibleAssetsLiabilities$1.45BtotalLiabTangible book-$119.30MShares43,400,000commonStockSharesOutstandingResult -$2.75 | 6.83xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$409.90MebitdaCapex$101.80McapitalExpendituresInterest$8.70MinterestExpenseShort-term debt$36.40MshortTermDebtEBITDA − capex$308.10MPrincipal due is short-term debt.Result 6.83x | $348.10MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$449.90MtotalCashFromOperatingActivitiesCapex$101.80McapitalExpendituresFree cash flow$348.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $348.10M | 13.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$257.00MoperatingIncomeTax expense$62.60MincomeTaxExpensePretax income$255.90MincomeBeforeTaxTax rate24.5%Equity$1.42BtotalStockholderEquityDebt$531.50MshortLongTermDebtTotalCash$546.10McashAndShortTermInvestmentsInvested capital$1.40BResult 13.9% | 0.80xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$257.00MoperatingIncomeNet PP&E$321.00MpropertyPlantAndEquipmentNetResult 0.80x |
| 2022 | 11.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$391.00MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$3.47BtotalAssetsResult 11.3% | 4.78xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.87BtotalRevenueNet PP&E$391.00MpropertyPlantAndEquipmentNetResult 4.78x | 0.78xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$129.50McapitalExpendituresD&A$166.60MdepreciationAndAmortizationResult 0.78x | -$21.29Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.47BtotalAssetsGoodwill$1.57BgoodWillIntangibles$548.60MintangibleAssetsLiabilities$2.27BtotalLiabTangible book-$913.20MShares42,900,000commonStockSharesOutstandingResult -$21.29 | 3.24xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$325.60MebitdaCapex$129.50McapitalExpendituresInterest$28.40MinterestExpenseShort-term debt$32.10MshortLongTermDebtEBITDA − capex$196.10MPrincipal due is the current portion of debt.Result 3.24x | $168.30MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$297.80MtotalCashFromOperatingActivitiesCapex$129.50McapitalExpendituresFree cash flow$168.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $168.30M | 4.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$167.80MoperatingIncomeTax expense$56.50MincomeTaxExpensePretax income$127.00MincomeBeforeTaxTax rate40.0%Equity$1.21BtotalStockholderEquityDebt$1.32BshortLongTermDebtTotalCash$414.60McashAndShortTermInvestmentsInvested capital$2.12BThe effective tax rate was above 40% and was capped at 40%.Result 4.8% | 0.43xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$167.80MoperatingIncomeNet PP&E$391.00MpropertyPlantAndEquipmentNetResult 0.43x |
| 2023 | 10.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$371.60MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.40BtotalAssetsInventory was not reported and is treated as zero.Result 10.9% | 5.49xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.04BtotalRevenueNet PP&E$371.60MpropertyPlantAndEquipmentNetResult 5.49x | 0.64xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$119.10McapitalExpendituresD&A$184.90MdepreciationAndAmortizationResult 0.64x | -$17.14Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.40BtotalAssetsGoodwill$1.58BgoodWillIntangibles$484.40MintangibleAssetsLiabilities$2.08BtotalLiabTangible book-$735.40MShares42,900,000commonStockSharesOutstandingResult -$17.14 | 3.57xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$418.10MebitdaCapex$119.10McapitalExpendituresInterest$51.70MinterestExpenseShort-term debt$32.10MshortLongTermDebtEBITDA − capex$299.00MPrincipal due is the current portion of debt.Result 3.57x | $197.30MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$316.40MtotalCashFromOperatingActivitiesCapex$119.10McapitalExpendituresFree cash flow$197.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $197.30M | 8.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$230.60MoperatingIncomeTax expense$33.00MincomeTaxExpensePretax income$174.10MincomeBeforeTaxTax rate19.0%Equity$1.33BtotalStockholderEquityDebt$1.16BshortLongTermDebtTotalCash$389.00McashAndShortTermInvestmentsInvested capital$2.10BResult 8.9% | 0.62xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$230.60MoperatingIncomeNet PP&E$371.60MpropertyPlantAndEquipmentNetResult 0.62x |
| 2024 | 10.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$400.10MpropertyPlantAndEquipmentNetInventory-$39.20MinventoryTotal assets$3.55BtotalAssetsResult 10.2% | 5.69xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.28BtotalRevenueNet PP&E$400.10MpropertyPlantAndEquipmentNetResult 5.69x | 0.75xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$142.70McapitalExpendituresD&A$190.40MdepreciationAndAmortizationResult 0.75x | -$8.17Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.55BtotalAssetsGoodwill$1.56BgoodWillIntangibles$408.80MintangibleAssetsLiabilities$1.93BtotalLiabTangible book-$352.20MShares43,100,000commonStockSharesOutstandingResult -$8.17 | 6.93xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$731.60MebitdaCapex$142.70McapitalExpendituresInterest$49.90MinterestExpenseShort-term debt$35.10MshortTermDebtEBITDA − capex$588.90MPrincipal due is short-term debt.Result 6.93x | $448.90MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$591.60MtotalCashFromOperatingActivitiesCapex$142.70McapitalExpendituresFree cash flow$448.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $448.90M | 19.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$484.80MoperatingIncomeTax expense$104.00MincomeTaxExpensePretax income$473.90MincomeBeforeTaxTax rate21.9%Equity$1.62BtotalStockholderEquityDebt$904.00MshortLongTermDebtTotalCash$551.00McashAndShortTermInvestmentsInvested capital$1.97BResult 19.2% | 1.21xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$484.80MoperatingIncomeNet PP&E$400.10MpropertyPlantAndEquipmentNetResult 1.21x |
| 2025 | 10.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$390.90MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.59BtotalAssetsInventory was not reported and is treated as zero.Result 10.9% | 6.26xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.45BtotalRevenueNet PP&E$390.90MpropertyPlantAndEquipmentNetResult 6.26x | 0.77xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$147.10McapitalExpendituresD&A$189.90MdepreciationAndAmortizationResult 0.77x | -$18.20Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.59BtotalAssetsGoodwill$1.61BgoodWillIntangibles$379.30MintangibleAssetsLiabilities$2.37BtotalLiabTangible book-$768.20MShares42,200,000commonStockSharesOutstandingResult -$18.20 | 7.11xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$728.90MebitdaCapex$147.10McapitalExpendituresInterest$40.00MinterestExpenseShort-term debt$41.80MshortTermDebtEBITDA − capex$581.80MPrincipal due is short-term debt.Result 7.11x | $442.60MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$589.70MtotalCashFromOperatingActivitiesCapex$147.10McapitalExpendituresFree cash flow$442.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $442.60M | 18.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$526.60MoperatingIncomeTax expense$121.50MincomeTaxExpensePretax income$495.70MincomeBeforeTaxTax rate24.5%Equity$1.22BtotalStockholderEquityDebt$1.41BshortLongTermDebtTotalCash$528.70McashAndShortTermInvestmentsInvested capital$2.10BResult 18.9% | 1.35xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$526.60MoperatingIncomeNet PP&E$390.90MpropertyPlantAndEquipmentNetResult 1.35x |
- 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: $390.90M
Inventory: $0.00
Total assets: $3.59B
Goodwill: $1.61B
Intangibles: $379.30M
Liabilities: $2.37B
Tangible book: -$768.20M
Shares: 42,200,000
Revenue: $2.45B
Capex: $147.10M
D&A: $189.90M
EBITDA: $728.90M
Interest: $40.00M
Short-term debt: $41.80M
Free cash flow: $442.60M
Operating income: $526.60M
Invested capital: $2.10B
Tax rate: 24.5%