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.
National Fuel Gas Company
Physical assets are 89.5% of total assets, a heavy footprint. Capex is 2.00x 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. EBITDA after capex covers debt service by 0.65x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.30x.
Physical asset ratio
89.5%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$7.71BpropertyPlantEquipmentInventory$89.78MinventoryTotal assets$8.72BtotalAssetsResult 89.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.30xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$2.28BtotalRevenueNet PP&E$7.71BpropertyPlantEquipmentResult 0.30x
Revenue per dollar of the physical asset base.
Capex / D&A
2.00xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$912.82McapitalExpendituresD&A$456.59MdepreciationAndAmortizationResult 2.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$33.86Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.72BtotalAssetsGoodwill$5.48MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$5.62BtotalLiabTangible book$3.09BShares91,227,473commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $33.86
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.18xPrice / tangible bookPrice / tangible book per sharePrice$73.90Latest quoteTangible book / share$33.862025-09-30Result 2.18x
Price $73.90.
Fixed-charge coverage
0.65xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.31BebitdaCapex$912.82McapitalExpendituresInterest$155.83MinterestExpenseShort-term debt$450.20MshortTermDebtEBITDA − capex$393.66MPrincipal due is short-term debt.Result 0.65x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.7%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow$187.21MfreeCashFlowMarket cap$7.03BMarketCapitalizationResult 2.7%
Latest free cash flow divided by current market cap ($7.03B).
ROIC
10.3%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$813.46MoperatingIncomeTax expense$175.55MincomeTaxExpensePretax income$694.05MincomeBeforeTaxTax rate25.3%Equity$3.09BtotalStockholderEquityDebt$2.83BshortLongTermDebtTotalCash$43.17McashAndEquivalentsInvested capital$5.88BResult 10.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.11x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 83.7%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E$4.98BpropertyPlantEquipmentInventory$77.84MinventoryTotal assets$6.04BtotalAssetsResult 83.7% | 0.32xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$1.59BtotalRevenueNet PP&E$4.98BpropertyPlantEquipmentResult 0.32x | 2.42xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$584.00McapitalExpendituresD&A$240.96MdepreciationAndAmortizationResult 2.42x | $22.29Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.04BtotalAssetsGoodwill$5.48MgoodWillIntangibles$5.48MintangibleAssetsLiabilities$4.10BtotalLiabTangible book$1.93BShares86,439,698commonStockSharesOutstandingResult $22.29 | 0.51xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$739.51MebitdaCapex$584.00McapitalExpendituresInterest$114.52MinterestExpenseShort-term debt$191.68MshortTermDebtEBITDA − capex$155.51MPrincipal due is short-term debt.Result 0.51x | $31.30MFree cash flow · 2018-09-30Reported free cash flowOperating cash flow$615.30MtotalCashFromOperatingActivitiesCapex$584.00McapitalExpendituresFree cash flow$31.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $31.30M | 12.9%ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$519.72MoperatingIncomeTax expense-$7.49MincomeTaxExpensePretax income$384.03MincomeBeforeTaxTax rate0.0%Equity$1.94BtotalStockholderEquityDebt$2.32BshortLongTermDebtTotalCash$229.61McashAndEquivalentsInvested capital$4.03BResult 12.9% | 0.10xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income$519.72MoperatingIncomeNet PP&E$4.98BpropertyPlantEquipmentResult 0.10x |
| 2019 | 86.5%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$5.51BpropertyPlantEquipmentInventory$79.60MinventoryTotal assets$6.46BtotalAssetsResult 86.5% | 0.31xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$1.69BtotalRevenueNet PP&E$5.51BpropertyPlantEquipmentResult 0.31x | 2.86xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$788.94McapitalExpendituresD&A$275.66MdepreciationAndAmortizationResult 2.86x | $24.59Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.46BtotalAssetsGoodwill$5.48MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$4.32BtotalLiabTangible book$2.13BShares86,773,259commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $24.59 | -0.11xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$771.93MebitdaCapex$788.94McapitalExpendituresInterest$106.76MinterestExpenseShort-term debt$55.20MshortTermDebtEBITDA − capex-$17.01MPrincipal due is short-term debt.Result -0.11x | -$94.46MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$694.48MtotalCashFromOperatingActivitiesCapex$788.94McapitalExpendituresFree cash flow-$94.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$94.46M | 9.3%ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$511.81MoperatingIncomeTax expense$85.22MincomeTaxExpensePretax income$389.51MincomeBeforeTaxTax rate21.9%Equity$2.14BtotalStockholderEquityDebt$2.19BshortLongTermDebtTotalCash$20.43McashAndEquivalentsInvested capital$4.31BResult 9.3% | 0.09xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$511.81MoperatingIncomeNet PP&E$5.51BpropertyPlantEquipmentResult 0.09x |
| 2020 | 84.5%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$6.02BpropertyPlantAndEquipmentNetInventory$85.22MinventoryTotal assets$7.22BtotalAssetsResult 84.5% | 0.26xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$1.55BtotalRevenueNet PP&E$6.02BpropertyPlantAndEquipmentNetResult 0.26x | 3.90xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$1.22BcapitalExpendituresD&A$313.68MdepreciationAndAmortizationResult 3.90x | $22.35Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.22BtotalAssetsGoodwill$5.48MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$5.25BtotalLiabTangible book$1.97BShares87,968,895commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $22.35 | -6.10xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$325.73MebitdaCapex$1.22BcapitalExpendituresInterest$117.08MinterestExpenseShort-term debt$30.00MshortLongTermDebtEBITDA − capex-$896.68MPrincipal due is the current portion of debt.Result -6.10x | -$481.60MFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$740.81MtotalCashFromOperatingActivitiesCapex$1.22BcapitalExpendituresFree cash flow-$481.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$481.60M | —ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$29.86MoperatingIncomeTax expense$18.74MincomeTaxExpensePretax income-$105.03MincomeBeforeTaxTax rate—Equity$1.97BtotalStockholderEquityDebt$2.69BshortLongTermDebtTotalCash$20.54McashAndEquivalentsInvested capital$4.65BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$29.86MoperatingIncomeNet PP&E$6.02BpropertyPlantAndEquipmentNetResult 0.00x |
| 2021 | 87.1%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$6.38BpropertyPlantEquipmentInventory$120.36MinventoryTotal assets$7.46BtotalAssetsResult 87.1% | 0.27xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$1.74BtotalRevenueNet PP&E$6.38BpropertyPlantEquipmentResult 0.27x | 2.24xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$751.73McapitalExpendituresD&A$335.30MdepreciationAndAmortizationResult 2.24x | $19.42Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.46BtotalAssetsGoodwill$5.48MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$5.68BtotalLiabTangible book$1.78BShares91,684,583commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $19.42 | 0.68xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$959.99MebitdaCapex$751.73McapitalExpendituresInterest$146.36MinterestExpenseShort-term debt$158.50MshortTermDebtEBITDA − capex$208.26MPrincipal due is short-term debt.Result 0.68x | $39.82MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow$791.55MtotalCashFromOperatingActivitiesCapex$751.73McapitalExpendituresFree cash flow$39.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $39.82M | 10.7%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$639.92MoperatingIncomeTax expense$114.68MincomeTaxExpensePretax income$478.33MincomeBeforeTaxTax rate24.0%Equity$1.79BtotalStockholderEquityDebt$2.79BshortLongTermDebtTotalCash$31.53McashAndEquivalentsInvested capital$4.54BResult 10.7% | 0.10xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$639.92MoperatingIncomeNet PP&E$6.38BpropertyPlantEquipmentResult 0.10x |
| 2022 | 85.3%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$6.57BpropertyPlantEquipmentInventory$172.34MinventoryTotal assets$7.90BtotalAssetsResult 85.3% | 0.33xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$2.19BtotalRevenueNet PP&E$6.57BpropertyPlantEquipmentResult 0.33x | 2.20xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$811.83McapitalExpendituresD&A$369.79MdepreciationAndAmortizationResult 2.20x | $22.52Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.90BtotalAssetsGoodwill$5.48MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$5.82BtotalLiabTangible book$2.07BShares92,107,066commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $22.52 | 0.50xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.18BebitdaCapex$811.83McapitalExpendituresInterest$130.36MinterestExpenseShort-term debt$609.00MshortTermDebtEBITDA − capex$370.97MPrincipal due is short-term debt.Result 0.50x | $695.00KFree cash flow · 2022-09-30Reported free cash flowOperating cash flow$812.52MtotalCashFromOperatingActivitiesCapex$811.83McapitalExpendituresFree cash flow$695.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $695.00K | 14.3%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$814.52MoperatingIncomeTax expense$116.63MincomeTaxExpensePretax income$682.65MincomeBeforeTaxTax rate17.1%Equity$2.08BtotalStockholderEquityDebt$2.69BshortLongTermDebtTotalCash$46.05McashAndEquivalentsInvested capital$4.73BResult 14.3% | 0.12xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income$814.52MoperatingIncomeNet PP&E$6.57BpropertyPlantEquipmentResult 0.12x |
| 2023 | 89.1%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$7.30BpropertyPlantEquipmentInventory$81.50MinventoryTotal assets$8.28BtotalAssetsResult 89.1% | 0.30xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$2.17BtotalRevenueNet PP&E$7.30BpropertyPlantEquipmentResult 0.30x | 2.47xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$1.01BcapitalExpendituresD&A$409.57MdepreciationAndAmortizationResult 2.47x | $32.05Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.28BtotalAssetsGoodwill$5.48MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$5.32BtotalLiabTangible book$2.96BShares92,285,918commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $32.05 | 0.41xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.18BebitdaCapex$1.01BcapitalExpendituresInterest$131.89MinterestExpenseShort-term debt$287.50MshortTermDebtEBITDA − capex$172.99MPrincipal due is short-term debt.Result 0.41x | $227.21MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow$1.24BtotalCashFromOperatingActivitiesCapex$1.01BcapitalExpendituresFree cash flow$227.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $227.21M | 10.1%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$755.15MoperatingIncomeTax expense$164.53MincomeTaxExpensePretax income$641.40MincomeBeforeTaxTax rate25.7%Equity$2.96BtotalStockholderEquityDebt$2.67BshortLongTermDebtTotalCash$55.45McashAndEquivalentsInvested capital$5.58BResult 10.1% | 0.10xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income$755.15MoperatingIncomeNet PP&E$7.30BpropertyPlantEquipmentResult 0.10x |
| 2024 | 89.2%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$7.34BpropertyPlantEquipmentInventory$82.73MinventoryTotal assets$8.32BtotalAssetsResult 89.2% | 0.26xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$1.94BtotalRevenueNet PP&E$7.34BpropertyPlantEquipmentResult 0.26x | 2.04xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$931.24McapitalExpendituresD&A$457.03MdepreciationAndAmortizationResult 2.04x | $30.79Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.32BtotalAssetsGoodwill$5.48MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$5.47BtotalLiabTangible book$2.84BShares92,345,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $30.79 | -0.34xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$682.98MebitdaCapex$931.24McapitalExpendituresInterest$138.70MinterestExpenseShort-term debt$590.70MshortTermDebtEBITDA − capex-$248.26MPrincipal due is short-term debt.Result -0.34x | $134.73MFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$1.07BtotalCashFromOperatingActivitiesCapex$931.24McapitalExpendituresFree cash flow$134.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $134.73M | 3.3%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$209.72MoperatingIncomeTax expense$9.74MincomeTaxExpensePretax income$87.26MincomeBeforeTaxTax rate11.2%Equity$2.85BtotalStockholderEquityDebt$2.78BshortLongTermDebtTotalCash$38.22McashAndEquivalentsInvested capital$5.59BResult 3.3% | 0.03xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$209.72MoperatingIncomeNet PP&E$7.34BpropertyPlantEquipmentResult 0.03x |
| 2025 | 89.5%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$7.71BpropertyPlantEquipmentInventory$89.78MinventoryTotal assets$8.72BtotalAssetsResult 89.5% | 0.30xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$2.28BtotalRevenueNet PP&E$7.71BpropertyPlantEquipmentResult 0.30x | 2.00xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$912.82McapitalExpendituresD&A$456.59MdepreciationAndAmortizationResult 2.00x | $33.86Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.72BtotalAssetsGoodwill$5.48MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$5.62BtotalLiabTangible book$3.09BShares91,227,473commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $33.86 | 0.65xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.31BebitdaCapex$912.82McapitalExpendituresInterest$155.83MinterestExpenseShort-term debt$450.20MshortTermDebtEBITDA − capex$393.66MPrincipal due is short-term debt.Result 0.65x | $187.21MFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$1.10BtotalCashFromOperatingActivitiesCapex$912.82McapitalExpendituresFree cash flow$187.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $187.21M | 10.3%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$813.46MoperatingIncomeTax expense$175.55MincomeTaxExpensePretax income$694.05MincomeBeforeTaxTax rate25.3%Equity$3.09BtotalStockholderEquityDebt$2.83BshortLongTermDebtTotalCash$43.17McashAndEquivalentsInvested capital$5.88BResult 10.3% | 0.11xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$813.46MoperatingIncomeNet PP&E$7.71BpropertyPlantEquipmentResult 0.11x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $7.71B
Inventory: $89.78M
Total assets: $8.72B
Goodwill: $5.48M
Intangibles: $0.00
Liabilities: $5.62B
Tangible book: $3.09B
Shares: 91,227,473
Revenue: $2.28B
Capex: $912.82M
D&A: $456.59M
EBITDA: $1.31B
Interest: $155.83M
Short-term debt: $450.20M
Free cash flow: $187.21M
Operating income: $813.46M
Invested capital: $5.88B
Tax rate: 25.3%