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.
Nutrien Ltd
Physical assets are 56.9% of total assets, a heavy footprint. Capex is 0.86x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 7.5%, 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 1.18x.
Physical asset ratio
56.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.18x
Revenue per dollar of the physical asset base.
Capex / D&A
0.86x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$23.72
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.25x
Price $100.81.
Fixed-charge coverage
1.91x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.3%
Latest free cash flow divided by current market cap ($47.13B).
ROIC
7.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.16x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 52.1% | 1.04x | 0.88x | $17.26 | 1.09x | $647.00M | — | 0.02x |
| 2019 | 54.1% | 0.98x | 1.05x | $14.50 | 0.90x | $1.77B | 4.2% | 0.09x |
| 2020 | 52.1% | 1.06x | 0.78x | $13.65 | 1.94x | $1.77B | 5.0% | 0.08x |
| 2021 | 52.7% | 1.38x | 0.91x | $16.00 | 1.85x | $2.10B | 10.7% | 0.24x |
| 2022 | 53.9% | 1.74x | 1.21x | $20.74 | 3.26x | $5.67B | 22.0% | 0.50x |
| 2023 | 54.6% | 1.29x | 1.23x | $21.87 | 0.72x | $2.47B | 6.9% | 0.17x |
| 2024 | 55.5% | 1.15x | 0.92x | $21.38 | 0.62x | $1.38B | 5.0% | 0.13x |
| 2025 | 56.9% | 1.18x | 0.86x | $23.72 | 1.91x | $2.04B | 7.5% | 0.16x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $22.75B
Inventory: $6.96B
Total assets: $52.21B
Goodwill: $12.11B
Intangibles: $1.66B
Liabilities: $26.89B
Tangible book: $11.54B
Shares: 486,518,000
Revenue: $26.89B
Capex: $2.04B
D&A: $2.37B
EBITDA: $6.02B
Interest: $699.03M
Short-term debt: $1.39B
Free cash flow: $2.04B
Operating income: $3.65B
Invested capital: $36.60B
Tax rate: 24.7%