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.
Old National Bancorp
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 0.36x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.61x, which is below 1.
Fixed-asset turnover is 5.37x. Compare it with other names in the same basket.
Physical asset ratio
1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$690.82MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$72.15BtotalAssetsInventory was not reported and is treated as zero.Result 1.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.37xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.71BtotalRevenueNet PP&E$690.82MpropertyPlantAndEquipmentNetResult 5.37x
Revenue per dollar of the physical asset base.
Capex / D&A
0.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$44.06McapitalExpendituresD&A$123.60MdepreciationAndAmortizationResult 0.36x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$14.34Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$72.15BtotalAssetsGoodwill$2.43BgoodWillIntangibles$482.29MintangibleAssetsLiabilities$63.66BtotalLiabTangible book$5.59BShares389,550,000commonStockSharesOutstandingResult $14.34
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.81xPrice / tangible bookPrice / tangible book per sharePrice$25.89Latest quoteTangible book / share$14.342025-12-31Result 1.81x
Price $25.89.
Fixed-charge coverage
0.61xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$997.74MebitdaCapex$44.06McapitalExpendituresInterest$1.21BinterestExpenseShort-term debt$361.56MshortTermDebtEBITDA − capex$953.68MPrincipal due is short-term debt.Result 0.61x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$637.41MfreeCashFlowMarket cap$9.79BMarketCapitalizationResult 6.5%
Latest free cash flow divided by current market cap ($9.79B).
ROIC
5.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$874.14MoperatingIncomeTax expense$172.14MincomeTaxExpensePretax income$841.39MincomeBeforeTaxTax rate20.5%Equity$8.49BtotalStockholderEquityDebt$7.45BshortLongTermDebtTotalCash$2.28BcashAndShortTermInvestmentsInvested capital$13.67BResult 5.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.27x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 2.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$485.91MpropertyPlantEquipmentInventory$3.23MinventoryTotal assets$19.73BtotalAssetsResult 2.5% | 1.67xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$813.36MtotalRevenueNet PP&E$485.91MpropertyPlantEquipmentResult 1.67x | 0.87xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$33.39McapitalExpendituresD&A$38.22MdepreciationAndAmortizationResult 0.87x | $9.91Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.73BtotalAssetsGoodwill$1.04BgoodWillIntangibles$101.51MintangibleAssetsLiabilities$17.04BtotalLiabTangible book$1.55BShares156,539,000commonStockSharesOutstandingResult $9.91 | 0.47xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$246.90MebitdaCapex$33.39McapitalExpendituresInterest$94.44MinterestExpenseShort-term debt$362.29MshortLongTermDebtEBITDA − capex$213.50MPrincipal due is the current portion of debt.Result 0.47x | $201.02MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$234.41MtotalCashFromOperatingActivitiesCapex$33.39McapitalExpendituresFree cash flow$201.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $201.02M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$208.68MoperatingIncomeTax expense$17.85MincomeTaxExpensePretax income$208.68MincomeBeforeTaxTax rate8.6%Equity$2.69BtotalStockholderEquityDebt$610.18MlongTermDebt + shortLongTermDebtCash$4.44BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.43xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$208.68MoperatingIncomeNet PP&E$485.91MpropertyPlantEquipmentResult 0.43x |
| 2019 | 1.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$586.40MpropertyPlantAndEquipmentNetInventory-$363.63MinventoryTotal assets$20.41BtotalAssetsResult 1.1% | 1.59xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$929.70MtotalRevenueNet PP&E$586.40MpropertyPlantAndEquipmentNetResult 1.59x | 0.86xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$37.42McapitalExpendituresD&A$43.63MdepreciationAndAmortizationResult 0.86x | $10.16Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$20.41BtotalAssetsGoodwill$1.04BgoodWillIntangibles$60.11MintangibleAssetsLiabilities$17.56BtotalLiabTangible book$1.76BShares172,687,000commonStockSharesOutstandingResult $10.16 | 0.56xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$333.99MebitdaCapex$37.42McapitalExpendituresInterest$126.11MinterestExpenseShort-term debt$402.78MshortLongTermDebtEBITDA − capex$296.56MPrincipal due is the current portion of debt.Result 0.56x | $196.33MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$233.76MtotalCashFromOperatingActivitiesCapex$37.42McapitalExpendituresFree cash flow$196.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $196.33M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$290.36MoperatingIncomeTax expense$52.15MincomeTaxExpensePretax income$290.36MincomeBeforeTaxTax rate18.0%Equity$2.85BtotalStockholderEquityDebt$646.47MlongTermDebt + shortLongTermDebtCash$5.66BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.50xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$290.36MoperatingIncomeNet PP&E$586.40MpropertyPlantAndEquipmentNetResult 0.50x |
| 2020 | -0.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$540.61MpropertyPlantEquipmentInventory-$676.34MinventoryTotal assets$22.96BtotalAssetsResult -0.6% | 1.67xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$902.58MtotalRevenueNet PP&E$540.61MpropertyPlantEquipmentResult 1.67x | 0.72xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$30.87McapitalExpendituresD&A$43.00MdepreciationAndAmortizationResult 0.72x | $11.37Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$22.96BtotalAssetsGoodwill$1.04BgoodWillIntangibles$46.01MintangibleAssetsLiabilities$19.99BtotalLiabTangible book$1.89BShares166,177,000commonStockSharesOutstandingResult $11.37 | 0.54xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$298.56MebitdaCapex$30.87McapitalExpendituresInterest$67.21MinterestExpenseShort-term debt$432.33MshortTermDebtEBITDA − capex$267.69MPrincipal due is short-term debt.Result 0.54x | $188.95MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$219.82MtotalCashFromOperatingActivitiesCapex$30.87McapitalExpendituresFree cash flow$188.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $188.95M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$255.56MoperatingIncomeTax expense$29.15MincomeTaxExpensePretax income$255.56MincomeBeforeTaxTax rate11.4%Equity$2.97BtotalStockholderEquityDebt$252.79MlongTermDebt + shortLongTermDebtCash$6.56BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.47xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$255.56MoperatingIncomeNet PP&E$540.61MpropertyPlantEquipmentResult 0.47x |
| 2021 | -1.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$545.75MpropertyPlantEquipmentInventory-$908.16MinventoryTotal assets$24.45BtotalAssetsResult -1.5% | 1.56xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$852.87MtotalRevenueNet PP&E$545.75MpropertyPlantEquipmentResult 1.56x | 1.26xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$48.69McapitalExpendituresD&A$38.61MdepreciationAndAmortizationResult 1.26x | $11.69Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.45BtotalAssetsGoodwill$1.04BgoodWillIntangibles$34.68MintangibleAssetsLiabilities$21.44BtotalLiabTangible book$1.94BShares165,929,000commonStockSharesOutstandingResult $11.69 | 0.76xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$377.47MebitdaCapex$48.69McapitalExpendituresInterest$42.25MinterestExpenseShort-term debt$392.55MshortTermDebtEBITDA − capex$328.78MPrincipal due is short-term debt.Result 0.76x | $281.69MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$330.38MtotalCashFromOperatingActivitiesCapex$48.69McapitalExpendituresFree cash flow$281.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $281.69M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$338.86MoperatingIncomeTax expense$61.32MincomeTaxExpensePretax income$338.86MincomeBeforeTaxTax rate18.1%Equity$3.01BtotalStockholderEquityDebt$2.65BshortLongTermDebtTotalCash$8.20BcashAndShortTermInvestmentsInvested capital—Result — | 0.62xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$338.86MoperatingIncomeNet PP&E$545.75MpropertyPlantEquipmentResult 0.62x |
| 2022 | 1.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$747.02MpropertyPlantEquipmentInventory$10.85MinventoryTotal assets$46.76BtotalAssetsUses the property line, which is larger than net PP&E ($557.31M, propertyPlantAndEquipmentNet).Result 1.6% | 2.48xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.85BtotalRevenueNet PP&E$747.02MpropertyPlantEquipmentResult 2.48x | 0.61xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$37.90McapitalExpendituresD&A$62.29MdepreciationAndAmortizationResult 0.61x | $10.86Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$46.76BtotalAssetsGoodwill$2.00BgoodWillIntangibles$126.41MintangibleAssetsLiabilities$41.63BtotalLiabTangible book$3.00BShares276,688,000commonStockSharesOutstandingResult $10.86 | 0.50xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$607.03MebitdaCapex$37.90McapitalExpendituresInterest$126.27MinterestExpenseShort-term debt$1.01BshortTermDebtEBITDA − capex$569.13MPrincipal due is short-term debt.Result 0.50x | $776.52MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$814.43MtotalCashFromOperatingActivitiesCapex$37.90McapitalExpendituresFree cash flow$776.52MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $776.52M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$544.73MoperatingIncomeTax expense$116.45MincomeTaxExpensePretax income$544.73MincomeBeforeTaxTax rate21.4%Equity$5.13BtotalStockholderEquityDebt$743.00MlongTermDebt + shortLongTermDebtCash$7.50BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.73xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$544.73MoperatingIncomeNet PP&E$747.02MpropertyPlantEquipmentResult 0.73x |
| 2023 | 1.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$565.40MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$49.09BtotalAssetsInventory was not reported and is treated as zero.Result 1.2% | 4.49xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.54BtotalRevenueNet PP&E$565.40MpropertyPlantAndEquipmentNetResult 4.49x | 0.62xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$38.38McapitalExpendituresD&A$62.34MdepreciationAndAmortizationResult 0.62x | $11.86Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$49.09BtotalAssetsGoodwill$2.00BgoodWillIntangibles$102.25MintangibleAssetsLiabilities$43.53BtotalLiabTangible book$3.46BShares291,855,000commonStockSharesOutstandingResult $11.86 | 0.79xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$816.56MebitdaCapex$38.38McapitalExpendituresInterest$703.67MinterestExpenseShort-term debt$285.60MshortTermDebtEBITDA − capex$778.18MPrincipal due is short-term debt.Result 0.79x | $477.97MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$516.34MtotalCashFromOperatingActivitiesCapex$38.38McapitalExpendituresFree cash flow$477.97MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $477.97M | 19.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$751.30MoperatingIncomeTax expense$169.31MincomeTaxExpensePretax income$751.30MincomeBeforeTaxTax rate22.5%Equity$5.56BtotalStockholderEquityDebt$5.33BshortLongTermDebtTotalCash$7.89BcashAndShortTermInvestmentsInvested capital$3.01BResult 19.4% | 1.33xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$751.30MoperatingIncomeNet PP&E$565.40MpropertyPlantAndEquipmentNetResult 1.33x |
| 2024 | 1.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$588.97MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$53.55BtotalAssetsInventory was not reported and is treated as zero.Result 1.1% | 5.02xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.96BtotalRevenueNet PP&E$588.97MpropertyPlantAndEquipmentNetResult 5.02x | 0.46xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$30.27McapitalExpendituresD&A$65.63MdepreciationAndAmortizationResult 0.46x | $13.00Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$53.55BtotalAssetsGoodwill$2.18BgoodWillIntangibles$120.85MintangibleAssetsLiabilities$47.21BtotalLiabTangible book$4.04BShares311,001,000commonStockSharesOutstandingResult $13.00 | 0.53xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$746.07MebitdaCapex$30.27McapitalExpendituresInterest$1.07BinterestExpenseShort-term debt$269.36MshortTermDebtEBITDA − capex$715.80MPrincipal due is short-term debt.Result 0.53x | $592.02MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$622.28MtotalCashFromOperatingActivitiesCapex$30.27McapitalExpendituresFree cash flow$592.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $592.02M | 17.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$680.44MoperatingIncomeTax expense$141.25MincomeTaxExpensePretax income$680.44MincomeBeforeTaxTax rate20.8%Equity$6.34BtotalStockholderEquityDebt$5.41BshortLongTermDebtTotalCash$8.69BcashAndShortTermInvestmentsInvested capital$3.07BResult 17.6% | 1.16xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$680.44MoperatingIncomeNet PP&E$588.97MpropertyPlantAndEquipmentNetResult 1.16x |
| 2025 | 1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$690.82MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$72.15BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 5.37xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.71BtotalRevenueNet PP&E$690.82MpropertyPlantAndEquipmentNetResult 5.37x | 0.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$44.06McapitalExpendituresD&A$123.60MdepreciationAndAmortizationResult 0.36x | $14.34Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$72.15BtotalAssetsGoodwill$2.43BgoodWillIntangibles$482.29MintangibleAssetsLiabilities$63.66BtotalLiabTangible book$5.59BShares389,550,000commonStockSharesOutstandingResult $14.34 | 0.61xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$997.74MebitdaCapex$44.06McapitalExpendituresInterest$1.21BinterestExpenseShort-term debt$361.56MshortTermDebtEBITDA − capex$953.68MPrincipal due is short-term debt.Result 0.61x | $637.41MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$681.47MtotalCashFromOperatingActivitiesCapex$44.06McapitalExpendituresFree cash flow$637.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $637.41M | 5.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$874.14MoperatingIncomeTax expense$172.14MincomeTaxExpensePretax income$841.39MincomeBeforeTaxTax rate20.5%Equity$8.49BtotalStockholderEquityDebt$7.45BshortLongTermDebtTotalCash$2.28BcashAndShortTermInvestmentsInvested capital$13.67BResult 5.1% | 1.27xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$874.14MoperatingIncomeNet PP&E$690.82MpropertyPlantAndEquipmentNetResult 1.27x |
- 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: $690.82M
Inventory: $0.00
Total assets: $72.15B
Goodwill: $2.43B
Intangibles: $482.29M
Liabilities: $63.66B
Tangible book: $5.59B
Shares: 389,550,000
Revenue: $3.71B
Capex: $44.06M
D&A: $123.60M
EBITDA: $997.74M
Interest: $1.21B
Short-term debt: $361.56M
Free cash flow: $637.41M
Operating income: $874.14M
Invested capital: $13.67B
Tax rate: 20.5%