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.
Quanta Services Inc
Physical assets are 17.0% of total assets, a light footprint. Capex is 0.67x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 8.1%, 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 7.35x.
Physical asset ratio
17.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.86BpropertyPlantAndEquipmentNetInventory$370.37MinventoryTotal assets$24.93BtotalAssetsResult 17.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.35xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$28.35BtotalRevenueNet PP&E$3.86BpropertyPlantAndEquipmentNetResult 7.35x
Revenue per dollar of the physical asset base.
Capex / D&A
0.67xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$609.15McapitalExpendituresD&A$910.33MdepreciationAndAmortizationResult 0.67x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$7.88Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.93BtotalAssetsGoodwill$7.32BgoodWillIntangibles$2.91BintangibleAssetsLiabilities$15.90BtotalLiabTangible book-$1.20BShares151,682,692commonStockSharesOutstandingResult -$7.88
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$580.44Latest quoteTangible book / share-$7.882025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $580.44.
Fixed-charge coverage
1.92xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.58BebitdaCapex$609.15McapitalExpendituresInterest$261.45MinterestExpenseShort-term debt$763.90MshortLongTermDebtEBITDA − capex$1.97BPrincipal due is the current portion of debt.Result 1.92x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.62BfreeCashFlowMarket cap$87.46BMarketCapitalizationResult 1.9%
Latest free cash flow divided by current market cap ($87.46B).
ROIC
8.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.64BoperatingIncomeTax expense$369.09MincomeTaxExpensePretax income$1.41BincomeBeforeTaxTax rate26.2%Equity$8.94BtotalStockholderEquityDebt$6.42BshortLongTermDebtTotalCash$439.51McashInvested capital$14.92BResult 8.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.42x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 19.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.28BpropertyPlantEquipmentInventory$107.73MinventoryTotal assets$7.08BtotalAssetsResult 19.6% | 8.75xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$11.17BtotalRevenueNet PP&E$1.28BpropertyPlantEquipmentResult 8.75x | 1.25xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$308.04McapitalExpendituresD&A$246.51MdepreciationAndAmortizationResult 1.25x | $9.24Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.08BtotalAssetsGoodwill$1.90BgoodWillIntangibles$280.18MintangibleAssetsLiabilities$3.47BtotalLiabTangible book$1.43BShares154,226,000commonStockSharesOutstandingResult $9.24 | 4.22xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$741.12MebitdaCapex$308.04McapitalExpendituresInterest$36.95MinterestExpenseShort-term debt$65.65MshortTermDebtEBITDA − capex$433.08MPrincipal due is short-term debt.Result 4.22x | $50.75MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$358.79MtotalCashFromOperatingActivitiesCapex$308.04McapitalExpendituresFree cash flow$50.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $50.75M | 8.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$586.40MoperatingIncomeTax expense$161.66MincomeTaxExpensePretax income$457.67MincomeBeforeTaxTax rate35.3%Equity$3.60BtotalStockholderEquityDebt$1.11BshortLongTermDebtTotalCash$78.69McashAndEquivalentsInvested capital$4.63BResult 8.2% | 0.46xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$586.40MoperatingIncomeNet PP&E$1.28BpropertyPlantEquipmentResult 0.46x |
| 2019 | 20.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.67BpropertyPlantEquipmentInventory$55.72MinventoryTotal assets$8.33BtotalAssetsResult 20.7% | 7.25xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$12.11BtotalRevenueNet PP&E$1.67BpropertyPlantEquipmentResult 7.25x | 0.94xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$262.27McapitalExpendituresD&A$280.20MdepreciationAndAmortizationResult 0.94x | $10.96Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.33BtotalAssetsGoodwill$2.02BgoodWillIntangibles$413.73MintangibleAssetsLiabilities$4.28BtotalLiabTangible book$1.62BShares147,534,000commonStockSharesOutstandingResult $10.96 | 4.64xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$919.38MebitdaCapex$262.27McapitalExpendituresInterest$66.89MinterestExpenseShort-term debt$74.87MshortLongTermDebtEBITDA − capex$657.11MPrincipal due is the current portion of debt.Result 4.64x | $264.28MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$526.55MtotalCashFromOperatingActivitiesCapex$262.27McapitalExpendituresFree cash flow$264.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $264.28M | 7.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$582.17MoperatingIncomeTax expense$165.47MincomeTaxExpensePretax income$572.29MincomeBeforeTaxTax rate28.9%Equity$4.05BtotalStockholderEquityDebt$1.66BshortLongTermDebtTotalCash$164.80McashAndEquivalentsInvested capital$5.54BResult 7.5% | 0.35xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$582.17MoperatingIncomeNet PP&E$1.67BpropertyPlantEquipmentResult 0.35x |
| 2020 | 22.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.82BpropertyPlantEquipmentInventory$50.47MinventoryTotal assets$8.40BtotalAssetsResult 22.2% | 6.16xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$11.20BtotalRevenueNet PP&E$1.82BpropertyPlantEquipmentResult 6.16x | 0.86xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$260.57McapitalExpendituresD&A$301.96MdepreciationAndAmortizationResult 0.86x | $12.34Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.40BtotalAssetsGoodwill$2.12BgoodWillIntangibles$435.66MintangibleAssetsLiabilities$4.05BtotalLiabTangible book$1.79BShares145,247,000commonStockSharesOutstandingResult $12.34 | 11.00xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$918.32MebitdaCapex$260.57McapitalExpendituresInterest$45.01MinterestExpenseShort-term debt$14.76MshortLongTermDebtEBITDA − capex$657.75MPrincipal due is the current portion of debt.Result 11.00x | $855.40MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$1.12BtotalCashFromOperatingActivitiesCapex$260.57McapitalExpendituresFree cash flow$855.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $855.40M | 9.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$635.69MoperatingIncomeTax expense$119.39MincomeTaxExpensePretax income$571.35MincomeBeforeTaxTax rate20.9%Equity$4.34BtotalStockholderEquityDebt$1.45BshortLongTermDebtTotalCash$184.62McashAndEquivalentsInvested capital$5.61BResult 9.0% | 0.35xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$635.69MoperatingIncomeNet PP&E$1.82BpropertyPlantEquipmentResult 0.35x |
| 2021 | 17.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.16BpropertyPlantEquipmentInventory$84.66MinventoryTotal assets$12.86BtotalAssetsResult 17.5% | 6.01xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$12.98BtotalRevenueNet PP&E$2.16BpropertyPlantEquipmentResult 6.01x | 0.92xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$386.72McapitalExpendituresD&A$420.90MdepreciationAndAmortizationResult 0.92x | -$1.47Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.86BtotalAssetsGoodwill$3.53BgoodWillIntangibles$1.80BintangibleAssetsLiabilities$7.74BtotalLiabTangible book-$213.15MShares145,373,000commonStockSharesOutstandingResult -$1.47 | 7.40xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.11BebitdaCapex$386.72McapitalExpendituresInterest$68.90MinterestExpenseShort-term debt$29.17MshortLongTermDebtEBITDA − capex$725.98MPrincipal due is the current portion of debt.Result 7.40x | $195.67MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$582.39MtotalCashFromOperatingActivitiesCapex$386.72McapitalExpendituresFree cash flow$195.67MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $195.67M | 6.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$679.31MoperatingIncomeTax expense$130.92MincomeTaxExpensePretax income$622.90MincomeBeforeTaxTax rate21.0%Equity$5.11BtotalStockholderEquityDebt$4.00BshortLongTermDebtTotalCash$229.10McashInvested capital$8.89BResult 6.0% | 0.31xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$679.31MoperatingIncomeNet PP&E$2.16BpropertyPlantEquipmentResult 0.31x |
| 2022 | 17.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.26BpropertyPlantEquipmentInventory$103.27MinventoryTotal assets$13.46BtotalAssetsResult 17.6% | 7.55xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$17.07BtotalRevenueNet PP&E$2.26BpropertyPlantEquipmentResult 7.55x | 0.67xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$428.78McapitalExpendituresD&A$644.62MdepreciationAndAmortizationResult 0.67x | $2.39Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.46BtotalAssetsGoodwill$3.59BgoodWillIntangibles$1.46BintangibleAssetsLiabilities$8.07BtotalLiabTangible book$353.44MShares147,992,000commonStockSharesOutstandingResult $2.39 | 6.45xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.47BebitdaCapex$428.78McapitalExpendituresInterest$124.36MinterestExpenseShort-term debt$37.50MshortLongTermDebtEBITDA − capex$1.04BPrincipal due is the current portion of debt.Result 6.45x | $701.53MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.13BtotalCashFromOperatingActivitiesCapex$428.78McapitalExpendituresFree cash flow$701.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $701.53M | 7.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$955.18MoperatingIncomeTax expense$192.24MincomeTaxExpensePretax income$703.89MincomeBeforeTaxTax rate27.3%Equity$5.38BtotalStockholderEquityDebt$3.98BshortLongTermDebtTotalCash$428.51McashInvested capital$8.93BResult 7.8% | 0.42xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$955.18MoperatingIncomeNet PP&E$2.26BpropertyPlantEquipmentResult 0.42x |
| 2023 | 17.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.59BpropertyPlantEquipmentInventory$175.66MinventoryTotal assets$16.24BtotalAssetsResult 17.0% | 8.07xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$20.88BtotalRevenueNet PP&E$2.59BpropertyPlantEquipmentResult 8.07x | 0.71xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$434.80McapitalExpendituresD&A$613.80MdepreciationAndAmortizationResult 0.71x | $5.88Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.24BtotalAssetsGoodwill$4.05BgoodWillIntangibles$1.36BintangibleAssetsLiabilities$9.95BtotalLiabTangible book$875.04MShares148,823,000commonStockSharesOutstandingResult $5.88 | 1.85xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.77BebitdaCapex$434.80McapitalExpendituresInterest$186.91MinterestExpenseShort-term debt$535.20MshortLongTermDebtEBITDA − capex$1.34BPrincipal due is the current portion of debt.Result 1.85x | $1.14BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$1.58BtotalCashFromOperatingActivitiesCapex$434.80McapitalExpendituresFree cash flow$1.14BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.14B | 9.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.13BoperatingIncomeTax expense$219.27MincomeTaxExpensePretax income$969.96MincomeBeforeTaxTax rate22.6%Equity$6.27BtotalStockholderEquityDebt$4.46BshortLongTermDebtTotalCash$1.29BcashInvested capital$9.45BResult 9.3% | 0.44xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.13BoperatingIncomeNet PP&E$2.59BpropertyPlantEquipmentResult 0.44x |
| 2024 | 17.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.00BpropertyPlantAndEquipmentNetInventory$260.18MinventoryTotal assets$18.68BtotalAssetsResult 17.5% | 7.89xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$23.67BtotalRevenueNet PP&E$3.00BpropertyPlantAndEquipmentNetResult 7.89x | 0.81xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$604.08McapitalExpendituresD&A$742.32MdepreciationAndAmortizationResult 0.81x | $1.02Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.68BtotalAssetsGoodwill$5.32BgoodWillIntangibles$1.86BintangibleAssetsLiabilities$11.35BtotalLiabTangible book$152.74MShares150,056,000commonStockSharesOutstandingResult $1.02 | 5.85xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.16BebitdaCapex$604.08McapitalExpendituresInterest$202.69MinterestExpenseShort-term debt$62.68MshortLongTermDebtEBITDA − capex$1.55BPrincipal due is the current portion of debt.Result 5.85x | $1.48BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$2.08BtotalCashFromOperatingActivitiesCapex$604.08McapitalExpendituresFree cash flow$1.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.48B | 9.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.34BoperatingIncomeTax expense$284.75MincomeTaxExpensePretax income$1.21BincomeBeforeTaxTax rate23.5%Equity$7.32BtotalStockholderEquityDebt$4.48BshortLongTermDebtTotalCash$741.96McashInvested capital$11.05BResult 9.3% | 0.45xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.34BoperatingIncomeNet PP&E$3.00BpropertyPlantAndEquipmentNetResult 0.45x |
| 2025 | 17.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.86BpropertyPlantAndEquipmentNetInventory$370.37MinventoryTotal assets$24.93BtotalAssetsResult 17.0% | 7.35xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$28.35BtotalRevenueNet PP&E$3.86BpropertyPlantAndEquipmentNetResult 7.35x | 0.67xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$609.15McapitalExpendituresD&A$910.33MdepreciationAndAmortizationResult 0.67x | -$7.88Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.93BtotalAssetsGoodwill$7.32BgoodWillIntangibles$2.91BintangibleAssetsLiabilities$15.90BtotalLiabTangible book-$1.20BShares151,682,692commonStockSharesOutstandingResult -$7.88 | 1.92xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.58BebitdaCapex$609.15McapitalExpendituresInterest$261.45MinterestExpenseShort-term debt$763.90MshortLongTermDebtEBITDA − capex$1.97BPrincipal due is the current portion of debt.Result 1.92x | $1.62BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$2.23BtotalCashFromOperatingActivitiesCapex$609.15McapitalExpendituresFree cash flow$1.62BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.62B | 8.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.64BoperatingIncomeTax expense$369.09MincomeTaxExpensePretax income$1.41BincomeBeforeTaxTax rate26.2%Equity$8.94BtotalStockholderEquityDebt$6.42BshortLongTermDebtTotalCash$439.51McashInvested capital$14.92BResult 8.1% | 0.42xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.64BoperatingIncomeNet PP&E$3.86BpropertyPlantAndEquipmentNetResult 0.42x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $3.86B
Inventory: $370.37M
Total assets: $24.93B
Goodwill: $7.32B
Intangibles: $2.91B
Liabilities: $15.90B
Tangible book: -$1.20B
Shares: 151,682,692
Revenue: $28.35B
Capex: $609.15M
D&A: $910.33M
EBITDA: $2.58B
Interest: $261.45M
Short-term debt: $763.90M
Free cash flow: $1.62B
Operating income: $1.64B
Invested capital: $14.92B
Tax rate: 26.2%