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.
Royal Bank of Canada
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 0.73x 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 0.10x, which is below 1.
Fixed-asset turnover is 20.14x. Compare it with other names in the same basket.
Physical asset ratio
0.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
20.14x
Revenue per dollar of the physical asset base.
Capex / D&A
0.73x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$79.59
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.51x
Price $279.01.
Fixed-charge coverage
0.10x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
13.9%
Latest free cash flow divided by current market cap ($382.13B).
ROIC
11.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 3.76x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -46.6% | 14.57x | 1.20x | $44.21 | 0.00x | $15.49B | 10.1% | 7.74x |
| 2019 | -46.5% | 13.83x | 1.17x | $47.00 | 0.00x | $12.00B | 74.9% | 7.44x |
| 2020 | -46.8% | 5.40x | 0.99x | $49.49 | 0.00x | $136.19B | — | 2.73x |
| 2021 | -45.7% | 6.79x | 0.84x | $58.48 | 0.00x | $58.86B | — | 3.78x |
| 2022 | -44.9% | 6.72x | 0.94x | $63.88 | 0.00x | $19.44B | 91.8% | 3.57x |
| 2023 | -43.3% | 7.26x | 0.96x | $72.39 | 0.00x | $23.35B | 5.4% | 3.37x |
| 2024 | 0.3% | 7.90x | 0.76x | $70.69 | 0.00x | $20.86B | 4.7% | 3.62x |
| 2025 | 0.3% | 20.14x | 0.73x | $79.59 | 0.10x | $52.98B | 11.6% | 3.76x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $6.82B
Inventory: $0.00
Total assets: $2,325.01B
Goodwill: $19.41B
Intangibles: $7.40B
Liabilities: $2,185.86B
Tangible book: $112.34B
Shares: 1,411,589,000
Revenue: $137.36B
Capex: $2.24B
D&A: $3.08B
EBITDA: $28.73B
Interest: $70.83B
Short-term debt: $187.04B
Free cash flow: $52.98B
Operating income: $25.65B
Invested capital: $175.05B
Tax rate: 20.6%