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.
SSR Mining Inc
Physical assets are 76.4% of total assets, a heavy footprint. Capex is 1.12x 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. ROIC is 11.7%, 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 0.40x.
Physical asset ratio
76.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.13BpropertyPlantAndEquipmentNetInventory$516.32MinventoryTotal assets$6.08BtotalAssetsResult 76.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.40xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.66BtotalRevenueNet PP&E$4.13BpropertyPlantAndEquipmentNetResult 0.40x
Revenue per dollar of the physical asset base.
Capex / D&A
1.12xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$234.23McapitalExpendituresD&A$208.69MdepreciationAndAmortizationResult 1.12x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$19.84Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.08BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.78BtotalLiabTangible book$4.31BShares217,026,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.84
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.41xPrice / tangible bookPrice / tangible book per sharePrice$27.92Latest quoteTangible book / share$19.842025-12-31Result 1.41x
Price $27.92.
Fixed-charge coverage
1.72xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$673.93MebitdaCapex$234.23McapitalExpendituresInterest$14.83MinterestExpenseShort-term debt$240.64MshortLongTermDebtEBITDA − capex$439.70MPrincipal due is the current portion of debt.Result 1.72x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$245.88MfreeCashFlowMarket cap$5.43BMarketCapitalizationResult 4.5%
Latest free cash flow divided by current market cap ($5.43B).
ROIC
11.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$478.47MoperatingIncomeTax expense$81.65MincomeTaxExpensePretax income$450.41MincomeBeforeTaxTax rate18.1%Equity$3.50BtotalStockholderEquityDebt$411.89MshortLongTermDebtTotalCash$575.61McashAndShortTermInvestmentsInvested capital$3.34BResult 11.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.12x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 61.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$701.18MpropertyPlantEquipmentInventory$232.75MinventoryTotal assets$1.52BtotalAssetsResult 61.4% | 0.60xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$420.68MtotalRevenueNet PP&E$701.18MpropertyPlantEquipmentResult 0.60x | 0.78xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$80.01McapitalExpendituresD&A$102.37MdepreciationAndAmortizationResult 0.78x | $7.88Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.52BtotalAssetsGoodwill$49.79MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$515.16MtotalLiabTangible book$956.19MShares121,354,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $7.88 | 2.05xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$138.66MebitdaCapex$80.01McapitalExpendituresInterest$28.63MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$58.65MShort-term debt is total debt minus long-term debt.Result 2.05x | -$98.26MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$59.77MtotalCashFromOperatingActivitiesCapex$80.01McapitalExpendituresFree cash flow-$98.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$98.26M | 2.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$29.90MoperatingIncomeTax expense$8.12MincomeTaxExpensePretax income$8.09MincomeBeforeTaxTax rate40.0%Equity$974.15MtotalStockholderEquityDebt$247.55MshortLongTermDebtTotalCash$448.75McashAndShortTermInvestmentsInvested capital$772.94MThe effective tax rate was above 40% and was capped at 40%.Result 2.3% | 0.04xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$29.90MoperatingIncomeNet PP&E$701.18MpropertyPlantEquipmentResult 0.04x |
| 2019 | 57.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$769.46MpropertyPlantEquipmentInventory$237.57MinventoryTotal assets$1.75BtotalAssetsResult 57.5% | 0.79xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$606.85MtotalRevenueNet PP&E$769.46MpropertyPlantEquipmentResult 0.79x | 1.29xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$110.62McapitalExpendituresD&A$85.64MdepreciationAndAmortizationResult 1.29x | $8.84Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.75BtotalAssetsGoodwill$49.79MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$616.15MtotalLiabTangible book$1.08BShares122,661,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $8.84 | 0.98xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$235.07MebitdaCapex$110.62McapitalExpendituresInterest$12.77MinterestExpenseShort-term debt$114.28MshortTermDebtEBITDA − capex$124.45MPrincipal due is short-term debt.Result 0.98x | $7.52MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$118.14MtotalCashFromOperatingActivitiesCapex$110.62McapitalExpendituresFree cash flow$7.52MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.52M | 10.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$118.40MoperatingIncomeTax expense$35.44MincomeTaxExpensePretax income$136.66MincomeBeforeTaxTax rate25.9%Equity$1.13BtotalStockholderEquityDebt$292.98MshortLongTermDebtTotalCash$570.10McashAndShortTermInvestmentsInvested capital$856.83MResult 10.2% | 0.15xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$118.40MoperatingIncomeNet PP&E$769.46MpropertyPlantEquipmentResult 0.15x |
| 2020 | 77.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.57BpropertyPlantEquipmentInventory$437.03MinventoryTotal assets$5.18BtotalAssetsResult 77.3% | 0.24xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$853.09MtotalRevenueNet PP&E$3.57BpropertyPlantEquipmentResult 0.24x | 1.23xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$138.99McapitalExpendituresD&A$113.07MdepreciationAndAmortizationResult 1.23x | $23.20Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.18BtotalAssetsGoodwill$49.79MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$1.33BtotalLiabTangible book$3.80BShares163,699,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $23.20 | 2.23xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$328.74MebitdaCapex$138.99McapitalExpendituresInterest$13.88MinterestExpenseShort-term debt$71.03MshortLongTermDebtEBITDA − capex$189.75MPrincipal due is the current portion of debt.Result 2.23x | $168.11MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$307.10MtotalCashFromOperatingActivitiesCapex$138.99McapitalExpendituresFree cash flow$168.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $168.11M | 4.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$188.28MoperatingIncomeTax expense$43.20MincomeTaxExpensePretax income$200.37MincomeBeforeTaxTax rate21.6%Equity$3.33BtotalStockholderEquityDebt$552.70MshortLongTermDebtTotalCash$887.38McashAndShortTermInvestmentsInvested capital$3.00BResult 4.9% | 0.05xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$188.28MoperatingIncomeNet PP&E$3.57BpropertyPlantEquipmentResult 0.05x |
| 2021 | 69.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.25BpropertyPlantEquipmentInventory$389.42MinventoryTotal assets$5.21BtotalAssetsResult 69.8% | 0.45xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.47BtotalRevenueNet PP&E$3.25BpropertyPlantEquipmentResult 0.45x | 0.72xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$164.81McapitalExpendituresD&A$227.96MdepreciationAndAmortizationResult 0.72x | $17.54Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.21BtotalAssetsGoodwill$49.79MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$1.16BtotalLiabTangible book$4.00BShares228,241,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $17.54 | 5.49xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$661.81MebitdaCapex$164.81McapitalExpendituresInterest$19.10MinterestExpenseShort-term debt$71.49MshortLongTermDebtEBITDA − capex$497.00MPrincipal due is the current portion of debt.Result 5.49x | $444.18MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$608.99MtotalCashFromOperatingActivitiesCapex$164.81McapitalExpendituresFree cash flow$444.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $444.18M | 15.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$444.38MoperatingIncomeTax expense-$14.12MincomeTaxExpensePretax income$411.81MincomeBeforeTaxTax rate0.0%Equity$3.54BtotalStockholderEquityDebt$487.63MshortLongTermDebtTotalCash$1.06BcashAndShortTermInvestmentsInvested capital$2.97BResult 15.0% | 0.14xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$444.38MoperatingIncomeNet PP&E$3.25BpropertyPlantEquipmentResult 0.14x |
| 2022 | 77.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.57BpropertyPlantEquipmentInventory$501.61MinventoryTotal assets$5.25BtotalAssetsResult 77.4% | 0.32xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.15BtotalRevenueNet PP&E$3.57BpropertyPlantEquipmentResult 0.32x | 0.76xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$137.52McapitalExpendituresD&A$181.45MdepreciationAndAmortizationResult 0.76x | $18.32Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.25BtotalAssetsGoodwill$49.79MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$1.13BtotalLiabTangible book$4.08BShares222,481,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $18.32 | 11.36xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$441.40MebitdaCapex$137.52McapitalExpendituresInterest$19.12MinterestExpenseShort-term debt$7.65MshortTermDebtEBITDA − capex$303.88MPrincipal due is short-term debt.Result 11.36x | $23.38MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$160.90MtotalCashFromOperatingActivitiesCapex$137.52McapitalExpendituresFree cash flow$23.38MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $23.38M | 5.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$190.27MoperatingIncomeTax expense$30.07MincomeTaxExpensePretax income$240.50MincomeBeforeTaxTax rate12.5%Equity$3.58BtotalStockholderEquityDebt$336.59MshortLongTermDebtTotalCash$695.73McashAndShortTermInvestmentsInvested capital$3.22BResult 5.2% | 0.05xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$190.27MoperatingIncomeNet PP&E$3.57BpropertyPlantEquipmentResult 0.05x |
| 2023 | 81.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.89BpropertyPlantAndEquipmentNetInventory$515.14MinventoryTotal assets$5.39BtotalAssetsResult 81.9% | 0.37xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.43BtotalRevenueNet PP&E$3.89BpropertyPlantAndEquipmentNetResult 0.37x | 1.04xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$223.42McapitalExpendituresD&A$214.01MdepreciationAndAmortizationResult 1.04x | $21.03Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.39BtotalAssetsGoodwill$0.00goodWillIntangibles$0.00Not reported, treated as 0Liabilities$1.08BtotalLiabTangible book$4.30BShares204,714,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $21.03 | -11.13xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.22MebitdaCapex$223.42McapitalExpendituresInterest$16.62MinterestExpenseShort-term debt$920.00KshortLongTermDebtEBITDA − capex-$195.20MPrincipal due is the current portion of debt.Result -11.13x | $198.30MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$421.73MtotalCashFromOperatingActivitiesCapex$223.42McapitalExpendituresFree cash flow$198.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $198.30M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$130.24MoperatingIncomeTax expense-$82.53MincomeTaxExpensePretax income-$202.76MincomeBeforeTaxTax rate—Equity$3.37BtotalStockholderEquityDebt$327.22MshortLongTermDebtTotalCash$513.34McashAndShortTermInvestmentsInvested capital$3.19BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.03xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$130.24MoperatingIncomeNet PP&E$3.89BpropertyPlantAndEquipmentNetResult -0.03x |
| 2024 | 82.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.80BpropertyPlantAndEquipmentNetInventory$464.07MinventoryTotal assets$5.19BtotalAssetsResult 82.2% | 0.26xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$995.62MtotalRevenueNet PP&E$3.80BpropertyPlantAndEquipmentNetResult 0.26x | 1.10xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$143.53McapitalExpendituresD&A$130.19MdepreciationAndAmortizationResult 1.10x | $19.51Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.19BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.24BtotalLiabTangible book$3.95BShares202,258,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.51 | -13.28xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$175.51MebitdaCapex$143.53McapitalExpendituresInterest$13.03MinterestExpenseShort-term debt$11.00MshortLongTermDebtEBITDA − capex-$319.05MPrincipal due is the current portion of debt.Result -13.28x | -$103.40MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$40.13MtotalCashFromOperatingActivitiesCapex$143.53McapitalExpendituresFree cash flow-$103.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$103.40M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$322.29MoperatingIncomeTax expense$33.30MincomeTaxExpensePretax income-$319.28MincomeBeforeTaxTax rate—Equity$3.11BtotalStockholderEquityDebt$345.18MshortLongTermDebtTotalCash$417.35McashAndShortTermInvestmentsInvested capital$3.03BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.08xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$322.29MoperatingIncomeNet PP&E$3.80BpropertyPlantAndEquipmentNetResult -0.08x |
| 2025 | 76.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.13BpropertyPlantAndEquipmentNetInventory$516.32MinventoryTotal assets$6.08BtotalAssetsResult 76.4% | 0.40xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.66BtotalRevenueNet PP&E$4.13BpropertyPlantAndEquipmentNetResult 0.40x | 1.12xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$234.23McapitalExpendituresD&A$208.69MdepreciationAndAmortizationResult 1.12x | $19.84Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.08BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.78BtotalLiabTangible book$4.31BShares217,026,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.84 | 1.72xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$673.93MebitdaCapex$234.23McapitalExpendituresInterest$14.83MinterestExpenseShort-term debt$240.64MshortLongTermDebtEBITDA − capex$439.70MPrincipal due is the current portion of debt.Result 1.72x | $245.88MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$480.11MtotalCashFromOperatingActivitiesCapex$234.23McapitalExpendituresFree cash flow$245.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $245.88M | 11.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$478.47MoperatingIncomeTax expense$81.65MincomeTaxExpensePretax income$450.41MincomeBeforeTaxTax rate18.1%Equity$3.50BtotalStockholderEquityDebt$411.89MshortLongTermDebtTotalCash$575.61McashAndShortTermInvestmentsInvested capital$3.34BResult 11.7% | 0.12xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$478.47MoperatingIncomeNet PP&E$4.13BpropertyPlantAndEquipmentNetResult 0.12x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $4.13B
Inventory: $516.32M
Total assets: $6.08B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $1.78B
Tangible book: $4.31B
Shares: 217,026,000
Revenue: $1.66B
Capex: $234.23M
D&A: $208.69M
EBITDA: $673.93M
Interest: $14.83M
Short-term debt: $240.64M
Free cash flow: $245.88M
Operating income: $478.47M
Invested capital: $3.34B
Tax rate: 18.1%