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.
Stantec Inc
Physical assets are 10.7% of total assets, a light footprint. Capex is 0.20x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 12.4%, 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 9.54x.
Physical asset ratio
10.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$853.80MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$7.96BtotalAssetsInventory was not reported and is treated as zero.Result 10.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
9.54xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.14BtotalRevenueNet PP&E$853.80MpropertyPlantEquipmentResult 9.54x
Revenue per dollar of the physical asset base.
Capex / D&A
0.20xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$71.90McapitalExpendituresD&A$351.70MdepreciationAndAmortizationResult 0.20x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$5.05Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.96BtotalAssetsGoodwill$3.22BgoodWillIntangibles$594.50MintangibleAssetsLiabilities$4.72BtotalLiabTangible book-$575.90MShares114,066,995commonStockSharesOutstandingResult -$5.05
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$105.02Latest quoteTangible book / share-$5.052025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $105.02.
Fixed-charge coverage
2.32xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.09BebitdaCapex$71.90McapitalExpendituresInterest$116.90MinterestExpenseShort-term debt$320.60MshortLongTermDebtEBITDA − capex$1.01BPrincipal due is the current portion of debt.Result 2.32x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$791.00MfreeCashFlowMarket cap$11.80BMarketCapitalizationResult 6.7%
Latest free cash flow divided by current market cap ($11.80B).
ROIC
12.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$748.30MoperatingIncomeTax expense$137.50MincomeTaxExpensePretax income$616.90MincomeBeforeTaxTax rate22.3%Equity$3.24BtotalStockholderEquityDebt$1.85BlongTermDebt + shortLongTermDebtCash$398.10McashInvested capital$4.69BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 12.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.88x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 8.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$289.40MpropertyPlantEquipmentInventory$56.80MinventoryTotal assets$4.01BtotalAssetsResult 8.6% | 11.59xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.36BtotalRevenueNet PP&E$289.40MpropertyPlantEquipmentResult 11.59x | 1.08xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$124.80McapitalExpendituresD&A$115.10MdepreciationAndAmortizationResult 1.08x | $0.35Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.01BtotalAssetsGoodwill$1.62BgoodWillIntangibles$247.70MintangibleAssetsLiabilities$2.10BtotalLiabTangible book$39.80MShares113,822,318commonStockSharesOutstandingResult $0.35 | 3.13xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$394.50MebitdaCapex$124.80McapitalExpendituresInterest$37.70MinterestExpenseShort-term debt$48.50MshortTermDebtEBITDA − capex$269.70MPrincipal due is short-term debt.Result 3.13x | $47.80MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$172.60MtotalCashFromOperatingActivitiesCapex$124.80McapitalExpendituresFree cash flow$47.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $47.80M | 11.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$394.50MoperatingIncomeTax expense$55.00MincomeTaxExpensePretax income$226.30MincomeBeforeTaxTax rate24.3%Equity$1.91BtotalStockholderEquityDebt$933.70MshortLongTermDebtTotalCash$185.20McashInvested capital$2.66BResult 11.2% | 1.36xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$394.50MoperatingIncomeNet PP&E$289.40MpropertyPlantEquipmentResult 1.36x |
| 2019 | 19.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$845.00MpropertyPlantEquipmentInventory$42.90MinventoryTotal assets$4.56BtotalAssetsResult 19.5% | 4.39xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$3.71BtotalRevenueNet PP&E$845.00MpropertyPlantEquipmentResult 4.39x | 0.24xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$56.70McapitalExpendituresD&A$240.90MdepreciationAndAmortizationResult 0.24x | $0.05Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.56BtotalAssetsGoodwill$1.65BgoodWillIntangibles$219.60MintangibleAssetsLiabilities$2.68BtotalLiabTangible book$5.70MShares111,550,424commonStockSharesOutstandingResult $0.05 | 3.62xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$574.80MebitdaCapex$56.70McapitalExpendituresInterest$76.80MinterestExpenseShort-term debt$66.40MshortLongTermDebtEBITDA − capex$518.10MPrincipal due is the current portion of debt.Result 3.62x | $395.80MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$452.50MtotalCashFromOperatingActivitiesCapex$56.70McapitalExpendituresFree cash flow$395.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $395.80M | 16.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$574.80MoperatingIncomeTax expense$71.10MincomeTaxExpensePretax income$265.50MincomeBeforeTaxTax rate26.8%Equity$1.88BtotalStockholderEquityDebt$880.40MlongTermDebt + shortLongTermDebtCash$223.50McashInvested capital$2.53BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 16.6% | 0.68xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$574.80MoperatingIncomeNet PP&E$845.00MpropertyPlantEquipmentResult 0.68x |
| 2020 | 16.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$687.10MpropertyPlantEquipmentInventory$43.90MinventoryTotal assets$4.39BtotalAssetsResult 16.7% | 5.36xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$3.68BtotalRevenueNet PP&E$687.10MpropertyPlantEquipmentResult 5.36x | 0.14xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$31.20McapitalExpendituresD&A$228.80MdepreciationAndAmortizationResult 0.14x | $0.66Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.39BtotalAssetsGoodwill$1.67BgoodWillIntangibles$182.00MintangibleAssetsLiabilities$2.46BtotalLiabTangible book$73.50MShares111,949,305commonStockSharesOutstandingResult $0.66 | 4.97xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$574.10MebitdaCapex$31.20McapitalExpendituresInterest$58.00MinterestExpenseShort-term debt$51.30MshortLongTermDebtEBITDA − capex$542.90MPrincipal due is the current portion of debt.Result 4.97x | $572.60MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$603.80MtotalCashFromOperatingActivitiesCapex$31.20McapitalExpendituresFree cash flow$572.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $572.60M | 18.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$574.10MoperatingIncomeTax expense$57.60MincomeTaxExpensePretax income$216.70MincomeBeforeTaxTax rate26.6%Equity$1.93BtotalStockholderEquityDebt$685.50MlongTermDebt + shortLongTermDebtCash$289.50McashInvested capital$2.32BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 18.1% | 0.84xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$574.10MoperatingIncomeNet PP&E$687.10MpropertyPlantEquipmentResult 0.84x |
| 2021 | 14.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$710.20MpropertyPlantEquipmentInventory$45.80MinventoryTotal assets$5.23BtotalAssetsResult 14.5% | 5.12xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$3.64BtotalRevenueNet PP&E$710.20MpropertyPlantEquipmentResult 5.12x | 0.21xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$45.80McapitalExpendituresD&A$221.80MdepreciationAndAmortizationResult 0.21x | -$4.98Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.23BtotalAssetsGoodwill$2.18BgoodWillIntangibles$373.30MintangibleAssetsLiabilities$3.22BtotalLiabTangible book-$555.40MShares111,616,665commonStockSharesOutstandingResult -$4.98 | 4.65xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$539.70MebitdaCapex$45.80McapitalExpendituresInterest$48.10MinterestExpenseShort-term debt$58.20MshortLongTermDebtEBITDA − capex$493.90MPrincipal due is the current portion of debt.Result 4.65x | $351.20MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$397.00MtotalCashFromOperatingActivitiesCapex$45.80McapitalExpendituresFree cash flow$351.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $351.20M | 13.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$539.70MoperatingIncomeTax expense$62.30MincomeTaxExpensePretax income$263.00MincomeBeforeTaxTax rate23.7%Equity$2.00BtotalStockholderEquityDebt$1.25BlongTermDebt + shortLongTermDebtCash$193.90McashInvested capital$3.06BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 13.5% | 0.76xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$539.70MoperatingIncomeNet PP&E$710.20MpropertyPlantEquipmentResult 0.76x |
| 2022 | 13.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$721.10MpropertyPlantEquipmentInventory$48.60MinventoryTotal assets$5.65BtotalAssetsResult 13.6% | 6.18xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$4.46BtotalRevenueNet PP&E$721.10MpropertyPlantEquipmentResult 6.18x | 0.24xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$68.50McapitalExpendituresD&A$283.50MdepreciationAndAmortizationResult 0.24x | -$3.41Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.65BtotalAssetsGoodwill$2.35BgoodWillIntangibles$320.40MintangibleAssetsLiabilities$3.37BtotalLiabTangible book-$380.40MShares111,616,665commonStockSharesOutstandingResult -$3.41 | 3.30xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$716.60MebitdaCapex$68.50McapitalExpendituresInterest$78.80MinterestExpenseShort-term debt$117.60MshortLongTermDebtEBITDA − capex$648.10MPrincipal due is the current portion of debt.Result 3.30x | $235.80MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$304.30MtotalCashFromOperatingActivitiesCapex$68.50McapitalExpendituresFree cash flow$235.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $235.80M | 13.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$716.60MoperatingIncomeTax expense$78.10MincomeTaxExpensePretax income$325.10MincomeBeforeTaxTax rate24.0%Equity$2.29BtotalStockholderEquityDebt$1.92BshortLongTermDebtTotalCash$148.30McashInvested capital$4.06BResult 13.4% | 0.99xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$716.60MoperatingIncomeNet PP&E$721.10MpropertyPlantEquipmentResult 0.99x |
| 2023 | 12.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$710.40MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$5.77BtotalAssetsResult 12.3% | 7.13xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$5.07BtotalRevenueNet PP&E$710.40MpropertyPlantEquipmentResult 7.13x | 0.35xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$100.60McapitalExpendituresD&A$283.60MdepreciationAndAmortizationResult 0.35x | $1.01Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.77BtotalAssetsGoodwill$2.07BgoodWillIntangibles$265.70MintangibleAssetsLiabilities$3.32BtotalLiabTangible book$111.80MShares111,228,491commonStockSharesOutstandingResult $1.01 | 2.68xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$838.50MebitdaCapex$100.60McapitalExpendituresInterest$104.70MinterestExpenseShort-term debt$170.30MshortLongTermDebtEBITDA − capex$737.90MPrincipal due is the current portion of debt.Result 2.68x | $419.40MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$520.00MtotalCashFromOperatingActivitiesCapex$100.60McapitalExpendituresFree cash flow$419.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $419.40M | 17.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$838.50MoperatingIncomeTax expense$91.20MincomeTaxExpensePretax income$407.70MincomeBeforeTaxTax rate22.4%Equity$2.45BtotalStockholderEquityDebt$1.70BshortLongTermDebtTotalCash$352.90McashInvested capital$3.80BResult 17.1% | 1.18xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$838.50MoperatingIncomeNet PP&E$710.40MpropertyPlantEquipmentResult 1.18x |
| 2024 | 11.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$773.30MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$6.96BtotalAssetsInventory was not reported and is treated as zero.Result 11.1% | 7.59xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$5.87BtotalRevenueNet PP&E$773.30MpropertyPlantEquipmentResult 7.59x | 0.31xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$99.00McapitalExpendituresD&A$318.60MdepreciationAndAmortizationResult 0.31x | -$1.70Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.96BtotalAssetsGoodwill$2.71BgoodWillIntangibles$427.00MintangibleAssetsLiabilities$4.01BtotalLiabTangible book-$194.40MShares114,066,995commonStockSharesOutstandingResult -$1.70 | 2.82xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$973.80MebitdaCapex$99.00McapitalExpendituresInterest$118.60MinterestExpenseShort-term debt$192.10MshortLongTermDebtEBITDA − capex$874.80MPrincipal due is the current portion of debt.Result 2.82x | $504.10MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$603.10MtotalCashFromOperatingActivitiesCapex$99.00McapitalExpendituresFree cash flow$504.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $504.10M | 15.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$973.80MoperatingIncomeTax expense$103.80MincomeTaxExpensePretax income$465.30MincomeBeforeTaxTax rate22.3%Equity$2.95BtotalStockholderEquityDebt$2.04BshortLongTermDebtTotalCash$228.50McashInvested capital$4.76BResult 15.9% | 1.26xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$973.80MoperatingIncomeNet PP&E$773.30MpropertyPlantEquipmentResult 1.26x |
| 2025 | 10.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$853.80MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$7.96BtotalAssetsInventory was not reported and is treated as zero.Result 10.7% | 9.54xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.14BtotalRevenueNet PP&E$853.80MpropertyPlantEquipmentResult 9.54x | 0.20xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$71.90McapitalExpendituresD&A$351.70MdepreciationAndAmortizationResult 0.20x | -$5.05Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.96BtotalAssetsGoodwill$3.22BgoodWillIntangibles$594.50MintangibleAssetsLiabilities$4.72BtotalLiabTangible book-$575.90MShares114,066,995commonStockSharesOutstandingResult -$5.05 | 2.32xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.09BebitdaCapex$71.90McapitalExpendituresInterest$116.90MinterestExpenseShort-term debt$320.60MshortLongTermDebtEBITDA − capex$1.01BPrincipal due is the current portion of debt.Result 2.32x | $791.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$862.90MtotalCashFromOperatingActivitiesCapex$71.90McapitalExpendituresFree cash flow$791.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $791.00M | 12.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$748.30MoperatingIncomeTax expense$137.50MincomeTaxExpensePretax income$616.90MincomeBeforeTaxTax rate22.3%Equity$3.24BtotalStockholderEquityDebt$1.85BlongTermDebt + shortLongTermDebtCash$398.10McashInvested capital$4.69BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 12.4% | 0.88xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$748.30MoperatingIncomeNet PP&E$853.80MpropertyPlantEquipmentResult 0.88x |
- 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: $853.80M
Inventory: $0.00
Total assets: $7.96B
Goodwill: $3.22B
Intangibles: $594.50M
Liabilities: $4.72B
Tangible book: -$575.90M
Shares: 114,066,995
Revenue: $8.14B
Capex: $71.90M
D&A: $351.70M
EBITDA: $1.09B
Interest: $116.90M
Short-term debt: $320.60M
Free cash flow: $791.00M
Operating income: $748.30M
Invested capital: $4.69B
Tax rate: 22.3%