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.
TransAlta Corp
Physical assets are 68.0% of total assets, a heavy footprint. Capex is 0.39x 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 0.44x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.42x.
Physical asset ratio
68.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.78BpropertyPlantAndEquipmentNetInventory$111.00MinventoryTotal assets$8.66BtotalAssetsResult 68.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.42xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.41BtotalRevenueNet PP&E$5.78BpropertyPlantAndEquipmentNetResult 0.42x
Revenue per dollar of the physical asset base.
Capex / D&A
0.39xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$249.00McapitalExpendituresD&A$636.00MdepreciationAndAmortizationResult 0.39x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.38Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.66BtotalAssetsGoodwill$516.00MgoodWillIntangibles$243.00MintangibleAssetsLiabilities$7.20BtotalLiabTangible book$706.00MShares297,000,000commonStockSharesOutstandingResult $2.38
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
7.73xPrice / tangible bookPrice / tangible book per sharePrice$18.38Latest quoteTangible book / share$2.382025-12-31Result 7.73x
Price $18.38.
Fixed-charge coverage
0.44xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$785.00MebitdaCapex$249.00McapitalExpendituresInterest$290.00MinterestExpenseShort-term debt$920.00MshortLongTermDebtEBITDA − capex$536.00MPrincipal due is the current portion of debt.Result 0.44x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$397.00MfreeCashFlowMarket cap$5.81BMarketCapitalizationResult 6.8%
Latest free cash flow divided by current market cap ($5.81B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$222.00MoperatingIncomeTax expense$17.00MincomeTaxExpensePretax income-$141.00MincomeBeforeTaxTax rate—Equity$1.40BtotalStockholderEquityDebt$4.48BshortLongTermDebtTotalCash$283.00McashAndShortTermInvestmentsInvested capital$5.60BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 67.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.16BpropertyPlantEquipmentInventory$242.00MinventoryTotal assets$9.43BtotalAssetsResult 67.9% | 0.36xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$2.25BtotalRevenueNet PP&E$6.16BpropertyPlantEquipmentResult 0.36x | 0.40xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$297.00McapitalExpendituresD&A$734.00MdepreciationAndAmortizationResult 0.40x | $11.49Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.43BtotalAssetsGoodwill$464.00MgoodWillIntangibles$373.00MintangibleAssetsLiabilities$5.29BtotalLiabTangible book$3.30BShares287,000,000commonStockSharesOutstandingResult $11.49 | 1.51xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$803.00MebitdaCapex$297.00McapitalExpendituresInterest$206.00MinterestExpenseShort-term debt$130.00MshortLongTermDebtEBITDA − capex$506.00MPrincipal due is the current portion of debt.Result 1.51x | $523.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$820.00MtotalCashFromOperatingActivitiesCapex$297.00McapitalExpendituresFree cash flow$523.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $523.00M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$160.00MoperatingIncomeTax expense-$6.00MincomeTaxExpensePretax income-$96.00MincomeBeforeTaxTax rate—Equity$3.00BtotalStockholderEquityDebt$3.27BshortLongTermDebtTotalCash$89.00McashAndEquivalentsInvested capital$6.18BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.03xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$160.00MoperatingIncomeNet PP&E$6.16BpropertyPlantEquipmentResult 0.03x |
| 2019 | 69.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.35BpropertyPlantEquipmentInventory$251.00MinventoryTotal assets$9.51BtotalAssetsResult 69.5% | 0.37xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$2.35BtotalRevenueNet PP&E$6.35BpropertyPlantEquipmentResult 0.37x | 0.59xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$431.00McapitalExpendituresD&A$732.00MdepreciationAndAmortizationResult 0.59x | $11.59Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.51BtotalAssetsGoodwill$464.00MgoodWillIntangibles$318.00MintangibleAssetsLiabilities$5.45BtotalLiabTangible book$3.28BShares283,000,000commonStockSharesOutstandingResult $11.59 | 0.56xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$796.00MebitdaCapex$431.00McapitalExpendituresInterest$163.00MinterestExpenseShort-term debt$494.00MshortLongTermDebtEBITDA − capex$365.00MPrincipal due is the current portion of debt.Result 0.56x | $418.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$849.00MtotalCashFromOperatingActivitiesCapex$431.00McapitalExpendituresFree cash flow$418.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $418.00M | 5.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$335.00MoperatingIncomeTax expense$17.00MincomeTaxExpensePretax income$193.00MincomeBeforeTaxTax rate8.8%Equity$2.96BtotalStockholderEquityDebt$3.54BshortLongTermDebtTotalCash$411.00McashAndEquivalentsInvested capital$6.09BResult 5.0% | 0.05xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$335.00MoperatingIncomeNet PP&E$6.35BpropertyPlantEquipmentResult 0.05x |
| 2020 | 63.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.96BpropertyPlantEquipmentInventory$238.00MinventoryTotal assets$9.75BtotalAssetsResult 63.6% | 0.35xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$2.10BtotalRevenueNet PP&E$5.96BpropertyPlantEquipmentResult 0.35x | 0.60xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$500.00McapitalExpendituresD&A$828.00MdepreciationAndAmortizationResult 0.60x | $9.67Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.75BtotalAssetsGoodwill$463.00MgoodWillIntangibles$313.00MintangibleAssetsLiabilities$6.31BtotalLiabTangible book$2.66BShares275,000,000commonStockSharesOutstandingResult $9.67 | 1.00xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$810.00MebitdaCapex$500.00McapitalExpendituresInterest$214.00MinterestExpenseShort-term debt$97.00MshortLongTermDebtEBITDA − capex$310.00MPrincipal due is the current portion of debt.Result 1.00x | $202.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$702.00MtotalCashFromOperatingActivitiesCapex$500.00McapitalExpendituresFree cash flow$202.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $202.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$99.00MoperatingIncomeTax expense-$50.00MincomeTaxExpensePretax income-$303.00MincomeBeforeTaxTax rate—Equity$2.35BtotalStockholderEquityDebt$4.09BshortLongTermDebtTotalCash$703.00McashAndEquivalentsInvested capital$5.74BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.02xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$99.00MoperatingIncomeNet PP&E$5.96BpropertyPlantEquipmentResult -0.02x |
| 2021 | 60.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.42BpropertyPlantEquipmentInventory$167.00MinventoryTotal assets$9.23BtotalAssetsResult 60.5% | 0.50xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$2.72BtotalRevenueNet PP&E$5.42BpropertyPlantEquipmentResult 0.50x | 0.65xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$489.00McapitalExpendituresD&A$751.00MdepreciationAndAmortizationResult 0.65x | $6.92Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.23BtotalAssetsGoodwill$463.00MgoodWillIntangibles$256.00MintangibleAssetsLiabilities$6.63BtotalLiabTangible book$1.87BShares271,000,000commonStockSharesOutstandingResult $6.92 | 0.64xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.17BebitdaCapex$489.00McapitalExpendituresInterest$229.00MinterestExpenseShort-term debt$837.00MshortLongTermDebtEBITDA − capex$677.00MPrincipal due is the current portion of debt.Result 0.64x | $512.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.00BtotalCashFromOperatingActivitiesCapex$489.00McapitalExpendituresFree cash flow$512.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $512.00M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$239.00MoperatingIncomeTax expense$45.00MincomeTaxExpensePretax income-$380.00MincomeBeforeTaxTax rate—Equity$1.58BtotalStockholderEquityDebt$4.00BshortLongTermDebtTotalCash$947.00McashAndEquivalentsInvested capital$4.64BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.04xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$239.00MoperatingIncomeNet PP&E$5.42BpropertyPlantEquipmentResult -0.04x |
| 2022 | 54.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.68BpropertyPlantAndEquipmentNetInventory$157.00MinventoryTotal assets$10.74BtotalAssetsResult 54.4% | 0.52xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$2.98BtotalRevenueNet PP&E$5.68BpropertyPlantAndEquipmentNetResult 0.52x | 1.46xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$949.00McapitalExpendituresD&A$648.00MdepreciationAndAmortizationResult 1.46x | $4.70Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.74BtotalAssetsGoodwill$464.00MgoodWillIntangibles$252.00MintangibleAssetsLiabilities$8.75BtotalLiabTangible book$1.27BShares271,000,000commonStockSharesOutstandingResult $4.70 | 0.69xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.24BebitdaCapex$949.00McapitalExpendituresInterest$239.00MinterestExpenseShort-term debt$186.00MshortLongTermDebtEBITDA − capex$292.00MPrincipal due is the current portion of debt.Result 0.69x | -$72.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$877.00MtotalCashFromOperatingActivitiesCapex$949.00McapitalExpendituresFree cash flow-$72.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$72.00M | 7.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$531.00MoperatingIncomeTax expense$192.00MincomeTaxExpensePretax income$353.00MincomeBeforeTaxTax rate40.0%Equity$1.11BtotalStockholderEquityDebt$4.41BshortLongTermDebtTotalCash$1.13BcashAndEquivalentsInvested capital$4.38BThe effective tax rate was above 40% and was capped at 40%.Result 7.3% | 0.09xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$531.00MoperatingIncomeNet PP&E$5.68BpropertyPlantAndEquipmentNetResult 0.09x |
| 2023 | 69.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.83BpropertyPlantAndEquipmentNetInventory$157.00MinventoryTotal assets$8.66BtotalAssetsResult 69.2% | 0.58xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$3.36BtotalRevenueNet PP&E$5.83BpropertyPlantAndEquipmentNetResult 0.58x | 1.43xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$888.00McapitalExpendituresD&A$621.00MdepreciationAndAmortizationResult 1.43x | $3.54Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.66BtotalAssetsGoodwill$464.00MgoodWillIntangibles$223.00MintangibleAssetsLiabilities$7.00BtotalLiabTangible book$977.00MShares276,000,000commonStockSharesOutstandingResult $3.54 | 1.09xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.70BebitdaCapex$888.00McapitalExpendituresInterest$212.00MinterestExpenseShort-term debt$529.00MshortLongTermDebtEBITDA − capex$807.00MPrincipal due is the current portion of debt.Result 1.09x | $576.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$1.46BtotalCashFromOperatingActivitiesCapex$888.00McapitalExpendituresFree cash flow$576.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $576.00M | 18.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.09BoperatingIncomeTax expense$84.00MincomeTaxExpensePretax income$880.00MincomeBeforeTaxTax rate9.5%Equity$1.54BtotalStockholderEquityDebt$4.21BshortLongTermDebtTotalCash$348.00McashAndEquivalentsInvested capital$5.40BResult 18.2% | 0.19xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.09BoperatingIncomeNet PP&E$5.83BpropertyPlantAndEquipmentNetResult 0.19x |
| 2024 | 66.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.14BpropertyPlantAndEquipmentNetInventory$134.00MinventoryTotal assets$9.50BtotalAssetsResult 66.0% | 0.46xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.85BtotalRevenueNet PP&E$6.14BpropertyPlantAndEquipmentNetResult 0.46x | 0.60xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$321.00McapitalExpendituresD&A$531.00MdepreciationAndAmortizationResult 0.60x | $3.46Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.50BtotalAssetsGoodwill$517.00MgoodWillIntangibles$281.00MintangibleAssetsLiabilities$7.66BtotalLiabTangible book$1.05BShares302,000,000commonStockSharesOutstandingResult $3.46 | 0.51xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.14BebitdaCapex$321.00McapitalExpendituresInterest$271.00MinterestExpenseShort-term debt$1.32BshortLongTermDebtEBITDA − capex$817.00MPrincipal due is the current portion of debt.Result 0.51x | $475.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$796.00MtotalCashFromOperatingActivitiesCapex$321.00McapitalExpendituresFree cash flow$475.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $475.00M | 7.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$585.00MoperatingIncomeTax expense$80.00MincomeTaxExpensePretax income$319.00MincomeBeforeTaxTax rate25.1%Equity$1.75BtotalStockholderEquityDebt$4.56BshortLongTermDebtTotalCash$337.00McashAndEquivalentsInvested capital$5.97BResult 7.3% | 0.10xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$585.00MoperatingIncomeNet PP&E$6.14BpropertyPlantAndEquipmentNetResult 0.10x |
| 2025 | 68.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.78BpropertyPlantAndEquipmentNetInventory$111.00MinventoryTotal assets$8.66BtotalAssetsResult 68.0% | 0.42xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.41BtotalRevenueNet PP&E$5.78BpropertyPlantAndEquipmentNetResult 0.42x | 0.39xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$249.00McapitalExpendituresD&A$636.00MdepreciationAndAmortizationResult 0.39x | $2.38Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.66BtotalAssetsGoodwill$516.00MgoodWillIntangibles$243.00MintangibleAssetsLiabilities$7.20BtotalLiabTangible book$706.00MShares297,000,000commonStockSharesOutstandingResult $2.38 | 0.44xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$785.00MebitdaCapex$249.00McapitalExpendituresInterest$290.00MinterestExpenseShort-term debt$920.00MshortLongTermDebtEBITDA − capex$536.00MPrincipal due is the current portion of debt.Result 0.44x | $397.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$646.00MtotalCashFromOperatingActivitiesCapex$249.00McapitalExpendituresFree cash flow$397.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $397.00M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$222.00MoperatingIncomeTax expense$17.00MincomeTaxExpensePretax income-$141.00MincomeBeforeTaxTax rate—Equity$1.40BtotalStockholderEquityDebt$4.48BshortLongTermDebtTotalCash$283.00McashAndShortTermInvestmentsInvested capital$5.60BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.04xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$222.00MoperatingIncomeNet PP&E$5.78BpropertyPlantAndEquipmentNetResult -0.04x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $5.78B
Inventory: $111.00M
Total assets: $8.66B
Goodwill: $516.00M
Intangibles: $243.00M
Liabilities: $7.20B
Tangible book: $706.00M
Shares: 297,000,000
Revenue: $2.41B
Capex: $249.00M
D&A: $636.00M
EBITDA: $785.00M
Interest: $290.00M
Short-term debt: $920.00M
Free cash flow: $397.00M
Operating income: -$222.00M
Invested capital: $5.60B
Tax rate: —