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.
TC Energy Corp
Physical assets are 60.5% of total assets, a heavy footprint. Capex is 1.90x 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 6.0%, below 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 0.21x.
Physical asset ratio
60.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.21x
Revenue per dollar of the physical asset base.
Capex / D&A
1.90x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$22.89
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.70x
Price $84.61.
Fixed-charge coverage
1.03x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.3%
Latest free cash flow divided by current market cap ($90.75B).
ROIC
6.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.09x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 67.7% | 0.21x | 4.22x | $17.46 | -0.23x | -$3.36B | 6.4% | 0.09x |
| 2019 | 66.4% | 0.20x | 3.32x | $19.11 | 0.14x | -$1.10B | 6.2% | 0.09x |
| 2020 | 70.2% | 0.19x | 3.14x | $21.88 | 0.17x | -$1.08B | 7.0% | 0.08x |
| 2021 | 68.0% | 0.19x | 2.35x | $21.36 | 0.09x | $966.00M | 6.5% | 0.08x |
| 2022 | 68.9% | 0.16x | 2.60x | $21.36 | -0.14x | -$352.00M | 3.3% | 0.07x |
| 2023 | 65.1% | 0.16x | 2.93x | $25.70 | 0.09x | -$881.00M | 4.9% | 0.07x |
| 2024 | 68.4% | 0.17x | 2.28x | $23.79 | 0.77x | $1.34B | 5.6% | 0.07x |
| 2025 | 60.5% | 0.21x | 1.90x | $22.89 | 1.03x | $2.08B | 6.0% | 0.09x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $71.05B
Inventory: $782.00M
Total assets: $118.75B
Goodwill: $13.02B
Intangibles: $81.00M
Liabilities: $81.85B
Tangible book: $23.80B
Shares: 1,040,000,000
Revenue: $15.20B
Capex: $5.27B
D&A: $2.77B
EBITDA: $11.61B
Interest: $3.40B
Short-term debt: $2.75B
Free cash flow: $2.08B
Operating income: $6.72B
Invested capital: $88.03B
Tax rate: 20.9%