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.
Vistra Corp.
Physical assets are 50.4% of total assets, a heavy footprint. Capex is 1.34x 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. EBITDA after capex covers debt service by 0.24x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.89x.
Physical asset ratio
50.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$19.94BpropertyPlantAndEquipmentNetInventory$1.02BinventoryTotal assets$41.55BtotalAssetsResult 50.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.89xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$17.74BtotalRevenueNet PP&E$19.94BpropertyPlantAndEquipmentNetResult 0.89x
Revenue per dollar of the physical asset base.
Capex / D&A
1.34xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.94BcapitalExpendituresD&A$2.95BdepreciationAndAmortizationResult 1.34x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$0.39Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.55BtotalAssetsGoodwill$2.81BgoodWillIntangibles$2.44BintangibleAssetsLiabilities$36.44BtotalLiabTangible book-$135.00MShares345,656,067commonStockSharesOutstandingResult -$0.39
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$124.80Latest quoteTangible book / share-$0.392025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $124.80.
Fixed-charge coverage
0.24xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.25BebitdaCapex$3.94BcapitalExpendituresInterest$1.18BinterestExpenseShort-term debt$4.23BshortLongTermDebtEBITDA − capex$1.31BPrincipal due is the current portion of debt.Result 0.24x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$129.00MfreeCashFlowMarket cap$37.89BMarketCapitalizationResult 0.3%
Latest free cash flow divided by current market cap ($37.89B).
ROIC
6.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.91BoperatingIncomeTax expense$179.00MincomeTaxExpensePretax income$1.12BincomeBeforeTaxTax rate15.9%Equity$5.11BtotalStockholderEquityDebt$20.40BshortLongTermDebtTotalCash$816.00McashAndShortTermInvestmentsInvested capital$24.69BResult 6.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.10x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 57.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.62BpropertyPlantAndEquipmentNetInventory$412.00MinventoryTotal assets$26.02BtotalAssetsResult 57.7% | 0.63xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$9.14BtotalRevenueNet PP&E$14.62BpropertyPlantAndEquipmentNetResult 0.63x | 0.32xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$496.00McapitalExpendituresD&A$1.53BdepreciationAndAmortizationResult 0.32x | $6.56Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.02BtotalAssetsGoodwill$2.07BgoodWillIntangibles$2.49BintangibleAssetsLiabilities$18.16BtotalLiabTangible book$3.31BShares504,954,371commonStockSharesOutstandingResult $6.56 | 1.40xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.97BebitdaCapex$496.00McapitalExpendituresInterest$525.00MinterestExpenseShort-term debt$530.00MshortTermDebtEBITDA − capex$1.47BPrincipal due is short-term debt.Result 1.40x | $975.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.47BtotalCashFromOperatingActivitiesCapex$496.00McapitalExpendituresFree cash flow$975.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $975.00M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$491.00MoperatingIncomeTax expense-$45.00MincomeTaxExpensePretax income-$101.00MincomeBeforeTaxTax rate—Equity$7.87BtotalStockholderEquityDebt$11.40BshortLongTermDebtTotalCash$636.00McashAndEquivalentsInvested capital$18.64BROIC 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$491.00MoperatingIncomeNet PP&E$14.62BpropertyPlantAndEquipmentNetResult 0.03x |
| 2019 | 54.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.96BpropertyPlantAndEquipmentNetInventory$469.00MinventoryTotal assets$26.62BtotalAssetsResult 54.2% | 0.85xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$11.81BtotalRevenueNet PP&E$13.96BpropertyPlantAndEquipmentNetResult 0.85x | 0.32xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$609.00McapitalExpendituresD&A$1.88BdepreciationAndAmortizationResult 0.32x | $5.32Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.62BtotalAssetsGoodwill$2.55BgoodWillIntangibles$2.75BintangibleAssetsLiabilities$18.66BtotalLiabTangible book$2.66BShares499,935,490commonStockSharesOutstandingResult $5.32 | 2.09xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.66BebitdaCapex$609.00McapitalExpendituresInterest$381.00MinterestExpenseShort-term debt$1.08BshortLongTermDebtEBITDA − capex$3.05BPrincipal due is the current portion of debt.Result 2.09x | $2.13BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$2.74BtotalCashFromOperatingActivitiesCapex$609.00McapitalExpendituresFree cash flow$2.13BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.13B | 8.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.99BoperatingIncomeTax expense$290.00MincomeTaxExpensePretax income$1.22BincomeBeforeTaxTax rate23.8%Equity$7.96BtotalStockholderEquityDebt$11.31BshortLongTermDebtTotalCash$300.00McashAndEquivalentsInvested capital$18.97BResult 8.0% | 0.14xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.99BoperatingIncomeNet PP&E$13.96BpropertyPlantAndEquipmentNetResult 0.14x |
| 2020 | 55.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.55BpropertyPlantAndEquipmentNetInventory$515.00MinventoryTotal assets$25.21BtotalAssetsResult 55.8% | 0.84xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$11.44BtotalRevenueNet PP&E$13.55BpropertyPlantAndEquipmentNetResult 0.84x | 0.61xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.26BcapitalExpendituresD&A$2.05BdepreciationAndAmortizationResult 0.61x | $6.79Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$25.21BtotalAssetsGoodwill$2.58BgoodWillIntangibles$2.45BintangibleAssetsLiabilities$16.85BtotalLiabTangible book$3.33BShares491,090,468commonStockSharesOutstandingResult $6.79 | 3.08xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.38BebitdaCapex$1.26BcapitalExpendituresInterest$296.00MinterestExpenseShort-term debt$395.00MshortLongTermDebtEBITDA − capex$2.13BPrincipal due is the current portion of debt.Result 3.08x | $2.08BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$3.34BtotalCashFromOperatingActivitiesCapex$1.26BcapitalExpendituresFree cash flow$2.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.08B | 6.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.52BoperatingIncomeTax expense$266.00MincomeTaxExpensePretax income$890.00MincomeBeforeTaxTax rate29.9%Equity$8.37BtotalStockholderEquityDebt$9.88BshortLongTermDebtTotalCash$406.00McashAndEquivalentsInvested capital$17.85BResult 6.0% | 0.11xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$1.52BoperatingIncomeNet PP&E$13.55BpropertyPlantAndEquipmentNetResult 0.11x |
| 2021 | 46.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.10BpropertyPlantAndEquipmentNetInventory$610.00MinventoryTotal assets$29.68BtotalAssetsResult 46.2% | 0.92xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$12.08BtotalRevenueNet PP&E$13.10BpropertyPlantAndEquipmentNetResult 0.92x | 0.50xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.03BcapitalExpendituresD&A$2.05BdepreciationAndAmortizationResult 0.50x | $7.39Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.68BtotalAssetsGoodwill$2.58BgoodWillIntangibles$2.15BintangibleAssetsLiabilities$21.39BtotalLiabTangible book$3.56BShares482,214,544commonStockSharesOutstandingResult $7.39 | -0.29xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$782.00MebitdaCapex$1.03BcapitalExpendituresInterest$598.00MinterestExpenseShort-term debt$254.00MshortLongTermDebtEBITDA − capex-$251.00MPrincipal due is the current portion of debt.Result -0.29x | -$1.24BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$206.00MtotalCashFromOperatingActivitiesCapex$1.03BcapitalExpendituresFree cash flow-$1.24BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.24B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.52BoperatingIncomeTax expense-$458.00MincomeTaxExpensePretax income-$1.72BincomeBeforeTaxTax rate—Equity$8.29BtotalStockholderEquityDebt$11.01BshortLongTermDebtTotalCash$1.33BcashAndEquivalentsInvested capital$17.98BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.12xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$1.52BoperatingIncomeNet PP&E$13.10BpropertyPlantAndEquipmentNetResult -0.12x |
| 2022 | 40.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.61BpropertyPlantAndEquipmentNetInventory$570.00MinventoryTotal assets$32.79BtotalAssetsResult 40.2% | 1.09xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$13.73BtotalRevenueNet PP&E$12.61BpropertyPlantAndEquipmentNetResult 1.09x | 0.64xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.30BcapitalExpendituresD&A$2.05BdepreciationAndAmortizationResult 0.64x | $0.89Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$32.79BtotalAssetsGoodwill$2.58BgoodWillIntangibles$1.96BintangibleAssetsLiabilities$27.87BtotalLiabTangible book$377.00MShares422,447,074commonStockSharesOutstandingResult $0.89 | -0.13xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.05BebitdaCapex$1.30BcapitalExpendituresInterest$853.00MinterestExpenseShort-term debt$1.11BshortLongTermDebtEBITDA − capex-$252.00MPrincipal due is the current portion of debt.Result -0.13x | -$816.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$485.00MtotalCashFromOperatingActivitiesCapex$1.30BcapitalExpendituresFree cash flow-$816.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$816.00M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.10BoperatingIncomeTax expense-$350.00MincomeTaxExpensePretax income-$1.56BincomeBeforeTaxTax rate—Equity$4.90BtotalStockholderEquityDebt$13.34BshortLongTermDebtTotalCash$455.00McashAndEquivalentsInvested capital$17.78BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.09xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$1.10BoperatingIncomeNet PP&E$12.61BpropertyPlantAndEquipmentNetResult -0.09x |
| 2023 | 40.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.43BpropertyPlantAndEquipmentNetInventory$740.00MinventoryTotal assets$32.97BtotalAssetsResult 40.0% | 1.19xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$14.78BtotalRevenueNet PP&E$12.43BpropertyPlantAndEquipmentNetResult 1.19x | 0.86xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.68BcapitalExpendituresD&A$1.96BdepreciationAndAmortizationResult 0.86x | $2.33Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$32.97BtotalAssetsGoodwill$2.58BgoodWillIntangibles$1.86BintangibleAssetsLiabilities$27.64BtotalLiabTangible book$875.00MShares375,193,110commonStockSharesOutstandingResult $2.33 | 0.95xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.57BebitdaCapex$1.68BcapitalExpendituresInterest$749.00MinterestExpenseShort-term debt$2.29BshortLongTermDebtEBITDA − capex$2.90BPrincipal due is the current portion of debt.Result 0.95x | $3.78BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$5.45BtotalCashFromOperatingActivitiesCapex$1.68BcapitalExpendituresFree cash flow$3.78BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.78B | 12.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.71BoperatingIncomeTax expense$508.00MincomeTaxExpensePretax income$2.00BincomeBeforeTaxTax rate25.4%Equity$5.31BtotalStockholderEquityDebt$14.68BshortLongTermDebtTotalCash$3.49BcashAndEquivalentsInvested capital$16.51BResult 12.2% | 0.22xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.71BoperatingIncomeNet PP&E$12.43BpropertyPlantAndEquipmentNetResult 0.22x |
| 2024 | 50.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.17BpropertyPlantAndEquipmentNetInventory$970.00MinventoryTotal assets$37.77BtotalAssetsResult 50.7% | 0.95xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$17.22BtotalRevenueNet PP&E$18.17BpropertyPlantAndEquipmentNetResult 0.95x | 0.79xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.08BcapitalExpendituresD&A$2.63BdepreciationAndAmortizationResult 0.79x | $1.60Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$37.77BtotalAssetsGoodwill$2.81BgoodWillIntangibles$2.21BintangibleAssetsLiabilities$32.19BtotalLiabTangible book$563.00MShares352,567,000commonStockSharesOutstandingResult $1.60 | 1.94xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.00BebitdaCapex$2.08BcapitalExpendituresInterest$900.00MinterestExpenseShort-term debt$1.63BshortTermDebtEBITDA − capex$4.92BPrincipal due is short-term debt.Result 1.94x | $2.49BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$4.56BtotalCashFromOperatingActivitiesCapex$2.08BcapitalExpendituresFree cash flow$2.49BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.49B | 15.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.08BoperatingIncomeTax expense$655.00MincomeTaxExpensePretax income$3.47BincomeBeforeTaxTax rate18.9%Equity$5.57BtotalStockholderEquityDebt$17.36BshortLongTermDebtTotalCash$1.19BcashAndEquivalentsInvested capital$21.75BResult 15.2% | 0.22xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$4.08BoperatingIncomeNet PP&E$18.17BpropertyPlantAndEquipmentNetResult 0.22x |
| 2025 | 50.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$19.94BpropertyPlantAndEquipmentNetInventory$1.02BinventoryTotal assets$41.55BtotalAssetsResult 50.4% | 0.89xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$17.74BtotalRevenueNet PP&E$19.94BpropertyPlantAndEquipmentNetResult 0.89x | 1.34xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.94BcapitalExpendituresD&A$2.95BdepreciationAndAmortizationResult 1.34x | -$0.39Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.55BtotalAssetsGoodwill$2.81BgoodWillIntangibles$2.44BintangibleAssetsLiabilities$36.44BtotalLiabTangible book-$135.00MShares345,656,067commonStockSharesOutstandingResult -$0.39 | 0.24xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.25BebitdaCapex$3.94BcapitalExpendituresInterest$1.18BinterestExpenseShort-term debt$4.23BshortLongTermDebtEBITDA − capex$1.31BPrincipal due is the current portion of debt.Result 0.24x | $129.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$4.07BtotalCashFromOperatingActivitiesCapex$3.94BcapitalExpendituresFree cash flow$129.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $129.00M | 6.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.91BoperatingIncomeTax expense$179.00MincomeTaxExpensePretax income$1.12BincomeBeforeTaxTax rate15.9%Equity$5.11BtotalStockholderEquityDebt$20.40BshortLongTermDebtTotalCash$816.00McashAndShortTermInvestmentsInvested capital$24.69BResult 6.5% | 0.10xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.91BoperatingIncomeNet PP&E$19.94BpropertyPlantAndEquipmentNetResult 0.10x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $19.94B
Inventory: $1.02B
Total assets: $41.55B
Goodwill: $2.81B
Intangibles: $2.44B
Liabilities: $36.44B
Tangible book: -$135.00M
Shares: 345,656,067
Revenue: $17.74B
Capex: $3.94B
D&A: $2.95B
EBITDA: $5.25B
Interest: $1.18B
Short-term debt: $4.23B
Free cash flow: $129.00M
Operating income: $1.91B
Invested capital: $24.69B
Tax rate: 15.9%