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.
Whitecap Resources Inc.
Physical assets are 93.3% of total assets, a heavy footprint. Capex is 1.21x 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 5.8%, 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 0.29x.
Physical asset ratio
93.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.00BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$19.29BtotalAssetsInventory was not reported and is treated as zero.Result 93.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.29xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$5.17BtotalRevenueNet PP&E$18.00BpropertyPlantEquipmentResult 0.29x
Revenue per dollar of the physical asset base.
Capex / D&A
1.21xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.08BcapitalExpendituresD&A$1.71BdepreciationAndAmortizationResult 1.21x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$11.03Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.29BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$8.29BtotalLiabTangible book$11.00BShares997,300,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $11.03
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.50xPrice / tangible bookPrice / tangible book per sharePrice$16.54Latest quoteTangible book / share$11.032025-12-31Result 1.50x
Price $16.54.
Fixed-charge coverage
3.27xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.18BebitdaCapex$2.08BcapitalExpendituresInterest$141.30MinterestExpenseShort-term debt$195.00MshortLongTermDebtEBITDA − capex$1.10BPrincipal due is the current portion of debt.Result 3.27x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$609.40MfreeCashFlowMarket cap$21.27BMarketCapitalizationResult 2.9%
Latest free cash flow divided by current market cap ($21.27B).
ROIC
5.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.19BoperatingIncomeTax expense$341.00MincomeTaxExpensePretax income$1.33BincomeBeforeTaxTax rate25.7%Equity$11.00BtotalStockholderEquityDebt$4.40BshortLongTermDebtTotalCash$59.40McashInvested capital$15.35BResult 5.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.07x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 87.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.20BpropertyPlantEquipmentInventory-$180.00KinventoryTotal assets$5.96BtotalAssetsResult 87.2% | 0.24xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.26BtotalRevenueNet PP&E$5.20BpropertyPlantEquipmentResult 0.24x | 0.95xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$475.75McapitalExpendituresD&A$502.74MdepreciationAndAmortizationResult 0.95x | $7.39Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.96BtotalAssetsGoodwill$122.68MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$2.73BtotalLiabTangible book$3.11BShares420,587,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $7.39 | 3.43xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$656.66MebitdaCapex$475.75McapitalExpendituresInterest$52.70MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$180.91MPrincipal due is short-term debt.Result 3.43x | $252.19MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$727.93MtotalCashFromOperatingActivitiesCapex$475.75McapitalExpendituresFree cash flow$252.19MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $252.19M | 12.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$818.35MoperatingIncomeTax expense$28.43MincomeTaxExpensePretax income$93.55MincomeBeforeTaxTax rate30.4%Equity$3.23BtotalStockholderEquityDebt$1.26BshortLongTermDebtTotalCash$75.22McashAndShortTermInvestmentsInvested capital$4.41BResult 12.9% | 0.16xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$818.35MoperatingIncomeNet PP&E$5.20BpropertyPlantEquipmentResult 0.16x |
| 2019 | 94.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.05BpropertyPlantEquipmentInventory-$829.00KinventoryTotal assets$5.36BtotalAssetsResult 94.3% | 0.24xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.20BtotalRevenueNet PP&E$5.05BpropertyPlantEquipmentResult 0.24x | 0.82xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$407.97McapitalExpendituresD&A$496.41MdepreciationAndAmortizationResult 0.82x | $6.81Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.36BtotalAssetsGoodwill$122.68MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$2.43BtotalLiabTangible book$2.81BShares412,000,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $6.81 | -1.05xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$342.30MebitdaCapex$407.97McapitalExpendituresInterest$52.27MinterestExpenseShort-term debt$10.57MshortTermDebtEBITDA − capex-$65.67MPrincipal due is short-term debt.Result -1.05x | $237.39MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$645.36MtotalCashFromOperatingActivitiesCapex$407.97McapitalExpendituresFree cash flow$237.39MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $237.39M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$749.69MoperatingIncomeTax expense-$47.47MincomeTaxExpensePretax income-$203.35MincomeBeforeTaxTax rate—Equity$2.93BtotalStockholderEquityDebt$1.26BshortLongTermDebtTotalCash-$81.26McashInvested capital$4.27BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.15xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$749.69MoperatingIncomeNet PP&E$5.05BpropertyPlantEquipmentResult 0.15x |
| 2020 | 82.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.73BpropertyPlantEquipmentInventory$71.59MinventoryTotal assets$3.38BtotalAssetsResult 82.8% | 0.30xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$810.89MtotalRevenueNet PP&E$2.73BpropertyPlantEquipmentResult 0.30x | 0.07xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$201.27McapitalExpendituresD&A$2.74BdepreciationAndAmortizationResult 0.07x | $2.44Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.38BtotalAssetsGoodwill$0.00goodWillIntangibles$0.00Not reported, treated as 0Liabilities$2.38BtotalLiabTangible book$996.95MShares408,371,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $2.44 | 4.96xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$475.28MebitdaCapex$201.27McapitalExpendituresInterest$43.53MinterestExpenseShort-term debt$11.69MshortTermDebtEBITDA − capex$274.02MPrincipal due is short-term debt.Result 4.96x | $248.91MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$450.18MtotalCashFromOperatingActivitiesCapex$201.27McapitalExpendituresFree cash flow$248.91MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $248.91M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$391.74MoperatingIncomeTax expense-$573.01MincomeTaxExpensePretax income-$2.42BincomeBeforeTaxTax rate—Equity$996.95MtotalStockholderEquityDebt$1.17BshortLongTermDebtTotalCash-$71.59McashInvested capital$2.24BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.14xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$391.74MoperatingIncomeNet PP&E$2.73BpropertyPlantEquipmentResult 0.14x |
| 2021 | 94.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.47BpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$6.88BtotalAssetsResult 94.0% | 0.35xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$2.28BtotalRevenueNet PP&E$6.47BpropertyPlantAndEquipmentNetResult 0.35x | 1.02xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$559.22McapitalExpendituresD&A$546.00MdepreciationAndAmortizationResult 1.02x | $6.20Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.88BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$3.14BtotalLiabTangible book$3.74BShares603,094,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $6.20 | 50.63xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.94BebitdaCapex$559.22McapitalExpendituresInterest$43.60MinterestExpenseShort-term debt$3.50MshortTermDebtEBITDA − capex$2.38BPrincipal due is short-term debt.Result 50.63x | $564.70MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.12BtotalCashFromOperatingActivitiesCapex$559.22McapitalExpendituresFree cash flow$564.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $564.70M | 21.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.42BoperatingIncomeTax expense$595.50MincomeTaxExpensePretax income$2.37BincomeBeforeTaxTax rate25.1%Equity$3.74BtotalStockholderEquityDebt$1.09BshortLongTermDebtTotalCash-$29.67McashInvested capital$4.85BResult 21.8% | 0.22xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.42BoperatingIncomeNet PP&E$6.47BpropertyPlantAndEquipmentNetResult 0.22x |
| 2022 | 90.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.55BpropertyPlantEquipmentInventory$29.00MinventoryTotal assets$9.53BtotalAssetsResult 90.0% | 0.46xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$3.92BtotalRevenueNet PP&E$8.55BpropertyPlantEquipmentResult 0.46x | 0.82xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$694.50McapitalExpendituresD&A$842.80MdepreciationAndAmortizationResult 0.82x | $8.13Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.53BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$4.48BtotalLiabTangible book$5.05BShares621,100,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $8.13 | 34.84xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.12BebitdaCapex$694.50McapitalExpendituresInterest$62.90MinterestExpenseShort-term debt$6.60MshortTermDebtEBITDA − capex$2.42BPrincipal due is short-term debt.Result 34.84x | $1.49BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$2.18BtotalCashFromOperatingActivitiesCapex$694.50McapitalExpendituresFree cash flow$1.49BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.49B | 28.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.64BoperatingIncomeTax expense$548.50MincomeTaxExpensePretax income$2.22BincomeBeforeTaxTax rate24.7%Equity$5.05BtotalStockholderEquityDebt$1.87BshortLongTermDebtTotalCash-$29.00McashInvested capital$6.95BResult 28.6% | 0.31xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$2.64BoperatingIncomeNet PP&E$8.55BpropertyPlantEquipmentResult 0.31x |
| 2023 | 93.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.96BpropertyPlantEquipmentInventory-$11.60MinventoryTotal assets$9.60BtotalAssetsResult 93.2% | 0.36xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$3.23BtotalRevenueNet PP&E$8.96BpropertyPlantEquipmentResult 0.36x | 1.25xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.12BcapitalExpendituresD&A$898.80MdepreciationAndAmortizationResult 1.25x | $9.00Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.60BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$4.13BtotalLiabTangible book$5.48BShares608,600,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $9.00 | 9.86xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.08BebitdaCapex$1.12BcapitalExpendituresInterest$88.60MinterestExpenseShort-term debt$7.80MshortTermDebtEBITDA − capex$950.10MPrincipal due is short-term debt.Result 9.86x | $617.60MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$1.74BtotalCashFromOperatingActivitiesCapex$1.12BcapitalExpendituresFree cash flow$617.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $617.60M | 21.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.93BoperatingIncomeTax expense$281.70MincomeTaxExpensePretax income$1.17BincomeBeforeTaxTax rate24.1%Equity$5.48BtotalStockholderEquityDebt$1.38BshortLongTermDebtTotalCash$32.90McashAndShortTermInvestmentsInvested capital$6.83BResult 21.5% | 0.22xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.93BoperatingIncomeNet PP&E$8.96BpropertyPlantEquipmentResult 0.22x |
| 2024 | 90.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.97BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$9.95BtotalAssetsInventory was not reported and is treated as zero.Result 90.2% | 0.37xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$3.34BtotalRevenueNet PP&E$8.97BpropertyPlantEquipmentResult 0.37x | 1.12xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.14BcapitalExpendituresD&A$1.01BdepreciationAndAmortizationResult 1.12x | $9.61Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.95BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$4.20BtotalLiabTangible book$5.75BShares598,100,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $9.61 | 7.58xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.93BebitdaCapex$1.14BcapitalExpendituresInterest$89.70MinterestExpenseShort-term debt$15.40MshortTermDebtEBITDA − capex$796.80MPrincipal due is short-term debt.Result 7.58x | $696.80MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$1.83BtotalCashFromOperatingActivitiesCapex$1.14BcapitalExpendituresFree cash flow$696.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $696.80M | 22.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.97BoperatingIncomeTax expense$263.00MincomeTaxExpensePretax income$1.08BincomeBeforeTaxTax rate24.5%Equity$5.75BtotalStockholderEquityDebt$1.14BshortLongTermDebtTotalCash$362.30McashInvested capital$6.53BResult 22.8% | 0.22xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.97BoperatingIncomeNet PP&E$8.97BpropertyPlantEquipmentResult 0.22x |
| 2025 | 93.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.00BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$19.29BtotalAssetsInventory was not reported and is treated as zero.Result 93.3% | 0.29xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$5.17BtotalRevenueNet PP&E$18.00BpropertyPlantEquipmentResult 0.29x | 1.21xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.08BcapitalExpendituresD&A$1.71BdepreciationAndAmortizationResult 1.21x | $11.03Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.29BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$8.29BtotalLiabTangible book$11.00BShares997,300,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $11.03 | 3.27xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.18BebitdaCapex$2.08BcapitalExpendituresInterest$141.30MinterestExpenseShort-term debt$195.00MshortLongTermDebtEBITDA − capex$1.10BPrincipal due is the current portion of debt.Result 3.27x | $609.40MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$2.69BtotalCashFromOperatingActivitiesCapex$2.08BcapitalExpendituresFree cash flow$609.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $609.40M | 5.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.19BoperatingIncomeTax expense$341.00MincomeTaxExpensePretax income$1.33BincomeBeforeTaxTax rate25.7%Equity$11.00BtotalStockholderEquityDebt$4.40BshortLongTermDebtTotalCash$59.40McashInvested capital$15.35BResult 5.8% | 0.07xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.19BoperatingIncomeNet PP&E$18.00BpropertyPlantEquipmentResult 0.07x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $18.00B
Inventory: $0.00
Total assets: $19.29B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $8.29B
Tangible book: $11.00B
Shares: 997,300,000
Revenue: $5.17B
Capex: $2.08B
D&A: $1.71B
EBITDA: $3.18B
Interest: $141.30M
Short-term debt: $195.00M
Free cash flow: $609.40M
Operating income: $1.19B
Invested capital: $15.35B
Tax rate: 25.7%