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.
Williams Companies Inc
Physical assets are 72.2% of total assets, a heavy footprint. Capex is 2.08x 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 0.72x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.28x.
Physical asset ratio
72.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$42.00BpropertyPlantEquipmentInventory$314.00MinventoryTotal assets$58.57BtotalAssetsResult 72.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.28xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$11.95BtotalRevenueNet PP&E$42.00BpropertyPlantEquipmentResult 0.28x
Revenue per dollar of the physical asset base.
Capex / D&A
2.08xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.89BcapitalExpendituresD&A$2.35BdepreciationAndAmortizationResult 2.08x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$6.36Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$58.57BtotalAssetsGoodwill$466.00MgoodWillIntangibles$6.76BintangibleAssetsLiabilities$43.58BtotalLiabTangible book$7.77BShares1,221,000,000commonStockSharesOutstandingResult $6.36
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
10.67xPrice / tangible bookPrice / tangible book per sharePrice$67.86Latest quoteTangible book / share$6.362025-12-31Result 10.67x
Price $67.86.
Fixed-charge coverage
0.72xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.41BebitdaCapex$4.89BcapitalExpendituresInterest$1.44BinterestExpenseShort-term debt$2.05BshortLongTermDebtEBITDA − capex$2.52BPrincipal due is the current portion of debt.Result 0.72x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.01BfreeCashFlowMarket cap$84.84BMarketCapitalizationResult 1.2%
Latest free cash flow divided by current market cap ($84.84B).
ROIC
8.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.40BoperatingIncomeTax expense$857.00MincomeTaxExpensePretax income$3.63BincomeBeforeTaxTax rate23.6%Equity$12.81BtotalStockholderEquityDebt$29.39BshortLongTermDebtTotalCash$63.00McashAndEquivalentsInvested capital$42.14BResult 8.0%
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 | 61.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.50BpropertyPlantEquipmentInventory$130.00MinventoryTotal assets$45.30BtotalAssetsResult 61.0% | 0.32xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$8.69BtotalRevenueNet PP&E$27.50BpropertyPlantEquipmentResult 0.32x | 1.89xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$3.26BcapitalExpendituresD&A$1.73BdepreciationAndAmortizationResult 1.89x | $8.45Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$45.30BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$7.77BintangibleAssetsLiabilities$29.31BtotalLiabTangible book$8.23BShares973,626,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $8.45 | -0.08xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.17BebitdaCapex$3.26BcapitalExpendituresInterest$1.11BinterestExpenseShort-term debt$47.00MshortTermDebtEBITDA − capex-$95.00MPrincipal due is short-term debt.Result -0.08x | $30.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$3.29BtotalCashFromOperatingActivitiesCapex$3.26BcapitalExpendituresFree cash flow$30.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $30.00M | 1.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$768.00MoperatingIncomeTax expense$138.00MincomeTaxExpensePretax income$331.00MincomeBeforeTaxTax rate40.0%Equity$14.66BtotalStockholderEquityDebt$22.41BshortLongTermDebtTotalCash$168.00McashAndEquivalentsInvested capital$36.91BThe effective tax rate was above 40% and was capped at 40%.Result 1.2% | 0.03xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$768.00MoperatingIncomeNet PP&E$27.50BpropertyPlantEquipmentResult 0.03x |
| 2019 | 63.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.20BpropertyPlantEquipmentInventory$125.00MinventoryTotal assets$46.04BtotalAssetsResult 63.7% | 0.28xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$8.20BtotalRevenueNet PP&E$29.20BpropertyPlantEquipmentResult 0.28x | 1.25xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.15BcapitalExpendituresD&A$1.71BdepreciationAndAmortizationResult 1.25x | $6.92Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$46.04BtotalAssetsGoodwill$188.00MgoodWillIntangibles$7.77BintangibleAssetsLiabilities$29.68BtotalLiabTangible book$8.41BShares1,214,011,000commonStockSharesOutstandingResult $6.92 | 0.55xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.96BebitdaCapex$2.15BcapitalExpendituresInterest$1.19BinterestExpenseShort-term debt$2.14BshortLongTermDebtEBITDA − capex$1.82BPrincipal due is the current portion of debt.Result 0.55x | $1.54BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$3.69BtotalCashFromOperatingActivitiesCapex$2.15BcapitalExpendituresFree cash flow$1.54BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.54B | 3.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.92BoperatingIncomeTax expense$335.00MincomeTaxExpensePretax income$1.06BincomeBeforeTaxTax rate31.5%Equity$13.36BtotalStockholderEquityDebt$22.29BshortLongTermDebtTotalCash$289.00McashAndEquivalentsInvested capital$35.36BResult 3.7% | 0.07xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.92BoperatingIncomeNet PP&E$29.20BpropertyPlantEquipmentResult 0.07x |
| 2020 | 65.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.93BpropertyPlantEquipmentInventory$136.00MinventoryTotal assets$44.17BtotalAssetsResult 65.8% | 0.27xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$7.72BtotalRevenueNet PP&E$28.93BpropertyPlantEquipmentResult 0.27x | 0.74xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.28BcapitalExpendituresD&A$1.72BdepreciationAndAmortizationResult 0.74x | $5.87Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$44.17BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$7.44BintangibleAssetsLiabilities$29.58BtotalLiabTangible book$7.14BShares1,215,165,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $5.87 | 0.92xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.17BebitdaCapex$1.28BcapitalExpendituresInterest$1.17BinterestExpenseShort-term debt$893.00MshortLongTermDebtEBITDA − capex$1.90BPrincipal due is the current portion of debt.Result 0.92x | $2.22BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$3.50BtotalCashFromOperatingActivitiesCapex$1.28BcapitalExpendituresFree cash flow$2.22BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.22B | 4.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.20BoperatingIncomeTax expense$79.00MincomeTaxExpensePretax income$277.00MincomeBeforeTaxTax rate28.5%Equity$11.77BtotalStockholderEquityDebt$22.34BshortLongTermDebtTotalCash$142.00McashAndEquivalentsInvested capital$33.97BResult 4.6% | 0.08xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$2.20BoperatingIncomeNet PP&E$28.93BpropertyPlantEquipmentResult 0.08x |
| 2021 | 62.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.26BpropertyPlantEquipmentInventory$379.00MinventoryTotal assets$47.61BtotalAssetsResult 62.2% | 0.36xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$10.63BtotalRevenueNet PP&E$29.26BpropertyPlantEquipmentResult 0.36x | 0.68xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.25BcapitalExpendituresD&A$1.84BdepreciationAndAmortizationResult 0.68x | $5.50Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47.61BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$7.40BintangibleAssetsLiabilities$33.51BtotalLiabTangible book$6.70BShares1,218,215,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $5.50 | 1.20xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.09BebitdaCapex$1.25BcapitalExpendituresInterest$1.18BinterestExpenseShort-term debt$2.03BshortLongTermDebtEBITDA − capex$3.85BPrincipal due is the current portion of debt.Result 1.20x | $2.70BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$3.95BtotalCashFromOperatingActivitiesCapex$1.25BcapitalExpendituresFree cash flow$2.70BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.70B | 5.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.63BoperatingIncomeTax expense$511.00MincomeTaxExpensePretax income$2.07BincomeBeforeTaxTax rate24.7%Equity$11.42BtotalStockholderEquityDebt$23.68BshortLongTermDebtTotalCash$1.68BcashAndEquivalentsInvested capital$33.42BResult 5.9% | 0.09xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.63BoperatingIncomeNet PP&E$29.26BpropertyPlantEquipmentResult 0.09x |
| 2022 | 64.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.89BpropertyPlantEquipmentInventory$320.00MinventoryTotal assets$48.43BtotalAssetsResult 64.4% | 0.35xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$10.97BtotalRevenueNet PP&E$30.89BpropertyPlantEquipmentResult 0.35x | 1.14xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$2.28BcapitalExpendituresD&A$2.01BdepreciationAndAmortizationResult 1.14x | $5.47Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$48.43BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$7.36BintangibleAssetsLiabilities$34.39BtotalLiabTangible book$6.68BShares1,222,672,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $5.47 | 1.61xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.70BebitdaCapex$2.28BcapitalExpendituresInterest$1.15BinterestExpenseShort-term debt$977.00MshortLongTermDebtEBITDA − capex$3.42BPrincipal due is the current portion of debt.Result 1.61x | $2.61BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$4.89BtotalCashFromOperatingActivitiesCapex$2.28BcapitalExpendituresFree cash flow$2.61BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.61B | 7.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.02BoperatingIncomeTax expense$425.00MincomeTaxExpensePretax income$2.54BincomeBeforeTaxTax rate16.7%Equity$11.49BtotalStockholderEquityDebt$22.90BshortLongTermDebtTotalCash$152.00McashAndEquivalentsInvested capital$34.24BResult 7.3% | 0.10xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$3.02BoperatingIncomeNet PP&E$30.89BpropertyPlantEquipmentResult 0.10x |
| 2023 | 66.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$34.47BpropertyPlantEquipmentInventory$274.00MinventoryTotal assets$52.63BtotalAssetsResult 66.0% | 0.32xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$10.91BtotalRevenueNet PP&E$34.47BpropertyPlantEquipmentResult 0.32x | 1.24xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.57BcapitalExpendituresD&A$2.07BdepreciationAndAmortizationResult 1.24x | $5.97Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$52.63BtotalAssetsGoodwill$463.00MgoodWillIntangibles$7.13BintangibleAssetsLiabilities$37.74BtotalLiabTangible book$7.30BShares1,222,715,000commonStockSharesOutstandingResult $5.97 | 1.20xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.71BebitdaCapex$2.57BcapitalExpendituresInterest$1.24BinterestExpenseShort-term debt$3.06BshortLongTermDebtEBITDA − capex$5.15BPrincipal due is the current portion of debt.Result 1.20x | $3.37BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$5.94BtotalCashFromOperatingActivitiesCapex$2.57BcapitalExpendituresFree cash flow$3.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.37B | 9.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.31BoperatingIncomeTax expense$1.01BincomeTaxExpensePretax income$4.41BincomeBeforeTaxTax rate22.8%Equity$12.40BtotalStockholderEquityDebt$26.46BshortLongTermDebtTotalCash$2.15BcashAndEquivalentsInvested capital$36.71BResult 9.1% | 0.13xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$4.31BoperatingIncomeNet PP&E$34.47BpropertyPlantEquipmentResult 0.13x |
| 2024 | 71.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$38.85BpropertyPlantEquipmentInventory$279.00MinventoryTotal assets$54.53BtotalAssetsResult 71.7% | 0.27xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$10.50BtotalRevenueNet PP&E$38.85BpropertyPlantEquipmentResult 0.27x | 1.16xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.57BcapitalExpendituresD&A$2.22BdepreciationAndAmortizationResult 1.16x | $6.24Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$54.53BtotalAssetsGoodwill$466.00MgoodWillIntangibles$6.74BintangibleAssetsLiabilities$39.69BtotalLiabTangible book$7.63BShares1,222,954,000commonStockSharesOutstandingResult $6.24 | 1.13xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.57BebitdaCapex$2.57BcapitalExpendituresInterest$1.36BinterestExpenseShort-term debt$2.18BshortLongTermDebtEBITDA − capex$4.00BPrincipal due is the current portion of debt.Result 1.13x | $2.40BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$4.97BtotalCashFromOperatingActivitiesCapex$2.57BcapitalExpendituresFree cash flow$2.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.40B | 6.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.34BoperatingIncomeTax expense$640.00MincomeTaxExpensePretax income$2.99BincomeBeforeTaxTax rate21.4%Equity$12.44BtotalStockholderEquityDebt$27.08BshortLongTermDebtTotalCash$60.00McashAndEquivalentsInvested capital$39.46BResult 6.6% | 0.09xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$3.34BoperatingIncomeNet PP&E$38.85BpropertyPlantEquipmentResult 0.09x |
| 2025 | 72.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$42.00BpropertyPlantEquipmentInventory$314.00MinventoryTotal assets$58.57BtotalAssetsResult 72.2% | 0.28xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$11.95BtotalRevenueNet PP&E$42.00BpropertyPlantEquipmentResult 0.28x | 2.08xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.89BcapitalExpendituresD&A$2.35BdepreciationAndAmortizationResult 2.08x | $6.36Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$58.57BtotalAssetsGoodwill$466.00MgoodWillIntangibles$6.76BintangibleAssetsLiabilities$43.58BtotalLiabTangible book$7.77BShares1,221,000,000commonStockSharesOutstandingResult $6.36 | 0.72xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.41BebitdaCapex$4.89BcapitalExpendituresInterest$1.44BinterestExpenseShort-term debt$2.05BshortLongTermDebtEBITDA − capex$2.52BPrincipal due is the current portion of debt.Result 0.72x | $1.01BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$5.90BtotalCashFromOperatingActivitiesCapex$4.89BcapitalExpendituresFree cash flow$1.01BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.01B | 8.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.40BoperatingIncomeTax expense$857.00MincomeTaxExpensePretax income$3.63BincomeBeforeTaxTax rate23.6%Equity$12.81BtotalStockholderEquityDebt$29.39BshortLongTermDebtTotalCash$63.00McashAndEquivalentsInvested capital$42.14BResult 8.0% | 0.10xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$4.40BoperatingIncomeNet PP&E$42.00BpropertyPlantEquipmentResult 0.10x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $42.00B
Inventory: $314.00M
Total assets: $58.57B
Goodwill: $466.00M
Intangibles: $6.76B
Liabilities: $43.58B
Tangible book: $7.77B
Shares: 1,221,000,000
Revenue: $11.95B
Capex: $4.89B
D&A: $2.35B
EBITDA: $7.41B
Interest: $1.44B
Short-term debt: $2.05B
Free cash flow: $1.01B
Operating income: $4.40B
Invested capital: $42.14B
Tax rate: 23.6%