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.
UNION GAS HOLDINGS LIMITED
Physical assets are 50.7% of total assets, a heavy footprint. Capex is 0.55x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 14.4%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 1.60x. Compare it with other names in the same basket.
Physical asset ratio
50.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$86.17MpropertyPlantAndEquipmentNetInventory$2.95MinventoryTotal assets$175.70MtotalAssetsResult 50.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$137.95MtotalRevenueNet PP&E$86.17MpropertyPlantAndEquipmentNetResult 1.60x
Revenue per dollar of the physical asset base.
Capex / D&A
0.55xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$8.31McapitalExpendituresD&A$15.00MreconciledDepreciationResult 0.55x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.24Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$175.70MtotalAssetsGoodwill$1.91MgoodWillIntangibles$772.00KintangibleAssetsLiabilities$97.72MtotalLiabTangible book$75.31MShares317,545,642commonStockSharesOutstandingResult $0.24
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.77xPrice / tangible bookPrice / tangible book per sharePrice$0.42Latest quoteTangible book / share$0.242025-12-31Result 1.77x
Price $0.42.
Fixed-charge coverage
3.73xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$29.23MebitdaCapex$8.31McapitalExpendituresInterest$1.45MinterestExpenseShort-term debt$4.17MshortLongTermDebtEBITDA − capex$20.93MPrincipal due is the current portion of debt.Result 3.73x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
11.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$15.17MfreeCashFlowMarket cap$133.30MMarketCapitalizationResult 11.4%
Latest free cash flow divided by current market cap ($133.30M).
ROIC
14.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$12.85MoperatingIncomeTax expense$2.27MtaxProvisionPretax income$12.79MincomeBeforeTaxTax rate17.7%Equity$77.96MtotalStockholderEquityDebt$10.35MlongTermDebt + shortLongTermDebtCash$14.83McashInvested capital$73.49MResult 14.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.15x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 31.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.53MpropertyPlantEquipmentInventory$298.00KinventoryTotal assets$37.88MtotalAssetsResult 31.2% | 4.89xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$56.36MtotalRevenueNet PP&E$11.53MpropertyPlantEquipmentResult 4.89x | 0.28xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$762.00KcapitalExpendituresD&A$2.69MreconciledDepreciationResult 0.28x | $0.09Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$37.88MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$6.25MintangibleAssetsLiabilities$11.87MtotalLiabTangible book$19.77MShares228,862,864commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.09 | 154.32xFixed-charge coverage · 2018-12-31(EBITDA − capex) / interestEBITDA$10.33MebitdaCapex$762.00KcapitalExpendituresInterest$62.00KinterestExpenseEBITDA − capex$9.57MShort-term debt was not reported, so the denominator is interest only.Result 154.32x | $4.51MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$7.98MtotalCashFromOperatingActivitiesCapex$762.00KcapitalExpendituresFree cash flow$4.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.51M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.65MoperatingIncomeTax expense$1.16MincomeTaxExpensePretax income$7.58MincomeBeforeTaxTax rate15.3%Equity$26.01MtotalStockholderEquityDebt—Not reportedCash$15.71McashInvested capital—Result — | 0.66xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$7.65MoperatingIncomeNet PP&E$11.53MpropertyPlantEquipmentResult 0.66x |
| 2019 | 26.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.13MpropertyPlantEquipmentInventory$408.00KinventoryTotal assets$55.84MtotalAssetsResult 26.0% | 5.58xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$78.80MtotalRevenueNet PP&E$14.13MpropertyPlantEquipmentResult 5.58x | 0.41xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.52McapitalExpendituresD&A$3.73MreconciledDepreciationResult 0.41x | $0.12Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$55.84MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$3.05MintangibleAssetsLiabilities$24.83MtotalLiabTangible book$27.96MShares228,900,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.12 | 158.59xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.21MebitdaCapex$1.52McapitalExpendituresInterest$80.00KinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$12.69MPrincipal due is short-term debt.Result 158.59x | $10.60MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$12.27MtotalCashFromOperatingActivitiesCapex$1.52McapitalExpendituresFree cash flow$10.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.60M | 84.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.47MoperatingIncomeTax expense$1.97MincomeTaxExpensePretax income$10.39MincomeBeforeTaxTax rate19.0%Equity$31.01MtotalStockholderEquityDebt$0.00longTermDebt + shortLongTermDebtCash$20.96McashInvested capital$10.05MResult 84.4% | 0.74xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$10.47MoperatingIncomeNet PP&E$14.13MpropertyPlantEquipmentResult 0.74x |
| 2020 | 49.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$31.63MpropertyPlantEquipmentInventory$1.69MinventoryTotal assets$66.82MtotalAssetsUses the property line, which is larger than net PP&E ($14.75M, propertyPlantAndEquipmentNet).Result 49.9% | 2.73xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$86.19MtotalRevenueNet PP&E$31.63MpropertyPlantEquipmentResult 2.73x | 1.65xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$8.05McapitalExpendituresD&A$4.89MreconciledDepreciationResult 1.65x | $0.16Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$66.82MtotalAssetsGoodwill$1.87MgoodWillIntangibles$1.94MintangibleAssetsLiabilities$26.63MtotalLiabTangible book$36.38MShares228,929,000commonStockSharesOutstandingResult $0.16 | 4.87xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$21.31MebitdaCapex$8.05McapitalExpendituresInterest$44.00KinterestExpenseShort-term debt$2.68MshortLongTermDebtEBITDA − capex$13.26MPrincipal due is the current portion of debt.Result 4.87x | $18.74MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$34.15MtotalCashFromOperatingActivitiesCapex$8.05McapitalExpendituresFree cash flow$18.74MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $18.74M | 119.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.85MoperatingIncomeTax expense$3.75MincomeTaxExpensePretax income$16.38MincomeBeforeTaxTax rate22.9%Equity$40.19MtotalStockholderEquityDebt$4.23MlongTermDebt + shortLongTermDebtCash$34.20McashInvested capital$10.22MResult 119.5% | 0.50xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$15.85MoperatingIncomeNet PP&E$31.63MpropertyPlantEquipmentResult 0.50x |
| 2021 | 49.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$60.17MpropertyPlantAndEquipmentNetInventory$2.70MinventoryTotal assets$127.09MtotalAssetsResult 49.5% | 2.04xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$123.04MtotalRevenueNet PP&E$60.17MpropertyPlantAndEquipmentNetResult 2.04x | 1.98xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$19.22McapitalExpendituresD&A$9.71MreconciledDepreciationResult 1.98x | $0.16Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$127.09MtotalAssetsGoodwill$1.87MgoodWillIntangibles$1.83MintangibleAssetsLiabilities$71.07MtotalLiabTangible book$52.32MShares317,618,000commonStockSharesOutstandingResult $0.16 | 1.95xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$27.61MebitdaCapex$19.22McapitalExpendituresInterest$500.00KinterestExpenseShort-term debt$3.80MshortLongTermDebtEBITDA − capex$8.39MPrincipal due is the current portion of debt.Result 1.95x | -$9.36MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$10.59MtotalCashFromOperatingActivitiesCapex$19.22McapitalExpendituresFree cash flow-$9.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$9.36M | 10.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.13MoperatingIncomeTax expense$2.49MincomeTaxExpensePretax income$17.40MincomeBeforeTaxTax rate14.3%Equity$56.02MtotalStockholderEquityDebt$24.34MlongTermDebt + shortLongTermDebtCash$14.24McashInvested capital$66.12MResult 10.5% | 0.14xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$8.13MoperatingIncomeNet PP&E$60.17MpropertyPlantAndEquipmentNetResult 0.14x |
| 2022 | 53.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$73.51MpropertyPlantAndEquipmentNetInventory$2.42MinventoryTotal assets$141.18MtotalAssetsResult 53.8% | 1.83xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$134.79MtotalRevenueNet PP&E$73.51MpropertyPlantAndEquipmentNetResult 1.83x | 0.60xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$5.43McapitalExpendituresD&A$9.00MreconciledDepreciationResult 0.60x | $0.17Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$141.18MtotalAssetsGoodwill$1.87MgoodWillIntangibles$992.00KintangibleAssetsLiabilities$83.03MtotalLiabTangible book$55.29MShares317,767,000commonStockSharesOutstandingResult $0.17 | 1.21xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$15.21MebitdaCapex$5.43McapitalExpendituresInterest$686.00KinterestExpenseShort-term debt$7.37MshortLongTermDebtEBITDA − capex$9.78MPrincipal due is the current portion of debt.Result 1.21x | $5.12MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$10.60MtotalCashFromOperatingActivitiesCapex$5.43McapitalExpendituresFree cash flow$5.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.12M | 6.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.53MoperatingIncomeTax expense$316.00KincomeTaxExpensePretax income$5.53MincomeBeforeTaxTax rate5.7%Equity$58.16MtotalStockholderEquityDebt$24.04MlongTermDebt + shortLongTermDebtCash$12.17McashInvested capital$70.03MResult 6.1% | 0.06xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$4.53MoperatingIncomeNet PP&E$73.51MpropertyPlantAndEquipmentNetResult 0.06x |
| 2023 | 48.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$67.90MpropertyPlantAndEquipmentNetInventory$2.65MinventoryTotal assets$144.98MtotalAssetsResult 48.7% | 1.90xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$128.85MtotalRevenueNet PP&E$67.90MpropertyPlantAndEquipmentNetResult 1.90x | 0.40xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$4.59McapitalExpendituresD&A$11.41MreconciledDepreciationResult 0.40x | $0.21Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$144.98MtotalAssetsGoodwill$1.91MgoodWillIntangibles$781.00KintangibleAssetsLiabilities$76.40MtotalLiabTangible book$65.89MShares317,767,542commonStockSharesOutstandingResult $0.21 | 4.60xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$27.82MebitdaCapex$4.59McapitalExpendituresInterest$1.37MinterestExpenseShort-term debt$3.69MshortLongTermDebtEBITDA − capex$23.23MPrincipal due is the current portion of debt.Result 4.60x | $13.61MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$18.21MtotalCashFromOperatingActivitiesCapex$4.59McapitalExpendituresFree cash flow$13.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $13.61M | 17.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.41MoperatingIncomeTax expense$2.83MtaxProvisionPretax income$15.05MincomeBeforeTaxTax rate18.8%Equity$68.58MtotalStockholderEquityDebt$16.84MlongTermDebt + shortLongTermDebtCash$13.24McashInvested capital$72.18MResult 17.3% | 0.23xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$15.41MoperatingIncomeNet PP&E$67.90MpropertyPlantAndEquipmentNetResult 0.23x |
| 2024 | 46.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$67.08MpropertyPlantAndEquipmentNetInventory$2.89MinventoryTotal assets$150.09MtotalAssetsResult 46.6% | 1.87xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$125.55MtotalRevenueNet PP&E$67.08MpropertyPlantAndEquipmentNetResult 1.87x | 0.93xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$11.58McapitalExpendituresD&A$12.50MreconciledDepreciationResult 0.93x | $0.23Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$150.09MtotalAssetsGoodwill$1.91MgoodWillIntangibles$1.08MintangibleAssetsLiabilities$72.53MtotalLiabTangible book$74.59MShares317,545,542commonStockSharesOutstandingResult $0.23 | 3.49xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$29.04MebitdaCapex$11.58McapitalExpendituresInterest$1.24MinterestExpenseShort-term debt$3.77MshortLongTermDebtEBITDA − capex$17.46MPrincipal due is the current portion of debt.Result 3.49x | $10.77MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$22.35MtotalCashFromOperatingActivitiesCapex$11.58McapitalExpendituresFree cash flow$10.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.77M | 15.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$14.93MoperatingIncomeTax expense$2.81MtaxProvisionPretax income$15.31MincomeBeforeTaxTax rate18.4%Equity$77.53MtotalStockholderEquityDebt$13.15MlongTermDebt + shortLongTermDebtCash$12.57McashInvested capital$78.11MResult 15.6% | 0.22xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$14.93MoperatingIncomeNet PP&E$67.08MpropertyPlantAndEquipmentNetResult 0.22x |
| 2025 | 50.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$86.17MpropertyPlantAndEquipmentNetInventory$2.95MinventoryTotal assets$175.70MtotalAssetsResult 50.7% | 1.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$137.95MtotalRevenueNet PP&E$86.17MpropertyPlantAndEquipmentNetResult 1.60x | 0.55xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$8.31McapitalExpendituresD&A$15.00MreconciledDepreciationResult 0.55x | $0.24Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$175.70MtotalAssetsGoodwill$1.91MgoodWillIntangibles$772.00KintangibleAssetsLiabilities$97.72MtotalLiabTangible book$75.31MShares317,545,642commonStockSharesOutstandingResult $0.24 | 3.73xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$29.23MebitdaCapex$8.31McapitalExpendituresInterest$1.45MinterestExpenseShort-term debt$4.17MshortLongTermDebtEBITDA − capex$20.93MPrincipal due is the current portion of debt.Result 3.73x | $15.17MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$23.48MtotalCashFromOperatingActivitiesCapex$8.31McapitalExpendituresFree cash flow$15.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $15.17M | 14.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$12.85MoperatingIncomeTax expense$2.27MtaxProvisionPretax income$12.79MincomeBeforeTaxTax rate17.7%Equity$77.96MtotalStockholderEquityDebt$10.35MlongTermDebt + shortLongTermDebtCash$14.83McashInvested capital$73.49MResult 14.4% | 0.15xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$12.85MoperatingIncomeNet PP&E$86.17MpropertyPlantAndEquipmentNetResult 0.15x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $86.17M
Inventory: $2.95M
Total assets: $175.70M
Goodwill: $1.91M
Intangibles: $772.00K
Liabilities: $97.72M
Tangible book: $75.31M
Shares: 317,545,642
Revenue: $137.95M
Capex: $8.31M
D&A: $15.00M
EBITDA: $29.23M
Interest: $1.45M
Short-term debt: $4.17M
Free cash flow: $15.17M
Operating income: $12.85M
Invested capital: $73.49M
Tax rate: 17.7%