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.
Alcoa Corp
Physical assets are 55.0% of total assets, a heavy footprint. Capex is 0.99x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 13.6%, above 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 1.92x.
Physical asset ratio
55.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.70BpropertyPlantEquipmentInventory$2.18BinventoryTotal assets$16.13BtotalAssetsResult 55.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.92xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$12.83BtotalRevenueNet PP&E$6.70BpropertyPlantEquipmentResult 1.92x
Revenue per dollar of the physical asset base.
Capex / D&A
0.99xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$618.00McapitalExpendituresD&A$623.00MdepreciationAndAmortizationResult 0.99x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$23.40Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.13BtotalAssetsGoodwill$0.00goodWillIntangibles$34.00MintangibleAssetsLiabilities$9.94BtotalLiabTangible book$6.16BShares263,299,637commonStockSharesOutstandingResult $23.40
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.68xPrice / tangible bookPrice / tangible book per sharePrice$39.19Latest quoteTangible book / share$23.402025-12-31Result 1.68x
Price $39.19.
Fixed-charge coverage
7.84xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.86BebitdaCapex$618.00McapitalExpendituresInterest$158.00MinterestExpenseShort-term debt$1.00MshortLongTermDebtEBITDA − capex$1.25BPrincipal due is the current portion of debt.Result 7.84x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$567.00MfreeCashFlowMarket cap$10.34BMarketCapitalizationResult 5.5%
Latest free cash flow divided by current market cap ($10.34B).
ROIC
13.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$971.00MoperatingIncomeTax expense-$49.00MincomeTaxExpensePretax income$1.08BincomeBeforeTaxTax rate0.0%Equity$6.12BtotalStockholderEquityDebt$2.75BshortLongTermDebtTotalCash$1.74BcashAndShortTermInvestmentsInvested capital$7.12BResult 13.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.14x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 63.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.45BpropertyPlantEquipmentInventory$1.82BinventoryTotal assets$16.13BtotalAssetsResult 63.7% | 1.60xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$13.52BtotalRevenueNet PP&E$8.45BpropertyPlantEquipmentResult 1.60x | 0.54xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$399.00McapitalExpendituresD&A$733.00MdepreciationAndAmortizationResult 0.54x | $39.14Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.13BtotalAssetsGoodwill$151.00MgoodWillIntangibles$57.00MintangibleAssetsLiabilities$8.54BtotalLiabTangible book$7.38BShares188,534,139commonStockSharesOutstandingResult $39.14 | 16.92xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.48BebitdaCapex$399.00McapitalExpendituresInterest$122.00MinterestExpenseShort-term debt$1.00MshortTermDebtEBITDA − capex$2.08BPrincipal due is short-term debt.Result 16.92x | $49.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$448.00MtotalCashFromOperatingActivitiesCapex$399.00McapitalExpendituresFree cash flow$49.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $49.00M | 23.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.42BoperatingIncomeTax expense$732.00MincomeTaxExpensePretax income$1.63BincomeBeforeTaxTax rate40.0%Equity$5.62BtotalStockholderEquityDebt$1.80BshortLongTermDebtTotalCash$1.11BcashAndEquivalentsInvested capital$6.31BThe effective tax rate was above 40% and was capped at 40%.Result 23.0% | 0.29xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$2.42BoperatingIncomeNet PP&E$8.45BpropertyPlantEquipmentResult 0.29x |
| 2019 | 66.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.04BpropertyPlantEquipmentInventory$1.64BinventoryTotal assets$14.63BtotalAssetsResult 66.2% | 1.31xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$10.50BtotalRevenueNet PP&E$8.04BpropertyPlantEquipmentResult 1.31x | 0.53xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$379.00McapitalExpendituresD&A$713.00MdepreciationAndAmortizationResult 0.53x | $30.72Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.63BtotalAssetsGoodwill$150.00MgoodWillIntangibles$52.00MintangibleAssetsLiabilities$8.75BtotalLiabTangible book$5.68BShares185,000,000commonStockSharesOutstandingResult $30.72 | 0.14xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$396.00MebitdaCapex$379.00McapitalExpendituresInterest$121.00MinterestExpenseShort-term debt$1.00MshortTermDebtEBITDA − capex$17.00MPrincipal due is short-term debt.Result 0.14x | $307.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$686.00MtotalCashFromOperatingActivitiesCapex$379.00McapitalExpendituresFree cash flow$307.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $307.00M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$895.00MoperatingIncomeTax expense$415.00MincomeTaxExpensePretax income-$438.00MincomeBeforeTaxTax rate—Equity$4.11BtotalStockholderEquityDebt$1.90BshortLongTermDebtTotalCash$879.00McashAndEquivalentsInvested capital$5.13BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.11xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$895.00MoperatingIncomeNet PP&E$8.04BpropertyPlantEquipmentResult 0.11x |
| 2020 | 57.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.19BpropertyPlantEquipmentInventory$1.40BinventoryTotal assets$14.86BtotalAssetsResult 57.8% | 1.30xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$9.37BtotalRevenueNet PP&E$7.19BpropertyPlantEquipmentResult 1.30x | 0.54xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$353.00McapitalExpendituresD&A$653.00MdepreciationAndAmortizationResult 0.54x | $25.95Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.86BtotalAssetsGoodwill$145.00MgoodWillIntangibles$45.00MintangibleAssetsLiabilities$9.84BtotalLiabTangible book$4.83BShares186,000,000commonStockSharesOutstandingResult $25.95 | 4.18xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$972.00MebitdaCapex$353.00McapitalExpendituresInterest$146.00MinterestExpenseShort-term debt$2.00MshortLongTermDebtEBITDA − capex$619.00MPrincipal due is the current portion of debt.Result 4.18x | $41.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$394.00MtotalCashFromOperatingActivitiesCapex$353.00McapitalExpendituresFree cash flow$41.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $41.00M | 7.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$532.00MoperatingIncomeTax expense$187.00MincomeTaxExpensePretax income$173.00MincomeBeforeTaxTax rate40.0%Equity$3.31BtotalStockholderEquityDebt$2.62BshortLongTermDebtTotalCash$1.61BcashAndEquivalentsInvested capital$4.33BThe effective tax rate was above 40% and was capped at 40%.Result 7.4% | 0.07xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$532.00MoperatingIncomeNet PP&E$7.19BpropertyPlantEquipmentResult 0.07x |
| 2021 | 57.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.62BpropertyPlantEquipmentInventory$1.96BinventoryTotal assets$15.03BtotalAssetsResult 57.1% | 1.88xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$12.44BtotalRevenueNet PP&E$6.62BpropertyPlantEquipmentResult 1.88x | 0.59xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$390.00McapitalExpendituresD&A$664.00MdepreciationAndAmortizationResult 0.59x | $32.13Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.03BtotalAssetsGoodwill$144.00MgoodWillIntangibles$36.00MintangibleAssetsLiabilities$8.74BtotalLiabTangible book$6.10BShares190,000,000commonStockSharesOutstandingResult $32.13 | 8.51xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.06BebitdaCapex$390.00McapitalExpendituresInterest$195.00MinterestExpenseShort-term debt$1.00MshortLongTermDebtEBITDA − capex$1.67BPrincipal due is the current portion of debt.Result 8.51x | $530.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$920.00MtotalCashFromOperatingActivitiesCapex$390.00McapitalExpendituresFree cash flow$530.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $530.00M | 30.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.36BoperatingIncomeTax expense$629.00MincomeTaxExpensePretax income$1.20BincomeBeforeTaxTax rate40.0%Equity$4.67BtotalStockholderEquityDebt$1.87BshortLongTermDebtTotalCash$1.81BcashAndEquivalentsInvested capital$4.72BThe effective tax rate was above 40% and was capped at 40%.Result 30.0% | 0.36xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.36BoperatingIncomeNet PP&E$6.62BpropertyPlantEquipmentResult 0.36x |
| 2022 | 60.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.49BpropertyPlantEquipmentInventory$2.43BinventoryTotal assets$14.76BtotalAssetsResult 60.4% | 1.97xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$12.76BtotalRevenueNet PP&E$6.49BpropertyPlantEquipmentResult 1.97x | 0.78xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$480.00McapitalExpendituresD&A$617.00MdepreciationAndAmortizationResult 0.78x | $35.44Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.76BtotalAssetsGoodwill$145.00MgoodWillIntangibles$29.00MintangibleAssetsLiabilities$8.17BtotalLiabTangible book$6.42BShares181,000,000commonStockSharesOutstandingResult $35.44 | 8.83xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.43BebitdaCapex$480.00McapitalExpendituresInterest$106.00MinterestExpenseShort-term debt$1.00MshortTermDebtEBITDA − capex$945.00MPrincipal due is short-term debt.Result 8.83x | $342.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$822.00MtotalCashFromOperatingActivitiesCapex$480.00McapitalExpendituresFree cash flow$342.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $342.00M | 18.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.70BoperatingIncomeTax expense$664.00MincomeTaxExpensePretax income$702.00MincomeBeforeTaxTax rate40.0%Equity$5.08BtotalStockholderEquityDebt$1.87BshortLongTermDebtTotalCash$1.36BcashAndEquivalentsInvested capital$5.58BThe effective tax rate was above 40% and was capped at 40%.Result 18.3% | 0.26xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.70BoperatingIncomeNet PP&E$6.49BpropertyPlantEquipmentResult 0.26x |
| 2023 | 63.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.79BpropertyPlantEquipmentInventory$2.16BinventoryTotal assets$14.16BtotalAssetsResult 63.2% | 1.58xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$10.71BtotalRevenueNet PP&E$6.79BpropertyPlantEquipmentResult 1.58x | 0.84xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$531.00McapitalExpendituresD&A$632.00MdepreciationAndAmortizationResult 0.84x | $31.81Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.16BtotalAssetsGoodwill$146.00MgoodWillIntangibles$37.00MintangibleAssetsLiabilities$8.31BtotalLiabTangible book$5.66BShares178,000,000commonStockSharesOutstandingResult $31.81 | -2.02xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$155.00MebitdaCapex$531.00McapitalExpendituresInterest$107.00MinterestExpenseShort-term debt$79.00MshortLongTermDebtEBITDA − capex-$376.00MPrincipal due is the current portion of debt.Result -2.02x | -$440.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$91.00MtotalCashFromOperatingActivitiesCapex$531.00McapitalExpendituresFree cash flow-$440.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$440.00M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$24.00MoperatingIncomeTax expense$189.00MincomeTaxExpensePretax income-$584.00MincomeBeforeTaxTax rate—Equity$4.25BtotalStockholderEquityDebt$1.97BshortLongTermDebtTotalCash$944.00McashAndEquivalentsInvested capital$5.28BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$24.00MoperatingIncomeNet PP&E$6.79BpropertyPlantEquipmentResult 0.00x |
| 2024 | 59.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.39BpropertyPlantEquipmentInventory$2.00BinventoryTotal assets$14.06BtotalAssetsResult 59.6% | 1.86xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$11.90BtotalRevenueNet PP&E$6.39BpropertyPlantEquipmentResult 1.86x | 0.90xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$580.00McapitalExpendituresD&A$642.00MdepreciationAndAmortizationResult 0.90x | $23.26Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.06BtotalAssetsGoodwill$142.00MgoodWillIntangibles$36.00MintangibleAssetsLiabilities$8.91BtotalLiabTangible book$4.98BShares214,051,326commonStockSharesOutstandingResult $23.26 | 1.80xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.09BebitdaCapex$580.00McapitalExpendituresInterest$156.00MinterestExpenseShort-term debt$125.00MshortTermDebtEBITDA − capex$507.00MPrincipal due is short-term debt.Result 1.80x | $42.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$622.00MtotalCashFromOperatingActivitiesCapex$580.00McapitalExpendituresFree cash flow$42.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $42.00M | 10.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.17BoperatingIncomeTax expense$265.00MincomeTaxExpensePretax income$289.00MincomeBeforeTaxTax rate40.0%Equity$5.16BtotalStockholderEquityDebt$2.82BshortLongTermDebtTotalCash$1.14BcashAndEquivalentsInvested capital$6.84BThe effective tax rate was above 40% and was capped at 40%.Result 10.2% | 0.18xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.17BoperatingIncomeNet PP&E$6.39BpropertyPlantEquipmentResult 0.18x |
| 2025 | 55.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.70BpropertyPlantEquipmentInventory$2.18BinventoryTotal assets$16.13BtotalAssetsResult 55.0% | 1.92xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$12.83BtotalRevenueNet PP&E$6.70BpropertyPlantEquipmentResult 1.92x | 0.99xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$618.00McapitalExpendituresD&A$623.00MdepreciationAndAmortizationResult 0.99x | $23.40Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.13BtotalAssetsGoodwill$0.00goodWillIntangibles$34.00MintangibleAssetsLiabilities$9.94BtotalLiabTangible book$6.16BShares263,299,637commonStockSharesOutstandingResult $23.40 | 7.84xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.86BebitdaCapex$618.00McapitalExpendituresInterest$158.00MinterestExpenseShort-term debt$1.00MshortLongTermDebtEBITDA − capex$1.25BPrincipal due is the current portion of debt.Result 7.84x | $567.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.19BtotalCashFromOperatingActivitiesCapex$618.00McapitalExpendituresFree cash flow$567.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $567.00M | 13.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$971.00MoperatingIncomeTax expense-$49.00MincomeTaxExpensePretax income$1.08BincomeBeforeTaxTax rate0.0%Equity$6.12BtotalStockholderEquityDebt$2.75BshortLongTermDebtTotalCash$1.74BcashAndShortTermInvestmentsInvested capital$7.12BResult 13.6% | 0.14xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$971.00MoperatingIncomeNet PP&E$6.70BpropertyPlantEquipmentResult 0.14x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $6.70B
Inventory: $2.18B
Total assets: $16.13B
Goodwill: $0.00
Intangibles: $34.00M
Liabilities: $9.94B
Tangible book: $6.16B
Shares: 263,299,637
Revenue: $12.83B
Capex: $618.00M
D&A: $623.00M
EBITDA: $1.86B
Interest: $158.00M
Short-term debt: $1.00M
Free cash flow: $567.00M
Operating income: $971.00M
Invested capital: $7.12B
Tax rate: 0.0%