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.
American Electric Power Co Inc
Physical assets are 80.7% of total assets, a heavy footprint. Capex is 0.04x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 6.3%, below an 8% cost-of-capital hurdle.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.23x.
Physical asset ratio
80.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$93.04BpropertyPlantAndEquipmentNetInventory$1.62BinventoryTotal assets$117.25BtotalAssetsResult 80.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.23xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$21.78BtotalRevenueNet PP&E$93.04BpropertyPlantAndEquipmentNetResult 0.23x
Revenue per dollar of the physical asset base.
Capex / D&A
0.04xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$130.00McapitalExpendituresD&A$3.49BdepreciationAndAmortizationResult 0.04x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$61.90Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$117.25BtotalAssetsGoodwill$53.00MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$84.99BtotalLiabTangible book$32.20BShares520,206,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $61.90
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.10xPrice / tangible bookPrice / tangible book per sharePrice$130.21Latest quoteTangible book / share$61.902025-12-31Result 2.10x
Price $130.21.
Fixed-charge coverage
1.37xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.34BebitdaCapex$130.00McapitalExpendituresInterest$2.03BinterestExpenseShort-term debt$4.70BshortLongTermDebtEBITDA − capex$9.21BPrincipal due is the current portion of debt.Result 1.37x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$6.81BfreeCashFlowMarket cap$70.43BMarketCapitalizationResult 9.7%
Latest free cash flow divided by current market cap ($70.43B).
ROIC
6.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.30BoperatingIncomeTax expense$129.00MincomeTaxExpensePretax income$3.83BincomeBeforeTaxTax rate3.4%Equity$31.14BtotalStockholderEquityDebt$50.24BshortLongTermDebtTotalCash$488.00McashAndShortTermInvestmentsInvested capital$80.89BResult 6.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 81.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$55.10BpropertyPlantEquipmentInventory$921.10MinventoryTotal assets$68.80BtotalAssetsResult 81.4% | 0.29xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$16.17BtotalRevenueNet PP&E$55.10BpropertyPlantEquipmentResult 0.29x | 2.65xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$6.36BcapitalExpendituresD&A$2.40BdepreciationAndAmortizationResult 2.65x | $38.49Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$68.80BtotalAssetsGoodwill$52.50MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$49.74BtotalLiabTangible book$19.01BShares493,758,277commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $38.49 | -0.22xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.36BebitdaCapex$6.36BcapitalExpendituresInterest$983.30MinterestExpenseShort-term debt$3.61BshortTermDebtEBITDA − capex-$999.80MPrincipal due is short-term debt.Result -0.22x | -$1.13BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$5.22BtotalCashFromOperatingActivitiesCapex$6.36BcapitalExpendituresFree cash flow-$1.13BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.13B | 5.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.71BoperatingIncomeTax expense$115.30MincomeTaxExpensePretax income$2.05BincomeBeforeTaxTax rate5.6%Equity$19.06BtotalStockholderEquityDebt$25.49BshortLongTermDebtTotalCash$393.20McashAndShortTermInvestmentsInvested capital$44.16BResult 5.8% | 0.05xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$2.71BoperatingIncomeNet PP&E$55.10BpropertyPlantEquipmentResult 0.05x |
| 2019 | 82.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$61.10BpropertyPlantAndEquipmentNetInventory$1.17BinventoryTotal assets$75.89BtotalAssetsResult 82.0% | 0.25xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$15.54BtotalRevenueNet PP&E$61.10BpropertyPlantAndEquipmentNetResult 0.25x | 2.24xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$6.14BcapitalExpendituresD&A$2.74BdepreciationAndAmortizationResult 2.24x | $40.10Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$75.89BtotalAssetsGoodwill$52.50MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$55.98BtotalLiabTangible book$19.86BShares495,306,238commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $40.10 | -0.09xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.65BebitdaCapex$6.14BcapitalExpendituresInterest$1.07BinterestExpenseShort-term debt$4.44BshortLongTermDebtEBITDA − capex-$497.80MPrincipal due is the current portion of debt.Result -0.09x | -$1.87BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$4.27BtotalCashFromOperatingActivitiesCapex$6.14BcapitalExpendituresFree cash flow-$1.87BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.87B | 5.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.72BoperatingIncomeTax expense-$12.90MincomeTaxExpensePretax income$1.91BincomeBeforeTaxTax rate0.0%Equity$19.63BtotalStockholderEquityDebt$30.53BshortLongTermDebtTotalCash$449.50McashAndShortTermInvestmentsInvested capital$49.72BResult 5.5% | 0.04xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$2.72BoperatingIncomeNet PP&E$61.10BpropertyPlantAndEquipmentNetResult 0.04x |
| 2020 | 81.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$64.77BpropertyPlantAndEquipmentNetInventory$1.31BinventoryTotal assets$80.76BtotalAssetsResult 81.8% | 0.23xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$14.91BtotalRevenueNet PP&E$64.77BpropertyPlantAndEquipmentNetResult 0.23x | 2.17xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$6.32BcapitalExpendituresD&A$2.91BdepreciationAndAmortizationResult 2.17x | $41.68Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$80.76BtotalAssetsGoodwill$52.50MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$59.98BtotalLiabTangible book$20.72BShares497,226,867commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $41.68 | -0.02xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.21BebitdaCapex$6.32BcapitalExpendituresInterest$1.16BinterestExpenseShort-term debt$4.57BshortLongTermDebtEBITDA − capex-$102.30MPrincipal due is the current portion of debt.Result -0.02x | -$2.48BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$3.83BtotalCashFromOperatingActivitiesCapex$6.32BcapitalExpendituresFree cash flow-$2.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.48B | 5.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.98BoperatingIncomeTax expense$40.50MincomeTaxExpensePretax income$2.24BincomeBeforeTaxTax rate1.8%Equity$20.55BtotalStockholderEquityDebt$34.43BshortLongTermDebtTotalCash$593.50McashAndShortTermInvestmentsInvested capital$54.39BResult 5.4% | 0.05xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$2.98BoperatingIncomeNet PP&E$64.77BpropertyPlantAndEquipmentNetResult 0.05x |
| 2021 | 77.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$66.58BpropertyPlantAndEquipmentNetInventory$989.20MinventoryTotal assets$87.67BtotalAssetsResult 77.1% | 0.25xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$16.62BtotalRevenueNet PP&E$66.58BpropertyPlantAndEquipmentNetResult 0.25x | 1.89xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$5.76BcapitalExpendituresD&A$3.05BdepreciationAndAmortizationResult 1.89x | $45.09Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$87.67BtotalAssetsGoodwill$52.50MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$64.99BtotalLiabTangible book$22.63BShares501,784,032commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $45.09 | 0.17xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.75BebitdaCapex$5.76BcapitalExpendituresInterest$1.19BinterestExpenseShort-term debt$4.77BshortLongTermDebtEBITDA − capex$986.80MPrincipal due is the current portion of debt.Result 0.17x | -$1.92BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$3.84BtotalCashFromOperatingActivitiesCapex$5.76BcapitalExpendituresFree cash flow-$1.92BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.92B | 5.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.26BoperatingIncomeTax expense$115.50MincomeTaxExpensePretax income$2.60BincomeBeforeTaxTax rate4.4%Equity$22.43BtotalStockholderEquityDebt$36.66BshortLongTermDebtTotalCash$623.80McashAndShortTermInvestmentsInvested capital$58.47BResult 5.3% | 0.05xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$3.26BoperatingIncomeNet PP&E$66.58BpropertyPlantAndEquipmentNetResult 0.05x |
| 2022 | 80.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$73.98BpropertyPlantAndEquipmentNetInventory$1.35BinventoryTotal assets$93.40BtotalAssetsResult 80.7% | 0.26xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$19.31BtotalRevenueNet PP&E$73.98BpropertyPlantAndEquipmentNetResult 0.26x | 2.06xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$6.77BcapitalExpendituresD&A$3.29BdepreciationAndAmortizationResult 2.06x | $46.75Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$93.40BtotalAssetsGoodwill$52.50MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$69.35BtotalLiabTangible book$24.00BShares513,484,609commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $46.75 | 0.04xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.10BebitdaCapex$6.77BcapitalExpendituresInterest$1.39BinterestExpenseShort-term debt$6.11BshortLongTermDebtEBITDA − capex$325.80MPrincipal due is the current portion of debt.Result 0.04x | -$1.48BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$5.29BtotalCashFromOperatingActivitiesCapex$6.77BcapitalExpendituresFree cash flow-$1.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.48B | 5.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.40BoperatingIncomeTax expense$5.40MincomeTaxExpensePretax income$2.31BincomeBeforeTaxTax rate0.2%Equity$23.89BtotalStockholderEquityDebt$41.58BshortLongTermDebtTotalCash$697.00McashAndShortTermInvestmentsInvested capital$64.78BResult 5.2% | 0.05xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$3.40BoperatingIncomeNet PP&E$73.98BpropertyPlantAndEquipmentNetResult 0.05x |
| 2023 | 81.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$77.31BpropertyPlantAndEquipmentNetInventory$1.88BinventoryTotal assets$96.68BtotalAssetsResult 81.9% | 0.25xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$19.38BtotalRevenueNet PP&E$77.31BpropertyPlantAndEquipmentNetResult 0.25x | 2.36xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$7.51BcapitalExpendituresD&A$3.19BdepreciationAndAmortizationResult 2.36x | $48.51Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$96.68BtotalAssetsGoodwill$52.50MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$71.40BtotalLiabTangible book$25.23BShares520,206,258commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $48.51 | -0.04xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.21BebitdaCapex$7.51BcapitalExpendituresInterest$1.81BinterestExpenseShort-term debt$5.32BshortLongTermDebtEBITDA − capex-$301.50MPrincipal due is the current portion of debt.Result -0.04x | -$2.49BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$5.01BtotalCashFromOperatingActivitiesCapex$7.51BcapitalExpendituresFree cash flow-$2.49BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.49B | 5.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.13BoperatingIncomeTax expense$54.60MincomeTaxExpensePretax income$2.27BincomeBeforeTaxTax rate2.4%Equity$25.25BtotalStockholderEquityDebt$43.61BshortLongTermDebtTotalCash$544.40McashAndShortTermInvestmentsInvested capital$68.31BResult 5.9% | 0.05xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$4.13BoperatingIncomeNet PP&E$77.31BpropertyPlantAndEquipmentNetResult 0.05x |
| 2024 | 82.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$83.00BpropertyPlantAndEquipmentNetInventory$1.72BinventoryTotal assets$103.08BtotalAssetsResult 82.2% | 0.24xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$19.92BtotalRevenueNet PP&E$83.00BpropertyPlantAndEquipmentNetResult 0.24x | 2.29xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$7.77BcapitalExpendituresD&A$3.39BdepreciationAndAmortizationResult 2.29x | $50.69Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$103.08BtotalAssetsGoodwill$52.50MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$76.09BtotalLiabTangible book$26.93BShares531,338,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $50.69 | 0.04xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.09BebitdaCapex$7.77BcapitalExpendituresInterest$1.86BinterestExpenseShort-term debt$5.86BshortLongTermDebtEBITDA − capex$322.60MPrincipal due is the current portion of debt.Result 0.04x | -$966.30MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$6.80BtotalCashFromOperatingActivitiesCapex$7.77BcapitalExpendituresFree cash flow-$966.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$966.30M | 6.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.76BoperatingIncomeTax expense-$39.20MincomeTaxExpensePretax income$2.94BincomeBeforeTaxTax rate0.0%Equity$26.94BtotalStockholderEquityDebt$45.76BshortLongTermDebtTotalCash$418.30McashAndShortTermInvestmentsInvested capital$72.29BResult 6.6% | 0.06xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$4.76BoperatingIncomeNet PP&E$83.00BpropertyPlantAndEquipmentNetResult 0.06x |
| 2025 | 80.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$93.04BpropertyPlantAndEquipmentNetInventory$1.62BinventoryTotal assets$117.25BtotalAssetsResult 80.7% | 0.23xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$21.78BtotalRevenueNet PP&E$93.04BpropertyPlantAndEquipmentNetResult 0.23x | 0.04xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$130.00McapitalExpendituresD&A$3.49BdepreciationAndAmortizationResult 0.04x | $61.90Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$117.25BtotalAssetsGoodwill$53.00MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$84.99BtotalLiabTangible book$32.20BShares520,206,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $61.90 | 1.37xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.34BebitdaCapex$130.00McapitalExpendituresInterest$2.03BinterestExpenseShort-term debt$4.70BshortLongTermDebtEBITDA − capex$9.21BPrincipal due is the current portion of debt.Result 1.37x | $6.81BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$6.94BtotalCashFromOperatingActivitiesCapex$130.00McapitalExpendituresFree cash flow$6.81BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.81B | 6.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.30BoperatingIncomeTax expense$129.00MincomeTaxExpensePretax income$3.83BincomeBeforeTaxTax rate3.4%Equity$31.14BtotalStockholderEquityDebt$50.24BshortLongTermDebtTotalCash$488.00McashAndShortTermInvestmentsInvested capital$80.89BResult 6.3% | 0.06xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$5.30BoperatingIncomeNet PP&E$93.04BpropertyPlantAndEquipmentNetResult 0.06x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $93.04B
Inventory: $1.62B
Total assets: $117.25B
Goodwill: $53.00M
Intangibles: $0.00
Liabilities: $84.99B
Tangible book: $32.20B
Shares: 520,206,000
Revenue: $21.78B
Capex: $130.00M
D&A: $3.49B
EBITDA: $9.34B
Interest: $2.03B
Short-term debt: $4.70B
Free cash flow: $6.81B
Operating income: $5.30B
Invested capital: $80.89B
Tax rate: 3.4%