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.
APA Corporation
Physical assets are 68.9% of total assets, a heavy footprint. Capex is 1.09x 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 16.1%, 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 0.70x.
Physical asset ratio
68.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.75BpropertyPlantAndEquipmentNetInventory$351.00MinventoryTotal assets$19.00BtotalAssetsResult 68.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.70xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.92BtotalRevenueNet PP&E$12.75BpropertyPlantAndEquipmentNetResult 0.70x
Revenue per dollar of the physical asset base.
Capex / D&A
1.09xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.77BcapitalExpendituresD&A$2.53BdepreciationAndAmortizationResult 1.09x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$19.51Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.00BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$12.00BtotalLiabTangible book$7.00BShares359,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.51
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.71xPrice / tangible bookPrice / tangible book per sharePrice$52.82Latest quoteTangible book / share$19.512025-12-31Result 2.71x
Price $52.82.
Fixed-charge coverage
5.44xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.44BebitdaCapex$2.77BcapitalExpendituresInterest$278.00MinterestExpenseShort-term debt$213.00MshortLongTermDebtEBITDA − capex$2.67BPrincipal due is the current portion of debt.Result 5.44x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.78BfreeCashFlowMarket cap$18.05BMarketCapitalizationResult 9.9%
Latest free cash flow divided by current market cap ($18.05B).
ROIC
16.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.75BoperatingIncomeTax expense$1.10BincomeTaxExpensePretax income$2.79BincomeBeforeTaxTax rate39.4%Equity$6.09BtotalStockholderEquityDebt$4.81BshortLongTermDebtTotalCash$516.00McashInvested capital$10.39BResult 16.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.22x.
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$18.42BpropertyPlantEquipmentInventory$401.00MinventoryTotal assets$21.58BtotalAssetsResult 87.2% | 0.40xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$7.35BtotalRevenueNet PP&E$18.42BpropertyPlantEquipmentResult 0.40x | 27.89xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$3.90BcapitalExpendituresD&A$140.00MdepreciationAndAmortizationResult 27.89x | $22.95Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.58BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$12.77BtotalLiabTangible book$8.81BShares384,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $22.95 | -2.86xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.11BebitdaCapex$3.90BcapitalExpendituresInterest$478.00MinterestExpenseShort-term debt$150.00MshortLongTermDebtEBITDA − capex-$1.80BPrincipal due is the current portion of debt.Result -2.86x | -$127.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$3.78BtotalCashFromOperatingActivitiesCapex$3.90BcapitalExpendituresFree cash flow-$127.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$127.00M | 8.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.97BoperatingIncomeTax expense$672.00MincomeTaxExpensePretax income$958.00MincomeBeforeTaxTax rate40.0%Equity$7.13BtotalStockholderEquityDebt$8.20BshortLongTermDebtTotalCash$714.00McashInvested capital$14.62BThe effective tax rate was above 40% and was capped at 40%.Result 8.1% | 0.11xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.97BoperatingIncomeNet PP&E$18.42BpropertyPlantEquipmentResult 0.11x |
| 2019 | 81.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.16BpropertyPlantEquipmentInventory$502.00MinventoryTotal assets$18.11BtotalAssetsResult 81.0% | 0.46xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$6.49BtotalRevenueNet PP&E$14.16BpropertyPlantEquipmentResult 0.46x | 0.86xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.96BcapitalExpendituresD&A$3.46BdepreciationAndAmortizationResult 0.86x | $11.61Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.11BtotalAssetsGoodwill$87.00MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$13.64BtotalLiabTangible book$4.38BShares377,000,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $11.61 | -5.14xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$848.00MebitdaCapex$2.96BcapitalExpendituresInterest$400.00MinterestExpenseShort-term debt$11.00MshortLongTermDebtEBITDA − capex-$2.11BPrincipal due is the current portion of debt.Result -5.14x | -$94.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$2.87BtotalCashFromOperatingActivitiesCapex$2.96BcapitalExpendituresFree cash flow-$94.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$94.00M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$445.00MoperatingIncomeTax expense$674.00MincomeTaxExpensePretax income-$3.01BincomeBeforeTaxTax rate—Equity$3.26BtotalStockholderEquityDebt$8.74BshortLongTermDebtTotalCash$247.00McashInvested capital$11.74BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.03xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$445.00MoperatingIncomeNet PP&E$14.16BpropertyPlantEquipmentResult 0.03x |
| 2020 | 340.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$42.96BpropertyPlantEquipmentInventory$492.00MinventoryTotal assets$12.75BtotalAssetsUses the property line, which is larger than net PP&E ($8.82B, propertyPlantAndEquipmentNet).Result 340.9% | 0.10xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.44BtotalRevenueNet PP&E$42.96BpropertyPlantEquipmentResult 0.10x | 0.62xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.30BcapitalExpendituresD&A$2.09BdepreciationAndAmortizationResult 0.62x | -$1.71Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.75BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$13.39BtotalLiabTangible book-$645.00MShares378,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$1.71 | -8.31xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$2.32BebitdaCapex$1.30BcapitalExpendituresInterest$434.00MinterestExpenseShort-term debt$2.00MshortLongTermDebtEBITDA − capex-$3.62BPrincipal due is the current portion of debt.Result -8.31x | $86.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$1.39BtotalCashFromOperatingActivitiesCapex$1.30BcapitalExpendituresFree cash flow$86.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $86.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$173.00MoperatingIncomeTax expense$64.00MincomeTaxExpensePretax income-$4.84BincomeBeforeTaxTax rate—Equity-$1.64BtotalStockholderEquityDebt$8.89BshortLongTermDebtTotalCash$262.00McashInvested capital$6.99BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$173.00MoperatingIncomeNet PP&E$42.96BpropertyPlantEquipmentResult 0.00x |
| 2021 | 307.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$40.47BpropertyPlantEquipmentInventory$473.00MinventoryTotal assets$13.30BtotalAssetsUses the property line, which is larger than net PP&E ($8.34B, propertyPlantAndEquipmentNet).Result 307.8% | 0.20xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$7.99BtotalRevenueNet PP&E$40.47BpropertyPlantEquipmentResult 0.20x | 0.82xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.11BcapitalExpendituresD&A$1.36BdepreciationAndAmortizationResult 0.82x | -$1.91Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.30BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$14.02BtotalLiabTangible book-$717.00MShares375,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$1.91 | 4.03xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.66BebitdaCapex$1.11BcapitalExpendituresInterest$418.00MinterestExpenseShort-term debt$215.00MshortLongTermDebtEBITDA − capex$2.55BPrincipal due is the current portion of debt.Result 4.03x | $2.38BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$3.50BtotalCashFromOperatingActivitiesCapex$1.11BcapitalExpendituresFree cash flow$2.38BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.38B | 32.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.69BoperatingIncomeTax expense$578.00MincomeTaxExpensePretax income$1.89BincomeBeforeTaxTax rate30.6%Equity-$1.60BtotalStockholderEquityDebt$7.61BshortLongTermDebtTotalCash$302.00McashInvested capital$5.71BResult 32.7% | 0.07xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.69BoperatingIncomeNet PP&E$40.47BpropertyPlantEquipmentResult 0.07x |
| 2022 | 317.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$41.25BpropertyPlantEquipmentInventory$427.00MinventoryTotal assets$13.15BtotalAssetsUses the property line, which is larger than net PP&E ($9.01B, propertyPlantAndEquipmentNet).Result 317.0% | 0.27xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$11.08BtotalRevenueNet PP&E$41.25BpropertyPlantEquipmentResult 0.27x | 1.94xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$2.40BcapitalExpendituresD&A$1.23BdepreciationAndAmortizationResult 1.94x | $4.04Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.15BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$11.80BtotalLiabTangible book$1.35BShares333,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.04 | 15.10xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.29BebitdaCapex$2.40BcapitalExpendituresInterest$322.00MinterestExpenseShort-term debt$2.00MshortLongTermDebtEBITDA − capex$4.89BPrincipal due is the current portion of debt.Result 15.10x | $2.55BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$4.94BtotalCashFromOperatingActivitiesCapex$2.40BcapitalExpendituresFree cash flow$2.55BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.55B | 62.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.08BoperatingIncomeTax expense$1.65BincomeTaxExpensePretax income$5.73BincomeBeforeTaxTax rate28.8%Equity$423.00MtotalStockholderEquityDebt$5.62BshortLongTermDebtTotalCash$245.00McashInvested capital$5.80BResult 62.4% | 0.12xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$5.08BoperatingIncomeNet PP&E$41.25BpropertyPlantEquipmentResult 0.12x |
| 2023 | 68.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.04BpropertyPlantAndEquipmentNetInventory$453.00MinventoryTotal assets$15.24BtotalAssetsResult 68.8% | 0.82xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$8.28BtotalRevenueNet PP&E$10.04BpropertyPlantAndEquipmentNetResult 0.82x | 1.53xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.36BcapitalExpendituresD&A$1.54BdepreciationAndAmortizationResult 1.53x | $11.94Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.24BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$11.55BtotalLiabTangible book$3.69BShares309,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $11.94 | 7.19xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.75BebitdaCapex$2.36BcapitalExpendituresInterest$331.00MinterestExpenseShort-term debt$2.00MshortLongTermDebtEBITDA − capex$2.39BPrincipal due is the current portion of debt.Result 7.19x | $772.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$3.13BtotalCashFromOperatingActivitiesCapex$2.36BcapitalExpendituresFree cash flow$772.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $772.00M | 42.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.36BoperatingIncomeTax expense-$324.00MincomeTaxExpensePretax income$2.88BincomeBeforeTaxTax rate0.0%Equity$2.66BtotalStockholderEquityDebt$5.30BshortLongTermDebtTotalCash$87.00McashInvested capital$7.87BResult 42.7% | 0.33xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$3.36BoperatingIncomeNet PP&E$10.04BpropertyPlantAndEquipmentNetResult 0.33x |
| 2024 | 67.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.65BpropertyPlantAndEquipmentNetInventory$425.00MinventoryTotal assets$19.39BtotalAssetsResult 67.4% | 0.77xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$9.74BtotalRevenueNet PP&E$12.65BpropertyPlantAndEquipmentNetResult 0.77x | 1.26xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.85BcapitalExpendituresD&A$2.27BdepreciationAndAmortizationResult 1.26x | $18.02Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.39BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$13.03BtotalLiabTangible book$6.36BShares353,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.02 | 3.06xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.17BebitdaCapex$2.85BcapitalExpendituresInterest$379.00MinterestExpenseShort-term debt$53.00MshortLongTermDebtEBITDA − capex$1.32BPrincipal due is the current portion of debt.Result 3.06x | $769.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$3.62BtotalCashFromOperatingActivitiesCapex$2.85BcapitalExpendituresFree cash flow$769.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $769.00M | 21.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.20BoperatingIncomeTax expense$417.00MincomeTaxExpensePretax income$1.54BincomeBeforeTaxTax rate27.2%Equity$5.28BtotalStockholderEquityDebt$6.16BshortLongTermDebtTotalCash$625.00McashInvested capital$10.82BResult 21.5% | 0.25xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$3.20BoperatingIncomeNet PP&E$12.65BpropertyPlantAndEquipmentNetResult 0.25x |
| 2025 | 68.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.75BpropertyPlantAndEquipmentNetInventory$351.00MinventoryTotal assets$19.00BtotalAssetsResult 68.9% | 0.70xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.92BtotalRevenueNet PP&E$12.75BpropertyPlantAndEquipmentNetResult 0.70x | 1.09xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.77BcapitalExpendituresD&A$2.53BdepreciationAndAmortizationResult 1.09x | $19.51Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.00BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$12.00BtotalLiabTangible book$7.00BShares359,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.51 | 5.44xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.44BebitdaCapex$2.77BcapitalExpendituresInterest$278.00MinterestExpenseShort-term debt$213.00MshortLongTermDebtEBITDA − capex$2.67BPrincipal due is the current portion of debt.Result 5.44x | $1.78BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$4.55BtotalCashFromOperatingActivitiesCapex$2.77BcapitalExpendituresFree cash flow$1.78BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.78B | 16.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.75BoperatingIncomeTax expense$1.10BincomeTaxExpensePretax income$2.79BincomeBeforeTaxTax rate39.4%Equity$6.09BtotalStockholderEquityDebt$4.81BshortLongTermDebtTotalCash$516.00McashInvested capital$10.39BResult 16.1% | 0.22xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$2.75BoperatingIncomeNet PP&E$12.75BpropertyPlantAndEquipmentNetResult 0.22x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $12.75B
Inventory: $351.00M
Total assets: $19.00B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $12.00B
Tangible book: $7.00B
Shares: 359,000,000
Revenue: $8.92B
Capex: $2.77B
D&A: $2.53B
EBITDA: $5.44B
Interest: $278.00M
Short-term debt: $213.00M
Free cash flow: $1.78B
Operating income: $2.75B
Invested capital: $10.39B
Tax rate: 39.4%