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.
Api Group Corp
Physical assets are 9.4% of total assets, a light footprint. Capex is 0.29x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 7.3%, below 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 11.33x.
Physical asset ratio
9.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$698.00MpropertyPlantEquipmentInventory$145.00MinventoryTotal assets$8.94BtotalAssetsResult 9.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
11.33xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$7.91BtotalRevenueNet PP&E$698.00MpropertyPlantEquipmentResult 11.33x
Revenue per dollar of the physical asset base.
Capex / D&A
0.29xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$96.00McapitalExpendituresD&A$327.00MdepreciationAndAmortizationResult 0.29x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$3.23Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.94BtotalAssetsGoodwill$3.17BgoodWillIntangibles$1.58BintangibleAssetsLiabilities$5.53BtotalLiabTangible book-$1.34BShares416,000,000commonStockSharesOutstandingResult -$3.23
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$44.34Latest quoteTangible book / share-$3.232025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $44.34.
Fixed-charge coverage
6.07xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$982.00MebitdaCapex$96.00McapitalExpendituresInterest$141.00MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$886.00MPrincipal due is the current portion of debt.Result 6.07x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$663.00MfreeCashFlowMarket cap$19.46BMarketCapitalizationResult 3.4%
Latest free cash flow divided by current market cap ($19.46B).
ROIC
7.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$554.00MoperatingIncomeTax expense$111.00MincomeTaxExpensePretax income$413.00MincomeBeforeTaxTax rate26.9%Equity$3.41BtotalStockholderEquityDebt$3.07BshortLongTermDebtTotalCash$912.00McashAndEquivalentsInvested capital$5.57BResult 7.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.79x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 18.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$328.00MpropertyPlantEquipmentInventory$56.00MinventoryTotal assets$2.04BtotalAssetsResult 18.8% | 11.37xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.73BtotalRevenueNet PP&E$328.00MpropertyPlantEquipmentResult 11.37x | 0.68xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$74.00McapitalExpendituresD&A$109.00MdepreciationAndAmortizationResult 0.68x | $0.62Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.04BtotalAssetsGoodwill$320.00MgoodWillIntangibles$204.00MintangibleAssetsLiabilities$1.41BtotalLiabTangible book$109.00MShares175,153,278commonStockSharesOutstandingResult $0.62 | 0.64xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$277.00MebitdaCapex$74.00McapitalExpendituresInterest$22.00MinterestExpenseShort-term debt$295.00MshortTermDebtEBITDA − capex$203.00MPrincipal due is short-term debt.Result 0.64x | $38.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$112.00MtotalCashFromOperatingActivitiesCapex$74.00McapitalExpendituresFree cash flow$38.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $38.00M | 12.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$162.00MoperatingIncomeTax expense$10.00MincomeTaxExpensePretax income$146.00MincomeBeforeTaxTax rate6.8%Equity$633.00MtotalStockholderEquityDebt$600.00MshortLongTermDebtTotalCash$54.00McashAndEquivalentsInvested capital$1.18BResult 12.8% | 0.49xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$162.00MoperatingIncomeNet PP&E$328.00MpropertyPlantEquipmentResult 0.49x |
| 2019 | 14.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$507.00MpropertyPlantEquipmentInventory$58.00MinventoryTotal assets$4.01BtotalAssetsResult 14.1% | 1.94xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$985.00MtotalRevenueNet PP&E$507.00MpropertyPlantEquipmentResult 1.94x | 0.16xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$11.00McapitalExpendituresD&A$69.00MdepreciationAndAmortizationResult 0.16x | -$1.32Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.01BtotalAssetsGoodwill$980.00MgoodWillIntangibles$1.12BintangibleAssetsLiabilities$2.25BtotalLiabTangible book-$344.00MShares260,853,377commonStockSharesOutstandingResult -$1.32 | -2.29xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$67.00MebitdaCapex$11.00McapitalExpendituresInterest$15.00MinterestExpenseShort-term debt$19.00MshortLongTermDebtEBITDA − capex-$78.00MPrincipal due is the current portion of debt.Result -2.29x | $139.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$150.00MtotalCashFromOperatingActivitiesCapex$11.00McapitalExpendituresFree cash flow$139.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $139.00M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$161.00MoperatingIncomeTax expense$2.00MincomeTaxExpensePretax income-$151.00MincomeBeforeTaxTax rate—Equity$1.76BtotalStockholderEquityDebt$1.31BshortLongTermDebtTotalCash$256.00McashAndEquivalentsInvested capital$2.81BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.32xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$161.00MoperatingIncomeNet PP&E$507.00MpropertyPlantEquipmentResult -0.32x |
| 2020 | 12.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$462.00MpropertyPlantEquipmentInventory$64.00MinventoryTotal assets$4.07BtotalAssetsResult 12.9% | 7.76xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$3.59BtotalRevenueNet PP&E$462.00MpropertyPlantEquipmentResult 7.76x | 0.14xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$38.00McapitalExpendituresD&A$263.00MdepreciationAndAmortizationResult 0.14x | -$1.92Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.07BtotalAssetsGoodwill$1.08BgoodWillIntangibles$965.00MintangibleAssetsLiabilities$2.51BtotalLiabTangible book-$489.00MShares254,223,498commonStockSharesOutstandingResult -$1.92 | 1.33xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$131.00MebitdaCapex$38.00McapitalExpendituresInterest$52.00MinterestExpenseShort-term debt$18.00MshortLongTermDebtEBITDA − capex$93.00MPrincipal due is the current portion of debt.Result 1.33x | $458.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$496.00MtotalCashFromOperatingActivitiesCapex$38.00McapitalExpendituresFree cash flow$458.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $458.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$166.00MoperatingIncomeTax expense-$31.00MincomeTaxExpensePretax income-$184.00MincomeBeforeTaxTax rate—Equity$1.56BtotalStockholderEquityDebt$1.54BshortLongTermDebtTotalCash$515.00McashAndEquivalentsInvested capital$2.59BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.36xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$166.00MoperatingIncomeNet PP&E$462.00MpropertyPlantEquipmentResult -0.36x |
| 2021 | 9.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$427.00MpropertyPlantEquipmentInventory$69.00MinventoryTotal assets$5.16BtotalAssetsResult 9.6% | 9.23xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$3.94BtotalRevenueNet PP&E$427.00MpropertyPlantEquipmentResult 9.23x | 0.27xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$55.00McapitalExpendituresD&A$202.00MdepreciationAndAmortizationResult 0.27x | $1.09Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.16BtotalAssetsGoodwill$1.11BgoodWillIntangibles$882.00MintangibleAssetsLiabilities$2.84BtotalLiabTangible book$335.00MShares308,637,297commonStockSharesOutstandingResult $1.09 | 4.69xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$341.00MebitdaCapex$55.00McapitalExpendituresInterest$60.00MinterestExpenseShort-term debt$1.00MshortLongTermDebtEBITDA − capex$286.00MPrincipal due is the current portion of debt.Result 4.69x | $127.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$182.00MtotalCashFromOperatingActivitiesCapex$55.00McapitalExpendituresFree cash flow$127.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $127.00M | 2.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$136.00MoperatingIncomeTax expense$32.00MincomeTaxExpensePretax income$79.00MincomeBeforeTaxTax rate40.0%Equity$2.32BtotalStockholderEquityDebt$1.87BshortLongTermDebtTotalCash$1.19BcashAndEquivalentsInvested capital$3.01BThe effective tax rate was above 40% and was capped at 40%.Result 2.7% | 0.32xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$136.00MoperatingIncomeNet PP&E$427.00MpropertyPlantEquipmentResult 0.32x |
| 2022 | 9.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$629.00MpropertyPlantAndEquipmentNetInventory$163.00MinventoryTotal assets$8.09BtotalAssetsResult 9.8% | 10.43xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$6.56BtotalRevenueNet PP&E$629.00MpropertyPlantAndEquipmentNetResult 10.43x | 0.26xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$79.00McapitalExpendituresD&A$304.00MdepreciationAndAmortizationResult 0.26x | -$5.11Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.09BtotalAssetsGoodwill$2.38BgoodWillIntangibles$1.78BintangibleAssetsLiabilities$5.96BtotalLiabTangible book-$2.04BShares399,121,101commonStockSharesOutstandingResult -$5.11 | 1.34xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$522.00MebitdaCapex$79.00McapitalExpendituresInterest$125.00MinterestExpenseShort-term debt$206.00MshortLongTermDebtEBITDA − capex$443.00MPrincipal due is the current portion of debt.Result 1.34x | $191.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$270.00MtotalCashFromOperatingActivitiesCapex$79.00McapitalExpendituresFree cash flow$191.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $191.00M | 2.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$162.00MoperatingIncomeTax expense$20.00MincomeTaxExpensePretax income$93.00MincomeBeforeTaxTax rate21.5%Equity$2.13BtotalStockholderEquityDebt$3.03BshortLongTermDebtTotalCash$605.00McashAndEquivalentsInvested capital$4.55BResult 2.8% | 0.26xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$162.00MoperatingIncomeNet PP&E$629.00MpropertyPlantAndEquipmentNetResult 0.26x |
| 2023 | 10.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$618.00MpropertyPlantEquipmentInventory$150.00MinventoryTotal assets$7.59BtotalAssetsResult 10.1% | 11.21xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$6.93BtotalRevenueNet PP&E$618.00MpropertyPlantEquipmentResult 11.21x | 0.28xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$86.00McapitalExpendituresD&A$303.00MdepreciationAndAmortizationResult 0.28x | -$3.47Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.59BtotalAssetsGoodwill$2.47BgoodWillIntangibles$1.62BintangibleAssetsLiabilities$4.72BtotalLiabTangible book-$1.22BShares352,705,257commonStockSharesOutstandingResult -$3.47 | 3.96xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$680.00MebitdaCapex$86.00McapitalExpendituresInterest$145.00MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$594.00MPrincipal due is the current portion of debt.Result 3.96x | $428.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$514.00MtotalCashFromOperatingActivitiesCapex$86.00McapitalExpendituresFree cash flow$428.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $428.00M | 4.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$359.00MoperatingIncomeTax expense$79.00MincomeTaxExpensePretax income$232.00MincomeBeforeTaxTax rate34.1%Equity$2.87BtotalStockholderEquityDebt$2.57BshortLongTermDebtTotalCash$479.00McashAndEquivalentsInvested capital$4.96BResult 4.8% | 0.58xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$359.00MoperatingIncomeNet PP&E$618.00MpropertyPlantEquipmentResult 0.58x |
| 2024 | 9.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$647.00MpropertyPlantEquipmentInventory$143.00MinventoryTotal assets$8.15BtotalAssetsResult 9.7% | 10.85xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$7.02BtotalRevenueNet PP&E$647.00MpropertyPlantEquipmentResult 10.85x | 0.28xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$84.00McapitalExpendituresD&A$302.00MdepreciationAndAmortizationResult 0.28x | -$5.98Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.15BtotalAssetsGoodwill$2.89BgoodWillIntangibles$1.66BintangibleAssetsLiabilities$5.20BtotalLiabTangible book-$1.60BShares267,675,764commonStockSharesOutstandingResult -$5.98 | 4.63xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$778.00MebitdaCapex$84.00McapitalExpendituresInterest$146.00MinterestExpenseShort-term debt$4.00MshortTermDebtEBITDA − capex$694.00MPrincipal due is short-term debt.Result 4.63x | $536.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$620.00MtotalCashFromOperatingActivitiesCapex$84.00McapitalExpendituresFree cash flow$536.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $536.00M | 14.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$484.00MoperatingIncomeTax expense$80.00MincomeTaxExpensePretax income$330.00MincomeBeforeTaxTax rate24.2%Equity$2.95BtotalStockholderEquityDebt$4.00MshortLongTermDebtTotalCash$499.00McashAndEquivalentsInvested capital$2.46BResult 14.9% | 0.75xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$484.00MoperatingIncomeNet PP&E$647.00MpropertyPlantEquipmentResult 0.75x |
| 2025 | 9.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$698.00MpropertyPlantEquipmentInventory$145.00MinventoryTotal assets$8.94BtotalAssetsResult 9.4% | 11.33xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$7.91BtotalRevenueNet PP&E$698.00MpropertyPlantEquipmentResult 11.33x | 0.29xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$96.00McapitalExpendituresD&A$327.00MdepreciationAndAmortizationResult 0.29x | -$3.23Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.94BtotalAssetsGoodwill$3.17BgoodWillIntangibles$1.58BintangibleAssetsLiabilities$5.53BtotalLiabTangible book-$1.34BShares416,000,000commonStockSharesOutstandingResult -$3.23 | 6.07xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$982.00MebitdaCapex$96.00McapitalExpendituresInterest$141.00MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$886.00MPrincipal due is the current portion of debt.Result 6.07x | $663.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$759.00MtotalCashFromOperatingActivitiesCapex$96.00McapitalExpendituresFree cash flow$663.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $663.00M | 7.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$554.00MoperatingIncomeTax expense$111.00MincomeTaxExpensePretax income$413.00MincomeBeforeTaxTax rate26.9%Equity$3.41BtotalStockholderEquityDebt$3.07BshortLongTermDebtTotalCash$912.00McashAndEquivalentsInvested capital$5.57BResult 7.3% | 0.79xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$554.00MoperatingIncomeNet PP&E$698.00MpropertyPlantEquipmentResult 0.79x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $698.00M
Inventory: $145.00M
Total assets: $8.94B
Goodwill: $3.17B
Intangibles: $1.58B
Liabilities: $5.53B
Tangible book: -$1.34B
Shares: 416,000,000
Revenue: $7.91B
Capex: $96.00M
D&A: $327.00M
EBITDA: $982.00M
Interest: $141.00M
Short-term debt: $5.00M
Free cash flow: $663.00M
Operating income: $554.00M
Invested capital: $5.57B
Tax rate: 26.9%