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.
BCE Inc
Physical assets are 42.7% of total assets, a mixed footprint. Capex is 0.71x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 7.2%, below an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 0.72x.
Physical asset ratio
42.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$33.78BpropertyPlantAndEquipmentNetInventory$389.00MinventoryTotal assets$80.08BtotalAssetsResult 42.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.72xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$24.47BtotalRevenueNet PP&E$33.78BpropertyPlantAndEquipmentNetResult 0.72x
Revenue per dollar of the physical asset base.
Capex / D&A
0.71xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.70BcapitalExpendituresD&A$5.24BdepreciationAndAmortizationResult 0.71x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$7.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$80.08BtotalAssetsGoodwill$13.11BgoodWillIntangibles$17.15BintangibleAssetsLiabilities$56.87BtotalLiabTangible book-$7.06BShares928,571,000commonStockSharesOutstandingResult -$7.60
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$28.49Latest quoteTangible book / share-$7.602025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $28.49.
Fixed-charge coverage
1.57xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.72BebitdaCapex$3.70BcapitalExpendituresInterest$1.78BinterestExpenseShort-term debt$5.22BshortLongTermDebtEBITDA − capex$11.02BPrincipal due is the current portion of debt.Result 1.57x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
12.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$3.29BfreeCashFlowMarket cap$26.57BMarketCapitalizationResult 12.4%
Latest free cash flow divided by current market cap ($26.57B).
ROIC
7.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.42BoperatingIncomeTax expense$1.19BincomeTaxExpensePretax income$7.71BincomeBeforeTaxTax rate15.5%Equity$22.92BtotalStockholderEquityDebt$41.06BshortLongTermDebtTotalCash$320.00McashAndShortTermInvestmentsInvested capital$63.66BResult 7.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.16x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 44.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$24.84BpropertyPlantEquipmentInventory$432.00MinventoryTotal assets$57.10BtotalAssetsResult 44.3% | 0.94xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$23.47BtotalRevenueNet PP&E$24.84BpropertyPlantEquipmentResult 0.94x | 1.00xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$4.03BcapitalExpendituresD&A$4.01BdepreciationAndAmortizationResult 1.00x | -$3.53Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$57.10BtotalAssetsGoodwill$10.66BgoodWillIntangibles$13.21BintangibleAssetsLiabilities$36.41BtotalLiabTangible book-$3.17BShares898,900,000commonStockSharesOutstandingResult -$3.53 | 0.88xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.05BebitdaCapex$4.03BcapitalExpendituresInterest$1.07BinterestExpenseShort-term debt$4.65BshortTermDebtEBITDA − capex$5.02BPrincipal due is short-term debt.Result 0.88x | $3.36BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$7.38BtotalCashFromOperatingActivitiesCapex$4.03BcapitalExpendituresFree cash flow$3.36BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.36B | 9.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.52BoperatingIncomeTax expense$995.00MincomeTaxExpensePretax income$3.97BincomeBeforeTaxTax rate25.1%Equity$20.36BtotalStockholderEquityDebt$24.41BshortLongTermDebtTotalCash$425.00McashAndShortTermInvestmentsInvested capital$44.34BResult 9.3% | 0.22xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$5.52BoperatingIncomeNet PP&E$24.84BpropertyPlantEquipmentResult 0.22x |
| 2019 | 46.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.64BpropertyPlantEquipmentInventory$427.00MinventoryTotal assets$60.31BtotalAssetsResult 46.5% | 0.86xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$23.79BtotalRevenueNet PP&E$27.64BpropertyPlantEquipmentResult 0.86x | 0.92xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$3.99BcapitalExpendituresD&A$4.34BdepreciationAndAmortizationResult 0.92x | -$2.76Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$60.31BtotalAssetsGoodwill$10.67BgoodWillIntangibles$13.35BintangibleAssetsLiabilities$38.78BtotalLiabTangible book-$2.49BShares901,400,000commonStockSharesOutstandingResult -$2.76 | 1.16xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.89BebitdaCapex$3.99BcapitalExpendituresInterest$1.19BinterestExpenseShort-term debt$3.88BshortTermDebtEBITDA − capex$5.90BPrincipal due is short-term debt.Result 1.16x | $3.97BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$7.96BtotalCashFromOperatingActivitiesCapex$3.99BcapitalExpendituresFree cash flow$3.97BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.97B | 8.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.66BoperatingIncomeTax expense$1.13BincomeTaxExpensePretax income$4.35BincomeBeforeTaxTax rate25.9%Equity$21.20BtotalStockholderEquityDebt$26.30BshortLongTermDebtTotalCash$145.00McashAndShortTermInvestmentsInvested capital$47.35BResult 8.9% | 0.20xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$5.66BoperatingIncomeNet PP&E$27.64BpropertyPlantEquipmentResult 0.20x |
| 2020 | 46.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.51BpropertyPlantEquipmentInventory$439.00MinventoryTotal assets$60.67BtotalAssetsResult 46.1% | 0.83xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$22.88BtotalRevenueNet PP&E$27.51BpropertyPlantEquipmentResult 0.83x | 0.97xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$4.29BcapitalExpendituresD&A$4.40BdepreciationAndAmortizationResult 0.97x | -$2.63Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$60.67BtotalAssetsGoodwill$10.60BgoodWillIntangibles$13.10BintangibleAssetsLiabilities$39.34BtotalLiabTangible book-$2.38BShares904,400,000commonStockSharesOutstandingResult -$2.63 | 1.41xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.83BebitdaCapex$4.29BcapitalExpendituresInterest$1.16BinterestExpenseShort-term debt$2.07BshortTermDebtEBITDA − capex$4.54BPrincipal due is short-term debt.Result 1.41x | $3.47BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$7.75BtotalCashFromOperatingActivitiesCapex$4.29BcapitalExpendituresFree cash flow$3.47BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.47B | 8.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.20BoperatingIncomeTax expense$792.00MincomeTaxExpensePretax income$3.27BincomeBeforeTaxTax rate24.3%Equity$20.99BtotalStockholderEquityDebt$25.97BshortLongTermDebtTotalCash$224.00McashAndShortTermInvestmentsInvested capital$46.74BResult 8.4% | 0.19xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$5.20BoperatingIncomeNet PP&E$27.51BpropertyPlantEquipmentResult 0.19x |
| 2021 | 43.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.24BpropertyPlantEquipmentInventory$482.00MinventoryTotal assets$66.76BtotalAssetsResult 43.0% | 0.83xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$23.45BtotalRevenueNet PP&E$28.24BpropertyPlantEquipmentResult 0.83x | 1.50xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$6.92BcapitalExpendituresD&A$4.61BdepreciationAndAmortizationResult 1.50x | -$3.53Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$66.76BtotalAssetsGoodwill$10.57BgoodWillIntangibles$15.57BintangibleAssetsLiabilities$43.82BtotalLiabTangible book-$3.20BShares906,700,000commonStockSharesOutstandingResult -$3.53 | 0.73xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.63BebitdaCapex$6.92BcapitalExpendituresInterest$1.08BinterestExpenseShort-term debt$2.63BshortTermDebtEBITDA − capex$2.71BPrincipal due is short-term debt.Result 0.73x | $1.09BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$8.01BtotalCashFromOperatingActivitiesCapex$6.92BcapitalExpendituresFree cash flow$1.09BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.09B | 7.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.28BoperatingIncomeTax expense$1.04BincomeTaxExpensePretax income$3.94BincomeBeforeTaxTax rate26.5%Equity$22.64BtotalStockholderEquityDebt$29.67BshortLongTermDebtTotalCash$289.00McashInvested capital$52.02BResult 7.5% | 0.19xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$5.28BoperatingIncomeNet PP&E$28.24BpropertyPlantEquipmentResult 0.19x |
| 2022 | 43.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.26BpropertyPlantEquipmentInventory$656.00MinventoryTotal assets$69.33BtotalAssetsResult 43.1% | 0.83xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$24.17BtotalRevenueNet PP&E$29.26BpropertyPlantEquipmentResult 0.83x | 1.09xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$5.14BcapitalExpendituresD&A$4.72BdepreciationAndAmortizationResult 1.09x | -$5.02Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$69.33BtotalAssetsGoodwill$10.91BgoodWillIntangibles$16.18BintangibleAssetsLiabilities$46.81BtotalLiabTangible book-$4.57BShares912,000,000commonStockSharesOutstandingResult -$5.02 | 0.88xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.76BebitdaCapex$5.14BcapitalExpendituresInterest$1.15BinterestExpenseShort-term debt$4.14BshortTermDebtEBITDA − capex$4.63BPrincipal due is short-term debt.Result 0.88x | $3.23BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$8.37BtotalCashFromOperatingActivitiesCapex$5.14BcapitalExpendituresFree cash flow$3.23BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.23B | 7.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.48BoperatingIncomeTax expense$967.00MincomeTaxExpensePretax income$3.89BincomeBeforeTaxTax rate24.8%Equity$22.18BtotalStockholderEquityDebt$31.92BshortLongTermDebtTotalCash$149.00McashAndShortTermInvestmentsInvested capital$53.95BResult 7.6% | 0.19xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$5.48BoperatingIncomeNet PP&E$29.26BpropertyPlantEquipmentResult 0.19x |
| 2023 | 42.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.35BpropertyPlantEquipmentInventory$465.00MinventoryTotal assets$71.94BtotalAssetsResult 42.8% | 0.81xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$24.67BtotalRevenueNet PP&E$30.35BpropertyPlantEquipmentResult 0.81x | 0.97xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$4.76BcapitalExpendituresD&A$4.92BdepreciationAndAmortizationResult 0.97x | -$7.67Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$71.94BtotalAssetsGoodwill$10.94BgoodWillIntangibles$16.61BintangibleAssetsLiabilities$51.38BtotalLiabTangible book-$6.99BShares912,200,000commonStockSharesOutstandingResult -$7.67 | 0.94xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.72BebitdaCapex$4.76BcapitalExpendituresInterest$1.48BinterestExpenseShort-term debt$3.77BshortLongTermDebtEBITDA − capex$4.95BPrincipal due is the current portion of debt.Result 0.94x | $3.18BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$7.95BtotalCashFromOperatingActivitiesCapex$4.76BcapitalExpendituresFree cash flow$3.18BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.18B | 7.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.50BoperatingIncomeTax expense$996.00MincomeTaxExpensePretax income$3.32BincomeBeforeTaxTax rate30.0%Equity$20.23BtotalStockholderEquityDebt$36.18BshortLongTermDebtTotalCash$1.77BcashAndShortTermInvestmentsInvested capital$54.63BResult 7.0% | 0.18xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$5.50BoperatingIncomeNet PP&E$30.35BpropertyPlantEquipmentResult 0.18x |
| 2024 | 41.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.00BpropertyPlantEquipmentInventory$420.00MinventoryTotal assets$73.49BtotalAssetsResult 41.4% | 0.81xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$24.41BtotalRevenueNet PP&E$30.00BpropertyPlantEquipmentResult 0.81x | 0.88xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.43BcapitalExpendituresD&A$5.04BdepreciationAndAmortizationResult 0.88x | -$10.62Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$73.49BtotalAssetsGoodwill$10.26BgoodWillIntangibles$16.79BintangibleAssetsLiabilities$56.13BtotalLiabTangible book-$9.69BShares912,300,000commonStockSharesOutstandingResult -$10.62 | 0.54xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.71BebitdaCapex$4.43BcapitalExpendituresInterest$1.71BinterestExpenseShort-term debt$4.39BshortLongTermDebtEBITDA − capex$3.28BPrincipal due is the current portion of debt.Result 0.54x | $2.56BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$6.99BtotalCashFromOperatingActivitiesCapex$4.43BcapitalExpendituresFree cash flow$2.56BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.56B | 6.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.55BoperatingIncomeTax expense$577.00MincomeTaxExpensePretax income$952.00MincomeBeforeTaxTax rate40.0%Equity$17.07BtotalStockholderEquityDebt$40.50BshortLongTermDebtTotalCash$1.97BcashAndShortTermInvestmentsInvested capital$55.60BThe effective tax rate was above 40% and was capped at 40%.Result 6.0% | 0.18xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$5.55BoperatingIncomeNet PP&E$30.00BpropertyPlantEquipmentResult 0.18x |
| 2025 | 42.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$33.78BpropertyPlantAndEquipmentNetInventory$389.00MinventoryTotal assets$80.08BtotalAssetsResult 42.7% | 0.72xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$24.47BtotalRevenueNet PP&E$33.78BpropertyPlantAndEquipmentNetResult 0.72x | 0.71xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.70BcapitalExpendituresD&A$5.24BdepreciationAndAmortizationResult 0.71x | -$7.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$80.08BtotalAssetsGoodwill$13.11BgoodWillIntangibles$17.15BintangibleAssetsLiabilities$56.87BtotalLiabTangible book-$7.06BShares928,571,000commonStockSharesOutstandingResult -$7.60 | 1.57xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.72BebitdaCapex$3.70BcapitalExpendituresInterest$1.78BinterestExpenseShort-term debt$5.22BshortLongTermDebtEBITDA − capex$11.02BPrincipal due is the current portion of debt.Result 1.57x | $3.29BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$6.99BtotalCashFromOperatingActivitiesCapex$3.70BcapitalExpendituresFree cash flow$3.29BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.29B | 7.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.42BoperatingIncomeTax expense$1.19BincomeTaxExpensePretax income$7.71BincomeBeforeTaxTax rate15.5%Equity$22.92BtotalStockholderEquityDebt$41.06BshortLongTermDebtTotalCash$320.00McashAndShortTermInvestmentsInvested capital$63.66BResult 7.2% | 0.16xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$5.42BoperatingIncomeNet PP&E$33.78BpropertyPlantAndEquipmentNetResult 0.16x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $33.78B
Inventory: $389.00M
Total assets: $80.08B
Goodwill: $13.11B
Intangibles: $17.15B
Liabilities: $56.87B
Tangible book: -$7.06B
Shares: 928,571,000
Revenue: $24.47B
Capex: $3.70B
D&A: $5.24B
EBITDA: $14.72B
Interest: $1.78B
Short-term debt: $5.22B
Free cash flow: $3.29B
Operating income: $5.42B
Invested capital: $63.66B
Tax rate: 15.5%