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.
Brookfield Infrastructure Partners LP
Physical assets are 54.7% of total assets, a heavy footprint. Capex is 1.42x 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. EBITDA after capex covers debt service by 0.50x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.33x.
Physical asset ratio
54.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$69.57BpropertyPlantEquipmentInventory$583.00MinventoryTotal assets$128.15BtotalAssetsResult 54.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.33xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$23.10BtotalRevenueNet PP&E$69.57BpropertyPlantEquipmentResult 0.33x
Revenue per dollar of the physical asset base.
Capex / D&A
1.42xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$5.70BcapitalExpendituresD&A$4.02BdepreciationAndAmortizationResult 1.42x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.23Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$128.15BtotalAssetsGoodwill$19.21BgoodWillIntangibles$15.77BintangibleAssetsLiabilities$92.61BtotalLiabTangible book$565.00MShares460,100,000commonStockSharesOutstandingResult $1.23
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
29.74xPrice / tangible bookPrice / tangible book per sharePrice$36.53Latest quoteTangible book / share$1.232025-12-31Result 29.74x
Price $36.53.
Fixed-charge coverage
0.50xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.01BebitdaCapex$5.70BcapitalExpendituresInterest$3.87BinterestExpenseShort-term debt$6.75BshortLongTermDebtEBITDA − capex$5.31BPrincipal due is the current portion of debt.Result 0.50x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$268.00MfreeCashFlowMarket cap$29.10BMarketCapitalizationResult 0.9%
Latest free cash flow divided by current market cap ($29.10B).
ROIC
6.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.80BoperatingIncomeTax expense$589.00MincomeTaxExpensePretax income$3.12BincomeBeforeTaxTax rate18.9%Equity$5.62BtotalStockholderEquityDebt$69.12BshortLongTermDebtTotalCash$2.33BcashAndShortTermInvestmentsInvested capital$72.40BResult 6.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.08x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 35.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.81BpropertyPlantEquipmentInventory$141.00MinventoryTotal assets$36.58BtotalAssetsResult 35.4% | 0.36xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$4.65BtotalRevenueNet PP&E$12.81BpropertyPlantEquipmentResult 0.36x | 1.05xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$839.00McapitalExpendituresD&A$801.00MdepreciationAndAmortizationResult 1.05x | -$1.99Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$36.58BtotalAssetsGoodwill$3.86BgoodWillIntangibles$11.64BintangibleAssetsLiabilities$21.91BtotalLiabTangible book-$826.00MShares415,350,000commonStockSharesOutstandingResult -$1.99 | 1.10xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.54BebitdaCapex$839.00McapitalExpendituresInterest$555.00MinterestExpenseShort-term debt$985.00MshortTermDebtEBITDA − capex$1.70BPrincipal due is short-term debt.Result 1.10x | $523.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.36BtotalCashFromOperatingActivitiesCapex$839.00McapitalExpendituresFree cash flow$523.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $523.00M | 3.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.42BoperatingIncomeTax expense$364.00MincomeTaxExpensePretax income$1.17BincomeBeforeTaxTax rate31.1%Equity$14.67BtotalStockholderEquityDebt$15.13BshortLongTermDebtTotalCash$764.00McashAndShortTermInvestmentsInvested capital$29.03BResult 3.4% | 0.11xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.42BoperatingIncomeNet PP&E$12.81BpropertyPlantEquipmentResult 0.11x |
| 2019 | 41.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$23.01BpropertyPlantEquipmentInventory$242.00MinventoryTotal assets$56.31BtotalAssetsResult 41.3% | 0.29xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$6.60BtotalRevenueNet PP&E$23.01BpropertyPlantEquipmentResult 0.29x | 0.94xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.14BcapitalExpendituresD&A$1.21BdepreciationAndAmortizationResult 0.94x | $2.89Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$56.31BtotalAssetsGoodwill$6.55BgoodWillIntangibles$14.39BintangibleAssetsLiabilities$34.13BtotalLiabTangible book$1.24BShares428,400,000commonStockSharesOutstandingResult $2.89 | 0.80xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.96BebitdaCapex$1.14BcapitalExpendituresInterest$904.00MinterestExpenseShort-term debt$1.38BshortLongTermDebtEBITDA − capex$1.82BPrincipal due is the current portion of debt.Result 0.80x | $999.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$2.14BtotalCashFromOperatingActivitiesCapex$1.14BcapitalExpendituresFree cash flow$999.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $999.00M | 2.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.71BoperatingIncomeTax expense$278.00MincomeTaxExpensePretax income$928.00MincomeBeforeTaxTax rate30.0%Equity$22.18BtotalStockholderEquityDebt$22.84BshortLongTermDebtTotalCash$827.00McashAndShortTermInvestmentsInvested capital$44.19BResult 2.7% | 0.07xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.71BoperatingIncomeNet PP&E$23.01BpropertyPlantEquipmentResult 0.07x |
| 2020 | 52.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.10BpropertyPlantAndEquipmentNetInventory$221.00MinventoryTotal assets$61.33BtotalAssetsResult 52.7% | 0.28xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$8.89BtotalRevenueNet PP&E$32.10BpropertyPlantAndEquipmentNetResult 0.28x | 0.84xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.43BcapitalExpendituresD&A$1.71BdepreciationAndAmortizationResult 0.84x | $7.40Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$61.33BtotalAssetsGoodwill$6.63BgoodWillIntangibles$11.77BintangibleAssetsLiabilities$39.66BtotalLiabTangible book$3.27BShares442,050,000commonStockSharesOutstandingResult $7.40 | 0.88xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.94BebitdaCapex$1.43BcapitalExpendituresInterest$1.18BinterestExpenseShort-term debt$1.69BshortLongTermDebtEBITDA − capex$2.51BPrincipal due is the current portion of debt.Result 0.88x | $1.10BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$2.53BtotalCashFromOperatingActivitiesCapex$1.43BcapitalExpendituresFree cash flow$1.10BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.10B | 3.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.03BoperatingIncomeTax expense$291.00MincomeTaxExpensePretax income$1.20BincomeBeforeTaxTax rate24.4%Equity$21.67BtotalStockholderEquityDebt$27.14BshortLongTermDebtTotalCash$867.00McashAndShortTermInvestmentsInvested capital$47.94BResult 3.2% | 0.06xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$2.03BoperatingIncomeNet PP&E$32.10BpropertyPlantAndEquipmentNetResult 0.06x |
| 2021 | 53.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$39.31BpropertyPlantEquipmentInventory$400.00MinventoryTotal assets$73.96BtotalAssetsResult 53.7% | 0.29xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$11.54BtotalRevenueNet PP&E$39.31BpropertyPlantEquipmentResult 0.29x | 0.97xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.98BcapitalExpendituresD&A$2.04BdepreciationAndAmortizationResult 0.97x | $7.19Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$73.96BtotalAssetsGoodwill$8.98BgoodWillIntangibles$14.21BintangibleAssetsLiabilities$47.57BtotalLiabTangible book$3.20BShares445,050,000commonStockSharesOutstandingResult $7.19 | 1.06xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.61BebitdaCapex$1.98BcapitalExpendituresInterest$1.24BinterestExpenseShort-term debt$3.13BshortLongTermDebtEBITDA − capex$4.62BPrincipal due is the current portion of debt.Result 1.06x | $790.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.77BtotalCashFromOperatingActivitiesCapex$1.98BcapitalExpendituresFree cash flow$790.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $790.00M | 4.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.88BoperatingIncomeTax expense$614.00MincomeTaxExpensePretax income$3.33BincomeBeforeTaxTax rate18.4%Equity$26.39BtotalStockholderEquityDebt$33.11BshortLongTermDebtTotalCash$1.41BcashAndShortTermInvestmentsInvested capital$58.10BResult 4.0% | 0.07xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.88BoperatingIncomeNet PP&E$39.31BpropertyPlantEquipmentResult 0.07x |
| 2022 | 52.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$37.99BpropertyPlantEquipmentInventory$531.00MinventoryTotal assets$72.97BtotalAssetsResult 52.8% | 0.38xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$14.43BtotalRevenueNet PP&E$37.99BpropertyPlantEquipmentResult 0.38x | 1.27xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$2.73BcapitalExpendituresD&A$2.16BdepreciationAndAmortizationResult 1.27x | $10.79Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$72.97BtotalAssetsGoodwill$8.79BgoodWillIntangibles$11.82BintangibleAssetsLiabilities$47.42BtotalLiabTangible book$4.94BShares458,100,000commonStockSharesOutstandingResult $10.79 | 0.62xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.69BebitdaCapex$2.73BcapitalExpendituresInterest$1.60BinterestExpenseShort-term debt$3.18BshortLongTermDebtEBITDA − capex$2.96BPrincipal due is the current portion of debt.Result 0.62x | $397.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$3.13BtotalCashFromOperatingActivitiesCapex$2.73BcapitalExpendituresFree cash flow$397.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $397.00M | 4.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.48BoperatingIncomeTax expense$560.00MincomeTaxExpensePretax income$1.94BincomeBeforeTaxTax rate28.9%Equity$25.55BtotalStockholderEquityDebt$33.82BshortLongTermDebtTotalCash$1.28BcashAndShortTermInvestmentsInvested capital$58.10BResult 4.3% | 0.09xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$3.48BoperatingIncomeNet PP&E$37.99BpropertyPlantEquipmentResult 0.09x |
| 2023 | 53.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$52.88BpropertyPlantEquipmentInventory$512.00MinventoryTotal assets$100.78BtotalAssetsResult 53.0% | 0.34xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$17.93BtotalRevenueNet PP&E$52.88BpropertyPlantEquipmentResult 0.34x | 0.91xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.49BcapitalExpendituresD&A$2.74BdepreciationAndAmortizationResult 0.91x | $8.02Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$100.78BtotalAssetsGoodwill$14.49BgoodWillIntangibles$15.85BintangibleAssetsLiabilities$66.77BtotalLiabTangible book$3.68BShares459,400,000commonStockSharesOutstandingResult $8.02 | 0.53xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.02BebitdaCapex$2.49BcapitalExpendituresInterest$2.50BinterestExpenseShort-term debt$6.06BshortLongTermDebtEBITDA − capex$4.54BPrincipal due is the current portion of debt.Result 0.53x | $1.59BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$4.08BtotalCashFromOperatingActivitiesCapex$2.49BcapitalExpendituresFree cash flow$1.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.59B | 5.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.05BoperatingIncomeTax expense$581.00MincomeTaxExpensePretax income$2.03BincomeBeforeTaxTax rate28.6%Equity$6.24BtotalStockholderEquityDebt$49.57BshortLongTermDebtTotalCash$2.44BcashAndShortTermInvestmentsInvested capital$53.37BResult 5.4% | 0.08xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$4.05BoperatingIncomeNet PP&E$52.88BpropertyPlantEquipmentResult 0.08x |
| 2024 | 53.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$55.91BpropertyPlantEquipmentInventory$454.00MinventoryTotal assets$104.59BtotalAssetsResult 53.9% | 0.38xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$21.04BtotalRevenueNet PP&E$55.91BpropertyPlantEquipmentResult 0.38x | 1.37xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.98BcapitalExpendituresD&A$3.64BdepreciationAndAmortizationResult 1.37x | $2.67Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$104.59BtotalAssetsGoodwill$14.10BgoodWillIntangibles$14.52BintangibleAssetsLiabilities$74.74BtotalLiabTangible book$1.23BShares461,600,000commonStockSharesOutstandingResult $2.67 | 0.54xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.64BebitdaCapex$4.98BcapitalExpendituresInterest$3.04BinterestExpenseShort-term debt$3.80BshortLongTermDebtEBITDA − capex$3.66BPrincipal due is the current portion of debt.Result 0.54x | -$322.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$4.65BtotalCashFromOperatingActivitiesCapex$4.98BcapitalExpendituresFree cash flow-$322.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$322.00M | 7.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.96BoperatingIncomeTax expense$270.00MincomeTaxExpensePretax income$1.95BincomeBeforeTaxTax rate13.8%Equity$5.62BtotalStockholderEquityDebt$56.35BshortLongTermDebtTotalCash$2.43BcashAndShortTermInvestmentsInvested capital$59.54BResult 7.2% | 0.09xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$4.96BoperatingIncomeNet PP&E$55.91BpropertyPlantEquipmentResult 0.09x |
| 2025 | 54.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$69.57BpropertyPlantEquipmentInventory$583.00MinventoryTotal assets$128.15BtotalAssetsResult 54.7% | 0.33xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$23.10BtotalRevenueNet PP&E$69.57BpropertyPlantEquipmentResult 0.33x | 1.42xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$5.70BcapitalExpendituresD&A$4.02BdepreciationAndAmortizationResult 1.42x | $1.23Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$128.15BtotalAssetsGoodwill$19.21BgoodWillIntangibles$15.77BintangibleAssetsLiabilities$92.61BtotalLiabTangible book$565.00MShares460,100,000commonStockSharesOutstandingResult $1.23 | 0.50xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.01BebitdaCapex$5.70BcapitalExpendituresInterest$3.87BinterestExpenseShort-term debt$6.75BshortLongTermDebtEBITDA − capex$5.31BPrincipal due is the current portion of debt.Result 0.50x | $268.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$5.97BtotalCashFromOperatingActivitiesCapex$5.70BcapitalExpendituresFree cash flow$268.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $268.00M | 6.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.80BoperatingIncomeTax expense$589.00MincomeTaxExpensePretax income$3.12BincomeBeforeTaxTax rate18.9%Equity$5.62BtotalStockholderEquityDebt$69.12BshortLongTermDebtTotalCash$2.33BcashAndShortTermInvestmentsInvested capital$72.40BResult 6.5% | 0.08xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$5.80BoperatingIncomeNet PP&E$69.57BpropertyPlantEquipmentResult 0.08x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $69.57B
Inventory: $583.00M
Total assets: $128.15B
Goodwill: $19.21B
Intangibles: $15.77B
Liabilities: $92.61B
Tangible book: $565.00M
Shares: 460,100,000
Revenue: $23.10B
Capex: $5.70B
D&A: $4.02B
EBITDA: $11.01B
Interest: $3.87B
Short-term debt: $6.75B
Free cash flow: $268.00M
Operating income: $5.80B
Invested capital: $72.40B
Tax rate: 18.9%