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.
Ballard Power Systems Inc
Physical assets are 11.1% of total assets, a light footprint. Capex is 2.43x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -16.35x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 3.15x.
Physical asset ratio
11.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.14MpropertyPlantAndEquipmentNetInventory$43.69MinventoryTotal assets$681.15MtotalAssetsResult 11.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.15xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$101.14MtotalRevenueNet PP&E$32.14MpropertyPlantAndEquipmentNetResult 3.15x
Revenue per dollar of the physical asset base.
Capex / D&A
2.43xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$10.02McapitalExpendituresD&A$4.13MdepreciationAndAmortizationResult 2.43x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.94Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$681.15MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$247.55KintangibleAssetsLiabilities$92.29MtotalLiabTangible book$588.61MShares302,990,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.94
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.81xPrice / tangible bookPrice / tangible book per sharePrice$1.57Latest quoteTangible book / share$1.942025-12-31Result 0.81x
Price $1.57.
Fixed-charge coverage
-16.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$77.38MebitdaCapex$10.02McapitalExpendituresInterest$1.94MinterestExpenseShort-term debt$3.41MshortTermDebtEBITDA − capex-$87.40MPrincipal due is short-term debt.Result -16.35x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-12.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$67.17MfreeCashFlowMarket cap$551.21MMarketCapitalizationResult -12.2%
Latest free cash flow divided by current market cap ($551.21M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$81.51MoperatingIncomeTax expense$51.89KincomeTaxExpensePretax income-$92.45MincomeBeforeTaxTax rate—Equity$588.86MtotalStockholderEquityDebt$22.10MshortLongTermDebtTotalCash$530.29McashAndShortTermInvestmentsInvested capital$80.67MROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -2.54x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 14.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$21.62MpropertyPlantEquipmentInventory$29.31MinventoryTotal assets$346.10MtotalAssetsResult 14.7% | 4.47xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$96.59MtotalRevenueNet PP&E$21.62MpropertyPlantEquipmentResult 4.47x | 1.96xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$9.85McapitalExpendituresD&A$5.02MdepreciationAndAmortizationResult 1.96x | $1.26Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$346.10MtotalAssetsGoodwill$40.29MgoodWillIntangibles$8.29MintangibleAssetsLiabilities$63.50MtotalLiabTangible book$234.03MShares185,836,596commonStockSharesOutstandingResult $1.26 | -26.40xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$20.09MebitdaCapex$9.85McapitalExpendituresInterest$503.00KinterestExpenseShort-term debt$631.00KshortTermDebtEBITDA − capex-$29.94MPrincipal due is short-term debt.Result -26.40x | -$41.54MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$31.69MtotalCashFromOperatingActivitiesCapex$9.85McapitalExpendituresFree cash flow-$41.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$41.54M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$20.80MoperatingIncomeTax expense$370.00KincomeTaxExpensePretax income-$26.95MincomeBeforeTaxTax rate—Equity$282.60MtotalStockholderEquityDebt$5.70MshortLongTermDebtTotalCash$192.24McashInvested capital$96.06MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.96xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$20.80MoperatingIncomeNet PP&E$21.62MpropertyPlantEquipmentResult -0.96x |
| 2019 | 21.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$42.84MpropertyPlantEquipmentInventory$30.10MinventoryTotal assets$340.32MtotalAssetsResult 21.4% | 2.47xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$105.72MtotalRevenueNet PP&E$42.84MpropertyPlantEquipmentResult 2.47x | 1.85xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$13.93McapitalExpendituresD&A$7.51MdepreciationAndAmortizationResult 1.85x | $0.88Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$340.32MtotalAssetsGoodwill$40.29MgoodWillIntangibles$5.69MintangibleAssetsLiabilities$90.06MtotalLiabTangible book$204.29MShares232,820,675commonStockSharesOutstandingResult $0.88 | -10.21xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$26.00MebitdaCapex$13.93McapitalExpendituresInterest$1.47MinterestExpenseShort-term debt$2.45MshortTermDebtEBITDA − capex-$39.93MPrincipal due is short-term debt.Result -10.21x | -$28.16MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$14.23MtotalCashFromOperatingActivitiesCapex$13.93McapitalExpendituresFree cash flow-$28.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$28.16M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$25.45MoperatingIncomeTax expense$20.00KincomeTaxExpensePretax income-$35.27MincomeBeforeTaxTax rate—Equity$250.26MtotalStockholderEquityDebt$19.75MshortLongTermDebtTotalCash$147.79McashInvested capital$122.22MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.59xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$25.45MoperatingIncomeNet PP&E$42.84MpropertyPlantEquipmentResult -0.59x |
| 2020 | 8.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$49.33MpropertyPlantEquipmentInventory$28.52MinventoryTotal assets$975.60MtotalAssetsResult 8.0% | 2.11xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$103.88MtotalRevenueNet PP&E$49.33MpropertyPlantEquipmentResult 2.11x | 1.70xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$12.87McapitalExpendituresD&A$7.56MdepreciationAndAmortizationResult 1.70x | $3.45Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$975.60MtotalAssetsGoodwill$40.28MgoodWillIntangibles$3.76MintangibleAssetsLiabilities$74.71MtotalLiabTangible book$856.85MShares248,481,027commonStockSharesOutstandingResult $3.45 | -13.06xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$40.20MebitdaCapex$12.87McapitalExpendituresInterest$1.37MinterestExpenseShort-term debt$2.69MshortTermDebtEBITDA − capex-$53.07MPrincipal due is short-term debt.Result -13.06x | -$55.80MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$42.93MtotalCashFromOperatingActivitiesCapex$12.87McapitalExpendituresFree cash flow-$55.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$55.80M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$39.76MoperatingIncomeTax expense$130.00KincomeTaxExpensePretax income-$49.34MincomeBeforeTaxTax rate—Equity$900.89MtotalStockholderEquityDebt$17.87MshortLongTermDebtTotalCash$765.43McashAndShortTermInvestmentsInvested capital$153.33MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.81xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$39.76MoperatingIncomeNet PP&E$49.33MpropertyPlantEquipmentResult -0.81x |
| 2021 | 7.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$56.06MpropertyPlantEquipmentInventory$51.45MinventoryTotal assets$1.44BtotalAssetsResult 7.5% | 1.86xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$104.51MtotalRevenueNet PP&E$56.06MpropertyPlantEquipmentResult 1.86x | 1.51xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$14.70McapitalExpendituresD&A$9.75MdepreciationAndAmortizationResult 1.51x | $4.20Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.44BtotalAssetsGoodwill$64.18MgoodWillIntangibles$20.76MintangibleAssetsLiabilities$112.57MtotalLiabTangible book$1.24BShares295,293,438commonStockSharesOutstandingResult $4.20 | -22.42xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$86.57MebitdaCapex$14.70McapitalExpendituresInterest$1.28MinterestExpenseShort-term debt$3.23MshortTermDebtEBITDA − capex-$101.27MPrincipal due is short-term debt.Result -22.42x | -$95.18MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$80.48MtotalCashFromOperatingActivitiesCapex$14.70McapitalExpendituresFree cash flow-$95.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$95.18M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$87.97MoperatingIncomeTax expense-$216.00KincomeTaxExpensePretax income-$114.61MincomeBeforeTaxTax rate—Equity$1.33BtotalStockholderEquityDebt$17.10MshortLongTermDebtTotalCash$1.13BcashAndShortTermInvestmentsInvested capital$218.14MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.57xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$87.97MoperatingIncomeNet PP&E$56.06MpropertyPlantEquipmentResult -1.57x |
| 2022 | 11.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$82.36MpropertyPlantEquipmentInventory$58.05MinventoryTotal assets$1.25BtotalAssetsResult 11.3% | 0.99xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$81.86MtotalRevenueNet PP&E$82.36MpropertyPlantEquipmentResult 0.99x | 2.50xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$34.48McapitalExpendituresD&A$13.77MdepreciationAndAmortizationResult 2.50x | $3.65Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.25BtotalAssetsGoodwill$64.27MgoodWillIntangibles$5.21MintangibleAssetsLiabilities$88.17MtotalLiabTangible book$1.09BShares298,093,270commonStockSharesOutstandingResult $3.65 | -35.18xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$145.29MebitdaCapex$34.48McapitalExpendituresInterest$1.21MinterestExpenseShort-term debt$3.90MshortTermDebtEBITDA − capex-$179.77MPrincipal due is short-term debt.Result -35.18x | -$166.65MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$132.17MtotalCashFromOperatingActivitiesCapex$34.48McapitalExpendituresFree cash flow-$166.65MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$166.65M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$142.02MoperatingIncomeTax expense$42.00KincomeTaxExpensePretax income-$160.33MincomeBeforeTaxTax rate—Equity$1.16BtotalStockholderEquityDebt$15.73MshortLongTermDebtTotalCash$915.74McashAndShortTermInvestmentsInvested capital$258.90MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.72xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$142.02MoperatingIncomeNet PP&E$82.36MpropertyPlantEquipmentResult -1.72x |
| 2023 | 15.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$116.33MpropertyPlantAndEquipmentNetInventory$45.87MinventoryTotal assets$1.08BtotalAssetsResult 15.1% | 0.88xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$102.37MtotalRevenueNet PP&E$116.33MpropertyPlantAndEquipmentNetResult 0.88x | 3.06xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$41.37McapitalExpendituresD&A$13.53MdepreciationAndAmortizationResult 3.06x | $3.18Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.08BtotalAssetsGoodwill$40.28MgoodWillIntangibles$1.41MintangibleAssetsLiabilities$86.33MtotalLiabTangible book$949.53MShares298,661,041commonStockSharesOutstandingResult $3.18 | -28.61xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$122.27MebitdaCapex$41.37McapitalExpendituresInterest$1.21MinterestExpenseShort-term debt$4.51MshortTermDebtEBITDA − capex-$163.64MPrincipal due is short-term debt.Result -28.61x | -$145.94MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$104.57MtotalCashFromOperatingActivitiesCapex$41.37McapitalExpendituresFree cash flow-$145.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$145.94M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$162.90MoperatingIncomeTax expense$158.00KincomeTaxExpensePretax income-$144.05MincomeBeforeTaxTax rate—Equity$991.22MtotalStockholderEquityDebt$17.90MshortLongTermDebtTotalCash$753.24McashAndShortTermInvestmentsInvested capital$255.87MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.40xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$162.90MoperatingIncomeNet PP&E$116.33MpropertyPlantAndEquipmentNetResult -1.40x |
| 2024 | 11.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.42MpropertyPlantAndEquipmentNetInventory$56.42MinventoryTotal assets$777.31MtotalAssetsResult 11.2% | 2.29xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$69.73MtotalRevenueNet PP&E$30.42MpropertyPlantAndEquipmentNetResult 2.29x | 2.31xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$27.62McapitalExpendituresD&A$11.97MdepreciationAndAmortizationResult 2.31x | $2.24Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$777.31MtotalAssetsGoodwill$0.00goodWillIntangibles$1.76MintangibleAssetsLiabilities$104.32MtotalLiabTangible book$671.23MShares299,310,384commonStockSharesOutstandingResult $2.24 | -66.78xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$309.29MebitdaCapex$27.62McapitalExpendituresInterest$2.15MinterestExpenseShort-term debt$2.90MshortTermDebtEBITDA − capex-$336.91MPrincipal due is short-term debt.Result -66.78x | -$135.72MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$108.10MtotalCashFromOperatingActivitiesCapex$27.62McapitalExpendituresFree cash flow-$135.72MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$135.72M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$183.30MoperatingIncomeTax expense$121.00KincomeTaxExpensePretax income-$323.41MincomeBeforeTaxTax rate—Equity$672.99MtotalStockholderEquityDebt$23.89MshortLongTermDebtTotalCash$606.05McashAndShortTermInvestmentsInvested capital$90.83MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -6.02xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$183.30MoperatingIncomeNet PP&E$30.42MpropertyPlantAndEquipmentNetResult -6.02x |
| 2025 | 11.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.14MpropertyPlantAndEquipmentNetInventory$43.69MinventoryTotal assets$681.15MtotalAssetsResult 11.1% | 3.15xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$101.14MtotalRevenueNet PP&E$32.14MpropertyPlantAndEquipmentNetResult 3.15x | 2.43xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$10.02McapitalExpendituresD&A$4.13MdepreciationAndAmortizationResult 2.43x | $1.94Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$681.15MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$247.55KintangibleAssetsLiabilities$92.29MtotalLiabTangible book$588.61MShares302,990,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.94 | -16.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$77.38MebitdaCapex$10.02McapitalExpendituresInterest$1.94MinterestExpenseShort-term debt$3.41MshortTermDebtEBITDA − capex-$87.40MPrincipal due is short-term debt.Result -16.35x | -$67.17MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$57.15MtotalCashFromOperatingActivitiesCapex$10.02McapitalExpendituresFree cash flow-$67.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$67.17M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$81.51MoperatingIncomeTax expense$51.89KincomeTaxExpensePretax income-$92.45MincomeBeforeTaxTax rate—Equity$588.86MtotalStockholderEquityDebt$22.10MshortLongTermDebtTotalCash$530.29McashAndShortTermInvestmentsInvested capital$80.67MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.54xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$81.51MoperatingIncomeNet PP&E$32.14MpropertyPlantAndEquipmentNetResult -2.54x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $32.14M
Inventory: $43.69M
Total assets: $681.15M
Goodwill: $0.00
Intangibles: $247.55K
Liabilities: $92.29M
Tangible book: $588.61M
Shares: 302,990,000
Revenue: $101.14M
Capex: $10.02M
D&A: $4.13M
EBITDA: -$77.38M
Interest: $1.94M
Short-term debt: $3.41M
Free cash flow: -$67.17M
Operating income: -$81.51M
Invested capital: $80.67M
Tax rate: —