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.
Bank of Nova Scotia
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.22x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.07x, which is below 1.
Fixed-asset turnover is 14.99x. Compare it with other names in the same basket.
Physical asset ratio
0.3%Physical asset ratio · 2025-10-31(Net PP&E + inventory) / total assetsNet PP&E$4.88BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$1,460.04BtotalAssetsInventory was not reported and is treated as zero.Result 0.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
14.99xFixed asset turnover · 2025-10-31Revenue / net PP&ERevenue$73.18BtotalRevenueNet PP&E$4.88BpropertyPlantEquipmentResult 14.99x
Revenue per dollar of the physical asset base.
Capex / D&A
0.22xCapex / D&A · 2025-10-31Capital expenditures / depreciation and amortizationCapex$347.00McapitalExpendituresD&A$1.60BdepreciationAndAmortizationResult 0.22x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$58.03Tangible book / share · 2025-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1,460.04BtotalAssetsGoodwill$8.59BgoodWillIntangibles$7.58BintangibleAssetsLiabilities$1,371.46BtotalLiabTangible book$72.42BShares1,248,000,000commonStockSharesOutstandingResult $58.03
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.26xPrice / tangible bookPrice / tangible book per sharePrice$131.05Latest quoteTangible book / share$58.032025-10-31Result 2.26x
Price $131.05.
Fixed-charge coverage
0.07xFixed-charge coverage · 2025-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.56BebitdaCapex$347.00McapitalExpendituresInterest$36.08BinterestExpenseShort-term debt$112.35BshortLongTermDebtEBITDA − capex$10.21BPrincipal due is the current portion of debt.Result 0.07x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.2%Free cash flow yield · 2025-10-31Latest free cash flow / current market capFree cash flow$5.06BfreeCashFlowMarket cap$159.73BMarketCapitalizationResult 3.2%
Latest free cash flow divided by current market cap ($159.73B).
ROIC
3.5%ROIC · 2025-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.51BoperatingIncomeTax expense$2.75BincomeTaxExpensePretax income$9.90BincomeBeforeTaxTax rate27.8%Equity$86.87BtotalStockholderEquityDebt$236.69BshortLongTermDebtTotalCash$108.10BcashAndShortTermInvestmentsInvested capital$215.45BResult 3.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.15x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.3%Physical asset ratio · 2018-10-31(Net PP&E + inventory) / total assetsNet PP&E$2.68BpropertyPlantEquipmentInventory$426.00MinventoryTotal assets$998.49BtotalAssetsResult 0.3% | 10.51xFixed asset turnover · 2018-10-31Revenue / net PP&ERevenue$28.22BtotalRevenueNet PP&E$2.68BpropertyPlantEquipmentResult 10.51x | 0.49xCapex / D&A · 2018-10-31Capital expenditures / depreciation and amortizationCapex$416.00McapitalExpendituresD&A$848.00MdepreciationAndAmortizationResult 0.49x | $40.65Tangible book / share · 2018-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$998.49BtotalAssetsGoodwill$10.01BgoodWillIntangibles$7.71BintangibleAssetsLiabilities$930.81BtotalLiabTangible book$49.96BShares1,229,000,000commonStockSharesOutstandingResult $40.65 | 0.10xFixed-charge coverage · 2018-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.40BebitdaCapex$416.00McapitalExpendituresInterest$11.88BinterestExpenseShort-term debt$93.36BshortTermDebtEBITDA − capex$10.98BPrincipal due is short-term debt.Result 0.10x | $17.40BFree cash flow · 2018-10-31Reported free cash flowOperating cash flow$17.81BtotalCashFromOperatingActivitiesCapex$416.00McapitalExpendituresFree cash flow$17.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $17.40B | 33.4%ROIC · 2018-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$22.81BoperatingIncomeTax expense$2.38BincomeTaxExpensePretax income$11.11BincomeBeforeTaxTax rate21.4%Equity$65.23BtotalStockholderEquityDebt$99.06BshortLongTermDebtTotalCash$110.68BcashAndShortTermInvestmentsInvested capital$53.61BResult 33.4% | 8.50xEBIT / PP&E · 2018-10-31Operating income / net PP&EOperating income$22.81BoperatingIncomeNet PP&E$2.68BpropertyPlantEquipmentResult 8.50x |
| 2019 | 0.3%Physical asset ratio · 2019-10-31(Net PP&E + inventory) / total assetsNet PP&E$2.67BpropertyPlantEquipmentInventory$372.00MinventoryTotal assets$1,086.16BtotalAssetsResult 0.3% | 11.33xFixed asset turnover · 2019-10-31Revenue / net PP&ERevenue$30.24BtotalRevenueNet PP&E$2.67BpropertyPlantEquipmentResult 11.33x | 0.18xCapex / D&A · 2019-10-31Capital expenditures / depreciation and amortizationCapex$186.00McapitalExpendituresD&A$1.05BdepreciationAndAmortizationResult 0.18x | $42.15Tangible book / share · 2019-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1,086.16BtotalAssetsGoodwill$9.63BgoodWillIntangibles$7.83BintangibleAssetsLiabilities$1,015.97BtotalLiabTangible book$52.73BShares1,251,000,000commonStockSharesOutstandingResult $42.15 | 0.09xFixed-charge coverage · 2019-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.67BebitdaCapex$186.00McapitalExpendituresInterest$15.61BinterestExpenseShort-term debt$113.52BshortTermDebtEBITDA − capex$11.49BPrincipal due is short-term debt.Result 0.09x | -$12.21BFree cash flow · 2019-10-31Reported free cash flowOperating cash flow-$12.03BtotalCashFromOperatingActivitiesCapex$186.00McapitalExpendituresFree cash flow-$12.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$12.21B | 7.9%ROIC · 2019-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.86BoperatingIncomeTax expense$2.47BincomeTaxExpensePretax income$11.27BincomeBeforeTaxTax rate21.9%Equity$67.52BtotalStockholderEquityDebt$120.77BshortLongTermDebtTotalCash$81.46BcashAndShortTermInvestmentsInvested capital$106.83BResult 7.9% | 4.07xEBIT / PP&E · 2019-10-31Operating income / net PP&EOperating income$10.86BoperatingIncomeNet PP&E$2.67BpropertyPlantEquipmentResult 4.07x |
| 2020 | 0.5%Physical asset ratio · 2020-10-31(Net PP&E + inventory) / total assetsNet PP&E$5.90BpropertyPlantEquipmentInventory$301.00MinventoryTotal assets$1,136.47BtotalAssetsResult 0.5% | 5.31xFixed asset turnover · 2020-10-31Revenue / net PP&ERevenue$31.29BtotalRevenueNet PP&E$5.90BpropertyPlantEquipmentResult 5.31x | 0.50xCapex / D&A · 2020-10-31Capital expenditures / depreciation and amortizationCapex$771.00McapitalExpendituresD&A$1.55BdepreciationAndAmortizationResult 0.50x | $43.03Tangible book / share · 2020-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1,136.47BtotalAssetsGoodwill$9.28BgoodWillIntangibles$7.74BintangibleAssetsLiabilities$1,065.96BtotalLiabTangible book$53.49BShares1,243,000,000commonStockSharesOutstandingResult $43.03 | 0.13xFixed-charge coverage · 2020-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.70BebitdaCapex$771.00McapitalExpendituresInterest$12.39BinterestExpenseShort-term debt$57.30BshortTermDebtEBITDA − capex$8.93BPrincipal due is short-term debt.Result 0.13x | $55.89BFree cash flow · 2020-10-31Reported free cash flowOperating cash flow$21.67BtotalCashFromOperatingActivitiesCapex$771.00McapitalExpendituresFree cash flow$55.89BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $55.89B | 34.3%ROIC · 2020-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.32BoperatingIncomeTax expense$1.54BincomeTaxExpensePretax income$8.40BincomeBeforeTaxTax rate18.4%Equity$68.13BtotalStockholderEquityDebt$68.18BshortLongTermDebtTotalCash$116.50BcashAndShortTermInvestmentsInvested capital$19.81BResult 34.3% | 1.41xEBIT / PP&E · 2020-10-31Operating income / net PP&EOperating income$8.32BoperatingIncomeNet PP&E$5.90BpropertyPlantEquipmentResult 1.41x |
| 2021 | -32.3%Physical asset ratio · 2021-10-31(Net PP&E + inventory) / total assetsNet PP&E$5.62BpropertyPlantEquipmentInventory-$388.41BinventoryTotal assets$1,184.84BtotalAssetsResult -32.3% | 5.50xFixed asset turnover · 2021-10-31Revenue / net PP&ERevenue$30.91BtotalRevenueNet PP&E$5.62BpropertyPlantEquipmentResult 5.50x | 0.31xCapex / D&A · 2021-10-31Capital expenditures / depreciation and amortizationCapex$462.00McapitalExpendituresD&A$1.51BdepreciationAndAmortizationResult 0.31x | $45.95Tangible book / share · 2021-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1,184.84BtotalAssetsGoodwill$8.85BgoodWillIntangibles$7.76BintangibleAssetsLiabilities$1,111.95BtotalLiabTangible book$56.29BShares1,225,000,000commonStockSharesOutstandingResult $45.95 | 1.20xFixed-charge coverage · 2021-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.00BebitdaCapex$462.00McapitalExpendituresInterest$8.03BinterestExpenseShort-term debt$3.26BshortLongTermDebtEBITDA − capex$13.54BPrincipal due is the current portion of debt.Result 1.20x | -$13.27BFree cash flow · 2021-10-31Reported free cash flowOperating cash flow-$12.81BtotalCashFromOperatingActivitiesCapex$462.00McapitalExpendituresFree cash flow-$13.27BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$13.27B | —ROIC · 2021-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$12.50BoperatingIncomeTax expense$2.87BincomeTaxExpensePretax income$12.83BincomeBeforeTaxTax rate22.4%Equity$70.80BtotalStockholderEquityDebt$9.60BlongTermDebt + shortLongTermDebtCash$120.05BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 2.22xEBIT / PP&E · 2021-10-31Operating income / net PP&EOperating income$12.50BoperatingIncomeNet PP&E$5.62BpropertyPlantEquipmentResult 2.22x |
| 2022 | -31.4%Physical asset ratio · 2022-10-31(Net PP&E + inventory) / total assetsNet PP&E$5.70BpropertyPlantEquipmentInventory-$429.50BinventoryTotal assets$1,349.42BtotalAssetsResult -31.4% | 5.46xFixed asset turnover · 2022-10-31Revenue / net PP&ERevenue$31.15BtotalRevenueNet PP&E$5.70BpropertyPlantEquipmentResult 5.46x | 0.37xCapex / D&A · 2022-10-31Capital expenditures / depreciation and amortizationCapex$571.00McapitalExpendituresD&A$1.53BdepreciationAndAmortizationResult 0.37x | $47.94Tangible book / share · 2022-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1,349.42BtotalAssetsGoodwill$8.87BgoodWillIntangibles$7.96BintangibleAssetsLiabilities$1,274.67BtotalLiabTangible book$57.92BShares1,208,000,000commonStockSharesOutstandingResult $47.94 | 0.09xFixed-charge coverage · 2022-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.20BebitdaCapex$571.00McapitalExpendituresInterest$15.44BinterestExpenseShort-term debt$130.11BshortTermDebtEBITDA − capex$13.62BPrincipal due is short-term debt.Result 0.09x | $16.37BFree cash flow · 2022-10-31Reported free cash flowOperating cash flow$16.94BtotalCashFromOperatingActivitiesCapex$571.00McapitalExpendituresFree cash flow$16.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $16.37B | 8.4%ROIC · 2022-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$28.12BoperatingIncomeTax expense$2.76BincomeTaxExpensePretax income$12.93BincomeBeforeTaxTax rate21.3%Equity$73.23BtotalStockholderEquityDebt$310.86BshortLongTermDebtTotalCash$119.31BcashAndShortTermInvestmentsInvested capital$264.77BResult 8.4% | 4.93xEBIT / PP&E · 2022-10-31Operating income / net PP&EOperating income$28.12BoperatingIncomeNet PP&E$5.70BpropertyPlantEquipmentResult 4.93x |
| 2023 | -33.3%Physical asset ratio · 2023-10-31(Net PP&E + inventory) / total assetsNet PP&E$5.64BpropertyPlantEquipmentInventory-$475.37BinventoryTotal assets$1,410.79BtotalAssetsResult -33.3% | 5.63xFixed asset turnover · 2023-10-31Revenue / net PP&ERevenue$31.79BtotalRevenueNet PP&E$5.64BpropertyPlantEquipmentResult 5.63x | 0.24xCapex / D&A · 2023-10-31Capital expenditures / depreciation and amortizationCapex$442.00McapitalExpendituresD&A$1.82BdepreciationAndAmortizationResult 0.24x | $51.06Tangible book / share · 2023-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1,410.79BtotalAssetsGoodwill$9.18BgoodWillIntangibles$8.01BintangibleAssetsLiabilities$1,332.12BtotalLiabTangible book$61.47BShares1,204,000,000commonStockSharesOutstandingResult $51.06 | 0.07xFixed-charge coverage · 2023-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.49BebitdaCapex$442.00McapitalExpendituresInterest$38.54BinterestExpenseShort-term debt$119.93BshortTermDebtEBITDA − capex$11.05BPrincipal due is short-term debt.Result 0.07x | $31.28BFree cash flow · 2023-10-31Reported free cash flowOperating cash flow$31.72BtotalCashFromOperatingActivitiesCapex$442.00McapitalExpendituresFree cash flow$31.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $31.28B | 2.7%ROIC · 2023-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.69BoperatingIncomeTax expense$2.23BincomeTaxExpensePretax income$9.75BincomeBeforeTaxTax rate22.8%Equity$76.93BtotalStockholderEquityDebt$313.81BshortLongTermDebtTotalCash$140.83BcashAndShortTermInvestmentsInvested capital$249.92BResult 2.7% | 1.54xEBIT / PP&E · 2023-10-31Operating income / net PP&EOperating income$8.69BoperatingIncomeNet PP&E$5.64BpropertyPlantEquipmentResult 1.54x |
| 2024 | 0.4%Physical asset ratio · 2024-10-31(Net PP&E + inventory) / total assetsNet PP&E$5.25BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$1,412.03BtotalAssetsInventory was not reported and is treated as zero.Result 0.4% | 5.61xFixed asset turnover · 2024-10-31Revenue / net PP&ERevenue$29.48BtotalRevenueNet PP&E$5.25BpropertyPlantEquipmentResult 5.61x | 0.28xCapex / D&A · 2024-10-31Capital expenditures / depreciation and amortizationCapex$489.00McapitalExpendituresD&A$1.76BdepreciationAndAmortizationResult 0.28x | $54.56Tangible book / share · 2024-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1,412.03BtotalAssetsGoodwill$8.96BgoodWillIntangibles$7.89BintangibleAssetsLiabilities$1,327.95BtotalLiabTangible book$67.22BShares1,232,000,000commonStockSharesOutstandingResult $54.56 | 0.07xFixed-charge coverage · 2024-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.56BebitdaCapex$489.00McapitalExpendituresInterest$42.41BinterestExpenseShort-term debt$103.38BshortTermDebtEBITDA − capex$10.07BPrincipal due is short-term debt.Result 0.07x | $15.16BFree cash flow · 2024-10-31Reported free cash flowOperating cash flow$15.65BtotalCashFromOperatingActivitiesCapex$489.00McapitalExpendituresFree cash flow$15.16BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $15.16B | 2.5%ROIC · 2024-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.80BoperatingIncomeTax expense$2.03BincomeTaxExpensePretax income$9.92BincomeBeforeTaxTax rate20.5%Equity$82.37BtotalStockholderEquityDebt$300.67BshortLongTermDebtTotalCash$108.17BcashAndShortTermInvestmentsInvested capital$274.88BResult 2.5% | 1.67xEBIT / PP&E · 2024-10-31Operating income / net PP&EOperating income$8.80BoperatingIncomeNet PP&E$5.25BpropertyPlantEquipmentResult 1.67x |
| 2025 | 0.3%Physical asset ratio · 2025-10-31(Net PP&E + inventory) / total assetsNet PP&E$4.88BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$1,460.04BtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 14.99xFixed asset turnover · 2025-10-31Revenue / net PP&ERevenue$73.18BtotalRevenueNet PP&E$4.88BpropertyPlantEquipmentResult 14.99x | 0.22xCapex / D&A · 2025-10-31Capital expenditures / depreciation and amortizationCapex$347.00McapitalExpendituresD&A$1.60BdepreciationAndAmortizationResult 0.22x | $58.03Tangible book / share · 2025-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1,460.04BtotalAssetsGoodwill$8.59BgoodWillIntangibles$7.58BintangibleAssetsLiabilities$1,371.46BtotalLiabTangible book$72.42BShares1,248,000,000commonStockSharesOutstandingResult $58.03 | 0.07xFixed-charge coverage · 2025-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.56BebitdaCapex$347.00McapitalExpendituresInterest$36.08BinterestExpenseShort-term debt$112.35BshortLongTermDebtEBITDA − capex$10.21BPrincipal due is the current portion of debt.Result 0.07x | $5.06BFree cash flow · 2025-10-31Reported free cash flowOperating cash flow$5.41BtotalCashFromOperatingActivitiesCapex$347.00McapitalExpendituresFree cash flow$5.06BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.06B | 3.5%ROIC · 2025-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.51BoperatingIncomeTax expense$2.75BincomeTaxExpensePretax income$9.90BincomeBeforeTaxTax rate27.8%Equity$86.87BtotalStockholderEquityDebt$236.69BshortLongTermDebtTotalCash$108.10BcashAndShortTermInvestmentsInvested capital$215.45BResult 3.5% | 2.15xEBIT / PP&E · 2025-10-31Operating income / net PP&EOperating income$10.51BoperatingIncomeNet PP&E$4.88BpropertyPlantEquipmentResult 2.15x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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: $4.88B
Inventory: $0.00
Total assets: $1,460.04B
Goodwill: $8.59B
Intangibles: $7.58B
Liabilities: $1,371.46B
Tangible book: $72.42B
Shares: 1,248,000,000
Revenue: $73.18B
Capex: $347.00M
D&A: $1.60B
EBITDA: $10.56B
Interest: $36.08B
Short-term debt: $112.35B
Free cash flow: $5.06B
Operating income: $10.51B
Invested capital: $215.45B
Tax rate: 27.8%