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.
Caterpillar Inc
Physical assets are 33.8% of total assets, a mixed footprint. Capex is 1.89x 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 0.77x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 4.46x.
Physical asset ratio
33.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.14BpropertyPlantEquipmentInventory$18.14BinventoryTotal assets$98.59BtotalAssetsResult 33.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.46xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$67.59BtotalRevenueNet PP&E$15.14BpropertyPlantEquipmentResult 4.46x
Revenue per dollar of the physical asset base.
Capex / D&A
1.89xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.29BcapitalExpendituresD&A$2.26BdepreciationAndAmortizationResult 1.89x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$33.59Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$98.59BtotalAssetsGoodwill$5.32BgoodWillIntangibles$241.00MintangibleAssetsLiabilities$77.27BtotalLiabTangible book$15.76BShares469,000,000commonStockSharesOutstandingResult $33.59
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
18.54xPrice / tangible bookPrice / tangible book per sharePrice$622.75Latest quoteTangible book / share$33.592025-12-31Result 18.54x
Price $622.75.
Fixed-charge coverage
0.77xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.86BebitdaCapex$4.29BcapitalExpendituresInterest$1.03BinterestExpenseShort-term debt$12.63BshortTermDebtEBITDA − capex$10.57BPrincipal due is short-term debt.Result 0.77x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$7.45BfreeCashFlowMarket cap$286.26BMarketCapitalizationResult 2.6%
Latest free cash flow divided by current market cap ($286.26B).
ROIC
15.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.21BoperatingIncomeTax expense$2.77BincomeTaxExpensePretax income$11.56BincomeBeforeTaxTax rate23.9%Equity$21.32BtotalStockholderEquityDebt$43.33BshortLongTermDebtTotalCash$9.98BcashAndEquivalentsInvested capital$54.67BResult 15.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.74x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 26.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.09BpropertyPlantEquipmentInventory$11.53BinventoryTotal assets$78.51BtotalAssetsResult 26.3% | 6.02xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$54.72BtotalRevenueNet PP&E$9.09BpropertyPlantEquipmentResult 6.02x | 1.05xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.92BcapitalExpendituresD&A$2.77BdepreciationAndAmortizationResult 1.05x | $9.95Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$78.51BtotalAssetsGoodwill$6.22BgoodWillIntangibles$1.90BintangibleAssetsLiabilities$64.43BtotalLiabTangible book$5.97BShares599,400,000commonStockSharesOutstandingResult $9.95 | 0.68xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.99BebitdaCapex$2.92BcapitalExpendituresInterest$401.00MinterestExpenseShort-term debt$11.55BshortTermDebtEBITDA − capex$8.08BPrincipal due is short-term debt.Result 0.68x | $3.64BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$6.56BtotalCashFromOperatingActivitiesCapex$2.92BcapitalExpendituresFree cash flow$3.64BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.64B | 15.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.29BoperatingIncomeTax expense$1.70BincomeTaxExpensePretax income$7.85BincomeBeforeTaxTax rate21.6%Equity$14.08BtotalStockholderEquityDebt$36.55BshortLongTermDebtTotalCash$7.86BcashAndEquivalentsInvested capital$42.78BResult 15.2% | 0.91xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$8.29BoperatingIncomeNet PP&E$9.09BpropertyPlantEquipmentResult 0.91x |
| 2019 | 30.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.90BpropertyPlantEquipmentInventory$11.27BinventoryTotal assets$78.45BtotalAssetsResult 30.8% | 4.17xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$53.80BtotalRevenueNet PP&E$12.90BpropertyPlantEquipmentResult 4.17x | 1.04xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.67BcapitalExpendituresD&A$2.58BdepreciationAndAmortizationResult 1.04x | $12.10Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$78.45BtotalAssetsGoodwill$6.20BgoodWillIntangibles$1.57BintangibleAssetsLiabilities$63.82BtotalLiabTangible book$6.87BShares567,500,000commonStockSharesOutstandingResult $12.10 | 0.69xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.81BebitdaCapex$2.67BcapitalExpendituresInterest$417.00MinterestExpenseShort-term debt$11.38BshortTermDebtEBITDA − capex$8.14BPrincipal due is short-term debt.Result 0.69x | $4.24BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$6.91BtotalCashFromOperatingActivitiesCapex$2.67BcapitalExpendituresFree cash flow$4.24BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.24B | 14.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.29BoperatingIncomeTax expense$1.75BincomeTaxExpensePretax income$7.84BincomeBeforeTaxTax rate22.3%Equity$14.59BtotalStockholderEquityDebt$37.66BshortLongTermDebtTotalCash$8.28BcashAndEquivalentsInvested capital$43.96BResult 14.7% | 0.64xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$8.29BoperatingIncomeNet PP&E$12.90BpropertyPlantEquipmentResult 0.64x |
| 2020 | 30.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.40BpropertyPlantEquipmentInventory$11.40BinventoryTotal assets$78.32BtotalAssetsResult 30.4% | 3.37xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$41.75BtotalRevenueNet PP&E$12.40BpropertyPlantEquipmentResult 3.37x | 0.87xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.12BcapitalExpendituresD&A$2.43BdepreciationAndAmortizationResult 0.87x | $13.99Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$78.32BtotalAssetsGoodwill$6.39BgoodWillIntangibles$1.31BintangibleAssetsLiabilities$62.95BtotalLiabTangible book$7.68BShares548,600,000commonStockSharesOutstandingResult $13.99 | 0.41xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.94BebitdaCapex$2.12BcapitalExpendituresInterest$510.00MinterestExpenseShort-term debt$11.16BshortTermDebtEBITDA − capex$4.83BPrincipal due is short-term debt.Result 0.41x | $4.21BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$6.33BtotalCashFromOperatingActivitiesCapex$2.12BcapitalExpendituresFree cash flow$4.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.21B | 7.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.55BoperatingIncomeTax expense$1.01BincomeTaxExpensePretax income$4.01BincomeBeforeTaxTax rate25.1%Equity$15.33BtotalStockholderEquityDebt$37.16BshortLongTermDebtTotalCash$9.35BcashAndEquivalentsInvested capital$43.14BResult 7.9% | 0.37xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$4.55BoperatingIncomeNet PP&E$12.40BpropertyPlantEquipmentResult 0.37x |
| 2021 | 26.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.17BpropertyPlantEquipmentInventory$14.04BinventoryTotal assets$82.79BtotalAssetsResult 26.8% | 6.24xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$50.97BtotalRevenueNet PP&E$8.17BpropertyPlantEquipmentResult 6.24x | 1.05xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$2.47BcapitalExpendituresD&A$2.35BdepreciationAndAmortizationResult 1.05x | $16.68Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$82.79BtotalAssetsGoodwill$6.32BgoodWillIntangibles$1.04BintangibleAssetsLiabilities$66.28BtotalLiabTangible book$9.15BShares548,500,000commonStockSharesOutstandingResult $16.68 | 0.70xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.04BebitdaCapex$2.47BcapitalExpendituresInterest$485.00MinterestExpenseShort-term debt$11.76BshortTermDebtEBITDA − capex$8.57BPrincipal due is short-term debt.Result 0.70x | $4.73BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$7.20BtotalCashFromOperatingActivitiesCapex$2.47BcapitalExpendituresFree cash flow$4.73BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.73B | 12.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.88BoperatingIncomeTax expense$1.74BincomeTaxExpensePretax income$8.24BincomeBeforeTaxTax rate21.2%Equity$16.52BtotalStockholderEquityDebt$37.79BshortLongTermDebtTotalCash$9.25BcashAndEquivalentsInvested capital$45.05BResult 12.0% | 0.84xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$6.88BoperatingIncomeNet PP&E$8.17BpropertyPlantEquipmentResult 0.84x |
| 2022 | 34.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.03BpropertyPlantEquipmentInventory$16.27BinventoryTotal assets$81.94BtotalAssetsResult 34.5% | 4.94xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$59.43BtotalRevenueNet PP&E$12.03BpropertyPlantEquipmentResult 4.94x | 1.17xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$2.60BcapitalExpendituresD&A$2.22BdepreciationAndAmortizationResult 1.17x | $18.56Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$81.94BtotalAssetsGoodwill$5.29BgoodWillIntangibles$758.00MintangibleAssetsLiabilities$66.05BtotalLiabTangible book$9.85BShares530,400,000commonStockSharesOutstandingResult $18.56 | 1.53xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.41BebitdaCapex$2.60BcapitalExpendituresInterest$443.00MinterestExpenseShort-term debt$5.33BshortLongTermDebtEBITDA − capex$8.82BPrincipal due is the current portion of debt.Result 1.53x | $5.17BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$7.77BtotalCashFromOperatingActivitiesCapex$2.60BcapitalExpendituresFree cash flow$5.17BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.17B | 13.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.90BoperatingIncomeTax expense$2.07BincomeTaxExpensePretax income$8.77BincomeBeforeTaxTax rate23.6%Equity$15.87BtotalStockholderEquityDebt$36.99BshortLongTermDebtTotalCash$7.00BcashAndEquivalentsInvested capital$45.86BResult 13.2% | 0.66xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$7.90BoperatingIncomeNet PP&E$12.03BpropertyPlantEquipmentResult 0.66x |
| 2023 | 34.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.24BpropertyPlantEquipmentInventory$16.57BinventoryTotal assets$87.48BtotalAssetsResult 34.1% | 5.07xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$67.06BtotalRevenueNet PP&E$13.24BpropertyPlantEquipmentResult 5.07x | 1.44xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$3.09BcapitalExpendituresD&A$2.14BdepreciationAndAmortizationResult 1.44x | $26.54Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$87.48BtotalAssetsGoodwill$5.31BgoodWillIntangibles$564.00MintangibleAssetsLiabilities$67.97BtotalLiabTangible book$13.63BShares513,600,000commonStockSharesOutstandingResult $26.54 | 0.91xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$15.71BebitdaCapex$3.09BcapitalExpendituresInterest$511.00MinterestExpenseShort-term debt$13.41BshortTermDebtEBITDA − capex$12.61BPrincipal due is short-term debt.Result 0.91x | $9.79BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$12.89BtotalCashFromOperatingActivitiesCapex$3.09BcapitalExpendituresFree cash flow$9.79BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.79B | 20.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$12.97BoperatingIncomeTax expense$2.78BincomeTaxExpensePretax income$13.11BincomeBeforeTaxTax rate21.2%Equity$19.49BtotalStockholderEquityDebt$37.88BshortLongTermDebtTotalCash$6.98BcashAndEquivalentsInvested capital$50.39BResult 20.3% | 0.98xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$12.97BoperatingIncomeNet PP&E$13.24BpropertyPlantEquipmentResult 0.98x |
| 2024 | 35.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.95BpropertyPlantEquipmentInventory$16.83BinventoryTotal assets$87.76BtotalAssetsResult 35.1% | 4.64xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$64.81BtotalRevenueNet PP&E$13.95BpropertyPlantEquipmentResult 4.64x | 1.49xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$3.22BcapitalExpendituresD&A$2.15BdepreciationAndAmortizationResult 1.49x | $28.31Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$87.76BtotalAssetsGoodwill$5.24BgoodWillIntangibles$399.00MintangibleAssetsLiabilities$68.27BtotalLiabTangible book$13.85BShares489,400,000commonStockSharesOutstandingResult $28.31 | 1.11xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$16.04BebitdaCapex$3.22BcapitalExpendituresInterest$512.00MinterestExpenseShort-term debt$11.06BshortTermDebtEBITDA − capex$12.82BPrincipal due is short-term debt.Result 1.11x | $8.82BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$12.04BtotalCashFromOperatingActivitiesCapex$3.22BcapitalExpendituresFree cash flow$8.82BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.82B | 20.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.07BoperatingIncomeTax expense$2.63BincomeTaxExpensePretax income$13.42BincomeBeforeTaxTax rate19.6%Equity$19.49BtotalStockholderEquityDebt$38.41BshortLongTermDebtTotalCash$6.89BcashAndEquivalentsInvested capital$51.01BResult 20.6% | 0.94xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$13.07BoperatingIncomeNet PP&E$13.95BpropertyPlantEquipmentResult 0.94x |
| 2025 | 33.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.14BpropertyPlantEquipmentInventory$18.14BinventoryTotal assets$98.59BtotalAssetsResult 33.8% | 4.46xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$67.59BtotalRevenueNet PP&E$15.14BpropertyPlantEquipmentResult 4.46x | 1.89xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.29BcapitalExpendituresD&A$2.26BdepreciationAndAmortizationResult 1.89x | $33.59Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$98.59BtotalAssetsGoodwill$5.32BgoodWillIntangibles$241.00MintangibleAssetsLiabilities$77.27BtotalLiabTangible book$15.76BShares469,000,000commonStockSharesOutstandingResult $33.59 | 0.77xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.86BebitdaCapex$4.29BcapitalExpendituresInterest$1.03BinterestExpenseShort-term debt$12.63BshortTermDebtEBITDA − capex$10.57BPrincipal due is short-term debt.Result 0.77x | $7.45BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$11.74BtotalCashFromOperatingActivitiesCapex$4.29BcapitalExpendituresFree cash flow$7.45BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.45B | 15.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.21BoperatingIncomeTax expense$2.77BincomeTaxExpensePretax income$11.56BincomeBeforeTaxTax rate23.9%Equity$21.32BtotalStockholderEquityDebt$43.33BshortLongTermDebtTotalCash$9.98BcashAndEquivalentsInvested capital$54.67BResult 15.6% | 0.74xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$11.21BoperatingIncomeNet PP&E$15.14BpropertyPlantEquipmentResult 0.74x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $15.14B
Inventory: $18.14B
Total assets: $98.59B
Goodwill: $5.32B
Intangibles: $241.00M
Liabilities: $77.27B
Tangible book: $15.76B
Shares: 469,000,000
Revenue: $67.59B
Capex: $4.29B
D&A: $2.26B
EBITDA: $14.86B
Interest: $1.03B
Short-term debt: $12.63B
Free cash flow: $7.45B
Operating income: $11.21B
Invested capital: $54.67B
Tax rate: 23.9%