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.
Constellium Nv
Physical assets are 74.6% of total assets, a heavy footprint. Capex is 1.00x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 11.5%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 3.27x.
Physical asset ratio
74.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.58BpropertyPlantAndEquipmentNetInventory$1.41BinventoryTotal assets$5.35BtotalAssetsResult 74.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.27xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.45BtotalRevenueNet PP&E$2.58BpropertyPlantAndEquipmentNetResult 3.27x
Revenue per dollar of the physical asset base.
Capex / D&A
1.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$329.90McapitalExpendituresD&A$330.00MdepreciationAndAmortizationResult 1.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$5.89Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.35BtotalAssetsGoodwill$46.99MgoodWillIntangibles$87.97MintangibleAssetsLiabilities$4.38BtotalLiabTangible book$835.74MShares141,941,220commonStockSharesOutstandingResult $5.89
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.92xPrice / tangible bookPrice / tangible book per sharePrice$23.11Latest quoteTangible book / share$5.892025-12-31Result 3.92x
Price $23.11.
Fixed-charge coverage
3.41xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$852.00MebitdaCapex$329.90McapitalExpendituresInterest$114.00MinterestExpenseShort-term debt$38.99MshortTermDebtEBITDA − capex$522.10MPrincipal due is short-term debt.Result 3.41x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$158.95MfreeCashFlowMarket cap$3.11BMarketCapitalizationResult 5.1%
Latest free cash flow divided by current market cap ($3.11B).
ROIC
11.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$474.00MoperatingIncomeTax expense$133.00MincomeTaxExpensePretax income$408.00MincomeBeforeTaxTax rate32.6%Equity$951.71MtotalStockholderEquityDebt$1.94BshortLongTermDebtTotalCash$119.96McashInvested capital$2.78BResult 11.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.18x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 59.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.67BpropertyPlantEquipmentInventory$660.00MinventoryTotal assets$3.90BtotalAssetsResult 59.6% | 3.41xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$5.69BtotalRevenueNet PP&E$1.67BpropertyPlantEquipmentResult 3.41x | 1.41xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$277.00McapitalExpendituresD&A$197.00MdepreciationAndAmortizationResult 1.41x | -$4.39Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.90BtotalAssetsGoodwill$422.00MgoodWillIntangibles$70.00MintangibleAssetsLiabilities$4.02BtotalLiabTangible book-$606.00MShares138,145,914commonStockSharesOutstandingResult -$4.39 | 1.32xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$553.00MebitdaCapex$277.00McapitalExpendituresInterest$151.83MinterestExpenseShort-term debt$57.00MshortTermDebtEBITDA − capex$276.00MPrincipal due is short-term debt.Result 1.32x | -$211.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$66.00MtotalCashFromOperatingActivitiesCapex$277.00McapitalExpendituresFree cash flow-$211.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$211.00M | 18.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$404.00MoperatingIncomeTax expense$32.00MincomeTaxExpensePretax income$222.00MincomeBeforeTaxTax rate14.4%Equity-$122.00MtotalStockholderEquityDebt$2.15BshortLongTermDebtTotalCash$194.00McashAndShortTermInvestmentsInvested capital$1.84BResult 18.8% | 0.24xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$404.00MoperatingIncomeNet PP&E$1.67BpropertyPlantEquipmentResult 0.24x |
| 2019 | 65.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.31BpropertyPlantAndEquipmentNetInventory$752.08MinventoryTotal assets$4.70BtotalAssetsResult 65.2% | 2.12xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$4.88BtotalRevenueNet PP&E$2.31BpropertyPlantAndEquipmentNetResult 2.12x | 1.06xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$271.00McapitalExpendituresD&A$256.00MdepreciationAndAmortizationResult 1.06x | -$4.80Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.70BtotalAssetsGoodwill$510.74MgoodWillIntangibles$78.58MintangibleAssetsLiabilities$4.79BtotalLiabTangible book-$684.73MShares142,645,619commonStockSharesOutstandingResult -$4.80 | 0.24xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$364.00MebitdaCapex$271.00McapitalExpendituresInterest$189.15MinterestExpenseShort-term debt$201.00MshortLongTermDebtEBITDA − capex$93.00MPrincipal due is the current portion of debt.Result 0.24x | $176.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$447.00MtotalCashFromOperatingActivitiesCapex$271.00McapitalExpendituresFree cash flow$176.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $176.00M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$125.00MoperatingIncomeTax expense-$17.00MincomeTaxExpensePretax income-$34.00MincomeBeforeTaxTax rate—Equity-$107.76MtotalStockholderEquityDebt$2.65BshortLongTermDebtTotalCash$206.54McashInvested capital$2.34BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.05xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$125.00MoperatingIncomeNet PP&E$2.31BpropertyPlantAndEquipmentNetResult 0.05x |
| 2020 | 60.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.33BpropertyPlantAndEquipmentNetInventory$712.11MinventoryTotal assets$5.05BtotalAssetsResult 60.3% | 2.09xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.88BtotalRevenueNet PP&E$2.33BpropertyPlantAndEquipmentNetResult 2.09x | 0.70xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$182.00McapitalExpendituresD&A$259.00MdepreciationAndAmortizationResult 0.70x | -$5.11Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.05BtotalAssetsGoodwill$510.22MgoodWillIntangibles$74.64MintangibleAssetsLiabilities$5.18BtotalLiabTangible book-$708.44MShares138,739,635commonStockSharesOutstandingResult -$5.11 | 0.69xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$367.00MebitdaCapex$182.00McapitalExpendituresInterest$174.42MinterestExpenseShort-term debt$92.00MshortLongTermDebtEBITDA − capex$185.00MPrincipal due is the current portion of debt.Result 0.69x | $152.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$334.00MtotalCashFromOperatingActivitiesCapex$182.00McapitalExpendituresFree cash flow$152.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $152.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$125.00MoperatingIncomeTax expense-$17.00MincomeTaxExpensePretax income-$34.00MincomeBeforeTaxTax rate—Equity-$140.71MtotalStockholderEquityDebt$2.93BshortLongTermDebtTotalCash$537.14McashInvested capital$2.25BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.05xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$125.00MoperatingIncomeNet PP&E$2.33BpropertyPlantAndEquipmentNetResult 0.05x |
| 2021 | 64.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.22BpropertyPlantAndEquipmentNetInventory$1.19BinventoryTotal assets$5.26BtotalAssetsResult 64.8% | 3.14xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$6.97BtotalRevenueNet PP&E$2.22BpropertyPlantAndEquipmentNetResult 3.14x | 0.77xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$232.00McapitalExpendituresD&A$302.30MdepreciationAndAmortizationResult 0.77x | -$1.68Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.26BtotalAssetsGoodwill$512.88MgoodWillIntangibles$65.96MintangibleAssetsLiabilities$4.93BtotalLiabTangible book-$247.91MShares147,169,971commonStockSharesOutstandingResult -$1.68 | 1.38xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$802.74MebitdaCapex$232.00McapitalExpendituresInterest$154.84MinterestExpenseShort-term debt$258.00MshortLongTermDebtEBITDA − capex$570.74MPrincipal due is the current portion of debt.Result 1.38x | $125.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$357.00MtotalCashFromOperatingActivitiesCapex$232.00McapitalExpendituresFree cash flow$125.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $125.00M | 17.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$547.99MoperatingIncomeTax expense$62.27MincomeTaxExpensePretax income$358.91MincomeBeforeTaxTax rate17.4%Equity$311.59MtotalStockholderEquityDebt$2.42BshortLongTermDebtTotalCash$167.17McashInvested capital$2.57BResult 17.7% | 0.25xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$547.99MoperatingIncomeNet PP&E$2.22BpropertyPlantAndEquipmentNetResult 0.25x |
| 2022 | 67.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.15BpropertyPlantAndEquipmentNetInventory$1.41BinventoryTotal assets$5.27BtotalAssetsResult 67.5% | 3.68xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$7.93BtotalRevenueNet PP&E$2.15BpropertyPlantAndEquipmentNetResult 3.68x | 1.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$286.92McapitalExpendituresD&A$287.00MdepreciationAndAmortizationResult 1.00x | $1.60Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.27BtotalAssetsGoodwill$510.15MgoodWillIntangibles$57.63MintangibleAssetsLiabilities$4.47BtotalLiabTangible book$234.80MShares146,605,716commonStockSharesOutstandingResult $1.60 | 0.84xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$518.39MebitdaCapex$286.92McapitalExpendituresInterest$126.12MinterestExpenseShort-term debt$148.00MshortLongTermDebtEBITDA − capex$231.47MPrincipal due is the current portion of debt.Result 0.84x | $186.02MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$472.94MtotalCashFromOperatingActivitiesCapex$286.92McapitalExpendituresFree cash flow$186.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $186.02M | 11.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$318.74MoperatingIncomeTax expense-$153.33MincomeTaxExpensePretax income$139.39MincomeBeforeTaxTax rate0.0%Equity$780.16MtotalStockholderEquityDebt$2.19BshortLongTermDebtTotalCash$177.16McashInvested capital$2.80BResult 11.4% | 0.15xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$318.74MoperatingIncomeNet PP&E$2.15BpropertyPlantAndEquipmentNetResult 0.15x |
| 2023 | 67.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.05BpropertyPlantAndEquipmentNetInventory$1.10BinventoryTotal assets$4.66BtotalAssetsResult 67.5% | 3.47xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$7.11BtotalRevenueNet PP&E$2.05BpropertyPlantAndEquipmentNetResult 3.47x | 1.33xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$366.00McapitalExpendituresD&A$275.07MdepreciationAndAmortizationResult 1.33x | $2.38Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.66BtotalAssetsGoodwill$462.00MgoodWillIntangibles$47.00MintangibleAssetsLiabilities$3.80BtotalLiabTangible book$355.00MShares149,236,102commonStockSharesOutstandingResult $2.38 | 1.28xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$583.12MebitdaCapex$366.00McapitalExpendituresInterest$115.00MinterestExpenseShort-term debt$54.00MshortTermDebtEBITDA − capex$217.12MPrincipal due is short-term debt.Result 1.28x | $66.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$432.00MtotalCashFromOperatingActivitiesCapex$366.00McapitalExpendituresFree cash flow$66.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $66.00M | 9.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$350.76MoperatingIncomeTax expense$68.15MincomeTaxExpensePretax income$210.82MincomeBeforeTaxTax rate32.3%Equity$843.00MtotalStockholderEquityDebt$1.87BshortLongTermDebtTotalCash$210.00McashAndShortTermInvestmentsInvested capital$2.50BResult 9.5% | 0.17xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$350.76MoperatingIncomeNet PP&E$2.05BpropertyPlantAndEquipmentNetResult 0.17x |
| 2024 | 75.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.41BpropertyPlantAndEquipmentNetInventory$1.18BinventoryTotal assets$4.73BtotalAssetsResult 75.8% | 2.94xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$7.08BtotalRevenueNet PP&E$2.41BpropertyPlantAndEquipmentNetResult 2.94x | 1.36xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$398.83McapitalExpendituresD&A$293.57MdepreciationAndAmortizationResult 1.36x | $3.96Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.73BtotalAssetsGoodwill$46.00MgoodWillIntangibles$97.00MintangibleAssetsLiabilities$4.01BtotalLiabTangible book$584.00MShares147,438,000commonStockSharesOutstandingResult $3.96 | 0.83xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$523.41MebitdaCapex$398.83McapitalExpendituresInterest$112.00MinterestExpenseShort-term debt$39.00MshortLongTermDebtEBITDA − capex$124.58MPrincipal due is the current portion of debt.Result 0.83x | -$108.16MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$290.68MtotalCashFromOperatingActivitiesCapex$398.83McapitalExpendituresFree cash flow-$108.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$108.16M | 6.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$262.67MoperatingIncomeTax expense$72.43MincomeTaxExpensePretax income$130.37MincomeBeforeTaxTax rate40.0%Equity$706.00MtotalStockholderEquityDebt$1.94BshortLongTermDebtTotalCash$141.00McashInvested capital$2.50BThe effective tax rate was above 40% and was capped at 40%.Result 6.3% | 0.11xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$262.67MoperatingIncomeNet PP&E$2.41BpropertyPlantAndEquipmentNetResult 0.11x |
| 2025 | 74.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.58BpropertyPlantAndEquipmentNetInventory$1.41BinventoryTotal assets$5.35BtotalAssetsResult 74.6% | 3.27xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.45BtotalRevenueNet PP&E$2.58BpropertyPlantAndEquipmentNetResult 3.27x | 1.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$329.90McapitalExpendituresD&A$330.00MdepreciationAndAmortizationResult 1.00x | $5.89Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.35BtotalAssetsGoodwill$46.99MgoodWillIntangibles$87.97MintangibleAssetsLiabilities$4.38BtotalLiabTangible book$835.74MShares141,941,220commonStockSharesOutstandingResult $5.89 | 3.41xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$852.00MebitdaCapex$329.90McapitalExpendituresInterest$114.00MinterestExpenseShort-term debt$38.99MshortTermDebtEBITDA − capex$522.10MPrincipal due is short-term debt.Result 3.41x | $158.95MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$488.85MtotalCashFromOperatingActivitiesCapex$329.90McapitalExpendituresFree cash flow$158.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $158.95M | 11.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$474.00MoperatingIncomeTax expense$133.00MincomeTaxExpensePretax income$408.00MincomeBeforeTaxTax rate32.6%Equity$951.71MtotalStockholderEquityDebt$1.94BshortLongTermDebtTotalCash$119.96McashInvested capital$2.78BResult 11.5% | 0.18xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$474.00MoperatingIncomeNet PP&E$2.58BpropertyPlantAndEquipmentNetResult 0.18x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $2.58B
Inventory: $1.41B
Total assets: $5.35B
Goodwill: $46.99M
Intangibles: $87.97M
Liabilities: $4.38B
Tangible book: $835.74M
Shares: 141,941,220
Revenue: $8.45B
Capex: $329.90M
D&A: $330.00M
EBITDA: $852.00M
Interest: $114.00M
Short-term debt: $38.99M
Free cash flow: $158.95M
Operating income: $474.00M
Invested capital: $2.78B
Tax rate: 32.6%