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.
Consolidated Edison Inc
Physical assets are 75.6% of total assets, a heavy footprint. Capex is 2.05x 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 0.39x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.30x.
Physical asset ratio
75.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$55.89BpropertyPlantAndEquipmentNetInventory$530.00MinventoryTotal assets$74.60BtotalAssetsResult 75.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.30xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$16.92BtotalRevenueNet PP&E$55.89BpropertyPlantAndEquipmentNetResult 0.30x
Revenue per dollar of the physical asset base.
Capex / D&A
2.05xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.76BcapitalExpendituresD&A$2.32BdepreciationAndAmortizationResult 2.05x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$66.31Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$74.60BtotalAssetsGoodwill$406.00MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$50.41BtotalLiabTangible book$23.78BShares358,700,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $66.31
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.76xPrice / tangible bookPrice / tangible book per sharePrice$116.64Latest quoteTangible book / share$66.312025-12-31Result 1.76x
Price $116.64.
Fixed-charge coverage
0.39xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.15BebitdaCapex$4.76BcapitalExpendituresInterest$1.23BinterestExpenseShort-term debt$2.33BshortLongTermDebtEBITDA − capex$1.39BPrincipal due is the current portion of debt.Result 0.39x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$36.00MfreeCashFlowMarket cap$42.71BMarketCapitalizationResult 0.1%
Latest free cash flow divided by current market cap ($42.71B).
ROIC
4.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.93BoperatingIncomeTax expense$574.00MincomeTaxExpensePretax income$2.60BincomeBeforeTaxTax rate22.1%Equity$24.19BtotalStockholderEquityDebt$28.75BshortLongTermDebtTotalCash$1.63BcashAndEquivalentsInvested capital$51.31BResult 4.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.05x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 78.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$41.75BpropertyPlantEquipmentInventory$358.00MinventoryTotal assets$53.92BtotalAssetsResult 78.1% | 0.30xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$12.33BtotalRevenueNet PP&E$41.75BpropertyPlantEquipmentResult 0.30x | 2.43xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$3.50BcapitalExpendituresD&A$1.44BdepreciationAndAmortizationResult 2.43x | $47.12Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$53.92BtotalAssetsGoodwill$440.00MgoodWillIntangibles$1.65BintangibleAssetsLiabilities$37.08BtotalLiabTangible book$14.75BShares312,900,000commonStockSharesOutstandingResult $47.12 | 0.13xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.04BebitdaCapex$3.50BcapitalExpendituresInterest$819.00MinterestExpenseShort-term debt$3.22BshortTermDebtEBITDA − capex$543.00MPrincipal due is short-term debt.Result 0.13x | -$802.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$2.70BtotalCashFromOperatingActivitiesCapex$3.50BcapitalExpendituresFree cash flow-$802.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$802.00M | 5.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.53BoperatingIncomeTax expense$401.00MincomeTaxExpensePretax income$1.78BincomeBeforeTaxTax rate22.5%Equity$16.73BtotalStockholderEquityDebt$20.71BshortLongTermDebtTotalCash$895.00McashAndEquivalentsInvested capital$36.54BResult 5.4% | 0.06xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$2.53BoperatingIncomeNet PP&E$41.75BpropertyPlantEquipmentResult 0.06x |
| 2019 | 77.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$44.75BpropertyPlantAndEquipmentNetInventory$352.00MinventoryTotal assets$58.08BtotalAssetsResult 77.6% | 0.28xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$12.55BtotalRevenueNet PP&E$44.75BpropertyPlantAndEquipmentNetResult 0.28x | 2.07xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$3.49BcapitalExpendituresD&A$1.68BdepreciationAndAmortizationResult 2.07x | $49.20Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$58.08BtotalAssetsGoodwill$446.00MgoodWillIntangibles$1.56BintangibleAssetsLiabilities$39.87BtotalLiabTangible book$16.21BShares329,500,000commonStockSharesOutstandingResult $49.20 | 0.22xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.38BebitdaCapex$3.49BcapitalExpendituresInterest$955.00MinterestExpenseShort-term debt$3.14BshortLongTermDebtEBITDA − capex$889.00MPrincipal due is the current portion of debt.Result 0.22x | -$352.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$3.13BtotalCashFromOperatingActivitiesCapex$3.49BcapitalExpendituresFree cash flow-$352.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$352.00M | 5.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.65BoperatingIncomeTax expense$296.00MincomeTaxExpensePretax income$1.74BincomeBeforeTaxTax rate17.1%Equity$18.02BtotalStockholderEquityDebt$22.54BshortLongTermDebtTotalCash$981.00McashAndEquivalentsInvested capital$39.58BResult 5.6% | 0.06xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$2.65BoperatingIncomeNet PP&E$44.75BpropertyPlantAndEquipmentNetResult 0.06x |
| 2020 | 75.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$47.39BpropertyPlantAndEquipmentNetInventory$356.00MinventoryTotal assets$62.90BtotalAssetsResult 75.9% | 0.26xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$12.24BtotalRevenueNet PP&E$47.39BpropertyPlantAndEquipmentNetResult 0.26x | 2.04xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$3.91BcapitalExpendituresD&A$1.92BdepreciationAndAmortizationResult 2.04x | $51.11Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62.90BtotalAssetsGoodwill$446.00MgoodWillIntangibles$1.46BintangibleAssetsLiabilities$43.83BtotalLiabTangible book$17.16BShares335,700,000commonStockSharesOutstandingResult $51.11 | 0.04xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.11BebitdaCapex$3.91BcapitalExpendituresInterest$1.02BinterestExpenseShort-term debt$3.84BshortLongTermDebtEBITDA − capex$199.00MPrincipal due is the current portion of debt.Result 0.04x | -$1.71BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$2.20BtotalCashFromOperatingActivitiesCapex$3.91BcapitalExpendituresFree cash flow-$1.71BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.71B | 5.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.65BoperatingIncomeTax expense$90.00MincomeTaxExpensePretax income$1.23BincomeBeforeTaxTax rate7.3%Equity$18.85BtotalStockholderEquityDebt$25.08BshortLongTermDebtTotalCash$1.27BcashAndEquivalentsInvested capital$42.65BResult 5.8% | 0.06xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$2.65BoperatingIncomeNet PP&E$47.39BpropertyPlantAndEquipmentNetResult 0.06x |
| 2021 | 79.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$49.41BpropertyPlantAndEquipmentNetInventory$437.00MinventoryTotal assets$63.12BtotalAssetsResult 79.0% | 0.28xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$13.67BtotalRevenueNet PP&E$49.41BpropertyPlantAndEquipmentNetResult 0.28x | 1.95xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.95BcapitalExpendituresD&A$2.03BdepreciationAndAmortizationResult 1.95x | $53.25Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$63.12BtotalAssetsGoodwill$439.00MgoodWillIntangibles$1.29BintangibleAssetsLiabilities$42.78BtotalLiabTangible book$18.60BShares349,400,000commonStockSharesOutstandingResult $53.25 | 0.15xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.37BebitdaCapex$3.95BcapitalExpendituresInterest$919.00MinterestExpenseShort-term debt$1.93BshortLongTermDebtEBITDA − capex$419.00MPrincipal due is the current portion of debt.Result 0.15x | -$1.22BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.73BtotalCashFromOperatingActivitiesCapex$3.95BcapitalExpendituresFree cash flow-$1.22BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.22B | 5.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.80BoperatingIncomeTax expense$190.00MincomeTaxExpensePretax income$1.38BincomeBeforeTaxTax rate13.7%Equity$20.04BtotalStockholderEquityDebt$25.36BshortLongTermDebtTotalCash$992.00McashAndEquivalentsInvested capital$44.41BResult 5.4% | 0.06xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.80BoperatingIncomeNet PP&E$49.41BpropertyPlantAndEquipmentNetResult 0.06x |
| 2022 | 69.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$47.33BpropertyPlantAndEquipmentNetInventory$492.00MinventoryTotal assets$69.07BtotalAssetsResult 69.2% | 0.33xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$15.67BtotalRevenueNet PP&E$47.33BpropertyPlantAndEquipmentNetResult 0.33x | 2.03xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$4.17BcapitalExpendituresD&A$2.06BdepreciationAndAmortizationResult 2.03x | $57.56Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$69.07BtotalAssetsGoodwill$408.00MgoodWillIntangibles$0.00intangibleAssetsLiabilities$48.18BtotalLiabTangible book$20.48BShares355,800,000commonStockSharesOutstandingResult $57.56 | 0.21xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.17BebitdaCapex$4.17BcapitalExpendituresInterest$951.00MinterestExpenseShort-term debt$3.69BshortLongTermDebtEBITDA − capex$997.00MPrincipal due is the current portion of debt.Result 0.21x | -$233.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$3.94BtotalCashFromOperatingActivitiesCapex$4.17BcapitalExpendituresFree cash flow-$233.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$233.00M | 4.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.62BoperatingIncomeTax expense$498.00MincomeTaxExpensePretax income$2.10BincomeBeforeTaxTax rate23.7%Equity$20.69BtotalStockholderEquityDebt$24.42BshortLongTermDebtTotalCash$1.28BcashAndEquivalentsInvested capital$43.82BResult 4.6% | 0.06xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$2.62BoperatingIncomeNet PP&E$47.33BpropertyPlantAndEquipmentNetResult 0.06x |
| 2023 | 76.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$50.14BpropertyPlantAndEquipmentNetInventory$469.00MinventoryTotal assets$66.33BtotalAssetsResult 76.3% | 0.29xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$14.65BtotalRevenueNet PP&E$50.14BpropertyPlantAndEquipmentNetResult 0.29x | 2.21xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$4.49BcapitalExpendituresD&A$2.03BdepreciationAndAmortizationResult 2.21x | $59.40Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$66.33BtotalAssetsGoodwill$408.00MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$45.17BtotalLiabTangible book$20.75BShares349,300,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $59.40 | 0.44xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.06BebitdaCapex$4.49BcapitalExpendituresInterest$1.02BinterestExpenseShort-term debt$2.54BshortLongTermDebtEBITDA − capex$1.57BPrincipal due is the current portion of debt.Result 0.44x | -$2.34BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$2.16BtotalCashFromOperatingActivitiesCapex$4.49BcapitalExpendituresFree cash flow-$2.34BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.34B | 4.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.31BoperatingIncomeTax expense$487.00MincomeTaxExpensePretax income$3.00BincomeBeforeTaxTax rate16.2%Equity$21.16BtotalStockholderEquityDebt$25.01BshortLongTermDebtTotalCash$1.19BcashAndEquivalentsInvested capital$44.98BResult 4.3% | 0.05xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.31BoperatingIncomeNet PP&E$50.14BpropertyPlantAndEquipmentNetResult 0.05x |
| 2024 | 75.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$52.66BpropertyPlantAndEquipmentNetInventory$485.00MinventoryTotal assets$70.56BtotalAssetsResult 75.3% | 0.29xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$15.26BtotalRevenueNet PP&E$52.66BpropertyPlantAndEquipmentNetResult 0.29x | 2.21xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.77BcapitalExpendituresD&A$2.16BdepreciationAndAmortizationResult 2.21x | $62.06Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$70.56BtotalAssetsGoodwill$408.00MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$48.60BtotalLiabTangible book$21.55BShares347,300,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $62.06 | 0.18xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.48BebitdaCapex$4.77BcapitalExpendituresInterest$1.19BinterestExpenseShort-term debt$2.67BshortLongTermDebtEBITDA − capex$709.00MPrincipal due is the current portion of debt.Result 0.18x | -$1.16BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$3.61BtotalCashFromOperatingActivitiesCapex$4.77BcapitalExpendituresFree cash flow-$1.16BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.16B | 4.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.73BoperatingIncomeTax expense$318.00MincomeTaxExpensePretax income$2.14BincomeBeforeTaxTax rate14.9%Equity$21.96BtotalStockholderEquityDebt$27.83BshortLongTermDebtTotalCash$1.32BcashAndEquivalentsInvested capital$48.46BResult 4.8% | 0.05xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$2.73BoperatingIncomeNet PP&E$52.66BpropertyPlantAndEquipmentNetResult 0.05x |
| 2025 | 75.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$55.89BpropertyPlantAndEquipmentNetInventory$530.00MinventoryTotal assets$74.60BtotalAssetsResult 75.6% | 0.30xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$16.92BtotalRevenueNet PP&E$55.89BpropertyPlantAndEquipmentNetResult 0.30x | 2.05xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.76BcapitalExpendituresD&A$2.32BdepreciationAndAmortizationResult 2.05x | $66.31Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$74.60BtotalAssetsGoodwill$406.00MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$50.41BtotalLiabTangible book$23.78BShares358,700,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $66.31 | 0.39xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.15BebitdaCapex$4.76BcapitalExpendituresInterest$1.23BinterestExpenseShort-term debt$2.33BshortLongTermDebtEBITDA − capex$1.39BPrincipal due is the current portion of debt.Result 0.39x | $36.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$4.80BtotalCashFromOperatingActivitiesCapex$4.76BcapitalExpendituresFree cash flow$36.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $36.00M | 4.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.93BoperatingIncomeTax expense$574.00MincomeTaxExpensePretax income$2.60BincomeBeforeTaxTax rate22.1%Equity$24.19BtotalStockholderEquityDebt$28.75BshortLongTermDebtTotalCash$1.63BcashAndEquivalentsInvested capital$51.31BResult 4.4% | 0.05xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$2.93BoperatingIncomeNet PP&E$55.89BpropertyPlantAndEquipmentNetResult 0.05x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $55.89B
Inventory: $530.00M
Total assets: $74.60B
Goodwill: $406.00M
Intangibles: $0.00
Liabilities: $50.41B
Tangible book: $23.78B
Shares: 358,700,000
Revenue: $16.92B
Capex: $4.76B
D&A: $2.32B
EBITDA: $6.15B
Interest: $1.23B
Short-term debt: $2.33B
Free cash flow: $36.00M
Operating income: $2.93B
Invested capital: $51.31B
Tax rate: 22.1%