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.
Encompass Health Corp
Physical assets are 60.9% of total assets, a heavy footprint. Capex is 2.25x 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. ROIC is 16.8%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 1.38x. Compare it with other names in the same basket.
Physical asset ratio
60.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.31BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$7.09BtotalAssetsInventory was not reported and is treated as zero.Result 60.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.38xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$5.94BtotalRevenueNet PP&E$4.31BpropertyPlantEquipmentResult 1.38x
Revenue per dollar of the physical asset base.
Capex / D&A
2.25xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$736.40McapitalExpendituresD&A$327.90MdepreciationAndAmortizationResult 2.25x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$16.14Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.09BtotalAssetsGoodwill$1.32BgoodWillIntangibles$308.30MintangibleAssetsLiabilities$3.81BtotalLiabTangible book$1.65BShares102,200,000commonStockSharesOutstandingResult $16.14
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
8.42xPrice / tangible bookPrice / tangible book per sharePrice$135.90Latest quoteTangible book / share$16.142025-12-31Result 8.42x
Price $135.90.
Fixed-charge coverage
4.00xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.40BebitdaCapex$736.40McapitalExpendituresInterest$123.20MinterestExpenseShort-term debt$43.60MshortLongTermDebtEBITDA − capex$667.70MPrincipal due is the current portion of debt.Result 4.00x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$439.20MfreeCashFlowMarket cap$12.97BMarketCapitalizationResult 3.4%
Latest free cash flow divided by current market cap ($12.97B).
ROIC
16.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.05BoperatingIncomeTax expense$192.90MincomeTaxExpensePretax income$953.00MincomeBeforeTaxTax rate20.2%Equity$2.44BtotalStockholderEquityDebt$2.71BshortLongTermDebtTotalCash$145.10McashAndShortTermInvestmentsInvested capital$5.01BResult 16.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.24x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 32.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.63BpropertyPlantEquipmentInventory$59.00MinventoryTotal assets$5.23BtotalAssetsResult 32.4% | 2.62xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$4.28BtotalRevenueNet PP&E$1.63BpropertyPlantEquipmentResult 2.62x | 1.35xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$270.50McapitalExpendituresD&A$199.70MdepreciationAndAmortizationResult 1.35x | -$6.74Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.23BtotalAssetsGoodwill$2.10BgoodWillIntangibles$443.40MintangibleAssetsLiabilities$3.36BtotalLiabTangible book-$673.10MShares99,800,000commonStockSharesOutstandingResult -$6.74 | 3.11xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$840.20MebitdaCapex$270.50McapitalExpendituresInterest$147.30MinterestExpenseShort-term debt$35.80MshortTermDebtEBITDA − capex$569.70MPrincipal due is short-term debt.Result 3.11x | $491.90MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$762.40MtotalCashFromOperatingActivitiesCapex$270.50McapitalExpendituresFree cash flow$491.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $491.90M | 13.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$681.60MoperatingIncomeTax expense$118.90MincomeTaxExpensePretax income$493.20MincomeBeforeTaxTax rate24.1%Equity$1.33BtotalStockholderEquityDebt$2.51BshortLongTermDebtTotalCash$69.20McashAndEquivalentsInvested capital$3.77BResult 13.7% | 0.42xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$681.60MoperatingIncomeNet PP&E$1.63BpropertyPlantEquipmentResult 0.42x |
| 2019 | 37.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.24BpropertyPlantAndEquipmentNetInventory$57.40MinventoryTotal assets$6.08BtotalAssetsResult 37.7% | 2.06xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$4.61BtotalRevenueNet PP&E$2.24BpropertyPlantAndEquipmentNetResult 2.06x | 1.85xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$404.10McapitalExpendituresD&A$218.70MdepreciationAndAmortizationResult 1.85x | -$8.54Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.08BtotalAssetsGoodwill$2.31BgoodWillIntangibles$476.30MintangibleAssetsLiabilities$4.15BtotalLiabTangible book-$848.80MShares99,400,000commonStockSharesOutstandingResult -$8.54 | 2.70xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$940.70MebitdaCapex$404.10McapitalExpendituresInterest$159.70MinterestExpenseShort-term debt$39.30MshortLongTermDebtEBITDA − capex$536.60MPrincipal due is the current portion of debt.Result 2.70x | $231.20MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$635.30MtotalCashFromOperatingActivitiesCapex$404.10McapitalExpendituresFree cash flow$231.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $231.20M | 11.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$692.50MoperatingIncomeTax expense$115.90MincomeTaxExpensePretax income$562.30MincomeBeforeTaxTax rate20.6%Equity$1.35BtotalStockholderEquityDebt$3.35BshortLongTermDebtTotalCash$94.80McashAndEquivalentsInvested capital$4.60BResult 11.9% | 0.31xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$692.50MoperatingIncomeNet PP&E$2.24BpropertyPlantAndEquipmentNetResult 0.31x |
| 2020 | 39.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.45BpropertyPlantEquipmentInventory$65.40MinventoryTotal assets$6.45BtotalAssetsResult 39.1% | 1.45xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$3.57BtotalRevenueNet PP&E$2.45BpropertyPlantEquipmentResult 1.45x | 2.01xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$408.20McapitalExpendituresD&A$203.00MdepreciationAndAmortizationResult 2.01x | -$7.50Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.45BtotalAssetsGoodwill$2.32BgoodWillIntangibles$431.30MintangibleAssetsLiabilities$4.44BtotalLiabTangible book-$748.40MShares99,800,000commonStockSharesOutstandingResult -$7.50 | 1.49xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$739.60MebitdaCapex$408.20McapitalExpendituresInterest$183.70MinterestExpenseShort-term debt$38.30MshortLongTermDebtEBITDA − capex$331.40MPrincipal due is the current portion of debt.Result 1.49x | $296.50MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$704.70MtotalCashFromOperatingActivitiesCapex$408.20McapitalExpendituresFree cash flow$296.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $296.50M | 10.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$661.90MoperatingIncomeTax expense$74.70MincomeTaxExpensePretax income$352.90MincomeBeforeTaxTax rate21.2%Equity$1.59BtotalStockholderEquityDebt$3.54BshortLongTermDebtTotalCash$224.00McashAndEquivalentsInvested capital$4.91BResult 10.6% | 0.27xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$661.90MoperatingIncomeNet PP&E$2.45BpropertyPlantEquipmentResult 0.27x |
| 2021 | 42.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.84BpropertyPlantEquipmentInventory$65.10MinventoryTotal assets$6.86BtotalAssetsResult 42.4% | 1.41xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$4.01BtotalRevenueNet PP&E$2.84BpropertyPlantEquipmentResult 1.41x | 2.51xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$551.20McapitalExpendituresD&A$219.60MdepreciationAndAmortizationResult 2.51x | $10.02Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.86BtotalAssetsGoodwill$1.24BgoodWillIntangibles$158.40MintangibleAssetsLiabilities$4.47BtotalLiabTangible book$1.00BShares100,200,000commonStockSharesOutstandingResult $10.02 | 1.63xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$888.90MebitdaCapex$551.20McapitalExpendituresInterest$164.30MinterestExpenseShort-term debt$42.80MshortLongTermDebtEBITDA − capex$337.70MPrincipal due is the current portion of debt.Result 1.63x | $164.60MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$715.80MtotalCashFromOperatingActivitiesCapex$551.20McapitalExpendituresFree cash flow$164.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $164.60M | 9.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$659.40MoperatingIncomeTax expense$101.90MincomeTaxExpensePretax income$505.00MincomeBeforeTaxTax rate20.2%Equity$1.91BtotalStockholderEquityDebt$3.48BshortLongTermDebtTotalCash$54.80McashAndEquivalentsInvested capital$5.34BResult 9.9% | 0.23xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$659.40MoperatingIncomeNet PP&E$2.84BpropertyPlantEquipmentResult 0.23x |
| 2022 | 56.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.15BpropertyPlantEquipmentInventory$31.60MinventoryTotal assets$5.64BtotalAssetsResult 56.5% | 1.38xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$4.35BtotalRevenueNet PP&E$3.15BpropertyPlantEquipmentResult 1.38x | 2.40xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$584.10McapitalExpendituresD&A$243.60MdepreciationAndAmortizationResult 2.40x | $3.15Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.64BtotalAssetsGoodwill$1.26BgoodWillIntangibles$282.30MintangibleAssetsLiabilities$3.77BtotalLiabTangible book$316.40MShares100,400,000commonStockSharesOutstandingResult $3.15 | 1.42xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$870.10MebitdaCapex$584.10McapitalExpendituresInterest$175.70MinterestExpenseShort-term debt$25.20MshortLongTermDebtEBITDA − capex$286.00MPrincipal due is the current portion of debt.Result 1.42x | $121.70MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$705.80MtotalCashFromOperatingActivitiesCapex$584.10McapitalExpendituresFree cash flow$121.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $121.70M | 11.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$630.20MoperatingIncomeTax expense$100.10MincomeTaxExpensePretax income$450.80MincomeBeforeTaxTax rate22.2%Equity$1.31BtotalStockholderEquityDebt$2.99BshortLongTermDebtTotalCash$21.80McashAndEquivalentsInvested capital$4.28BResult 11.5% | 0.20xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$630.20MoperatingIncomeNet PP&E$3.15BpropertyPlantEquipmentResult 0.20x |
| 2023 | 58.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.51BpropertyPlantEquipmentInventory$72.70MinventoryTotal assets$6.10BtotalAssetsResult 58.7% | 1.37xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$4.80BtotalRevenueNet PP&E$3.51BpropertyPlantEquipmentResult 1.37x | 2.13xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$583.10McapitalExpendituresD&A$273.90MdepreciationAndAmortizationResult 2.13x | $7.28Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.10BtotalAssetsGoodwill$1.28BgoodWillIntangibles$278.20MintangibleAssetsLiabilities$3.81BtotalLiabTangible book$737.70MShares101,300,000commonStockSharesOutstandingResult $7.28 | 2.62xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.02BebitdaCapex$583.10McapitalExpendituresInterest$143.50MinterestExpenseShort-term debt$24.80MshortLongTermDebtEBITDA − capex$441.50MPrincipal due is the current portion of debt.Result 2.62x | $267.70MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$850.80MtotalCashFromOperatingActivitiesCapex$583.10McapitalExpendituresFree cash flow$267.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $267.70M | 12.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$731.80MoperatingIncomeTax expense$132.20MincomeTaxExpensePretax income$607.20MincomeBeforeTaxTax rate21.8%Equity$1.65BtotalStockholderEquityDebt$2.93BshortLongTermDebtTotalCash$141.80McashAndShortTermInvestmentsInvested capital$4.44BResult 12.9% | 0.21xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$731.80MoperatingIncomeNet PP&E$3.51BpropertyPlantEquipmentResult 0.21x |
| 2024 | 58.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.85BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$6.53BtotalAssetsInventory was not reported and is treated as zero.Result 58.9% | 1.40xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$5.37BtotalRevenueNet PP&E$3.85BpropertyPlantEquipmentResult 1.40x | 2.14xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$642.50McapitalExpendituresD&A$299.60MdepreciationAndAmortizationResult 2.14x | $12.40Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.53BtotalAssetsGoodwill$1.28BgoodWillIntangibles$297.80MintangibleAssetsLiabilities$3.69BtotalLiabTangible book$1.27BShares102,200,000commonStockSharesOutstandingResult $12.40 | 1.97xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.19BebitdaCapex$642.50McapitalExpendituresInterest$137.40MinterestExpenseShort-term debt$138.60MshortLongTermDebtEBITDA − capex$544.10MPrincipal due is the current portion of debt.Result 1.97x | $360.30MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$1.00BtotalCashFromOperatingActivitiesCapex$642.50McapitalExpendituresFree cash flow$360.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $360.30M | 14.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$864.50MoperatingIncomeTax expense$150.20MincomeTaxExpensePretax income$749.60MincomeBeforeTaxTax rate20.0%Equity$2.07BtotalStockholderEquityDebt$2.71BshortLongTermDebtTotalCash$85.40McashAndEquivalentsInvested capital$4.70BResult 14.7% | 0.22xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$864.50MoperatingIncomeNet PP&E$3.85BpropertyPlantEquipmentResult 0.22x |
| 2025 | 60.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.31BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$7.09BtotalAssetsInventory was not reported and is treated as zero.Result 60.9% | 1.38xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$5.94BtotalRevenueNet PP&E$4.31BpropertyPlantEquipmentResult 1.38x | 2.25xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$736.40McapitalExpendituresD&A$327.90MdepreciationAndAmortizationResult 2.25x | $16.14Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.09BtotalAssetsGoodwill$1.32BgoodWillIntangibles$308.30MintangibleAssetsLiabilities$3.81BtotalLiabTangible book$1.65BShares102,200,000commonStockSharesOutstandingResult $16.14 | 4.00xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.40BebitdaCapex$736.40McapitalExpendituresInterest$123.20MinterestExpenseShort-term debt$43.60MshortLongTermDebtEBITDA − capex$667.70MPrincipal due is the current portion of debt.Result 4.00x | $439.20MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.18BtotalCashFromOperatingActivitiesCapex$736.40McapitalExpendituresFree cash flow$439.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $439.20M | 16.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.05BoperatingIncomeTax expense$192.90MincomeTaxExpensePretax income$953.00MincomeBeforeTaxTax rate20.2%Equity$2.44BtotalStockholderEquityDebt$2.71BshortLongTermDebtTotalCash$145.10McashAndShortTermInvestmentsInvested capital$5.01BResult 16.8% | 0.24xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.05BoperatingIncomeNet PP&E$4.31BpropertyPlantEquipmentResult 0.24x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $4.31B
Inventory: $0.00
Total assets: $7.09B
Goodwill: $1.32B
Intangibles: $308.30M
Liabilities: $3.81B
Tangible book: $1.65B
Shares: 102,200,000
Revenue: $5.94B
Capex: $736.40M
D&A: $327.90M
EBITDA: $1.40B
Interest: $123.20M
Short-term debt: $43.60M
Free cash flow: $439.20M
Operating income: $1.05B
Invested capital: $5.01B
Tax rate: 20.2%