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.
Entergy Corporation
Physical assets are 76.1% of total assets, a heavy footprint. Capex is 3.13x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.41x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.24x.
Physical asset ratio
76.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$52.85BpropertyPlantAndEquipmentNetInventory$1.84BinventoryTotal assets$71.89BtotalAssetsResult 76.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.24xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$12.95BtotalRevenueNet PP&E$52.85BpropertyPlantAndEquipmentNetResult 0.24x
Revenue per dollar of the physical asset base.
Capex / D&A
3.13xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$7.94BcapitalExpendituresD&A$2.54BdepreciationAndAmortizationResult 3.13x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$37.55Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$71.89BtotalAssetsGoodwill$367.58MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$54.62BtotalLiabTangible book$16.90BShares450,151,884commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $37.55
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.93xPrice / tangible bookPrice / tangible book per sharePrice$110.11Latest quoteTangible book / share$37.552025-12-31Result 2.93x
Price $110.11.
Fixed-charge coverage
-0.41xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.15BebitdaCapex$7.94BcapitalExpendituresInterest$1.34BinterestExpenseShort-term debt$3.03BshortTermDebtEBITDA − capex-$1.80BPrincipal due is short-term debt.Result -0.41x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-5.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$2.79BfreeCashFlowMarket cap$52.54BMarketCapitalizationResult -5.3%
Latest free cash flow divided by current market cap ($52.54B).
ROIC
5.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.05BoperatingIncomeTax expense$497.95MincomeTaxExpensePretax income$2.27BincomeBeforeTaxTax rate21.9%Equity$17.14BtotalStockholderEquityDebt$30.93BshortLongTermDebtTotalCash$1.93BcashAndShortTermInvestmentsInvested capital$46.15BResult 5.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 68.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.28BpropertyPlantAndEquipmentNetInventory$870.15MinventoryTotal assets$48.28BtotalAssetsResult 68.7% | 0.34xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$11.01BtotalRevenueNet PP&E$32.28BpropertyPlantAndEquipmentNetResult 0.34x | 2.09xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$4.27BcapitalExpendituresD&A$2.04BdepreciationAndAmortizationResult 2.09x | $23.68Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$48.28BtotalAssetsGoodwill$377.17MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$39.21BtotalLiabTangible book$8.69BShares366,757,026commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $23.68 | -0.51xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.57BebitdaCapex$4.27BcapitalExpendituresInterest$707.35MinterestExpenseShort-term debt$2.59BshortLongTermDebtEBITDA − capex-$1.70BPrincipal due is the current portion of debt.Result -0.51x | -$1.89BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$2.39BtotalCashFromOperatingActivitiesCapex$4.27BcapitalExpendituresFree cash flow-$1.89BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.89B | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$469.37MoperatingIncomeTax expense-$1.04BincomeTaxExpensePretax income-$174.27MincomeBeforeTaxTax rate—Equity$9.06BtotalStockholderEquityDebt$18.13BshortLongTermDebtTotalCash$480.98McashInvested capital$26.72BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.01xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$469.37MoperatingIncomeNet PP&E$32.28BpropertyPlantAndEquipmentNetResult 0.01x |
| 2019 | 70.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$35.52BpropertyPlantAndEquipmentNetInventory$970.47MinventoryTotal assets$51.72BtotalAssetsResult 70.5% | 0.31xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$10.88BtotalRevenueNet PP&E$35.52BpropertyPlantAndEquipmentNetResult 0.31x | 2.12xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$4.63BcapitalExpendituresD&A$2.18BdepreciationAndAmortizationResult 2.12x | $25.64Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.72BtotalAssetsGoodwill$377.17MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$41.25BtotalLiabTangible book$10.10BShares393,998,568commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $25.64 | -0.18xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.01BebitdaCapex$4.63BcapitalExpendituresInterest$742.43MinterestExpenseShort-term debt$2.74BshortLongTermDebtEBITDA − capex-$618.35MPrincipal due is the current portion of debt.Result -0.18x | -$1.81BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$2.82BtotalCashFromOperatingActivitiesCapex$4.63BcapitalExpendituresFree cash flow-$1.81BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.81B | 4.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.39BoperatingIncomeTax expense-$169.83MincomeTaxExpensePretax income$1.09BincomeBeforeTaxTax rate0.0%Equity$10.44BtotalStockholderEquityDebt$20.12BshortLongTermDebtTotalCash$425.72McashInvested capital$30.14BResult 4.6% | 0.04xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.39BoperatingIncomeNet PP&E$35.52BpropertyPlantAndEquipmentNetResult 0.04x |
| 2020 | 69.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$39.20BpropertyPlantAndEquipmentNetInventory$1.14BinventoryTotal assets$58.24BtotalAssetsResult 69.3% | 0.26xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$10.11BtotalRevenueNet PP&E$39.20BpropertyPlantAndEquipmentNetResult 0.26x | 2.28xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$5.16BcapitalExpendituresD&A$2.26BdepreciationAndAmortizationResult 2.28x | $26.86Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$58.24BtotalAssetsGoodwill$377.17MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$47.06BtotalLiabTangible book$10.80BShares402,204,440commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $26.86 | -0.23xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.33BebitdaCapex$5.16BcapitalExpendituresInterest$785.66MinterestExpenseShort-term debt$2.79BshortLongTermDebtEBITDA − capex-$828.30MPrincipal due is the current portion of debt.Result -0.23x | -$2.47BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$2.69BtotalCashFromOperatingActivitiesCapex$5.16BcapitalExpendituresFree cash flow-$2.47BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.47B | 5.3%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.77BoperatingIncomeTax expense-$121.51MincomeTaxExpensePretax income$1.29BincomeBeforeTaxTax rate0.0%Equity$11.15BtotalStockholderEquityDebt$24.20BshortLongTermDebtTotalCash$1.76BcashInvested capital$33.58BResult 5.3% | 0.05xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$1.77BoperatingIncomeNet PP&E$39.20BpropertyPlantAndEquipmentNetResult 0.05x |
| 2021 | 73.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$42.60BpropertyPlantAndEquipmentNetInventory$1.20BinventoryTotal assets$59.45BtotalAssetsResult 73.7% | 0.28xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$11.74BtotalRevenueNet PP&E$42.60BpropertyPlantAndEquipmentNetResult 0.28x | 2.86xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$6.42BcapitalExpendituresD&A$2.24BdepreciationAndAmortizationResult 2.86x | $28.60Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$59.45BtotalAssetsGoodwill$377.17MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$47.53BtotalLiabTangible book$11.55BShares403,746,048commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $28.60 | -0.66xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.39BebitdaCapex$6.42BcapitalExpendituresInterest$834.69MinterestExpenseShort-term debt$2.24BshortLongTermDebtEBITDA − capex-$2.03BPrincipal due is the current portion of debt.Result -0.66x | -$4.12BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.30BtotalCashFromOperatingActivitiesCapex$6.42BcapitalExpendituresFree cash flow-$4.12BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.12B | 4.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.85BoperatingIncomeTax expense$191.37MincomeTaxExpensePretax income$1.31BincomeBeforeTaxTax rate14.6%Equity$11.86BtotalStockholderEquityDebt$27.37BshortLongTermDebtTotalCash$442.56McashInvested capital$38.78BResult 4.1% | 0.04xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.85BoperatingIncomeNet PP&E$42.60BpropertyPlantAndEquipmentNetResult 0.04x |
| 2022 | 75.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$42.84BpropertyPlantAndEquipmentNetInventory$1.33BinventoryTotal assets$58.60BtotalAssetsResult 75.4% | 0.32xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$13.76BtotalRevenueNet PP&E$42.84BpropertyPlantAndEquipmentNetResult 0.32x | 2.41xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$5.29BcapitalExpendituresD&A$2.19BdepreciationAndAmortizationResult 2.41x | $31.40Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$58.60BtotalAssetsGoodwill$377.17MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$45.31BtotalLiabTangible book$12.91BShares411,095,156commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $31.40 | -0.26xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.24BebitdaCapex$5.29BcapitalExpendituresInterest$987.82MinterestExpenseShort-term debt$3.14BshortLongTermDebtEBITDA − capex-$1.05BPrincipal due is the current portion of debt.Result -0.26x | -$2.70BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$2.59BtotalCashFromOperatingActivitiesCapex$5.29BcapitalExpendituresFree cash flow-$2.70BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.70B | 5.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.05BoperatingIncomeTax expense-$38.98MincomeTaxExpensePretax income$1.06BincomeBeforeTaxTax rate0.0%Equity$13.19BtotalStockholderEquityDebt$27.02BshortLongTermDebtTotalCash$224.16McashAndShortTermInvestmentsInvested capital$39.98BResult 5.1% | 0.05xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$2.05BoperatingIncomeNet PP&E$42.84BpropertyPlantAndEquipmentNetResult 0.05x |
| 2023 | 76.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$44.25BpropertyPlantAndEquipmentNetInventory$1.61BinventoryTotal assets$59.70BtotalAssetsResult 76.8% | 0.27xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$12.15BtotalRevenueNet PP&E$44.25BpropertyPlantAndEquipmentNetResult 0.27x | 2.10xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$4.71BcapitalExpendituresD&A$2.24BdepreciationAndAmortizationResult 2.10x | $34.35Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$59.70BtotalAssetsGoodwill$374.10MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$44.74BtotalLiabTangible book$14.59BShares424,752,990commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $34.35 | 0.05xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.92BebitdaCapex$4.71BcapitalExpendituresInterest$1.01BinterestExpenseShort-term debt$3.24BshortLongTermDebtEBITDA − capex$211.04MPrincipal due is the current portion of debt.Result 0.05x | -$417.30MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$4.29BtotalCashFromOperatingActivitiesCapex$4.71BcapitalExpendituresFree cash flow-$417.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$417.30M | 6.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.62BoperatingIncomeTax expense-$690.54MincomeTaxExpensePretax income$1.67BincomeBeforeTaxTax rate0.0%Equity$14.84BtotalStockholderEquityDebt$26.54BshortLongTermDebtTotalCash$132.55McashAndShortTermInvestmentsInvested capital$41.25BResult 6.3% | 0.06xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.62BoperatingIncomeNet PP&E$44.25BpropertyPlantAndEquipmentNetResult 0.06x |
| 2024 | 76.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$47.85BpropertyPlantAndEquipmentNetInventory$1.80BinventoryTotal assets$64.79BtotalAssetsResult 76.6% | 0.25xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$11.88BtotalRevenueNet PP&E$47.85BpropertyPlantAndEquipmentNetResult 0.25x | 2.44xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$5.97BcapitalExpendituresD&A$2.44BdepreciationAndAmortizationResult 2.44x | $34.84Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$64.79BtotalAssetsGoodwill$367.63MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$49.39BtotalLiabTangible book$15.04BShares431,582,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $34.84 | -0.27xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.04BebitdaCapex$5.97BcapitalExpendituresInterest$1.15BinterestExpenseShort-term debt$2.31BshortLongTermDebtEBITDA − capex-$933.12MPrincipal due is the current portion of debt.Result -0.27x | -$1.48BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$4.49BtotalCashFromOperatingActivitiesCapex$5.97BcapitalExpendituresFree cash flow-$1.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.48B | 4.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.65BoperatingIncomeTax expense$381.03MincomeTaxExpensePretax income$1.44BincomeBeforeTaxTax rate26.4%Equity$15.30BtotalStockholderEquityDebt$29.31BshortLongTermDebtTotalCash$859.70McashAndShortTermInvestmentsInvested capital$43.75BResult 4.5% | 0.06xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$2.65BoperatingIncomeNet PP&E$47.85BpropertyPlantAndEquipmentNetResult 0.06x |
| 2025 | 76.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$52.85BpropertyPlantAndEquipmentNetInventory$1.84BinventoryTotal assets$71.89BtotalAssetsResult 76.1% | 0.24xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$12.95BtotalRevenueNet PP&E$52.85BpropertyPlantAndEquipmentNetResult 0.24x | 3.13xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$7.94BcapitalExpendituresD&A$2.54BdepreciationAndAmortizationResult 3.13x | $37.55Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$71.89BtotalAssetsGoodwill$367.58MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$54.62BtotalLiabTangible book$16.90BShares450,151,884commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $37.55 | -0.41xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.15BebitdaCapex$7.94BcapitalExpendituresInterest$1.34BinterestExpenseShort-term debt$3.03BshortTermDebtEBITDA − capex-$1.80BPrincipal due is short-term debt.Result -0.41x | -$2.79BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$5.15BtotalCashFromOperatingActivitiesCapex$7.94BcapitalExpendituresFree cash flow-$2.79BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.79B | 5.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.05BoperatingIncomeTax expense$497.95MincomeTaxExpensePretax income$2.27BincomeBeforeTaxTax rate21.9%Equity$17.14BtotalStockholderEquityDebt$30.93BshortLongTermDebtTotalCash$1.93BcashAndShortTermInvestmentsInvested capital$46.15BResult 5.2% | 0.06xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$3.05BoperatingIncomeNet PP&E$52.85BpropertyPlantAndEquipmentNetResult 0.06x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $52.85B
Inventory: $1.84B
Total assets: $71.89B
Goodwill: $367.58M
Intangibles: $0.00
Liabilities: $54.62B
Tangible book: $16.90B
Shares: 450,151,884
Revenue: $12.95B
Capex: $7.94B
D&A: $2.54B
EBITDA: $6.15B
Interest: $1.34B
Short-term debt: $3.03B
Free cash flow: -$2.79B
Operating income: $3.05B
Invested capital: $46.15B
Tax rate: 21.9%