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.
Great-West Lifeco Inc.
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.00x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 26.10x. Compare it with other names in the same basket.
Physical asset ratio
0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.50BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$862.83BtotalAssetsInventory was not reported and is treated as zero.Result 0.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
26.10xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$39.10BtotalRevenueNet PP&E$1.50BpropertyPlantEquipmentResult 26.10x
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$579.00MdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$16.80Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$862.83BtotalAssetsGoodwill$11.28BgoodWillIntangibles$6.12BintangibleAssetsLiabilities$829.83BtotalLiabTangible book$15.60BShares928,768,306commonStockSharesOutstandingResult $16.80
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
5.50xPrice / tangible bookPrice / tangible book per sharePrice$92.32Latest quoteTangible book / share$16.802025-12-31Result 5.50x
Price $92.32.
Fixed-charge coverage
5.49xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.64BebitdaCapex$0.00capitalExpendituresInterest$379.00MinterestExpenseShort-term debt$648.00MshortTermDebtEBITDA − capex$5.64BPrincipal due is short-term debt.Result 5.49x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$2.71BfreeCashFlowMarket cap$82.20BMarketCapitalizationResult 3.3%
Latest free cash flow divided by current market cap ($82.20B).
ROIC
28.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.70BoperatingIncomeTax expense$534.00MincomeTaxExpensePretax income$4.70BincomeBeforeTaxTax rate11.4%Equity$29.86BtotalStockholderEquityDebt$13.42BshortLongTermDebtTotalCash$28.39BcashAndShortTermInvestmentsInvested capital$14.88BResult 28.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 3.13x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -4.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.18BpropertyPlantEquipmentInventory-$19.25BinventoryTotal assets$427.69BtotalAssetsResult -4.2% | 37.35xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$44.03BtotalRevenueNet PP&E$1.18BpropertyPlantEquipmentResult 37.35x | 6.30xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.94BcapitalExpendituresD&A$308.00MdepreciationAndAmortizationResult 6.30x | $17.06Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$427.69BtotalAssetsGoodwill$6.55BgoodWillIntangibles$3.98BintangibleAssetsLiabilities$400.29BtotalLiabTangible book$16.87BShares989,099,571commonStockSharesOutstandingResult $17.06 | 1.76xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.97BebitdaCapex$1.94BcapitalExpendituresInterest$221.00MinterestExpenseShort-term debt$932.00MshortTermDebtEBITDA − capex$2.03BPrincipal due is short-term debt.Result 1.76x | $4.56BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$6.49BtotalCashFromOperatingActivitiesCapex$1.94BcapitalExpendituresFree cash flow$4.56BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.56B | 11.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.46BoperatingIncomeTax expense$387.00MincomeTaxExpensePretax income$3.46BincomeBeforeTaxTax rate11.2%Equity$24.52BtotalStockholderEquityDebt$6.92BshortLongTermDebtTotalCash$4.17BcashInvested capital$27.27BResult 11.3% | 2.94xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$3.46BoperatingIncomeNet PP&E$1.18BpropertyPlantEquipmentResult 2.94x |
| 2019 | -4.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.65BpropertyPlantEquipmentInventory-$19.86BinventoryTotal assets$451.17BtotalAssetsResult -4.0% | 27.15xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$44.75BtotalRevenueNet PP&E$1.65BpropertyPlantEquipmentResult 27.15x | 1.53xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$639.00McapitalExpendituresD&A$418.00MdepreciationAndAmortizationResult 1.53x | $16.02Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$451.17BtotalAssetsGoodwill$6.51BgoodWillIntangibles$3.88BintangibleAssetsLiabilities$425.62BtotalLiabTangible book$15.16BShares946,526,384commonStockSharesOutstandingResult $16.02 | 2.64xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.59BebitdaCapex$639.00McapitalExpendituresInterest$307.00MinterestExpenseShort-term debt$808.00MshortTermDebtEBITDA − capex$2.95BPrincipal due is short-term debt.Result 2.64x | $5.47BFree cash flow · 2019-12-31Operating cash flow − capexOperating cash flow$6.11BtotalCashFromOperatingActivitiesCapex$639.00McapitalExpendituresFree cash flow$5.47BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $5.47B | 10.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.88BoperatingIncomeTax expense$373.00MincomeTaxExpensePretax income$2.88BincomeBeforeTaxTax rate13.0%Equity$22.68BtotalStockholderEquityDebt$6.96BshortLongTermDebtTotalCash$4.63BcashInvested capital$25.01BResult 10.0% | 1.75xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$2.88BoperatingIncomeNet PP&E$1.65BpropertyPlantEquipmentResult 1.75x |
| 2020 | -5.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.60BpropertyPlantEquipmentInventory-$32.98BinventoryTotal assets$600.49BtotalAssetsResult -5.2% | 37.78xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$60.60BtotalRevenueNet PP&E$1.60BpropertyPlantEquipmentResult 37.78x | 0.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$438.00MdepreciationAndAmortizationResult 0.00x | $13.61Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$600.49BtotalAssetsGoodwill$10.11BgoodWillIntangibles$4.29BintangibleAssetsLiabilities$573.48BtotalLiabTangible book$12.62BShares927,785,082commonStockSharesOutstandingResult $13.61 | 2.21xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.80BebitdaCapex$0.00capitalExpendituresInterest$306.00MinterestExpenseShort-term debt$1.41BshortLongTermDebtEBITDA − capex$3.80BPrincipal due is the current portion of debt.Result 2.21x | $9.61BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$9.61BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$9.61BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.61B | 11.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.07BoperatingIncomeTax expense-$82.00MincomeTaxExpensePretax income$3.07BincomeBeforeTaxTax rate0.0%Equity$24.03BtotalStockholderEquityDebt$11.27BshortLongTermDebtTotalCash$7.95BcashInvested capital$27.36BResult 11.2% | 1.92xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$3.07BoperatingIncomeNet PP&E$1.60BpropertyPlantEquipmentResult 1.92x |
| 2021 | -4.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.55BpropertyPlantEquipmentInventory-$30.34BinventoryTotal assets$630.49BtotalAssetsResult -4.6% | 41.66xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$64.45BtotalRevenueNet PP&E$1.55BpropertyPlantEquipmentResult 41.66x | 0.00xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$523.00MdepreciationAndAmortizationResult 0.00x | $17.07Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$630.49BtotalAssetsGoodwill$9.08BgoodWillIntangibles$5.51BintangibleAssetsLiabilities$600.01BtotalLiabTangible book$15.89BShares930,957,934commonStockSharesOutstandingResult $17.07 | 5.01xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.72BebitdaCapex$0.00capitalExpendituresInterest$349.00MinterestExpenseShort-term debt$593.00MshortLongTermDebtEBITDA − capex$4.72BPrincipal due is the current portion of debt.Result 5.01x | $10.37BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$10.37BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$10.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.37B | 17.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.87BoperatingIncomeTax expense$304.00MincomeTaxExpensePretax income$3.87BincomeBeforeTaxTax rate7.9%Equity$27.22BtotalStockholderEquityDebt$10.26BshortLongTermDebtTotalCash$17.23BcashAndShortTermInvestmentsInvested capital$20.24BResult 17.6% | 2.50xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$3.87BoperatingIncomeNet PP&E$1.55BpropertyPlantEquipmentResult 2.50x |
| 2022 | -3.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.49BpropertyPlantEquipmentInventory-$27.22BinventoryTotal assets$701.46BtotalAssetsResult -3.7% | -1.80xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue-$2.69BtotalRevenueNet PP&E$1.49BpropertyPlantEquipmentResult -1.80x | 0.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$516.00MdepreciationAndAmortizationResult 0.00x | $16.63Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$701.46BtotalAssetsGoodwill$10.60BgoodWillIntangibles$6.21BintangibleAssetsLiabilities$669.14BtotalLiabTangible book$15.51BShares932,281,083commonStockSharesOutstandingResult $16.63 | 3.21xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.96BebitdaCapex$0.00capitalExpendituresInterest$393.00MinterestExpenseShort-term debt$1.15BshortTermDebtEBITDA − capex$4.96BPrincipal due is short-term debt.Result 3.21x | $7.05BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$7.05BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$7.05BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.05B | 17.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.06BoperatingIncomeTax expense$394.00MincomeTaxExpensePretax income$4.06BincomeBeforeTaxTax rate9.7%Equity$29.01BtotalStockholderEquityDebt$11.29BshortLongTermDebtTotalCash$18.84BcashAndShortTermInvestmentsInvested capital$21.46BResult 17.1% | 2.72xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$4.06BoperatingIncomeNet PP&E$1.49BpropertyPlantEquipmentResult 2.72x |
| 2023 | -3.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.37BpropertyPlantEquipmentInventory-$29.01BinventoryTotal assets$713.23BtotalAssetsResult -3.9% | 26.73xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$36.73BtotalRevenueNet PP&E$1.37BpropertyPlantEquipmentResult 26.73x | 0.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$505.00MdepreciationAndAmortizationResult 0.00x | $15.12Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$713.23BtotalAssetsGoodwill$11.25BgoodWillIntangibles$4.48BintangibleAssetsLiabilities$683.38BtotalLiabTangible book$14.12BShares933,534,851commonStockSharesOutstandingResult $15.12 | 4.63xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.98BebitdaCapex$0.00capitalExpendituresInterest$426.00MinterestExpenseShort-term debt$435.00MshortTermDebtEBITDA − capex$3.98BPrincipal due is short-term debt.Result 4.63x | $5.20BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$5.20BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$5.20BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.20B | -19.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$3.33BoperatingIncomeTax expense$53.00MincomeTaxExpensePretax income$3.07BincomeBeforeTaxTax rate1.7%Equity$26.84BtotalStockholderEquityDebt$9.65BshortLongTermDebtTotalCash$19.38BcashAndShortTermInvestmentsInvested capital$17.11BResult -19.2% | -2.43xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$3.33BoperatingIncomeNet PP&E$1.37BpropertyPlantEquipmentResult -2.43x |
| 2024 | 0.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.45BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$802.16BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 24.01xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$34.72BtotalRevenueNet PP&E$1.45BpropertyPlantEquipmentResult 24.01x | 0.00xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$556.00MdepreciationAndAmortizationResult 0.00x | $15.79Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$802.16BtotalAssetsGoodwill$11.43BgoodWillIntangibles$4.96BintangibleAssetsLiabilities$771.01BtotalLiabTangible book$14.77BShares935,120,518commonStockSharesOutstandingResult $15.79 | 6.41xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.93BebitdaCapex$0.00capitalExpendituresInterest$402.00MinterestExpenseShort-term debt$523.00MshortTermDebtEBITDA − capex$5.93BPrincipal due is short-term debt.Result 6.41x | $4.75BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$4.75BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$4.75BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.75B | -11.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.07BoperatingIncomeTax expense$737.00MincomeTaxExpensePretax income$4.98BincomeBeforeTaxTax rate14.8%Equity$29.54BtotalStockholderEquityDebt$10.23BshortLongTermDebtTotalCash$24.71BcashAndShortTermInvestmentsInvested capital$15.06BResult -11.7% | -1.43xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$2.07BoperatingIncomeNet PP&E$1.45BpropertyPlantEquipmentResult -1.43x |
| 2025 | 0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.50BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$862.83BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 26.10xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$39.10BtotalRevenueNet PP&E$1.50BpropertyPlantEquipmentResult 26.10x | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$579.00MdepreciationAndAmortizationResult 0.00x | $16.80Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$862.83BtotalAssetsGoodwill$11.28BgoodWillIntangibles$6.12BintangibleAssetsLiabilities$829.83BtotalLiabTangible book$15.60BShares928,768,306commonStockSharesOutstandingResult $16.80 | 5.49xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.64BebitdaCapex$0.00capitalExpendituresInterest$379.00MinterestExpenseShort-term debt$648.00MshortTermDebtEBITDA − capex$5.64BPrincipal due is short-term debt.Result 5.49x | $2.71BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$2.71BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$2.71BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.71B | 28.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.70BoperatingIncomeTax expense$534.00MincomeTaxExpensePretax income$4.70BincomeBeforeTaxTax rate11.4%Equity$29.86BtotalStockholderEquityDebt$13.42BshortLongTermDebtTotalCash$28.39BcashAndShortTermInvestmentsInvested capital$14.88BResult 28.0% | 3.13xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$4.70BoperatingIncomeNet PP&E$1.50BpropertyPlantEquipmentResult 3.13x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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: $1.50B
Inventory: $0.00
Total assets: $862.83B
Goodwill: $11.28B
Intangibles: $6.12B
Liabilities: $829.83B
Tangible book: $15.60B
Shares: 928,768,306
Revenue: $39.10B
Capex: $0.00
D&A: $579.00M
EBITDA: $5.64B
Interest: $379.00M
Short-term debt: $648.00M
Free cash flow: $2.71B
Operating income: $4.70B
Invested capital: $14.88B
Tax rate: 11.4%