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.
Kinder Morgan Inc
Physical assets are 53.8% of total assets, a heavy footprint. Capex is 1.23x 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 6.0%, below 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 0.43x.
Physical asset ratio
53.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$39.55BpropertyPlantAndEquipmentNetInventory$574.00MinventoryTotal assets$74.55BtotalAssetsResult 53.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.43xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$16.95BtotalRevenueNet PP&E$39.55BpropertyPlantAndEquipmentNetResult 0.43x
Revenue per dollar of the physical asset base.
Capex / D&A
1.23xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.03BcapitalExpendituresD&A$2.45BdepreciationAndAmortizationResult 1.23x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.78Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$74.55BtotalAssetsGoodwill$20.08BgoodWillIntangibles$1.73BintangibleAssetsLiabilities$42.11BtotalLiabTangible book$10.64BShares2,225,000,000commonStockSharesOutstandingResult $4.78
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
7.13xPrice / tangible bookPrice / tangible book per sharePrice$34.08Latest quoteTangible book / share$4.782025-12-31Result 7.13x
Price $34.08.
Fixed-charge coverage
1.47xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.48BebitdaCapex$3.03BcapitalExpendituresInterest$1.80BinterestExpenseShort-term debt$1.23BshortLongTermDebtEBITDA − capex$4.45BPrincipal due is the current portion of debt.Result 1.47x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$2.89BfreeCashFlowMarket cap$74.76BMarketCapitalizationResult 3.9%
Latest free cash flow divided by current market cap ($74.76B).
ROIC
6.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.81BoperatingIncomeTax expense$832.00MincomeTaxExpensePretax income$3.99BincomeBeforeTaxTax rate20.8%Equity$31.16BtotalStockholderEquityDebt$32.39BshortLongTermDebtTotalCash$109.00McashAndShortTermInvestmentsInvested capital$63.44BResult 6.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.12x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 48.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$37.90BpropertyPlantEquipmentInventory$385.00MinventoryTotal assets$78.87BtotalAssetsResult 48.5% | 0.37xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$14.14BtotalRevenueNet PP&E$37.90BpropertyPlantEquipmentResult 0.37x | 1.27xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.92BcapitalExpendituresD&A$2.30BdepreciationAndAmortizationResult 1.27x | $4.67Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$78.87BtotalAssetsGoodwill$21.97BgoodWillIntangibles$2.88BintangibleAssetsLiabilities$43.67BtotalLiabTangible book$10.35BShares2,216,000,000commonStockSharesOutstandingResult $4.67 | 0.60xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.09BebitdaCapex$2.92BcapitalExpendituresInterest$1.92BinterestExpenseShort-term debt$3.39BshortTermDebtEBITDA − capex$3.17BPrincipal due is short-term debt.Result 0.60x | $2.12BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$5.04BtotalCashFromOperatingActivitiesCapex$2.92BcapitalExpendituresFree cash flow$2.12BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.12B | 4.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.79BoperatingIncomeTax expense$587.00MincomeTaxExpensePretax income$2.51BincomeBeforeTaxTax rate23.4%Equity$35.20BtotalStockholderEquityDebt$37.32BshortLongTermDebtTotalCash$3.28BcashAndEquivalentsInvested capital$69.24BResult 4.2% | 0.10xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$3.79BoperatingIncomeNet PP&E$37.90BpropertyPlantEquipmentResult 0.10x |
| 2019 | 49.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$36.42BpropertyPlantEquipmentInventory$371.00MinventoryTotal assets$74.16BtotalAssetsResult 49.6% | 0.36xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$13.21BtotalRevenueNet PP&E$36.42BpropertyPlantEquipmentResult 0.36x | 0.94xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.27BcapitalExpendituresD&A$2.41BdepreciationAndAmortizationResult 0.94x | $4.38Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$74.16BtotalAssetsGoodwill$21.45BgoodWillIntangibles$2.68BintangibleAssetsLiabilities$40.11BtotalLiabTangible book$9.92BShares2,264,000,000commonStockSharesOutstandingResult $4.38 | 0.42xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.02BebitdaCapex$2.27BcapitalExpendituresInterest$1.79BinterestExpenseShort-term debt$2.38BshortTermDebtEBITDA − capex$1.75BPrincipal due is short-term debt.Result 0.42x | $2.48BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$4.75BtotalCashFromOperatingActivitiesCapex$2.27BcapitalExpendituresFree cash flow$2.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.48B | 1.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.61BoperatingIncomeTax expense$926.00MincomeTaxExpensePretax income$3.17BincomeBeforeTaxTax rate29.3%Equity$33.74BtotalStockholderEquityDebt$34.18BshortLongTermDebtTotalCash$1.11BcashAndShortTermInvestmentsInvested capital$66.81BResult 1.7% | 0.04xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.61BoperatingIncomeNet PP&E$36.42BpropertyPlantEquipmentResult 0.04x |
| 2020 | 50.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$35.84BpropertyPlantEquipmentInventory$348.00MinventoryTotal assets$71.97BtotalAssetsResult 50.3% | 0.33xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$11.70BtotalRevenueNet PP&E$35.84BpropertyPlantEquipmentResult 0.33x | 0.79xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.71BcapitalExpendituresD&A$2.16BdepreciationAndAmortizationResult 0.79x | $3.86Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$71.97BtotalAssetsGoodwill$19.85BgoodWillIntangibles$2.45BintangibleAssetsLiabilities$40.94BtotalLiabTangible book$8.73BShares2,263,000,000commonStockSharesOutstandingResult $3.86 | 0.90xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.42BebitdaCapex$1.71BcapitalExpendituresInterest$1.59BinterestExpenseShort-term debt$2.56BshortTermDebtEBITDA − capex$3.72BPrincipal due is short-term debt.Result 0.90x | $2.84BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$4.55BtotalCashFromOperatingActivitiesCapex$1.71BcapitalExpendituresFree cash flow$2.84BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.84B | 3.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.26BoperatingIncomeTax expense$481.00MincomeTaxExpensePretax income$661.00MincomeBeforeTaxTax rate40.0%Equity$31.44BtotalStockholderEquityDebt$34.58BshortLongTermDebtTotalCash$1.18BcashAndEquivalentsInvested capital$64.83BThe effective tax rate was above 40% and was capped at 40%.Result 3.0% | 0.09xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$3.26BoperatingIncomeNet PP&E$35.84BpropertyPlantEquipmentResult 0.09x |
| 2021 | 50.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$35.97BpropertyPlantAndEquipmentNetInventory$562.00MinventoryTotal assets$72.37BtotalAssetsResult 50.5% | 0.46xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$16.61BtotalRevenueNet PP&E$35.97BpropertyPlantAndEquipmentNetResult 0.46x | 0.60xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.28BcapitalExpendituresD&A$2.14BdepreciationAndAmortizationResult 0.60x | $4.56Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$72.37BtotalAssetsGoodwill$19.91BgoodWillIntangibles$1.68BintangibleAssetsLiabilities$40.45BtotalLiabTangible book$10.33BShares2,266,000,000commonStockSharesOutstandingResult $4.56 | 1.18xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.16BebitdaCapex$1.28BcapitalExpendituresInterest$1.50BinterestExpenseShort-term debt$2.65BshortLongTermDebtEBITDA − capex$4.88BPrincipal due is the current portion of debt.Result 1.18x | $4.43BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$5.71BtotalCashFromOperatingActivitiesCapex$1.28BcapitalExpendituresFree cash flow$4.43BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.43B | 5.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.03BoperatingIncomeTax expense$369.00MincomeTaxExpensePretax income$2.22BincomeBeforeTaxTax rate16.6%Equity$30.82BtotalStockholderEquityDebt$33.91BshortLongTermDebtTotalCash$1.14BcashAndEquivalentsInvested capital$63.59BResult 5.3% | 0.11xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$4.03BoperatingIncomeNet PP&E$35.97BpropertyPlantAndEquipmentNetResult 0.11x |
| 2022 | 51.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$35.60BpropertyPlantEquipmentInventory$634.00MinventoryTotal assets$70.08BtotalAssetsResult 51.7% | 0.54xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$19.20BtotalRevenueNet PP&E$35.60BpropertyPlantEquipmentResult 0.54x | 0.74xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.62BcapitalExpendituresD&A$2.19BdepreciationAndAmortizationResult 0.74x | $4.58Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$70.08BtotalAssetsGoodwill$19.97BgoodWillIntangibles$1.81BintangibleAssetsLiabilities$37.96BtotalLiabTangible book$10.34BShares2,258,000,000commonStockSharesOutstandingResult $4.58 | 0.49xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.00BebitdaCapex$1.62BcapitalExpendituresInterest$1.51BinterestExpenseShort-term debt$3.39BshortTermDebtEBITDA − capex$2.38BPrincipal due is short-term debt.Result 0.49x | $3.35BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$4.97BtotalCashFromOperatingActivitiesCapex$1.62BcapitalExpendituresFree cash flow$3.35BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.35B | 2.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.82BoperatingIncomeTax expense$710.00MincomeTaxExpensePretax income$3.34BincomeBeforeTaxTax rate21.3%Equity$30.74BtotalStockholderEquityDebt$32.32BshortLongTermDebtTotalCash$745.00McashAndEquivalentsInvested capital$62.31BResult 2.3% | 0.05xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.82BoperatingIncomeNet PP&E$35.60BpropertyPlantEquipmentResult 0.05x |
| 2023 | 53.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$37.58BpropertyPlantEquipmentInventory$525.00MinventoryTotal assets$71.02BtotalAssetsResult 53.7% | 0.41xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$15.33BtotalRevenueNet PP&E$37.58BpropertyPlantEquipmentResult 0.41x | 1.04xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.35BcapitalExpendituresD&A$2.25BdepreciationAndAmortizationResult 1.04x | $4.32Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$71.02BtotalAssetsGoodwill$20.12BgoodWillIntangibles$1.96BintangibleAssetsLiabilities$39.29BtotalLiabTangible book$9.65BShares2,234,000,000commonStockSharesOutstandingResult $4.32 | 0.71xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.51BebitdaCapex$2.35BcapitalExpendituresInterest$1.80BinterestExpenseShort-term debt$4.05BshortTermDebtEBITDA − capex$4.17BPrincipal due is short-term debt.Result 0.71x | $4.15BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$6.49BtotalCashFromOperatingActivitiesCapex$2.35BcapitalExpendituresFree cash flow$4.15BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.15B | 5.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.26BoperatingIncomeTax expense$715.00MincomeTaxExpensePretax income$3.20BincomeBeforeTaxTax rate22.3%Equity$30.31BtotalStockholderEquityDebt$32.63BshortLongTermDebtTotalCash$83.00McashAndEquivalentsInvested capital$62.85BResult 5.3% | 0.11xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$4.26BoperatingIncomeNet PP&E$37.58BpropertyPlantEquipmentResult 0.11x |
| 2024 | 54.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$38.27BpropertyPlantEquipmentInventory$555.00MinventoryTotal assets$71.41BtotalAssetsResult 54.4% | 0.39xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$15.07BtotalRevenueNet PP&E$38.27BpropertyPlantEquipmentResult 0.39x | 1.12xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.63BcapitalExpendituresD&A$2.35BdepreciationAndAmortizationResult 1.12x | $4.51Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$71.41BtotalAssetsGoodwill$20.08BgoodWillIntangibles$1.76BintangibleAssetsLiabilities$39.54BtotalLiabTangible book$10.02BShares2,220,000,000commonStockSharesOutstandingResult $4.51 | 1.29xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.63BebitdaCapex$2.63BcapitalExpendituresInterest$1.87BinterestExpenseShort-term debt$2.01BshortTermDebtEBITDA − capex$5.00BPrincipal due is short-term debt.Result 1.29x | $3.01BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$5.64BtotalCashFromOperatingActivitiesCapex$2.63BcapitalExpendituresFree cash flow$3.01BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.01B | 5.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.38BoperatingIncomeTax expense$687.00MincomeTaxExpensePretax income$3.41BincomeBeforeTaxTax rate20.2%Equity$30.53BtotalStockholderEquityDebt$32.34BshortLongTermDebtTotalCash$88.00McashAndEquivalentsInvested capital$62.78BResult 5.6% | 0.11xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$4.38BoperatingIncomeNet PP&E$38.27BpropertyPlantEquipmentResult 0.11x |
| 2025 | 53.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$39.55BpropertyPlantAndEquipmentNetInventory$574.00MinventoryTotal assets$74.55BtotalAssetsResult 53.8% | 0.43xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$16.95BtotalRevenueNet PP&E$39.55BpropertyPlantAndEquipmentNetResult 0.43x | 1.23xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.03BcapitalExpendituresD&A$2.45BdepreciationAndAmortizationResult 1.23x | $4.78Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$74.55BtotalAssetsGoodwill$20.08BgoodWillIntangibles$1.73BintangibleAssetsLiabilities$42.11BtotalLiabTangible book$10.64BShares2,225,000,000commonStockSharesOutstandingResult $4.78 | 1.47xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.48BebitdaCapex$3.03BcapitalExpendituresInterest$1.80BinterestExpenseShort-term debt$1.23BshortLongTermDebtEBITDA − capex$4.45BPrincipal due is the current portion of debt.Result 1.47x | $2.89BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$5.92BtotalCashFromOperatingActivitiesCapex$3.03BcapitalExpendituresFree cash flow$2.89BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.89B | 6.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.81BoperatingIncomeTax expense$832.00MincomeTaxExpensePretax income$3.99BincomeBeforeTaxTax rate20.8%Equity$31.16BtotalStockholderEquityDebt$32.39BshortLongTermDebtTotalCash$109.00McashAndShortTermInvestmentsInvested capital$63.44BResult 6.0% | 0.12xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$4.81BoperatingIncomeNet PP&E$39.55BpropertyPlantAndEquipmentNetResult 0.12x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $39.55B
Inventory: $574.00M
Total assets: $74.55B
Goodwill: $20.08B
Intangibles: $1.73B
Liabilities: $42.11B
Tangible book: $10.64B
Shares: 2,225,000,000
Revenue: $16.95B
Capex: $3.03B
D&A: $2.45B
EBITDA: $7.48B
Interest: $1.80B
Short-term debt: $1.23B
Free cash flow: $2.89B
Operating income: $4.81B
Invested capital: $63.44B
Tax rate: 20.8%