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.
Centrus Energy Corp.
Physical assets are 14.5% of total assets, a light footprint. Capex is 1.99x 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 196.8%, above 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 14.34x.
Physical asset ratio
14.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$31.30MpropertyPlantEquipmentInventory$322.90MinventoryTotal assets$2.45BtotalAssetsResult 14.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
14.34xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$448.70MtotalRevenueNet PP&E$31.30MpropertyPlantEquipmentResult 14.34x
Revenue per dollar of the physical asset base.
Capex / D&A
1.99xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$19.70McapitalExpendituresD&A$9.90MdepreciationAndAmortizationResult 1.99x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$37.34Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.45BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$21.20MintangibleAssetsLiabilities$1.68BtotalLiabTangible book$743.90MShares19,925,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $37.34
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.77xPrice / tangible bookPrice / tangible book per sharePrice$103.29Latest quoteTangible book / share$37.342025-12-31Result 2.77x
Price $103.29.
Fixed-charge coverage
1.70xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$109.80MebitdaCapex$19.70McapitalExpendituresInterest$14.00MinterestExpenseShort-term debt$38.90MshortLongTermDebtEBITDA − capex$90.10MPrincipal due is the current portion of debt.Result 1.70x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$31.30MfreeCashFlowMarket cap$2.26BMarketCapitalizationResult 1.4%
Latest free cash flow divided by current market cap ($2.26B).
ROIC
196.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$50.20MoperatingIncomeTax expense$8.10MincomeTaxExpensePretax income$85.90MincomeBeforeTaxTax rate9.4%Equity$765.10MtotalStockholderEquityDebt$1.22BshortLongTermDebtTotalCash$1.96BcashAndEquivalentsInvested capital$23.10MResult 196.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.60x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 23.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.20MpropertyPlantEquipmentInventory$129.70MinventoryTotal assets$571.70MtotalAssetsResult 23.4% | 45.95xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$193.00MtotalRevenueNet PP&E$4.20MpropertyPlantEquipmentResult 45.95x | 0.01xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$100.00KcapitalExpendituresD&A$7.40MdepreciationAndAmortizationResult 0.01x | -$43.48Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$571.70MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$76.00MintangibleAssetsLiabilities$893.60MtotalLiabTangible book-$397.90MShares9,151,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$43.48 | -2.51xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$92.60MebitdaCapex$100.00KcapitalExpendituresInterest$4.10MinterestExpenseShort-term debt$32.80MshortTermDebtEBITDA − capex-$92.70MPrincipal due is short-term debt.Result -2.51x | -$74.50MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$74.40MtotalCashFromOperatingActivitiesCapex$100.00KcapitalExpendituresFree cash flow-$74.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$74.50M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$92.40MoperatingIncomeTax expense-$3.30MincomeTaxExpensePretax income-$104.10MincomeBeforeTaxTax rate—Equity-$321.90MtotalStockholderEquityDebt$153.00MshortLongTermDebtTotalCash$123.10McashAndEquivalentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -22.00xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$92.40MoperatingIncomeNet PP&E$4.20MpropertyPlantEquipmentResult -22.00x |
| 2019 | 15.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.70MpropertyPlantEquipmentInventory$64.50MinventoryTotal assets$455.90MtotalAssetsResult 15.0% | 56.68xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$209.70MtotalRevenueNet PP&E$3.70MpropertyPlantEquipmentResult 56.68x | 0.01xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$100.00KcapitalExpendituresD&A$7.00MdepreciationAndAmortizationResult 0.01x | -$42.48Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$455.90MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$69.50MintangibleAssetsLiabilities$792.80MtotalLiabTangible book-$406.40MShares9,566,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$42.48 | -0.69xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$6.20MebitdaCapex$100.00KcapitalExpendituresInterest$3.00MinterestExpenseShort-term debt$6.10MshortLongTermDebtEBITDA − capex-$6.30MPrincipal due is the current portion of debt.Result -0.69x | $11.20MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$11.30MtotalCashFromOperatingActivitiesCapex$100.00KcapitalExpendituresFree cash flow$11.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $11.20M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$19.70MoperatingIncomeTax expense$300.00KincomeTaxExpensePretax income-$16.20MincomeBeforeTaxTax rate—Equity-$336.90MtotalStockholderEquityDebt$122.70MshortLongTermDebtTotalCash$130.70McashAndEquivalentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -5.32xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$19.70MoperatingIncomeNet PP&E$3.70MpropertyPlantEquipmentResult -5.32x |
| 2020 | 15.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.50MpropertyPlantEquipmentInventory$64.80MinventoryTotal assets$486.30MtotalAssetsUses the property line, which is larger than net PP&E ($4.90M, propertyPlantAndEquipmentNet).Result 15.3% | 26.02xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$247.20MtotalRevenueNet PP&E$9.50MpropertyPlantEquipmentResult 26.02x | 0.19xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.40McapitalExpendituresD&A$7.30MdepreciationAndAmortizationResult 0.19x | -$37.87Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$486.30MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$62.80MintangibleAssetsLiabilities$806.90MtotalLiabTangible book-$383.40MShares10,123,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$37.87 | 9.52xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$60.40MebitdaCapex$1.40McapitalExpendituresInterest$100.00KinterestExpenseShort-term debt$6.10MshortLongTermDebtEBITDA − capex$59.00MPrincipal due is the current portion of debt.Result 9.52x | $65.70MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$67.10MtotalCashFromOperatingActivitiesCapex$1.40McapitalExpendituresFree cash flow$65.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $65.70M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$51.00MoperatingIncomeTax expense-$1.40MincomeTaxExpensePretax income$53.00MincomeBeforeTaxTax rate0.0%Equity-$320.60MtotalStockholderEquityDebt$116.50MshortLongTermDebtTotalCash$152.00McashAndEquivalentsInvested capital—Result — | 5.37xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$51.00MoperatingIncomeNet PP&E$9.50MpropertyPlantEquipmentResult 5.37x |
| 2021 | 16.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.30MpropertyPlantEquipmentInventory$91.10MinventoryTotal assets$572.40MtotalAssetsResult 16.8% | 56.28xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$298.30MtotalRevenueNet PP&E$5.30MpropertyPlantEquipmentResult 56.28x | 0.14xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.20McapitalExpendituresD&A$8.60MdepreciationAndAmortizationResult 0.14x | -$14.17Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$572.40MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$54.70MintangibleAssetsLiabilities$714.30MtotalLiabTangible book-$196.60MShares13,879,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$14.17 | 23.13xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$144.60MebitdaCapex$1.20McapitalExpendituresInterest$100.00KinterestExpenseShort-term debt$6.10MshortLongTermDebtEBITDA − capex$143.40MPrincipal due is the current portion of debt.Result 23.13x | $48.80MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$50.00MtotalCashFromOperatingActivitiesCapex$1.20McapitalExpendituresFree cash flow$48.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $48.80M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$68.30MoperatingIncomeTax expense-$39.10MincomeTaxExpensePretax income$135.90MincomeBeforeTaxTax rate0.0%Equity-$141.90MtotalStockholderEquityDebt$134.20MshortLongTermDebtTotalCash$193.80McashAndEquivalentsInvested capital—Result — | 12.89xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$68.30MoperatingIncomeNet PP&E$5.30MpropertyPlantEquipmentResult 12.89x |
| 2022 | 30.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.50MpropertyPlantEquipmentInventory$209.20MinventoryTotal assets$705.50MtotalAssetsResult 30.4% | 53.42xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$293.80MtotalRevenueNet PP&E$5.50MpropertyPlantEquipmentResult 53.42x | 0.07xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$700.00KcapitalExpendituresD&A$9.60MdepreciationAndAmortizationResult 0.07x | -$7.99Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$705.50MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$45.70MintangibleAssetsLiabilities$779.60MtotalLiabTangible book-$119.80MShares14,988,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$7.99 | 11.70xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$77.90MebitdaCapex$700.00KcapitalExpendituresInterest$500.00KinterestExpenseShort-term debt$6.10MshortLongTermDebtEBITDA − capex$77.20MPrincipal due is the current portion of debt.Result 11.70x | $19.90MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$20.60MtotalCashFromOperatingActivitiesCapex$700.00KcapitalExpendituresFree cash flow$19.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $19.90M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$59.70MoperatingIncomeTax expense$15.60MincomeTaxExpensePretax income$67.80MincomeBeforeTaxTax rate23.0%Equity-$74.10MtotalStockholderEquityDebt$101.80MlongTermDebt + shortLongTermDebtCash$179.90McashAndEquivalentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 10.85xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$59.70MoperatingIncomeNet PP&E$5.50MpropertyPlantEquipmentResult 10.85x |
| 2023 | 39.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.70MpropertyPlantEquipmentInventory$306.40MinventoryTotal assets$796.20MtotalAssetsUses the property line, which is larger than net PP&E ($7.00M, propertyPlantAndEquipmentNet).Result 39.7% | 33.01xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$320.20MtotalRevenueNet PP&E$9.70MpropertyPlantEquipmentResult 33.01x | 0.23xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.60McapitalExpendituresD&A$7.10MdepreciationAndAmortizationResult 0.23x | -$0.46Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$796.20MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$39.40MintangibleAssetsLiabilities$763.90MtotalLiabTangible book-$7.10MShares15,501,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.46 | 2.34xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$52.40MebitdaCapex$1.60McapitalExpendituresInterest$1.30MinterestExpenseShort-term debt$20.40MshortLongTermDebtEBITDA − capex$50.80MPrincipal due is the current portion of debt.Result 2.34x | $7.50MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$9.10MtotalCashFromOperatingActivitiesCapex$1.60McapitalExpendituresFree cash flow$7.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.50M | 638.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$52.40MoperatingIncomeTax expense$100.00KincomeTaxExpensePretax income$84.50MincomeBeforeTaxTax rate0.1%Equity$32.30MtotalStockholderEquityDebt$177.10MshortLongTermDebtTotalCash$201.20McashAndEquivalentsInvested capital$8.20MResult 638.3% | 5.40xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$52.40MoperatingIncomeNet PP&E$9.70MpropertyPlantEquipmentResult 5.40x |
| 2024 | 15.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.00MpropertyPlantEquipmentInventory$161.60MinventoryTotal assets$1.10BtotalAssetsResult 15.7% | 40.18xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$442.00MtotalRevenueNet PP&E$11.00MpropertyPlantEquipmentResult 40.18x | 0.38xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.10McapitalExpendituresD&A$10.80MdepreciationAndAmortizationResult 0.38x | $8.05Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.10BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$29.60MintangibleAssetsLiabilities$937.60MtotalLiabTangible book$131.80MShares16,373,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $8.05 | 1.70xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$86.50MebitdaCapex$4.10McapitalExpendituresInterest$2.70MinterestExpenseShort-term debt$45.90MshortLongTermDebtEBITDA − capex$82.40MPrincipal due is the current portion of debt.Result 1.70x | $32.90MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$37.00MtotalCashFromOperatingActivitiesCapex$4.10McapitalExpendituresFree cash flow$32.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $32.90M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$48.00MoperatingIncomeTax expense-$200.00KincomeTaxExpensePretax income$73.00MincomeBeforeTaxTax rate0.0%Equity$161.40MtotalStockholderEquityDebt$155.60MlongTermDebt + shortLongTermDebtCash$701.40McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 4.36xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$48.00MoperatingIncomeNet PP&E$11.00MpropertyPlantEquipmentResult 4.36x |
| 2025 | 14.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$31.30MpropertyPlantEquipmentInventory$322.90MinventoryTotal assets$2.45BtotalAssetsResult 14.5% | 14.34xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$448.70MtotalRevenueNet PP&E$31.30MpropertyPlantEquipmentResult 14.34x | 1.99xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$19.70McapitalExpendituresD&A$9.90MdepreciationAndAmortizationResult 1.99x | $37.34Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.45BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$21.20MintangibleAssetsLiabilities$1.68BtotalLiabTangible book$743.90MShares19,925,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $37.34 | 1.70xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$109.80MebitdaCapex$19.70McapitalExpendituresInterest$14.00MinterestExpenseShort-term debt$38.90MshortLongTermDebtEBITDA − capex$90.10MPrincipal due is the current portion of debt.Result 1.70x | $31.30MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$51.00MtotalCashFromOperatingActivitiesCapex$19.70McapitalExpendituresFree cash flow$31.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $31.30M | 196.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$50.20MoperatingIncomeTax expense$8.10MincomeTaxExpensePretax income$85.90MincomeBeforeTaxTax rate9.4%Equity$765.10MtotalStockholderEquityDebt$1.22BshortLongTermDebtTotalCash$1.96BcashAndEquivalentsInvested capital$23.10MResult 196.8% | 1.60xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$50.20MoperatingIncomeNet PP&E$31.30MpropertyPlantEquipmentResult 1.60x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $31.30M
Inventory: $322.90M
Total assets: $2.45B
Goodwill: $0.00
Intangibles: $21.20M
Liabilities: $1.68B
Tangible book: $743.90M
Shares: 19,925,000
Revenue: $448.70M
Capex: $19.70M
D&A: $9.90M
EBITDA: $109.80M
Interest: $14.00M
Short-term debt: $38.90M
Free cash flow: $31.30M
Operating income: $50.20M
Invested capital: $23.10M
Tax rate: 9.4%