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.
Louisiana-Pacific Corporation
Physical assets are 79.7% of total assets, a heavy footprint. Capex is 2.01x 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 10.5%, 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 1.56x.
Physical asset ratio
79.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.73BpropertyPlantEquipmentInventory$363.00MinventoryTotal assets$2.63BtotalAssetsResult 79.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.56xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.71BtotalRevenueNet PP&E$1.73BpropertyPlantEquipmentResult 1.56x
Revenue per dollar of the physical asset base.
Capex / D&A
2.01xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$291.00McapitalExpendituresD&A$145.00MdepreciationAndAmortizationResult 2.01x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$24.24Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.63BtotalAssetsGoodwill$19.00MgoodWillIntangibles$16.00MintangibleAssetsLiabilities$895.00MtotalLiabTangible book$1.70BShares70,000,000commonStockSharesOutstandingResult $24.24
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.02xPrice / tangible bookPrice / tangible book per sharePrice$73.31Latest quoteTangible book / share$24.242025-12-31Result 3.02x
Price $73.31.
Fixed-charge coverage
2.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$354.00MebitdaCapex$291.00McapitalExpendituresInterest$14.00MinterestExpenseShort-term debt$9.00MshortTermDebtEBITDA − capex$63.00MPrincipal due is short-term debt.Result 2.74x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$91.00MfreeCashFlowMarket cap$5.13BMarketCapitalizationResult 1.8%
Latest free cash flow divided by current market cap ($5.13B).
ROIC
10.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$259.00MoperatingIncomeTax expense$50.00MincomeTaxExpensePretax income$196.00MincomeBeforeTaxTax rate25.5%Equity$1.73BtotalStockholderEquityDebt$401.00MshortLongTermDebtTotalCash$292.00McashAndEquivalentsInvested capital$1.84BResult 10.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.15x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 51.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.01BpropertyPlantEquipmentInventory$273.00MinventoryTotal assets$2.51BtotalAssetsResult 51.0% | 2.80xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$2.83BtotalRevenueNet PP&E$1.01BpropertyPlantEquipmentResult 2.80x | 1.79xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$214.20McapitalExpendituresD&A$120.00MdepreciationAndAmortizationResult 1.79x | $11.59Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.51BtotalAssetsGoodwill$16.00MgoodWillIntangibles$10.00MintangibleAssetsLiabilities$813.90MtotalLiabTangible book$1.67BShares144,400,000commonStockSharesOutstandingResult $11.59 | 21.42xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$659.80MebitdaCapex$214.20McapitalExpendituresInterest$15.80MinterestExpenseShort-term debt$5.00MshortTermDebtEBITDA − capex$445.60MPrincipal due is short-term debt.Result 21.42x | $296.30MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$510.50MtotalCashFromOperatingActivitiesCapex$214.20McapitalExpendituresFree cash flow$296.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $296.30M | 34.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$526.10MoperatingIncomeTax expense$122.30MincomeTaxExpensePretax income$524.00MincomeBeforeTaxTax rate23.3%Equity$1.70BtotalStockholderEquityDebt$352.00MshortLongTermDebtTotalCash$878.40McashAndEquivalentsInvested capital$1.17BResult 34.4% | 0.52xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$526.10MoperatingIncomeNet PP&E$1.01BpropertyPlantEquipmentResult 0.52x |
| 2019 | 69.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.01BpropertyPlantAndEquipmentNetInventory$265.00MinventoryTotal assets$1.84BtotalAssetsResult 69.4% | 2.29xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$2.31BtotalRevenueNet PP&E$1.01BpropertyPlantAndEquipmentNetResult 2.29x | 1.33xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$163.00McapitalExpendituresD&A$123.00MdepreciationAndAmortizationResult 1.33x | $7.49Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.84BtotalAssetsGoodwill$30.00MgoodWillIntangibles$50.00MintangibleAssetsLiabilities$834.00MtotalLiabTangible book$921.00MShares123,000,000commonStockSharesOutstandingResult $7.49 | -1.84xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$117.00MebitdaCapex$163.00McapitalExpendituresInterest$17.00MinterestExpenseShort-term debt$8.00MshortTermDebtEBITDA − capex-$46.00MPrincipal due is short-term debt.Result -1.84x | -$4.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$159.00MtotalCashFromOperatingActivitiesCapex$163.00McapitalExpendituresFree cash flow-$4.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.00M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$20.00MoperatingIncomeTax expense-$13.00MincomeTaxExpensePretax income-$23.00MincomeBeforeTaxTax rate—Equity$991.00MtotalStockholderEquityDebt$392.00MshortLongTermDebtTotalCash$181.00McashAndEquivalentsInvested capital$1.20BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.02xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$20.00MoperatingIncomeNet PP&E$1.01BpropertyPlantAndEquipmentNetResult -0.02x |
| 2020 | 58.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$958.00MpropertyPlantAndEquipmentNetInventory$259.00MinventoryTotal assets$2.09BtotalAssetsResult 58.3% | 2.50xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$2.40BtotalRevenueNet PP&E$958.00MpropertyPlantAndEquipmentNetResult 2.50x | 0.69xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$77.00McapitalExpendituresD&A$111.00MdepreciationAndAmortizationResult 0.69x | $10.38Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.09BtotalAssetsGoodwill$25.00MgoodWillIntangibles$56.00MintangibleAssetsLiabilities$842.00MtotalLiabTangible book$1.16BShares112,000,000commonStockSharesOutstandingResult $10.38 | 25.19xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$757.00MebitdaCapex$77.00McapitalExpendituresInterest$19.00MinterestExpenseShort-term debt$8.00MshortTermDebtEBITDA − capex$680.00MPrincipal due is short-term debt.Result 25.19x | $582.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$659.00MtotalCashFromOperatingActivitiesCapex$77.00McapitalExpendituresFree cash flow$582.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $582.00M | 45.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$615.00MoperatingIncomeTax expense$121.00MincomeTaxExpensePretax income$606.00MincomeBeforeTaxTax rate20.0%Equity$1.23BtotalStockholderEquityDebt$389.00MshortLongTermDebtTotalCash$535.00McashAndEquivalentsInvested capital$1.09BResult 45.2% | 0.64xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$615.00MoperatingIncomeNet PP&E$958.00MpropertyPlantAndEquipmentNetResult 0.64x |
| 2021 | 62.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.09BpropertyPlantAndEquipmentNetInventory$277.00MinventoryTotal assets$2.19BtotalAssetsResult 62.3% | 3.59xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$3.92BtotalRevenueNet PP&E$1.09BpropertyPlantAndEquipmentNetResult 3.59x | 2.13xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$254.00McapitalExpendituresD&A$119.00MdepreciationAndAmortizationResult 2.13x | $11.95Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.19BtotalAssetsGoodwill$19.00MgoodWillIntangibles$49.00MintangibleAssetsLiabilities$955.00MtotalLiabTangible book$1.17BShares98,000,000commonStockSharesOutstandingResult $11.95 | 76.57xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.86BebitdaCapex$254.00McapitalExpendituresInterest$14.00MinterestExpenseShort-term debt$7.00MshortTermDebtEBITDA − capex$1.61BPrincipal due is short-term debt.Result 76.57x | $1.23BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.48BtotalCashFromOperatingActivitiesCapex$254.00McapitalExpendituresFree cash flow$1.23BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.23B | 104.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.73BoperatingIncomeTax expense$402.00MincomeTaxExpensePretax income$1.70BincomeBeforeTaxTax rate23.6%Equity$1.24BtotalStockholderEquityDebt$397.00MshortLongTermDebtTotalCash$358.00McashAndEquivalentsInvested capital$1.27BResult 104.0% | 1.59xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.73BoperatingIncomeNet PP&E$1.09BpropertyPlantAndEquipmentNetResult 1.59x |
| 2022 | 72.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.37BpropertyPlantAndEquipmentNetInventory$336.00MinventoryTotal assets$2.35BtotalAssetsResult 72.6% | 2.81xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$3.85BtotalRevenueNet PP&E$1.37BpropertyPlantAndEquipmentNetResult 2.81x | 3.14xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$414.00McapitalExpendituresD&A$132.00MdepreciationAndAmortizationResult 3.14x | $17.56Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.35BtotalAssetsGoodwill$19.00MgoodWillIntangibles$45.00MintangibleAssetsLiabilities$916.00MtotalLiabTangible book$1.37BShares78,000,000commonStockSharesOutstandingResult $17.56 | 49.89xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.36BebitdaCapex$414.00McapitalExpendituresInterest$11.00MinterestExpenseShort-term debt$8.00MshortTermDebtEBITDA − capex$948.00MPrincipal due is short-term debt.Result 49.89x | $730.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.14BtotalCashFromOperatingActivitiesCapex$414.00McapitalExpendituresFree cash flow$730.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $730.00M | 65.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.25BoperatingIncomeTax expense$274.00MincomeTaxExpensePretax income$1.16BincomeBeforeTaxTax rate23.6%Equity$1.43BtotalStockholderEquityDebt$395.00MshortLongTermDebtTotalCash$369.00McashAndEquivalentsInvested capital$1.46BResult 65.4% | 0.91xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.25BoperatingIncomeNet PP&E$1.37BpropertyPlantAndEquipmentNetResult 0.91x |
| 2023 | 79.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.57BpropertyPlantEquipmentInventory$378.00MinventoryTotal assets$2.44BtotalAssetsResult 79.7% | 1.65xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.58BtotalRevenueNet PP&E$1.57BpropertyPlantEquipmentResult 1.65x | 2.52xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$300.00McapitalExpendituresD&A$119.00MdepreciationAndAmortizationResult 2.52x | $20.92Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.44BtotalAssetsGoodwill$19.00MgoodWillIntangibles$32.00MintangibleAssetsLiabilities$880.00MtotalLiabTangible book$1.51BShares72,000,000commonStockSharesOutstandingResult $20.92 | 4.00xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$380.00MebitdaCapex$300.00McapitalExpendituresInterest$14.00MinterestExpenseShort-term debt$6.00MshortTermDebtEBITDA − capex$80.00MPrincipal due is short-term debt.Result 4.00x | $16.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$316.00MtotalCashFromOperatingActivitiesCapex$300.00McapitalExpendituresFree cash flow$16.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $16.00M | 11.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$287.00MoperatingIncomeTax expense$74.00MincomeTaxExpensePretax income$252.00MincomeBeforeTaxTax rate29.4%Equity$1.56BtotalStockholderEquityDebt$378.00MshortLongTermDebtTotalCash$222.00McashAndEquivalentsInvested capital$1.71BResult 11.8% | 0.18xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$287.00MoperatingIncomeNet PP&E$1.57BpropertyPlantEquipmentResult 0.18x |
| 2024 | 76.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.62BpropertyPlantEquipmentInventory$358.00MinventoryTotal assets$2.57BtotalAssetsResult 76.9% | 1.82xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.94BtotalRevenueNet PP&E$1.62BpropertyPlantEquipmentResult 1.82x | 1.45xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$183.00McapitalExpendituresD&A$126.00MdepreciationAndAmortizationResult 1.45x | $22.85Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.57BtotalAssetsGoodwill$19.00MgoodWillIntangibles$30.00MintangibleAssetsLiabilities$898.00MtotalLiabTangible book$1.62BShares71,000,000commonStockSharesOutstandingResult $22.85 | 21.68xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$660.00MebitdaCapex$183.00McapitalExpendituresInterest$14.00MinterestExpenseShort-term debt$8.00MshortTermDebtEBITDA − capex$477.00MPrincipal due is short-term debt.Result 21.68x | $422.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$605.00MtotalCashFromOperatingActivitiesCapex$183.00McapitalExpendituresFree cash flow$422.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $422.00M | 23.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$530.00MoperatingIncomeTax expense$140.00MincomeTaxExpensePretax income$560.00MincomeBeforeTaxTax rate25.0%Equity$1.67BtotalStockholderEquityDebt$380.00MshortLongTermDebtTotalCash$340.00McashAndEquivalentsInvested capital$1.71BResult 23.2% | 0.33xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$530.00MoperatingIncomeNet PP&E$1.62BpropertyPlantEquipmentResult 0.33x |
| 2025 | 79.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.73BpropertyPlantEquipmentInventory$363.00MinventoryTotal assets$2.63BtotalAssetsResult 79.7% | 1.56xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.71BtotalRevenueNet PP&E$1.73BpropertyPlantEquipmentResult 1.56x | 2.01xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$291.00McapitalExpendituresD&A$145.00MdepreciationAndAmortizationResult 2.01x | $24.24Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.63BtotalAssetsGoodwill$19.00MgoodWillIntangibles$16.00MintangibleAssetsLiabilities$895.00MtotalLiabTangible book$1.70BShares70,000,000commonStockSharesOutstandingResult $24.24 | 2.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$354.00MebitdaCapex$291.00McapitalExpendituresInterest$14.00MinterestExpenseShort-term debt$9.00MshortTermDebtEBITDA − capex$63.00MPrincipal due is short-term debt.Result 2.74x | $91.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$382.00MtotalCashFromOperatingActivitiesCapex$291.00McapitalExpendituresFree cash flow$91.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $91.00M | 10.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$259.00MoperatingIncomeTax expense$50.00MincomeTaxExpensePretax income$196.00MincomeBeforeTaxTax rate25.5%Equity$1.73BtotalStockholderEquityDebt$401.00MshortLongTermDebtTotalCash$292.00McashAndEquivalentsInvested capital$1.84BResult 10.5% | 0.15xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$259.00MoperatingIncomeNet PP&E$1.73BpropertyPlantEquipmentResult 0.15x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $1.73B
Inventory: $363.00M
Total assets: $2.63B
Goodwill: $19.00M
Intangibles: $16.00M
Liabilities: $895.00M
Tangible book: $1.70B
Shares: 70,000,000
Revenue: $2.71B
Capex: $291.00M
D&A: $145.00M
EBITDA: $354.00M
Interest: $14.00M
Short-term debt: $9.00M
Free cash flow: $91.00M
Operating income: $259.00M
Invested capital: $1.84B
Tax rate: 25.5%