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.
Nextera Energy Inc
Physical assets are 74.6% of total assets, a heavy footprint. Capex is 1.34x 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. EBITDA after capex covers debt service by 0.64x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.18x.
Physical asset ratio
74.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$156.20BpropertyPlantAndEquipmentNetInventory$2.42BinventoryTotal assets$212.72BtotalAssetsResult 74.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.18xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$27.48BtotalRevenueNet PP&E$156.20BpropertyPlantAndEquipmentNetResult 0.18x
Revenue per dollar of the physical asset base.
Capex / D&A
1.34xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$9.27BcapitalExpendituresD&A$6.94BdepreciationAndAmortizationResult 1.34x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$27.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$212.72BtotalAssetsGoodwill$4.85BgoodWillIntangibles$3.67BintangibleAssetsLiabilities$146.24BtotalLiabTangible book$57.96BShares2,089,000,000commonStockSharesOutstandingResult $27.75
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.02xPrice / tangible bookPrice / tangible book per sharePrice$83.71Latest quoteTangible book / share$27.752025-12-31Result 3.02x
Price $83.71.
Fixed-charge coverage
0.64xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$16.04BebitdaCapex$9.27BcapitalExpendituresInterest$4.57BinterestExpenseShort-term debt$6.06BshortTermDebtEBITDA − capex$6.77BPrincipal due is short-term debt.Result 0.64x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$3.21BfreeCashFlowMarket cap$172.27BMarketCapitalizationResult 1.9%
Latest free cash flow divided by current market cap ($172.27B).
ROIC
5.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.28BoperatingIncomeTax expense-$802.00MincomeTaxExpensePretax income$4.53BincomeBeforeTaxTax rate0.0%Equity$54.61BtotalStockholderEquityDebt$95.62BshortLongTermDebtTotalCash$2.81BcashAndEquivalentsInvested capital$147.42BResult 5.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.05x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 69.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$70.33BpropertyPlantEquipmentInventory$1.22BinventoryTotal assets$103.70BtotalAssetsResult 69.0% | 0.24xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$16.73BtotalRevenueNet PP&E$70.33BpropertyPlantEquipmentResult 0.24x | 1.45xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$6.01BcapitalExpendituresD&A$4.15BdepreciationAndAmortizationResult 1.45x | $18.73Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$103.70BtotalAssetsGoodwill$891.00MgoodWillIntangibles$708.00MintangibleAssetsLiabilities$66.29BtotalLiabTangible book$35.81BShares1,912,000,000commonStockSharesOutstandingResult $18.73 | 0.56xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$13.00BebitdaCapex$6.01BcapitalExpendituresInterest$1.50BinterestExpenseShort-term debt$10.93BshortTermDebtEBITDA − capex$6.99BPrincipal due is short-term debt.Result 0.56x | $583.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$6.59BtotalCashFromOperatingActivitiesCapex$6.01BcapitalExpendituresFree cash flow$583.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $583.00M | 4.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.28BoperatingIncomeTax expense$1.58BincomeTaxExpensePretax income$7.35BincomeBeforeTaxTax rate21.4%Equity$34.14BtotalStockholderEquityDebt$37.71BshortLongTermDebtTotalCash$638.00McashAndEquivalentsInvested capital$71.22BResult 4.7% | 0.06xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$4.28BoperatingIncomeNet PP&E$70.33BpropertyPlantEquipmentResult 0.06x |
| 2019 | 70.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$82.01BpropertyPlantEquipmentInventory$1.33BinventoryTotal assets$117.69BtotalAssetsResult 70.8% | 0.23xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$19.20BtotalRevenueNet PP&E$82.01BpropertyPlantEquipmentResult 0.23x | 2.47xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$11.08BcapitalExpendituresD&A$4.48BdepreciationAndAmortizationResult 2.47x | $18.85Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$117.69BtotalAssetsGoodwill$4.20BgoodWillIntangibles$552.00MintangibleAssetsLiabilities$76.33BtotalLiabTangible book$36.60BShares1,942,000,000commonStockSharesOutstandingResult $18.85 | -0.07xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.56BebitdaCapex$11.08BcapitalExpendituresInterest$2.25BinterestExpenseShort-term debt$5.04BshortTermDebtEBITDA − capex-$514.00MPrincipal due is short-term debt.Result -0.07x | -$2.92BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$8.16BtotalCashFromOperatingActivitiesCapex$11.08BcapitalExpendituresFree cash flow-$2.92BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.92B | 6.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.35BoperatingIncomeTax expense$448.00MincomeTaxExpensePretax income$3.84BincomeBeforeTaxTax rate11.7%Equity$37.01BtotalStockholderEquityDebt$42.58BshortLongTermDebtTotalCash$600.00McashAndEquivalentsInvested capital$78.99BResult 6.0% | 0.07xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$5.35BoperatingIncomeNet PP&E$82.01BpropertyPlantEquipmentResult 0.07x |
| 2020 | 73.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$91.80BpropertyPlantEquipmentInventory$1.55BinventoryTotal assets$127.68BtotalAssetsResult 73.1% | 0.20xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$18.00BtotalRevenueNet PP&E$91.80BpropertyPlantEquipmentResult 0.20x | 1.80xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$7.76BcapitalExpendituresD&A$4.32BdepreciationAndAmortizationResult 1.80x | $20.31Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$127.68BtotalAssetsGoodwill$4.25BgoodWillIntangibles$693.00MintangibleAssetsLiabilities$82.76BtotalLiabTangible book$39.98BShares1,968,800,000commonStockSharesOutstandingResult $20.31 | 0.11xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.68BebitdaCapex$7.76BcapitalExpendituresInterest$1.95BinterestExpenseShort-term debt$6.15BshortTermDebtEBITDA − capex$919.00MPrincipal due is short-term debt.Result 0.11x | $224.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$7.98BtotalCashFromOperatingActivitiesCapex$7.76BcapitalExpendituresFree cash flow$224.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $224.00M | 6.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.12BoperatingIncomeTax expense$44.00MincomeTaxExpensePretax income$2.41BincomeBeforeTaxTax rate1.8%Equity$36.51BtotalStockholderEquityDebt$48.09BshortLongTermDebtTotalCash$1.11BcashAndEquivalentsInvested capital$83.50BResult 6.0% | 0.06xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$5.12BoperatingIncomeNet PP&E$91.80BpropertyPlantEquipmentResult 0.06x |
| 2021 | 71.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$99.35BpropertyPlantEquipmentInventory$1.56BinventoryTotal assets$140.91BtotalAssetsResult 71.6% | 0.17xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$17.07BtotalRevenueNet PP&E$99.35BpropertyPlantEquipmentResult 0.17x | 1.86xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$7.83BcapitalExpendituresD&A$4.21BdepreciationAndAmortizationResult 1.86x | $20.32Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$140.91BtotalAssetsGoodwill$4.84BgoodWillIntangibles$742.00MintangibleAssetsLiabilities$95.24BtotalLiabTangible book$40.08BShares1,972,200,000commonStockSharesOutstandingResult $20.32 | 0.05xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.10BebitdaCapex$7.83BcapitalExpendituresInterest$1.27BinterestExpenseShort-term debt$3.87BshortTermDebtEBITDA − capex$271.00MPrincipal due is short-term debt.Result 0.05x | -$277.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$7.55BtotalCashFromOperatingActivitiesCapex$7.83BcapitalExpendituresFree cash flow-$277.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$277.00M | 3.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.89BoperatingIncomeTax expense$348.00MincomeTaxExpensePretax income$3.18BincomeBeforeTaxTax rate11.0%Equity$37.20BtotalStockholderEquityDebt$54.83BshortLongTermDebtTotalCash$639.00McashAndEquivalentsInvested capital$91.39BResult 3.8% | 0.04xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$3.89BoperatingIncomeNet PP&E$99.35BpropertyPlantEquipmentResult 0.04x |
| 2022 | 71.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$111.06BpropertyPlantEquipmentInventory$1.93BinventoryTotal assets$158.94BtotalAssetsResult 71.1% | 0.19xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$20.96BtotalRevenueNet PP&E$111.06BpropertyPlantEquipmentResult 0.19x | 2.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$9.74BcapitalExpendituresD&A$4.87BdepreciationAndAmortizationResult 2.00x | $22.15Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$158.94BtotalAssetsGoodwill$4.85BgoodWillIntangibles$759.00MintangibleAssetsLiabilities$109.50BtotalLiabTangible book$43.82BShares1,978,600,000commonStockSharesOutstandingResult $22.15 | -0.08xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.95BebitdaCapex$9.74BcapitalExpendituresInterest$585.00MinterestExpenseShort-term debt$9.71BshortTermDebtEBITDA − capex-$788.00MPrincipal due is short-term debt.Result -0.08x | -$1.48BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$8.26BtotalCashFromOperatingActivitiesCapex$9.74BcapitalExpendituresFree cash flow-$1.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.48B | 3.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.08BoperatingIncomeTax expense$586.00MincomeTaxExpensePretax income$3.83BincomeBeforeTaxTax rate15.3%Equity$39.23BtotalStockholderEquityDebt$64.97BshortLongTermDebtTotalCash$1.60BcashAndEquivalentsInvested capital$102.59BResult 3.4% | 0.04xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$4.08BoperatingIncomeNet PP&E$111.06BpropertyPlantEquipmentResult 0.04x |
| 2023 | 72.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$125.78BpropertyPlantAndEquipmentNetInventory$2.11BinventoryTotal assets$177.49BtotalAssetsResult 72.1% | 0.22xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$28.11BtotalRevenueNet PP&E$125.78BpropertyPlantAndEquipmentNetResult 0.22x | 1.55xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$9.55BcapitalExpendituresD&A$6.15BdepreciationAndAmortizationResult 1.55x | $25.72Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$177.49BtotalAssetsGoodwill$5.09BgoodWillIntangibles$1.69BintangibleAssetsLiabilities$118.47BtotalLiabTangible book$52.24BShares2,030,800,000commonStockSharesOutstandingResult $25.72 | 0.48xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$16.76BebitdaCapex$9.55BcapitalExpendituresInterest$3.32BinterestExpenseShort-term debt$11.81BshortTermDebtEBITDA − capex$7.22BPrincipal due is short-term debt.Result 0.48x | $1.75BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$11.30BtotalCashFromOperatingActivitiesCapex$9.55BcapitalExpendituresFree cash flow$1.75BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.75B | 7.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.24BoperatingIncomeTax expense$1.01BincomeTaxExpensePretax income$7.29BincomeBeforeTaxTax rate13.8%Equity$47.47BtotalStockholderEquityDebt$73.21BshortLongTermDebtTotalCash$2.69BcashAndEquivalentsInvested capital$117.99BResult 7.5% | 0.08xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$10.24BoperatingIncomeNet PP&E$125.78BpropertyPlantAndEquipmentNetResult 0.08x |
| 2024 | 74.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$138.85BpropertyPlantAndEquipmentNetInventory$2.21BinventoryTotal assets$190.14BtotalAssetsResult 74.2% | 0.18xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$24.75BtotalRevenueNet PP&E$138.85BpropertyPlantAndEquipmentNetResult 0.18x | 1.48xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$8.51BcapitalExpendituresD&A$5.76BdepreciationAndAmortizationResult 1.48x | $26.36Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$190.14BtotalAssetsGoodwill$4.87BgoodWillIntangibles$1.72BintangibleAssetsLiabilities$129.28BtotalLiabTangible book$54.28BShares2,059,000,000commonStockSharesOutstandingResult $26.36 | 0.45xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.03BebitdaCapex$8.51BcapitalExpendituresInterest$2.24BinterestExpenseShort-term debt$9.95BshortTermDebtEBITDA − capex$5.52BPrincipal due is short-term debt.Result 0.45x | $4.75BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$13.26BtotalCashFromOperatingActivitiesCapex$8.51BcapitalExpendituresFree cash flow$4.75BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.75B | 5.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.48BoperatingIncomeTax expense$339.00MincomeTaxExpensePretax income$6.04BincomeBeforeTaxTax rate5.6%Equity$50.10BtotalStockholderEquityDebt$82.33BshortLongTermDebtTotalCash$1.49BcashAndEquivalentsInvested capital$130.95BResult 5.4% | 0.05xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$7.48BoperatingIncomeNet PP&E$138.85BpropertyPlantAndEquipmentNetResult 0.05x |
| 2025 | 74.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$156.20BpropertyPlantAndEquipmentNetInventory$2.42BinventoryTotal assets$212.72BtotalAssetsResult 74.6% | 0.18xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$27.48BtotalRevenueNet PP&E$156.20BpropertyPlantAndEquipmentNetResult 0.18x | 1.34xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$9.27BcapitalExpendituresD&A$6.94BdepreciationAndAmortizationResult 1.34x | $27.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$212.72BtotalAssetsGoodwill$4.85BgoodWillIntangibles$3.67BintangibleAssetsLiabilities$146.24BtotalLiabTangible book$57.96BShares2,089,000,000commonStockSharesOutstandingResult $27.75 | 0.64xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$16.04BebitdaCapex$9.27BcapitalExpendituresInterest$4.57BinterestExpenseShort-term debt$6.06BshortTermDebtEBITDA − capex$6.77BPrincipal due is short-term debt.Result 0.64x | $3.21BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$12.49BtotalCashFromOperatingActivitiesCapex$9.27BcapitalExpendituresFree cash flow$3.21BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.21B | 5.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.28BoperatingIncomeTax expense-$802.00MincomeTaxExpensePretax income$4.53BincomeBeforeTaxTax rate0.0%Equity$54.61BtotalStockholderEquityDebt$95.62BshortLongTermDebtTotalCash$2.81BcashAndEquivalentsInvested capital$147.42BResult 5.6% | 0.05xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$8.28BoperatingIncomeNet PP&E$156.20BpropertyPlantAndEquipmentNetResult 0.05x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $156.20B
Inventory: $2.42B
Total assets: $212.72B
Goodwill: $4.85B
Intangibles: $3.67B
Liabilities: $146.24B
Tangible book: $57.96B
Shares: 2,089,000,000
Revenue: $27.48B
Capex: $9.27B
D&A: $6.94B
EBITDA: $16.04B
Interest: $4.57B
Short-term debt: $6.06B
Free cash flow: $3.21B
Operating income: $8.28B
Invested capital: $147.42B
Tax rate: 0.0%