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.
NRG Energy Inc.
Physical assets are 14.5% of total assets, a light footprint. Capex is 0.80x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 12.9%, above an 8% cost-of-capital hurdle.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 8.16x.
Physical asset ratio
14.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.76BpropertyPlantEquipmentInventory$461.00MinventoryTotal assets$29.14BtotalAssetsResult 14.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.16xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$30.71BtotalRevenueNet PP&E$3.76BpropertyPlantEquipmentResult 8.16x
Revenue per dollar of the physical asset base.
Capex / D&A
0.80xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.15BcapitalExpendituresD&A$1.44BdepreciationAndAmortizationResult 0.80x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$28.37Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.14BtotalAssetsGoodwill$5.02BgoodWillIntangibles$2.31BintangibleAssetsLiabilities$27.46BtotalLiabTangible book-$5.65BShares199,000,000commonStockSharesOutstandingResult -$28.37
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$95.30Latest quoteTangible book / share-$28.372025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $95.30.
Fixed-charge coverage
2.66xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.29BebitdaCapex$1.15BcapitalExpendituresInterest$772.00MinterestExpenseShort-term debt$31.00MshortLongTermDebtEBITDA − capex$2.14BPrincipal due is the current portion of debt.Result 2.66x
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$766.00MfreeCashFlowMarket cap$19.40BMarketCapitalizationResult 3.9%
Latest free cash flow divided by current market cap ($19.40B).
ROIC
12.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.85BoperatingIncomeTax expense$214.00MincomeTaxExpensePretax income$1.08BincomeBeforeTaxTax rate19.9%Equity$1.68BtotalStockholderEquityDebt$16.77BshortLongTermDebtTotalCash$6.93BcashAndShortTermInvestmentsInvested capital$11.52BResult 12.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.49x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 32.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.05BpropertyPlantEquipmentInventory$412.00MinventoryTotal assets$10.63BtotalAssetsResult 32.6% | 3.11xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$9.48BtotalRevenueNet PP&E$3.05BpropertyPlantEquipmentResult 3.11x | 0.72xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$388.00McapitalExpendituresD&A$540.00MdepreciationAndAmortizationResult 0.72x | -$7.72Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.63BtotalAssetsGoodwill$573.00MgoodWillIntangibles$591.00MintangibleAssetsLiabilities$11.84BtotalLiabTangible book-$2.38BShares308,000,000commonStockSharesOutstandingResult -$7.72 | 1.99xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.49BebitdaCapex$388.00McapitalExpendituresInterest$483.00MinterestExpenseShort-term debt$72.00MshortTermDebtEBITDA − capex$1.10BPrincipal due is short-term debt.Result 1.99x | $989.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.38BtotalCashFromOperatingActivitiesCapex$388.00McapitalExpendituresFree cash flow$989.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $989.00M | 20.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$982.00MoperatingIncomeTax expense$7.00MincomeTaxExpensePretax income$467.00MincomeBeforeTaxTax rate1.5%Equity-$1.23BtotalStockholderEquityDebt$6.52BshortLongTermDebtTotalCash$563.00McashAndEquivalentsInvested capital$4.72BResult 20.5% | 0.32xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$982.00MoperatingIncomeNet PP&E$3.05BpropertyPlantEquipmentResult 0.32x |
| 2019 | 27.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.06BpropertyPlantAndEquipmentNetInventory$383.00MinventoryTotal assets$12.53BtotalAssetsResult 27.5% | 3.21xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$9.82BtotalRevenueNet PP&E$3.06BpropertyPlantAndEquipmentNetResult 3.21x | 0.46xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$228.00McapitalExpendituresD&A$497.00MdepreciationAndAmortizationResult 0.46x | $1.17Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.53BtotalAssetsGoodwill$579.00MgoodWillIntangibles$789.00MintangibleAssetsLiabilities$10.85BtotalLiabTangible book$310.00MShares264,000,000commonStockSharesOutstandingResult $1.17 | 2.93xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.70BebitdaCapex$228.00McapitalExpendituresInterest$413.00MinterestExpenseShort-term debt$88.00MshortLongTermDebtEBITDA − capex$1.47BPrincipal due is the current portion of debt.Result 2.93x | $1.19BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.41BtotalCashFromOperatingActivitiesCapex$228.00McapitalExpendituresFree cash flow$1.19BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.19B | 16.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.29BoperatingIncomeTax expense-$3.33BincomeTaxExpensePretax income$786.00MincomeBeforeTaxTax rate0.0%Equity$1.66BtotalStockholderEquityDebt$6.45BshortLongTermDebtTotalCash$345.00McashAndEquivalentsInvested capital$7.76BResult 16.6% | 0.42xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.29BoperatingIncomeNet PP&E$3.06BpropertyPlantAndEquipmentNetResult 0.42x |
| 2020 | 21.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.85BpropertyPlantAndEquipmentNetInventory$327.00MinventoryTotal assets$14.90BtotalAssetsResult 21.3% | 3.19xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$9.09BtotalRevenueNet PP&E$2.85BpropertyPlantAndEquipmentNetResult 3.19x | 0.41xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$230.00McapitalExpendituresD&A$559.00MdepreciationAndAmortizationResult 0.41x | $1.76Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.90BtotalAssetsGoodwill$579.00MgoodWillIntangibles$668.00MintangibleAssetsLiabilities$13.22BtotalLiabTangible book$433.00MShares246,000,000commonStockSharesOutstandingResult $1.76 | 3.71xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.72BebitdaCapex$230.00McapitalExpendituresInterest$401.00MinterestExpenseShort-term debt$1.00MshortLongTermDebtEBITDA − capex$1.49BPrincipal due is the current portion of debt.Result 3.71x | $1.61BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$1.84BtotalCashFromOperatingActivitiesCapex$230.00McapitalExpendituresFree cash flow$1.61BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.61B | 10.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.11BoperatingIncomeTax expense$251.00MincomeTaxExpensePretax income$761.00MincomeBeforeTaxTax rate33.0%Equity$1.68BtotalStockholderEquityDebt$9.04BshortLongTermDebtTotalCash$3.91BcashAndEquivalentsInvested capital$6.81BResult 10.9% | 0.39xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$1.11BoperatingIncomeNet PP&E$2.85BpropertyPlantAndEquipmentNetResult 0.39x |
| 2021 | 10.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.96BpropertyPlantEquipmentInventory$498.00MinventoryTotal assets$23.18BtotalAssetsResult 10.6% | 13.78xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$26.99BtotalRevenueNet PP&E$1.96BpropertyPlantEquipmentResult 13.78x | 0.32xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$269.00McapitalExpendituresD&A$836.00MdepreciationAndAmortizationResult 0.32x | -$2.88Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.18BtotalAssetsGoodwill$1.80BgoodWillIntangibles$2.51BintangibleAssetsLiabilities$19.58BtotalLiabTangible book-$706.00MShares245,000,000commonStockSharesOutstandingResult -$2.88 | 8.00xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.18BebitdaCapex$269.00McapitalExpendituresInterest$485.00MinterestExpenseShort-term debt$4.00MshortLongTermDebtEBITDA − capex$3.91BPrincipal due is the current portion of debt.Result 8.00x | $224.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$493.00MtotalCashFromOperatingActivitiesCapex$269.00McapitalExpendituresFree cash flow$224.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $224.00M | 22.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.34BoperatingIncomeTax expense$672.00MincomeTaxExpensePretax income$2.86BincomeBeforeTaxTax rate23.5%Equity$3.60BtotalStockholderEquityDebt$8.29BshortLongTermDebtTotalCash$250.00McashAndEquivalentsInvested capital$11.64BResult 22.0% | 1.71xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$3.34BoperatingIncomeNet PP&E$1.96BpropertyPlantEquipmentResult 1.71x |
| 2022 | 9.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.92BpropertyPlantEquipmentInventory$751.00MinventoryTotal assets$29.15BtotalAssetsResult 9.2% | 16.45xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$31.54BtotalRevenueNet PP&E$1.92BpropertyPlantEquipmentResult 16.45x | 0.54xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$373.00McapitalExpendituresD&A$688.00MdepreciationAndAmortizationResult 0.54x | $0.19Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.15BtotalAssetsGoodwill$1.65BgoodWillIntangibles$2.13BintangibleAssetsLiabilities$25.32BtotalLiabTangible book$46.00MShares236,000,000commonStockSharesOutstandingResult $0.19 | 4.99xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.77BebitdaCapex$373.00McapitalExpendituresInterest$417.00MinterestExpenseShort-term debt$63.00MshortLongTermDebtEBITDA − capex$2.40BPrincipal due is the current portion of debt.Result 4.99x | -$13.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$360.00MtotalCashFromOperatingActivitiesCapex$373.00McapitalExpendituresFree cash flow-$13.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$13.00M | 12.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.02BoperatingIncomeTax expense$442.00MincomeTaxExpensePretax income$1.66BincomeBeforeTaxTax rate26.6%Equity$3.83BtotalStockholderEquityDebt$8.30BshortLongTermDebtTotalCash$430.00McashAndEquivalentsInvested capital$11.70BResult 12.7% | 1.05xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$2.02BoperatingIncomeNet PP&E$1.92BpropertyPlantEquipmentResult 1.05x |
| 2023 | 9.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.94BpropertyPlantEquipmentInventory$607.00MinventoryTotal assets$26.04BtotalAssetsResult 9.8% | 14.84xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$28.82BtotalRevenueNet PP&E$1.94BpropertyPlantEquipmentResult 14.84x | 0.45xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$598.00McapitalExpendituresD&A$1.34BdepreciationAndAmortizationResult 0.45x | -$26.75Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.04BtotalAssetsGoodwill$5.08BgoodWillIntangibles$3.93BintangibleAssetsLiabilities$23.13BtotalLiabTangible book-$6.10BShares228,000,000commonStockSharesOutstandingResult -$26.75 | 0.93xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.79BebitdaCapex$598.00McapitalExpendituresInterest$667.00MinterestExpenseShort-term debt$620.00MshortLongTermDebtEBITDA − capex$1.19BPrincipal due is the current portion of debt.Result 0.93x | -$819.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$221.00MtotalCashFromOperatingActivitiesCapex$598.00McapitalExpendituresFree cash flow-$819.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$819.00M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$384.00MoperatingIncomeTax expense-$11.00MincomeTaxExpensePretax income-$213.00MincomeBeforeTaxTax rate—Equity$2.91BtotalStockholderEquityDebt$10.97BshortLongTermDebtTotalCash$541.00McashAndEquivalentsInvested capital$13.34BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.20xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$384.00MoperatingIncomeNet PP&E$1.94BpropertyPlantEquipmentResult 0.20x |
| 2024 | 11.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.17BpropertyPlantEquipmentInventory$478.00MinventoryTotal assets$24.02BtotalAssetsResult 11.0% | 12.95xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$28.13BtotalRevenueNet PP&E$2.17BpropertyPlantEquipmentResult 12.95x | 0.44xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$472.00McapitalExpendituresD&A$1.07BdepreciationAndAmortizationResult 0.44x | -$25.67Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.02BtotalAssetsGoodwill$5.01BgoodWillIntangibles$2.91BintangibleAssetsLiabilities$21.54BtotalLiabTangible book-$5.44BShares212,000,000commonStockSharesOutstandingResult -$25.67 | 1.64xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.17BebitdaCapex$472.00McapitalExpendituresInterest$651.00MinterestExpenseShort-term debt$996.00MshortLongTermDebtEBITDA − capex$2.70BPrincipal due is the current portion of debt.Result 1.64x | $1.83BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$2.31BtotalCashFromOperatingActivitiesCapex$472.00McapitalExpendituresFree cash flow$1.83BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.83B | 15.1%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.42BoperatingIncomeTax expense$323.00MincomeTaxExpensePretax income$1.45BincomeBeforeTaxTax rate22.3%Equity$2.48BtotalStockholderEquityDebt$10.99BshortLongTermDebtTotalCash$966.00McashAndEquivalentsInvested capital$12.50BResult 15.1% | 1.12xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$2.42BoperatingIncomeNet PP&E$2.17BpropertyPlantEquipmentResult 1.12x |
| 2025 | 14.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.76BpropertyPlantEquipmentInventory$461.00MinventoryTotal assets$29.14BtotalAssetsResult 14.5% | 8.16xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$30.71BtotalRevenueNet PP&E$3.76BpropertyPlantEquipmentResult 8.16x | 0.80xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.15BcapitalExpendituresD&A$1.44BdepreciationAndAmortizationResult 0.80x | -$28.37Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.14BtotalAssetsGoodwill$5.02BgoodWillIntangibles$2.31BintangibleAssetsLiabilities$27.46BtotalLiabTangible book-$5.65BShares199,000,000commonStockSharesOutstandingResult -$28.37 | 2.66xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.29BebitdaCapex$1.15BcapitalExpendituresInterest$772.00MinterestExpenseShort-term debt$31.00MshortLongTermDebtEBITDA − capex$2.14BPrincipal due is the current portion of debt.Result 2.66x | $766.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.91BtotalCashFromOperatingActivitiesCapex$1.15BcapitalExpendituresFree cash flow$766.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $766.00M | 12.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.85BoperatingIncomeTax expense$214.00MincomeTaxExpensePretax income$1.08BincomeBeforeTaxTax rate19.9%Equity$1.68BtotalStockholderEquityDebt$16.77BshortLongTermDebtTotalCash$6.93BcashAndShortTermInvestmentsInvested capital$11.52BResult 12.9% | 0.49xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.85BoperatingIncomeNet PP&E$3.76BpropertyPlantEquipmentResult 0.49x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $3.76B
Inventory: $461.00M
Total assets: $29.14B
Goodwill: $5.02B
Intangibles: $2.31B
Liabilities: $27.46B
Tangible book: -$5.65B
Shares: 199,000,000
Revenue: $30.71B
Capex: $1.15B
D&A: $1.44B
EBITDA: $3.29B
Interest: $772.00M
Short-term debt: $31.00M
Free cash flow: $766.00M
Operating income: $1.85B
Invested capital: $11.52B
Tax rate: 19.9%