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.
Nutrien Ltd
Physical assets are 56.9% of total assets, a heavy footprint. Capex is 0.86x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 7.5%, 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 1.18x.
Physical asset ratio
56.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.75BpropertyPlantEquipmentInventory$6.96BinventoryTotal assets$52.21BtotalAssetsResult 56.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.18xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$26.89BtotalRevenueNet PP&E$22.75BpropertyPlantEquipmentResult 1.18x
Revenue per dollar of the physical asset base.
Capex / D&A
0.86xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.04BcapitalExpendituresD&A$2.37BdepreciationAndAmortizationResult 0.86x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$23.72Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$52.21BtotalAssetsGoodwill$12.11BgoodWillIntangibles$1.66BintangibleAssetsLiabilities$26.89BtotalLiabTangible book$11.54BShares486,518,000commonStockSharesOutstandingResult $23.72
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.09xPrice / tangible bookPrice / tangible book per sharePrice$96.96Latest quoteTangible book / share$23.722025-12-31Result 4.09x
Price $96.96.
Fixed-charge coverage
1.91xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.02BebitdaCapex$2.04BcapitalExpendituresInterest$699.03MinterestExpenseShort-term debt$1.39BshortLongTermDebtEBITDA − capex$3.98BPrincipal due is the current portion of debt.Result 1.91x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$2.04BfreeCashFlowMarket cap$46.27BMarketCapitalizationResult 4.4%
Latest free cash flow divided by current market cap ($46.27B).
ROIC
7.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.65BoperatingIncomeTax expense$765.16MincomeTaxExpensePretax income$3.10BincomeBeforeTaxTax rate24.7%Equity$25.28BtotalStockholderEquityDebt$12.02BshortLongTermDebtTotalCash$699.72McashInvested capital$36.60BResult 7.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.16x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 52.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.80BpropertyPlantEquipmentInventory$4.92BinventoryTotal assets$45.50BtotalAssetsResult 52.1% | 1.04xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$19.64BtotalRevenueNet PP&E$18.80BpropertyPlantEquipmentResult 1.04x | 0.88xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.41BcapitalExpendituresD&A$1.59BdepreciationAndAmortizationResult 0.88x | $17.26Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$45.50BtotalAssetsGoodwill$11.43BgoodWillIntangibles$2.21BintangibleAssetsLiabilities$21.08BtotalLiabTangible book$10.78BShares624,900,000commonStockSharesOutstandingResult $17.26 | 1.09xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.76BebitdaCapex$1.41BcapitalExpendituresInterest$538.00MinterestExpenseShort-term debt$1.63BshortTermDebtEBITDA − capex$2.36BPrincipal due is short-term debt.Result 1.09x | $647.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$2.05BtotalCashFromOperatingActivitiesCapex$1.41BcapitalExpendituresFree cash flow$647.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $647.00M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$414.00MoperatingIncomeTax expense-$93.00MincomeTaxExpensePretax income-$124.00MincomeBeforeTaxTax rate—Equity$24.43BtotalStockholderEquityDebt$9.22BshortLongTermDebtTotalCash$2.31BcashAndShortTermInvestmentsInvested capital$31.33BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.02xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$414.00MoperatingIncomeNet PP&E$18.80BpropertyPlantEquipmentResult 0.02x |
| 2019 | 54.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$20.34BpropertyPlantEquipmentInventory$4.98BinventoryTotal assets$46.80BtotalAssetsResult 54.1% | 0.98xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$20.02BtotalRevenueNet PP&E$20.34BpropertyPlantEquipmentResult 0.98x | 1.05xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.89BcapitalExpendituresD&A$1.80BdepreciationAndAmortizationResult 1.05x | $14.50Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$46.80BtotalAssetsGoodwill$11.99BgoodWillIntangibles$2.43BintangibleAssetsLiabilities$23.93BtotalLiabTangible book$8.46BShares583,102,000commonStockSharesOutstandingResult $14.50 | 0.90xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.67BebitdaCapex$1.89BcapitalExpendituresInterest$505.00MinterestExpenseShort-term debt$1.48BshortLongTermDebtEBITDA − capex$1.78BPrincipal due is the current portion of debt.Result 0.90x | $1.77BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$3.67BtotalCashFromOperatingActivitiesCapex$1.89BcapitalExpendituresFree cash flow$1.77BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.77B | 4.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.86BoperatingIncomeTax expense$316.00MincomeTaxExpensePretax income$1.31BincomeBeforeTaxTax rate24.2%Equity$22.87BtotalStockholderEquityDebt$11.10BshortLongTermDebtTotalCash$671.00McashAndShortTermInvestmentsInvested capital$33.30BResult 4.2% | 0.09xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.86BoperatingIncomeNet PP&E$20.34BpropertyPlantEquipmentResult 0.09x |
| 2020 | 52.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$19.66BpropertyPlantEquipmentInventory$4.93BinventoryTotal assets$47.19BtotalAssetsResult 52.1% | 1.06xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$20.91BtotalRevenueNet PP&E$19.66BpropertyPlantEquipmentResult 1.06x | 0.78xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.55BcapitalExpendituresD&A$1.99BdepreciationAndAmortizationResult 0.78x | $13.65Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47.19BtotalAssetsGoodwill$12.20BgoodWillIntangibles$2.39BintangibleAssetsLiabilities$24.83BtotalLiabTangible book$7.78BShares569,686,000commonStockSharesOutstandingResult $13.65 | 1.94xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.89BebitdaCapex$1.55BcapitalExpendituresInterest$520.00MinterestExpenseShort-term debt$173.00MshortLongTermDebtEBITDA − capex$1.34BPrincipal due is the current portion of debt.Result 1.94x | $1.77BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$3.32BtotalCashFromOperatingActivitiesCapex$1.55BcapitalExpendituresFree cash flow$1.77BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.77B | 5.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.61BoperatingIncomeTax expense-$77.00MincomeTaxExpensePretax income$382.00MincomeBeforeTaxTax rate0.0%Equity$22.37BtotalStockholderEquityDebt$11.36BshortLongTermDebtTotalCash$1.45BcashAndEquivalentsInvested capital$32.27BResult 5.0% | 0.08xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$1.61BoperatingIncomeNet PP&E$19.66BpropertyPlantEquipmentResult 0.08x |
| 2021 | 52.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$20.02BpropertyPlantEquipmentInventory$6.33BinventoryTotal assets$49.95BtotalAssetsResult 52.7% | 1.38xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$27.71BtotalRevenueNet PP&E$20.02BpropertyPlantEquipmentResult 1.38x | 0.91xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.78BcapitalExpendituresD&A$1.95BdepreciationAndAmortizationResult 0.91x | $16.00Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$49.95BtotalAssetsGoodwill$12.22BgoodWillIntangibles$2.34BintangibleAssetsLiabilities$26.26BtotalLiabTangible book$9.14BShares571,289,000commonStockSharesOutstandingResult $16.00 | 1.85xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.58BebitdaCapex$1.78BcapitalExpendituresInterest$488.00MinterestExpenseShort-term debt$2.11BshortLongTermDebtEBITDA − capex$4.80BPrincipal due is the current portion of debt.Result 1.85x | $2.10BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$3.89BtotalCashFromOperatingActivitiesCapex$1.78BcapitalExpendituresFree cash flow$2.10BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.10B | 10.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.78BoperatingIncomeTax expense$989.00MincomeTaxExpensePretax income$4.17BincomeBeforeTaxTax rate23.7%Equity$23.65BtotalStockholderEquityDebt$10.85BshortLongTermDebtTotalCash$499.00McashAndShortTermInvestmentsInvested capital$34.00BResult 10.7% | 0.24xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$4.78BoperatingIncomeNet PP&E$20.02BpropertyPlantEquipmentResult 0.24x |
| 2022 | 53.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$21.77BpropertyPlantEquipmentInventory$7.63BinventoryTotal assets$54.59BtotalAssetsResult 53.9% | 1.74xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$37.88BtotalRevenueNet PP&E$21.77BpropertyPlantEquipmentResult 1.74x | 1.21xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$2.44BcapitalExpendituresD&A$2.01BdepreciationAndAmortizationResult 1.21x | $20.74Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$54.59BtotalAssetsGoodwill$12.37BgoodWillIntangibles$2.30BintangibleAssetsLiabilities$28.72BtotalLiabTangible book$11.20BShares540,010,000commonStockSharesOutstandingResult $20.74 | 3.26xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$12.78BebitdaCapex$2.44BcapitalExpendituresInterest$492.00MinterestExpenseShort-term debt$2.68BshortLongTermDebtEBITDA − capex$10.34BPrincipal due is the current portion of debt.Result 3.26x | $5.67BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$8.11BtotalCashFromOperatingActivitiesCapex$2.44BcapitalExpendituresFree cash flow$5.67BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.67B | 22.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.81BoperatingIncomeTax expense$2.56BincomeTaxExpensePretax income$10.25BincomeBeforeTaxTax rate25.0%Equity$25.82BtotalStockholderEquityDebt$11.93BshortLongTermDebtTotalCash$901.00McashAndShortTermInvestmentsInvested capital$36.85BResult 22.0% | 0.50xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$10.81BoperatingIncomeNet PP&E$21.77BpropertyPlantEquipmentResult 0.50x |
| 2023 | 54.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.46BpropertyPlantEquipmentInventory$6.34BinventoryTotal assets$52.75BtotalAssetsResult 54.6% | 1.29xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$29.06BtotalRevenueNet PP&E$22.46BpropertyPlantEquipmentResult 1.29x | 1.23xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.67BcapitalExpendituresD&A$2.17BdepreciationAndAmortizationResult 1.23x | $21.87Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$52.75BtotalAssetsGoodwill$12.11BgoodWillIntangibles$2.22BintangibleAssetsLiabilities$27.55BtotalLiabTangible book$10.87BShares496,994,000commonStockSharesOutstandingResult $21.87 | 0.72xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.89BebitdaCapex$2.67BcapitalExpendituresInterest$764.00MinterestExpenseShort-term debt$2.33BshortLongTermDebtEBITDA − capex$2.21BPrincipal due is the current portion of debt.Result 0.72x | $2.47BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$5.07BtotalCashFromOperatingActivitiesCapex$2.67BcapitalExpendituresFree cash flow$2.47BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.47B | 6.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.86BoperatingIncomeTax expense$670.00MincomeTaxExpensePretax income$1.95BincomeBeforeTaxTax rate34.3%Equity$25.16BtotalStockholderEquityDebt$12.57BshortLongTermDebtTotalCash$941.00McashInvested capital$36.78BResult 6.9% | 0.17xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$3.86BoperatingIncomeNet PP&E$22.46BpropertyPlantEquipmentResult 0.17x |
| 2024 | 55.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.60BpropertyPlantEquipmentInventory$6.15BinventoryTotal assets$51.84BtotalAssetsResult 55.5% | 1.15xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$25.97BtotalRevenueNet PP&E$22.60BpropertyPlantEquipmentResult 1.15x | 0.92xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.15BcapitalExpendituresD&A$2.34BdepreciationAndAmortizationResult 0.92x | $21.38Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.84BtotalAssetsGoodwill$12.04BgoodWillIntangibles$1.82BintangibleAssetsLiabilities$27.40BtotalLiabTangible book$10.58BShares494,915,000commonStockSharesOutstandingResult $21.38 | 0.62xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.21BebitdaCapex$2.15BcapitalExpendituresInterest$737.00MinterestExpenseShort-term debt$2.57BshortLongTermDebtEBITDA − capex$2.06BPrincipal due is the current portion of debt.Result 0.62x | $1.38BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$3.54BtotalCashFromOperatingActivitiesCapex$2.15BcapitalExpendituresFree cash flow$1.38BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.38B | 5.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.95BoperatingIncomeTax expense$436.00MincomeTaxExpensePretax income$1.14BincomeBeforeTaxTax rate38.4%Equity$24.41BtotalStockholderEquityDebt$12.81BshortLongTermDebtTotalCash$853.00McashInvested capital$36.36BResult 5.0% | 0.13xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$2.95BoperatingIncomeNet PP&E$22.60BpropertyPlantEquipmentResult 0.13x |
| 2025 | 56.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.75BpropertyPlantEquipmentInventory$6.96BinventoryTotal assets$52.21BtotalAssetsResult 56.9% | 1.18xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$26.89BtotalRevenueNet PP&E$22.75BpropertyPlantEquipmentResult 1.18x | 0.86xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.04BcapitalExpendituresD&A$2.37BdepreciationAndAmortizationResult 0.86x | $23.72Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$52.21BtotalAssetsGoodwill$12.11BgoodWillIntangibles$1.66BintangibleAssetsLiabilities$26.89BtotalLiabTangible book$11.54BShares486,518,000commonStockSharesOutstandingResult $23.72 | 1.91xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.02BebitdaCapex$2.04BcapitalExpendituresInterest$699.03MinterestExpenseShort-term debt$1.39BshortLongTermDebtEBITDA − capex$3.98BPrincipal due is the current portion of debt.Result 1.91x | $2.04BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$4.08BtotalCashFromOperatingActivitiesCapex$2.04BcapitalExpendituresFree cash flow$2.04BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.04B | 7.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.65BoperatingIncomeTax expense$765.16MincomeTaxExpensePretax income$3.10BincomeBeforeTaxTax rate24.7%Equity$25.28BtotalStockholderEquityDebt$12.02BshortLongTermDebtTotalCash$699.72McashInvested capital$36.60BResult 7.5% | 0.16xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$3.65BoperatingIncomeNet PP&E$22.75BpropertyPlantEquipmentResult 0.16x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $22.75B
Inventory: $6.96B
Total assets: $52.21B
Goodwill: $12.11B
Intangibles: $1.66B
Liabilities: $26.89B
Tangible book: $11.54B
Shares: 486,518,000
Revenue: $26.89B
Capex: $2.04B
D&A: $2.37B
EBITDA: $6.02B
Interest: $699.03M
Short-term debt: $1.39B
Free cash flow: $2.04B
Operating income: $3.65B
Invested capital: $36.60B
Tax rate: 24.7%