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.
Plains All American Pipeline LP
Physical assets are 57.2% of total assets, a heavy footprint. Capex is 0.67x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 8.6%, 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 2.59x.
Physical asset ratio
57.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.06BpropertyPlantAndEquipmentNetInventory$211.00MinventoryTotal assets$30.17BtotalAssetsResult 57.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.59xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$44.26BtotalRevenueNet PP&E$17.06BpropertyPlantAndEquipmentNetResult 2.59x
Revenue per dollar of the physical asset base.
Capex / D&A
0.67xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$643.00McapitalExpendituresD&A$953.00MdepreciationAndAmortizationResult 0.67x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$16.09Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$30.17BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.75BintangibleAssetsLiabilities$17.09BtotalLiabTangible book$11.33BShares704,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $16.09
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.65xPrice / tangible bookPrice / tangible book per sharePrice$26.51Latest quoteTangible book / share$16.092025-12-31Result 1.65x
Price $26.51.
Fixed-charge coverage
3.00xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.91BebitdaCapex$643.00McapitalExpendituresInterest$554.00MinterestExpenseShort-term debt$202.00MshortTermDebtEBITDA − capex$2.27BPrincipal due is short-term debt.Result 3.00x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
12.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$2.29BfreeCashFlowMarket cap$18.70BMarketCapitalizationResult 12.3%
Latest free cash flow divided by current market cap ($18.70B).
ROIC
8.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.43BoperatingIncomeTax expense$15.00MincomeTaxExpensePretax income$1.40BincomeBeforeTaxTax rate1.1%Equity$9.84BtotalStockholderEquityDebt$11.30BshortLongTermDebtTotalCash$4.73BcashInvested capital$16.41BResult 8.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.08x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 61.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.92BpropertyPlantEquipmentInventory$640.00MinventoryTotal assets$25.51BtotalAssetsResult 61.0% | 2.28xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$34.06BtotalRevenueNet PP&E$14.92BpropertyPlantEquipmentResult 2.28x | 3.14xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.63BcapitalExpendituresD&A$520.00MdepreciationAndAmortizationResult 3.14x | $10.90Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$25.51BtotalAssetsGoodwill$2.52BgoodWillIntangibles$772.00MintangibleAssetsLiabilities$13.51BtotalLiabTangible book$8.71BShares799,000,000commonStockSharesOutstandingResult $10.90 | 2.13xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.69BebitdaCapex$1.63BcapitalExpendituresInterest$431.00MinterestExpenseShort-term debt$66.00MshortTermDebtEBITDA − capex$1.06BPrincipal due is short-term debt.Result 2.13x | $974.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$2.61BtotalCashFromOperatingActivitiesCapex$1.63BcapitalExpendituresFree cash flow$974.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $974.00M | 9.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.28BoperatingIncomeTax expense$198.00MincomeTaxExpensePretax income$2.41BincomeBeforeTaxTax rate8.2%Equity$12.00BtotalStockholderEquityDebt$9.21BshortLongTermDebtTotalCash$66.00McashInvested capital$21.15BResult 9.9% | 0.15xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$2.28BoperatingIncomeNet PP&E$14.92BpropertyPlantEquipmentResult 0.15x |
| 2019 | 57.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.82BpropertyPlantAndEquipmentNetInventory$604.00MinventoryTotal assets$28.68BtotalAssetsResult 57.3% | 2.13xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$33.67BtotalRevenueNet PP&E$15.82BpropertyPlantAndEquipmentNetResult 2.13x | 1.97xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.18BcapitalExpendituresD&A$601.00MdepreciationAndAmortizationResult 1.97x | $12.44Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$28.68BtotalAssetsGoodwill$2.54BgoodWillIntangibles$707.00MintangibleAssetsLiabilities$15.48BtotalLiabTangible book$9.95BShares800,000,000commonStockSharesOutstandingResult $12.44 | 2.25xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.27BebitdaCapex$1.18BcapitalExpendituresInterest$425.00MinterestExpenseShort-term debt$504.00MshortTermDebtEBITDA − capex$2.09BPrincipal due is short-term debt.Result 2.25x | $1.32BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$2.50BtotalCashFromOperatingActivitiesCapex$1.18BcapitalExpendituresFree cash flow$1.32BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.32B | 8.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.99BoperatingIncomeTax expense$66.00MincomeTaxExpensePretax income$2.25BincomeBeforeTaxTax rate2.9%Equity$13.20BtotalStockholderEquityDebt$9.69BshortLongTermDebtTotalCash$45.00McashInvested capital$22.84BResult 8.4% | 0.13xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.99BoperatingIncomeNet PP&E$15.82BpropertyPlantAndEquipmentNetResult 0.13x |
| 2020 | 63.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.99BpropertyPlantAndEquipmentNetInventory$647.00MinventoryTotal assets$24.50BtotalAssetsResult 63.8% | 1.55xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$23.29BtotalRevenueNet PP&E$14.99BpropertyPlantAndEquipmentNetResult 1.55x | 1.13xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$738.00McapitalExpendituresD&A$653.00MdepreciationAndAmortizationResult 1.13x | $12.27Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.50BtotalAssetsGoodwill$0.00goodWillIntangibles$805.00MintangibleAssetsLiabilities$14.76BtotalLiabTangible book$8.93BShares728,000,000commonStockSharesOutstandingResult $12.27 | -1.79xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.51BebitdaCapex$738.00McapitalExpendituresInterest$436.00MinterestExpenseShort-term debt$820.00MshortLongTermDebtEBITDA − capex-$2.25BPrincipal due is the current portion of debt.Result -1.79x | $776.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$1.51BtotalCashFromOperatingActivitiesCapex$738.00McapitalExpendituresFree cash flow$776.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $776.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.38BoperatingIncomeTax expense-$19.00MincomeTaxExpensePretax income-$2.60BincomeBeforeTaxTax rate—Equity$9.74BtotalStockholderEquityDebt$10.29BshortLongTermDebtTotalCash$22.00McashInvested capital$20.01BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.16xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$2.38BoperatingIncomeNet PP&E$14.99BpropertyPlantAndEquipmentNetResult -0.16x |
| 2021 | 56.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.30BpropertyPlantEquipmentInventory$783.00MinventoryTotal assets$28.61BtotalAssetsResult 56.2% | 2.75xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$42.08BtotalRevenueNet PP&E$15.30BpropertyPlantEquipmentResult 2.75x | 0.43xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$336.00McapitalExpendituresD&A$774.00MdepreciationAndAmortizationResult 0.43x | $15.15Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$28.61BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.96BintangibleAssetsLiabilities$15.80BtotalLiabTangible book$10.85BShares716,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $15.15 | 1.27xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.92BebitdaCapex$336.00McapitalExpendituresInterest$425.00MinterestExpenseShort-term debt$822.00MshortLongTermDebtEBITDA − capex$1.58BPrincipal due is the current portion of debt.Result 1.27x | $1.66BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.00BtotalCashFromOperatingActivitiesCapex$336.00McapitalExpendituresFree cash flow$1.66BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.66B | 3.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$851.00MoperatingIncomeTax expense$73.00MincomeTaxExpensePretax income$721.00MincomeBeforeTaxTax rate10.1%Equity$12.81BtotalStockholderEquityDebt$9.30BshortLongTermDebtTotalCash$449.00McashInvested capital$21.66BResult 3.5% | 0.06xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$851.00MoperatingIncomeNet PP&E$15.30BpropertyPlantEquipmentResult 0.06x |
| 2022 | 58.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.60BpropertyPlantAndEquipmentNetInventory$729.00MinventoryTotal assets$27.89BtotalAssetsResult 58.5% | 3.68xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$57.34BtotalRevenueNet PP&E$15.60BpropertyPlantAndEquipmentNetResult 3.68x | 0.47xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$455.00McapitalExpendituresD&A$965.00MdepreciationAndAmortizationResult 0.47x | $15.95Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.89BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.15BintangibleAssetsLiabilities$14.57BtotalLiabTangible book$11.18BShares701,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $15.95 | 1.49xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.79BebitdaCapex$455.00McapitalExpendituresInterest$405.00MinterestExpenseShort-term debt$1.16BshortTermDebtEBITDA − capex$2.33BPrincipal due is short-term debt.Result 1.49x | $1.95BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$2.41BtotalCashFromOperatingActivitiesCapex$455.00McapitalExpendituresFree cash flow$1.95BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.95B | 5.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.29BoperatingIncomeTax expense$189.00MincomeTaxExpensePretax income$1.42BincomeBeforeTaxTax rate13.3%Equity$13.33BtotalStockholderEquityDebt$8.45BshortLongTermDebtTotalCash$401.00McashInvested capital$21.37BResult 5.2% | 0.08xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.29BoperatingIncomeNet PP&E$15.60BpropertyPlantAndEquipmentNetResult 0.08x |
| 2023 | 60.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$16.10BpropertyPlantAndEquipmentNetInventory$548.00MinventoryTotal assets$27.36BtotalAssetsResult 60.8% | 3.03xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$48.71BtotalRevenueNet PP&E$16.10BpropertyPlantAndEquipmentNetResult 3.03x | 0.53xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$559.00McapitalExpendituresD&A$1.05BdepreciationAndAmortizationResult 0.53x | $16.96Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.36BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.88BintangibleAssetsLiabilities$13.62BtotalLiabTangible book$11.86BShares699,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $16.96 | 3.00xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.06BebitdaCapex$559.00McapitalExpendituresInterest$386.00MinterestExpenseShort-term debt$446.00MshortTermDebtEBITDA − capex$2.50BPrincipal due is short-term debt.Result 3.00x | $2.17BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$2.73BtotalCashFromOperatingActivitiesCapex$559.00McapitalExpendituresFree cash flow$2.17BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.17B | 7.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.51BoperatingIncomeTax expense$121.00MincomeTaxExpensePretax income$1.62BincomeBeforeTaxTax rate7.5%Equity$10.42BtotalStockholderEquityDebt$8.03BshortLongTermDebtTotalCash$450.00McashInvested capital$18.00BResult 7.8% | 0.09xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.51BoperatingIncomeNet PP&E$16.10BpropertyPlantAndEquipmentNetResult 0.09x |
| 2024 | 61.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.76BpropertyPlantAndEquipmentNetInventory$439.00MinventoryTotal assets$26.56BtotalAssetsResult 61.0% | 3.18xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$50.07BtotalRevenueNet PP&E$15.76BpropertyPlantAndEquipmentNetResult 3.18x | 0.60xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$619.00McapitalExpendituresD&A$1.03BdepreciationAndAmortizationResult 0.60x | $16.27Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.56BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.68BintangibleAssetsLiabilities$13.47BtotalLiabTangible book$11.42BShares702,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $16.27 | 2.53xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.74BebitdaCapex$619.00McapitalExpendituresInterest$430.00MinterestExpenseShort-term debt$408.00MshortTermDebtEBITDA − capex$2.12BPrincipal due is short-term debt.Result 2.53x | $1.87BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$2.49BtotalCashFromOperatingActivitiesCapex$619.00McapitalExpendituresFree cash flow$1.87BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.87B | 5.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.18BoperatingIncomeTax expense$167.00MincomeTaxExpensePretax income$1.28BincomeBeforeTaxTax rate13.0%Equity$9.81BtotalStockholderEquityDebt$7.93BshortLongTermDebtTotalCash$348.00McashInvested capital$17.40BResult 5.9% | 0.07xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.18BoperatingIncomeNet PP&E$15.76BpropertyPlantAndEquipmentNetResult 0.07x |
| 2025 | 57.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.06BpropertyPlantAndEquipmentNetInventory$211.00MinventoryTotal assets$30.17BtotalAssetsResult 57.2% | 2.59xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$44.26BtotalRevenueNet PP&E$17.06BpropertyPlantAndEquipmentNetResult 2.59x | 0.67xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$643.00McapitalExpendituresD&A$953.00MdepreciationAndAmortizationResult 0.67x | $16.09Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$30.17BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.75BintangibleAssetsLiabilities$17.09BtotalLiabTangible book$11.33BShares704,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $16.09 | 3.00xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.91BebitdaCapex$643.00McapitalExpendituresInterest$554.00MinterestExpenseShort-term debt$202.00MshortTermDebtEBITDA − capex$2.27BPrincipal due is short-term debt.Result 3.00x | $2.29BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$2.94BtotalCashFromOperatingActivitiesCapex$643.00McapitalExpendituresFree cash flow$2.29BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.29B | 8.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.43BoperatingIncomeTax expense$15.00MincomeTaxExpensePretax income$1.40BincomeBeforeTaxTax rate1.1%Equity$9.84BtotalStockholderEquityDebt$11.30BshortLongTermDebtTotalCash$4.73BcashInvested capital$16.41BResult 8.6% | 0.08xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.43BoperatingIncomeNet PP&E$17.06BpropertyPlantAndEquipmentNetResult 0.08x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $17.06B
Inventory: $211.00M
Total assets: $30.17B
Goodwill: $0.00
Intangibles: $1.75B
Liabilities: $17.09B
Tangible book: $11.33B
Shares: 704,000,000
Revenue: $44.26B
Capex: $643.00M
D&A: $953.00M
EBITDA: $2.91B
Interest: $554.00M
Short-term debt: $202.00M
Free cash flow: $2.29B
Operating income: $1.43B
Invested capital: $16.41B
Tax rate: 1.1%