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.
Pan American Silver Corp.
Physical assets are 60.8% of total assets, a heavy footprint. Capex is 0.60x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 14.2%, 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 0.69x.
Physical asset ratio
60.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.33BpropertyPlantAndEquipmentNetInventory$586.93MinventoryTotal assets$9.72BtotalAssetsResult 60.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.69xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.68BtotalRevenueNet PP&E$5.33BpropertyPlantAndEquipmentNetResult 0.69x
Revenue per dollar of the physical asset base.
Capex / D&A
0.60xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$319.50McapitalExpendituresD&A$532.16MdepreciationAndAmortizationResult 0.60x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$18.31Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.72BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.74BtotalLiabTangible book$6.99BShares381,577,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.31
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.08xPrice / tangible bookPrice / tangible book per sharePrice$38.17Latest quoteTangible book / share$18.312025-12-31Result 2.08x
Price $38.17.
Fixed-charge coverage
23.92xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.85BebitdaCapex$319.50McapitalExpendituresInterest$59.02MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$1.53BPrincipal due is the current portion of debt.Result 23.92x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.08BfreeCashFlowMarket cap$16.90BMarketCapitalizationResult 6.4%
Latest free cash flow divided by current market cap ($16.90B).
ROIC
14.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.19BoperatingIncomeTax expense$262.52MincomeTaxExpensePretax income$1.26BincomeBeforeTaxTax rate20.8%Equity$6.98BtotalStockholderEquityDebt$935.29MshortLongTermDebtTotalCash$1.32BcashAndShortTermInvestmentsInvested capital$6.60BResult 14.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.22x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 78.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.30BpropertyPlantEquipmentInventory$214.47MinventoryTotal assets$1.94BtotalAssetsResult 78.2% | 0.60xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$784.50MtotalRevenueNet PP&E$1.30BpropertyPlantEquipmentResult 0.60x | 1.03xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$151.85McapitalExpendituresD&A$147.29MdepreciationAndAmortizationResult 1.03x | $9.84Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.94BtotalAssetsGoodwill$3.06MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$424.13MtotalLiabTangible book$1.51BShares153,522,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $9.84 | 6.95xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$204.22MebitdaCapex$151.85McapitalExpendituresInterest$2.18MinterestExpenseShort-term debt$5.36MshortTermDebtEBITDA − capex$52.37MPrincipal due is short-term debt.Result 6.95x | $3.13MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$154.98MtotalCashFromOperatingActivitiesCapex$151.85McapitalExpendituresFree cash flow$3.13MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.13M | 2.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$42.69MoperatingIncomeTax expense$21.15MincomeTaxExpensePretax income$33.19MincomeBeforeTaxTax rate40.0%Equity$1.51BtotalStockholderEquityDebt$6.68MshortLongTermDebtTotalCash$212.51McashAndShortTermInvestmentsInvested capital$1.30BThe effective tax rate was above 40% and was capped at 40%.Result 2.0% | 0.03xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$42.69MoperatingIncomeNet PP&E$1.30BpropertyPlantEquipmentResult 0.03x |
| 2019 | 82.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.50BpropertyPlantEquipmentInventory$346.51MinventoryTotal assets$3.46BtotalAssetsResult 82.4% | 0.54xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.35BtotalRevenueNet PP&E$2.50BpropertyPlantEquipmentResult 0.54x | 0.82xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$207.35McapitalExpendituresD&A$253.45MdepreciationAndAmortizationResult 0.82x | $12.22Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.46BtotalAssetsGoodwill$4.99MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$993.84MtotalLiabTangible book$2.46BShares201,571,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $12.22 | 7.21xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$452.84MebitdaCapex$207.35McapitalExpendituresInterest$19.83MinterestExpenseShort-term debt$14.20MshortTermDebtEBITDA − capex$245.49MPrincipal due is short-term debt.Result 7.21x | $74.68MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$282.03MtotalCashFromOperatingActivitiesCapex$207.35McapitalExpendituresFree cash flow$74.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $74.68M | 3.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$127.10MoperatingIncomeTax expense$71.27MincomeTaxExpensePretax income$182.51MincomeBeforeTaxTax rate39.0%Equity$2.46BtotalStockholderEquityDebt$316.21MshortLongTermDebtTotalCash$238.34McashAndShortTermInvestmentsInvested capital$2.54BResult 3.0% | 0.05xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$127.10MoperatingIncomeNet PP&E$2.50BpropertyPlantEquipmentResult 0.05x |
| 2020 | 82.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.42BpropertyPlantEquipmentInventory$406.19MinventoryTotal assets$3.43BtotalAssetsResult 82.2% | 0.55xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.34BtotalRevenueNet PP&E$2.42BpropertyPlantEquipmentResult 0.55x | 0.66xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$178.56McapitalExpendituresD&A$272.44MdepreciationAndAmortizationResult 0.66x | $12.38Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.43BtotalAssetsGoodwill$2.78MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$828.04MtotalLiabTangible book$2.60BShares210,295,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $12.38 | 14.04xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$533.67MebitdaCapex$178.56McapitalExpendituresInterest$12.47MinterestExpenseShort-term debt$12.83MshortTermDebtEBITDA − capex$355.12MPrincipal due is short-term debt.Result 14.04x | $283.76MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$462.32MtotalCashFromOperatingActivitiesCapex$178.56McapitalExpendituresFree cash flow$283.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $283.76M | 6.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$209.98MoperatingIncomeTax expense$75.56MincomeTaxExpensePretax income$252.01MincomeBeforeTaxTax rate30.0%Equity$2.60BtotalStockholderEquityDebt$33.57MshortLongTermDebtTotalCash$279.06McashAndShortTermInvestmentsInvested capital$2.36BResult 6.2% | 0.09xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$209.98MoperatingIncomeNet PP&E$2.42BpropertyPlantEquipmentResult 0.09x |
| 2021 | 80.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.34BpropertyPlantEquipmentInventory$500.46MinventoryTotal assets$3.52BtotalAssetsResult 80.9% | 0.70xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.63BtotalRevenueNet PP&E$2.34BpropertyPlantEquipmentResult 0.70x | 0.80xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$243.48McapitalExpendituresD&A$302.96MdepreciationAndAmortizationResult 0.80x | $12.51Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.52BtotalAssetsGoodwill$2.78MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$882.58MtotalLiabTangible book$2.63BShares210,435,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $12.51 | 15.95xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$551.61MebitdaCapex$243.48McapitalExpendituresInterest$8.65MinterestExpenseShort-term debt$10.66MshortTermDebtEBITDA − capex$308.13MPrincipal due is short-term debt.Result 15.95x | $148.63MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$392.11MtotalCashFromOperatingActivitiesCapex$243.48McapitalExpendituresFree cash flow$148.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $148.63M | 8.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$320.91MoperatingIncomeTax expense$146.43MincomeTaxExpensePretax income$244.99MincomeBeforeTaxTax rate40.0%Equity$2.63BtotalStockholderEquityDebt$11.90MlongTermDebt + shortLongTermDebtCash$335.27McashAndShortTermInvestmentsInvested capital$2.31BThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.3% | 0.14xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$320.91MoperatingIncomeNet PP&E$2.34BpropertyPlantEquipmentResult 0.14x |
| 2022 | 83.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.23BpropertyPlantAndEquipmentNetInventory$471.60MinventoryTotal assets$3.25BtotalAssetsResult 83.1% | 0.67xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.49BtotalRevenueNet PP&E$2.23BpropertyPlantAndEquipmentNetResult 0.67x | 0.87xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$274.70McapitalExpendituresD&A$316.00MdepreciationAndAmortizationResult 0.87x | $10.44Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.25BtotalAssetsGoodwill$2.78MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$1.05BtotalLiabTangible book$2.20BShares210,521,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $10.44 | -12.10xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$20.30MebitdaCapex$274.70McapitalExpendituresInterest$7.32MinterestExpenseShort-term debt$13.70MshortLongTermDebtEBITDA − capex-$254.40MPrincipal due is the current portion of debt.Result -12.10x | -$242.90MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$31.80MtotalCashFromOperatingActivitiesCapex$274.70McapitalExpendituresFree cash flow-$242.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$242.90M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$262.30MoperatingIncomeTax expense$39.10MincomeTaxExpensePretax income-$301.00MincomeBeforeTaxTax rate—Equity$2.20BtotalStockholderEquityDebt$226.80MshortLongTermDebtTotalCash$142.30McashAndShortTermInvestmentsInvested capital$2.28BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.12xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$262.30MoperatingIncomeNet PP&E$2.23BpropertyPlantAndEquipmentNetResult -0.12x |
| 2023 | 88.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.68BpropertyPlantAndEquipmentNetInventory$711.60MinventoryTotal assets$7.21BtotalAssetsResult 88.5% | 0.41xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.32BtotalRevenueNet PP&E$5.68BpropertyPlantAndEquipmentNetResult 0.41x | 0.78xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$379.00McapitalExpendituresD&A$484.20MdepreciationAndAmortizationResult 0.78x | $14.62Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.21BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.44BtotalLiabTangible book$4.77BShares326,540,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $14.62 | 1.51xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$476.80MebitdaCapex$379.00McapitalExpendituresInterest$58.25MinterestExpenseShort-term debt$6.70MshortLongTermDebtEBITDA − capex$97.80MPrincipal due is the current portion of debt.Result 1.51x | $71.20MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$450.20MtotalCashFromOperatingActivitiesCapex$379.00McapitalExpendituresFree cash flow$71.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $71.20M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$38.10MoperatingIncomeTax expense$46.10MincomeTaxExpensePretax income-$58.80MincomeBeforeTaxTax rate—Equity$4.76BtotalStockholderEquityDebt$801.60MshortLongTermDebtTotalCash$440.90McashAndShortTermInvestmentsInvested capital$5.12BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.01xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$38.10MoperatingIncomeNet PP&E$5.68BpropertyPlantAndEquipmentNetResult 0.01x |
| 2024 | 82.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.33BpropertyPlantAndEquipmentNetInventory$605.70MinventoryTotal assets$7.20BtotalAssetsResult 82.3% | 0.53xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.82BtotalRevenueNet PP&E$5.33BpropertyPlantAndEquipmentNetResult 0.53x | 0.57xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$323.30McapitalExpendituresD&A$571.70MdepreciationAndAmortizationResult 0.57x | $12.98Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.20BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.49BtotalLiabTangible book$4.72BShares363,401,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $12.98 | 12.63xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.05BebitdaCapex$323.30McapitalExpendituresInterest$50.84MinterestExpenseShort-term debt$6.80MshortLongTermDebtEBITDA − capex$727.70MPrincipal due is the current portion of debt.Result 12.63x | $400.80MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$724.10MtotalCashFromOperatingActivitiesCapex$323.30McapitalExpendituresFree cash flow$400.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $400.80M | 6.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$530.70MoperatingIncomeTax expense$319.00MincomeTaxExpensePretax income$431.70MincomeBeforeTaxTax rate40.0%Equity$4.70BtotalStockholderEquityDebt$803.30MshortLongTermDebtTotalCash$887.30McashAndShortTermInvestmentsInvested capital$4.62BThe effective tax rate was above 40% and was capped at 40%.Result 6.9% | 0.10xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$530.70MoperatingIncomeNet PP&E$5.33BpropertyPlantAndEquipmentNetResult 0.10x |
| 2025 | 60.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.33BpropertyPlantAndEquipmentNetInventory$586.93MinventoryTotal assets$9.72BtotalAssetsResult 60.8% | 0.69xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.68BtotalRevenueNet PP&E$5.33BpropertyPlantAndEquipmentNetResult 0.69x | 0.60xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$319.50McapitalExpendituresD&A$532.16MdepreciationAndAmortizationResult 0.60x | $18.31Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.72BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.74BtotalLiabTangible book$6.99BShares381,577,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.31 | 23.92xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.85BebitdaCapex$319.50McapitalExpendituresInterest$59.02MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$1.53BPrincipal due is the current portion of debt.Result 23.92x | $1.08BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.40BtotalCashFromOperatingActivitiesCapex$319.50McapitalExpendituresFree cash flow$1.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.08B | 14.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.19BoperatingIncomeTax expense$262.52MincomeTaxExpensePretax income$1.26BincomeBeforeTaxTax rate20.8%Equity$6.98BtotalStockholderEquityDebt$935.29MshortLongTermDebtTotalCash$1.32BcashAndShortTermInvestmentsInvested capital$6.60BResult 14.2% | 0.22xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.19BoperatingIncomeNet PP&E$5.33BpropertyPlantAndEquipmentNetResult 0.22x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $5.33B
Inventory: $586.93M
Total assets: $9.72B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $2.74B
Tangible book: $6.99B
Shares: 381,577,000
Revenue: $3.68B
Capex: $319.50M
D&A: $532.16M
EBITDA: $1.85B
Interest: $59.02M
Short-term debt: $5.00M
Free cash flow: $1.08B
Operating income: $1.19B
Invested capital: $6.60B
Tax rate: 20.8%