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.
Principal Financial Group Inc
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.39x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 22.28x. Compare it with other names in the same basket.
Physical asset ratio
0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$701.40MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$341.38BtotalAssetsInventory was not reported and is treated as zero.Result 0.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
22.28xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$15.63BtotalRevenueNet PP&E$701.40MpropertyPlantAndEquipmentNetResult 22.28x
Revenue per dollar of the physical asset base.
Capex / D&A
0.39xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$98.00McapitalExpendituresD&A$251.40MdepreciationAndAmortizationResult 0.39x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$24.16Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$341.38BtotalAssetsGoodwill$1.60BgoodWillIntangibles$5.34BintangibleAssetsLiabilities$328.99BtotalLiabTangible book$5.45BShares225,700,000commonStockSharesOutstandingResult $24.16
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.62xPrice / tangible bookPrice / tangible book per sharePrice$111.63Latest quoteTangible book / share$24.162025-12-31Result 4.62x
Price $111.63.
Fixed-charge coverage
52.56xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.67BebitdaCapex$98.00McapitalExpendituresInterest$2.20MinterestExpenseShort-term debt$27.70MshortTermDebtEBITDA − capex$1.57BPrincipal due is short-term debt.Result 52.56x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
18.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$4.44BfreeCashFlowMarket cap$23.75BMarketCapitalizationResult 18.7%
Latest free cash flow divided by current market cap ($23.75B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.42BoperatingIncomeTax expense$160.50MincomeTaxExpensePretax income$1.42BincomeBeforeTaxTax rate11.3%Equity$11.88BtotalStockholderEquityDebt$3.95BshortLongTermDebtTotalCash$33.49BcashAndShortTermInvestmentsInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.02x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -3.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$767.30MpropertyPlantEquipmentInventory-$7.97BinventoryTotal assets$243.04BtotalAssetsResult -3.0% | 18.55xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$14.24BtotalRevenueNet PP&E$767.30MpropertyPlantEquipmentResult 18.55x | 0.45xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$92.30McapitalExpendituresD&A$205.10MdepreciationAndAmortizationResult 0.45x | $32.66Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$243.04BtotalAssetsGoodwill$1.10BgoodWillIntangibles$1.32BintangibleAssetsLiabilities$231.19BtotalLiabTangible book$9.43BShares288,800,000commonStockSharesOutstandingResult $32.66 | 44.22xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.99BebitdaCapex$92.30McapitalExpendituresInterest$0.00interestExpenseShort-term debt$42.90MshortLongTermDebtEBITDA − capex$1.90BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 44.22x | $5.06BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$5.16BtotalCashFromOperatingActivitiesCapex$92.30McapitalExpendituresFree cash flow$5.06BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.06B | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.78BoperatingIncomeTax expense$230.70MincomeTaxExpensePretax income$1.78BincomeBeforeTaxTax rate12.9%Equity$11.39BtotalStockholderEquityDebt$3.30BshortLongTermDebtTotalCash$63.09BcashAndShortTermInvestmentsInvested capital—Result — | 2.33xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.78BoperatingIncomeNet PP&E$767.30MpropertyPlantEquipmentResult 2.33x |
| 2019 | -2.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$967.70MpropertyPlantEquipmentInventory-$7.29BinventoryTotal assets$291.05BtotalAssetsResult -2.2% | 16.76xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$16.22BtotalRevenueNet PP&E$967.70MpropertyPlantEquipmentResult 16.76x | 0.58xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$132.40McapitalExpendituresD&A$226.80MdepreciationAndAmortizationResult 0.58x | $40.82Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$291.05BtotalAssetsGoodwill$1.69BgoodWillIntangibles$1.79BintangibleAssetsLiabilities$276.10BtotalLiabTangible book$11.47BShares281,000,000commonStockSharesOutstandingResult $40.82 | 18.94xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.92BebitdaCapex$132.40McapitalExpendituresInterest$1.00MinterestExpenseShort-term debt$93.40MshortLongTermDebtEBITDA − capex$1.79BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 18.94x | $5.36BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$5.49BtotalCashFromOperatingActivitiesCapex$132.40McapitalExpendituresFree cash flow$5.36BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.36B | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.69BoperatingIncomeTax expense$249.20MincomeTaxExpensePretax income$1.69BincomeBeforeTaxTax rate14.7%Equity$14.62BtotalStockholderEquityDebt$3.83BshortLongTermDebtTotalCash$72.62BcashAndShortTermInvestmentsInvested capital—Result — | 1.75xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.69BoperatingIncomeNet PP&E$967.70MpropertyPlantEquipmentResult 1.75x |
| 2020 | -2.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.02BpropertyPlantEquipmentInventory-$7.71BinventoryTotal assets$313.47BtotalAssetsResult -2.1% | 14.47xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$14.74BtotalRevenueNet PP&E$1.02BpropertyPlantEquipmentResult 14.47x | 0.43xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$108.80McapitalExpendituresD&A$251.90MdepreciationAndAmortizationResult 0.43x | $48.59Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$313.47BtotalAssetsGoodwill$1.71BgoodWillIntangibles$1.72BintangibleAssetsLiabilities$296.60BtotalLiabTangible book$13.44BShares276,600,000commonStockSharesOutstandingResult $48.59 | 21.43xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.95BebitdaCapex$108.80McapitalExpendituresInterest$1.00MinterestExpenseShort-term debt$84.70MshortLongTermDebtEBITDA − capex$1.84BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 21.43x | $3.63BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$3.74BtotalCashFromOperatingActivitiesCapex$108.80McapitalExpendituresFree cash flow$3.63BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.63B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.69BoperatingIncomeTax expense$265.00MincomeTaxExpensePretax income$1.69BincomeBeforeTaxTax rate15.6%Equity$16.56BtotalStockholderEquityDebt$4.36BshortLongTermDebtTotalCash$81.56BcashAndShortTermInvestmentsInvested capital—Result — | 1.66xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$1.69BoperatingIncomeNet PP&E$1.02BpropertyPlantEquipmentResult 1.66x |
| 2021 | -1.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.04BpropertyPlantEquipmentInventory-$6.55BinventoryTotal assets$304.66BtotalAssetsResult -1.8% | 13.90xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$14.43BtotalRevenueNet PP&E$1.04BpropertyPlantEquipmentResult 13.90x | 0.47xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$129.90McapitalExpendituresD&A$275.30MdepreciationAndAmortizationResult 0.47x | $34.71Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$304.66BtotalAssetsGoodwill$1.63BgoodWillIntangibles$5.36BintangibleAssetsLiabilities$288.20BtotalLiabTangible book$9.47BShares272,900,000commonStockSharesOutstandingResult $34.71 | 25.45xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.19BebitdaCapex$129.90McapitalExpendituresInterest$1.00MinterestExpenseShort-term debt$79.80MshortTermDebtEBITDA − capex$2.06BPrincipal due is short-term debt.Result 25.45x | $3.09BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$3.22BtotalCashFromOperatingActivitiesCapex$129.90McapitalExpendituresFree cash flow$3.09BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.09B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.91BoperatingIncomeTax expense$283.90MincomeTaxExpensePretax income$1.91BincomeBeforeTaxTax rate14.9%Equity$16.07BtotalStockholderEquityDebt$4.69BshortLongTermDebtTotalCash$80.91BcashAndShortTermInvestmentsInvested capital—Result — | 1.84xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.91BoperatingIncomeNet PP&E$1.04BpropertyPlantEquipmentResult 1.84x |
| 2022 | -30.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$996.10MpropertyPlantEquipmentInventory-$94.64BinventoryTotal assets$303.00BtotalAssetsResult -30.9% | 17.60xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$17.54BtotalRevenueNet PP&E$996.10MpropertyPlantEquipmentResult 17.60x | 0.39xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$116.30McapitalExpendituresD&A$295.90MdepreciationAndAmortizationResult 0.39x | $28.10Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$303.00BtotalAssetsGoodwill$1.60BgoodWillIntangibles$1.53BintangibleAssetsLiabilities$292.70BtotalLiabTangible book$7.17BShares255,300,000commonStockSharesOutstandingResult $28.10 | 75.29xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.28BebitdaCapex$116.30McapitalExpendituresInterest$1.20MinterestExpenseShort-term debt$80.70MshortTermDebtEBITDA − capex$6.17BPrincipal due is short-term debt.Result 75.29x | $3.06BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$3.17BtotalCashFromOperatingActivitiesCapex$116.30McapitalExpendituresFree cash flow$3.06BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.06B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.99BoperatingIncomeTax expense$1.19BincomeTaxExpensePretax income$5.99BincomeBeforeTaxTax rate19.9%Equity$10.30BtotalStockholderEquityDebt$24.51BshortLongTermDebtTotalCash$67.74BcashAndShortTermInvestmentsInvested capital—Result — | 6.01xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$5.99BoperatingIncomeNet PP&E$996.10MpropertyPlantEquipmentResult 6.01x |
| 2023 | -18.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$938.40MpropertyPlantAndEquipmentNetInventory-$57.70BinventoryTotal assets$305.05BtotalAssetsResult -18.6% | 14.56xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$13.67BtotalRevenueNet PP&E$938.40MpropertyPlantAndEquipmentNetResult 14.56x | 0.37xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$102.00McapitalExpendituresD&A$272.70MdepreciationAndAmortizationResult 0.37x | $33.25Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$305.05BtotalAssetsGoodwill$1.61BgoodWillIntangibles$1.47BintangibleAssetsLiabilities$293.84BtotalLiabTangible book$8.13BShares244,600,000commonStockSharesOutstandingResult $33.25 | 14.44xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.01BebitdaCapex$102.00McapitalExpendituresInterest$1.90MinterestExpenseShort-term debt$61.10MshortTermDebtEBITDA − capex$909.50MPrincipal due is short-term debt.Result 14.44x | $3.69BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$3.79BtotalCashFromOperatingActivitiesCapex$102.00McapitalExpendituresFree cash flow$3.69BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.69B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$738.80MoperatingIncomeTax expense$68.70MincomeTaxExpensePretax income$738.80MincomeBeforeTaxTax rate9.3%Equity$10.92BtotalStockholderEquityDebt$3.99BshortLongTermDebtTotalCash$70.38BcashAndShortTermInvestmentsInvested capital—Result — | 0.79xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$738.80MoperatingIncomeNet PP&E$938.40MpropertyPlantAndEquipmentNetResult 0.79x |
| 2024 | 0.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$769.40MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$313.66BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 20.96xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$16.13BtotalRevenueNet PP&E$769.40MpropertyPlantAndEquipmentNetResult 20.96x | 0.27xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$68.80McapitalExpendituresD&A$256.20MdepreciationAndAmortizationResult 0.27x | $37.70Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$313.66BtotalAssetsGoodwill$1.55BgoodWillIntangibles$1.39BintangibleAssetsLiabilities$302.19BtotalLiabTangible book$8.53BShares226,225,161commonStockSharesOutstandingResult $37.70 | 13.37xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.15BebitdaCapex$68.80McapitalExpendituresInterest$2.60MinterestExpenseShort-term debt$152.70MshortTermDebtEBITDA − capex$2.08BPrincipal due is short-term debt.Result 13.37x | $4.53BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$4.60BtotalCashFromOperatingActivitiesCapex$68.80McapitalExpendituresFree cash flow$4.53BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.53B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.89BoperatingIncomeTax expense$291.70MincomeTaxExpensePretax income$1.89BincomeBeforeTaxTax rate15.4%Equity$11.09BtotalStockholderEquityDebt$4.11BshortLongTermDebtTotalCash$72.46BcashAndShortTermInvestmentsInvested capital—Result — | 2.46xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.89BoperatingIncomeNet PP&E$769.40MpropertyPlantAndEquipmentNetResult 2.46x |
| 2025 | 0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$701.40MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$341.38BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 22.28xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$15.63BtotalRevenueNet PP&E$701.40MpropertyPlantAndEquipmentNetResult 22.28x | 0.39xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$98.00McapitalExpendituresD&A$251.40MdepreciationAndAmortizationResult 0.39x | $24.16Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$341.38BtotalAssetsGoodwill$1.60BgoodWillIntangibles$5.34BintangibleAssetsLiabilities$328.99BtotalLiabTangible book$5.45BShares225,700,000commonStockSharesOutstandingResult $24.16 | 52.56xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.67BebitdaCapex$98.00McapitalExpendituresInterest$2.20MinterestExpenseShort-term debt$27.70MshortTermDebtEBITDA − capex$1.57BPrincipal due is short-term debt.Result 52.56x | $4.44BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$4.54BtotalCashFromOperatingActivitiesCapex$98.00McapitalExpendituresFree cash flow$4.44BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.44B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.42BoperatingIncomeTax expense$160.50MincomeTaxExpensePretax income$1.42BincomeBeforeTaxTax rate11.3%Equity$11.88BtotalStockholderEquityDebt$3.95BshortLongTermDebtTotalCash$33.49BcashAndShortTermInvestmentsInvested capital—Result — | 2.02xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.42BoperatingIncomeNet PP&E$701.40MpropertyPlantAndEquipmentNetResult 2.02x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $701.40M
Inventory: $0.00
Total assets: $341.38B
Goodwill: $1.60B
Intangibles: $5.34B
Liabilities: $328.99B
Tangible book: $5.45B
Shares: 225,700,000
Revenue: $15.63B
Capex: $98.00M
D&A: $251.40M
EBITDA: $1.67B
Interest: $2.20M
Short-term debt: $27.70M
Free cash flow: $4.44B
Operating income: $1.42B
Invested capital: —
Tax rate: 11.3%