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.
Power Corporation Of Canada
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. EBITDA after capex covers debt service by 0.97x, which is below 1.
Fixed-asset turnover is 5.75x. Compare it with other names in the same basket.
Physical asset ratio
0.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.54BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$925.74BtotalAssetsInventory was not reported and is treated as zero.Result 0.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.75xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$37.65BtotalRevenueNet PP&E$6.54BpropertyPlantEquipmentResult 5.75x
Revenue per dollar of the physical asset base.
Capex / D&A
—Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$625.00McapitalExpendituresD&A—Not reportedResult —
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$33.58Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$925.74BtotalAssetsGoodwill$14.66BgoodWillIntangibles$8.68BintangibleAssetsLiabilities$880.69BtotalLiabTangible book$21.71BShares646,400,000commonStockSharesOutstandingResult $33.58
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.88xPrice / tangible bookPrice / tangible book per sharePrice$96.80Latest quoteTangible book / share$33.582025-12-31Result 2.88x
Price $96.80.
Fixed-charge coverage
0.97xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.08BebitdaCapex$625.00McapitalExpendituresInterest$804.00MinterestExpenseShort-term debt$4.79BshortTermDebtEBITDA − capex$5.46BPrincipal due is short-term debt.Result 0.97x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$4.16BfreeCashFlowMarket cap$59.99BMarketCapitalizationResult 6.9%
Latest free cash flow divided by current market cap ($59.99B).
ROIC
79.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.36BoperatingIncomeTax expense$878.00MincomeTaxExpensePretax income$5.28BincomeBeforeTaxTax rate16.6%Equity$24.43BtotalStockholderEquityDebt$25.88BshortLongTermDebtTotalCash$34.13BcashAndShortTermInvestmentsInvested capital$16.17BResult 79.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.35x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -4.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.87BpropertyPlantEquipmentInventory-$22.57BinventoryTotal assets$452.30BtotalAssetsResult -4.6% | 25.76xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$48.10BtotalRevenueNet PP&E$1.87BpropertyPlantEquipmentResult 25.76x | 3.62xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.04BcapitalExpendituresD&A$564.00MdepreciationAndAmortizationResult 3.62x | $46.85Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$452.30BtotalAssetsGoodwill$10.42BgoodWillIntangibles$5.79BintangibleAssetsLiabilities$414.26BtotalLiabTangible book$21.84BShares466,100,000commonStockSharesOutstandingResult $46.85 | 2.94xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.04BebitdaCapex$2.04BcapitalExpendituresInterest$426.00MinterestExpenseShort-term debt$592.00MshortLongTermDebtEBITDA − capex$2.99BPrincipal due is the current portion of debt.Result 2.94x | $5.08BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$7.12BtotalCashFromOperatingActivitiesCapex$2.04BcapitalExpendituresFree cash flow$5.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.08B | 12.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.05BoperatingIncomeTax expense$578.00MincomeTaxExpensePretax income$4.05BincomeBeforeTaxTax rate14.3%Equity$15.12BtotalStockholderEquityDebt$18.87BshortLongTermDebtTotalCash$6.44BcashAndShortTermInvestmentsInvested capital$27.55BResult 12.6% | 2.17xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$4.05BoperatingIncomeNet PP&E$1.87BpropertyPlantEquipmentResult 2.17x |
| 2019 | -4.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.06BpropertyPlantEquipmentInventory-$22.53BinventoryTotal assets$477.25BtotalAssetsResult -4.1% | 15.95xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$48.84BtotalRevenueNet PP&E$3.06BpropertyPlantEquipmentResult 15.95x | 1.26xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$863.00McapitalExpendituresD&A$687.00MdepreciationAndAmortizationResult 1.26x | $46.63Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$477.25BtotalAssetsGoodwill$10.32BgoodWillIntangibles$5.84BintangibleAssetsLiabilities$440.67BtotalLiabTangible book$20.42BShares437,900,000commonStockSharesOutstandingResult $46.63 | 2.32xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.81BebitdaCapex$863.00McapitalExpendituresInterest$526.00MinterestExpenseShort-term debt$1.17BshortLongTermDebtEBITDA − capex$3.95BPrincipal due is the current portion of debt.Result 2.32x | $5.76BFree cash flow · 2019-12-31Operating cash flow − capexOperating cash flow$6.62BtotalCashFromOperatingActivitiesCapex$863.00McapitalExpendituresFree cash flow$5.76BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $5.76B | 11.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.60BoperatingIncomeTax expense$554.00MincomeTaxExpensePretax income$3.60BincomeBeforeTaxTax rate15.4%Equity$14.17BtotalStockholderEquityDebt$19.38BshortLongTermDebtTotalCash$6.81BcashAndShortTermInvestmentsInvested capital$26.75BResult 11.4% | 1.17xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$3.60BoperatingIncomeNet PP&E$3.06BpropertyPlantEquipmentResult 1.17x |
| 2020 | -5.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.22BpropertyPlantEquipmentInventory-$35.72BinventoryTotal assets$629.10BtotalAssetsResult -5.2% | 20.09xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$64.62BtotalRevenueNet PP&E$3.22BpropertyPlantEquipmentResult 20.09x | 0.57xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$388.00McapitalExpendituresD&A$675.00MdepreciationAndAmortizationResult 0.57x | $28.55Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$629.10BtotalAssetsGoodwill$13.96BgoodWillIntangibles$6.28BintangibleAssetsLiabilities$590.37BtotalLiabTangible book$18.49BShares647,600,000commonStockSharesOutstandingResult $28.55 | 1.40xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.81BebitdaCapex$388.00McapitalExpendituresInterest$528.00MinterestExpenseShort-term debt$2.64BshortTermDebtEBITDA − capex$4.43BPrincipal due is short-term debt.Result 1.40x | $9.71BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$10.10BtotalCashFromOperatingActivitiesCapex$388.00McapitalExpendituresFree cash flow$9.71BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.71B | 13.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.61BoperatingIncomeTax expense$77.00MincomeTaxExpensePretax income$3.61BincomeBeforeTaxTax rate2.1%Equity$22.21BtotalStockholderEquityDebt$14.50BlongTermDebt + shortLongTermDebtCash$9.48BcashAndShortTermInvestmentsInvested capital$27.23BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 13.0% | 1.12xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$3.61BoperatingIncomeNet PP&E$3.22BpropertyPlantEquipmentResult 1.12x |
| 2021 | -4.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.69BpropertyPlantEquipmentInventory-$34.27BinventoryTotal assets$661.63BtotalAssetsResult -4.6% | 18.88xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$69.59BtotalRevenueNet PP&E$3.69BpropertyPlantEquipmentResult 18.88x | 0.73xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$566.00McapitalExpendituresD&A$778.00MdepreciationAndAmortizationResult 0.73x | $33.97Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$661.63BtotalAssetsGoodwill$12.97BgoodWillIntangibles$7.61BintangibleAssetsLiabilities$617.91BtotalLiabTangible book$23.15BShares681,600,000commonStockSharesOutstandingResult $33.97 | 6.21xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.67BebitdaCapex$566.00McapitalExpendituresInterest$576.00MinterestExpenseShort-term debt$407.00MshortTermDebtEBITDA − capex$6.10BPrincipal due is short-term debt.Result 6.21x | $10.49BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$11.05BtotalCashFromOperatingActivitiesCapex$566.00McapitalExpendituresFree cash flow$10.49BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.49B | 13.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.32BoperatingIncomeTax expense$643.00MincomeTaxExpensePretax income$5.32BincomeBeforeTaxTax rate12.1%Equity$24.34BtotalStockholderEquityDebt$19.53BshortLongTermDebtTotalCash$8.17BcashAndShortTermInvestmentsInvested capital$35.71BResult 13.1% | 1.44xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$5.32BoperatingIncomeNet PP&E$3.69BpropertyPlantEquipmentResult 1.44x |
| 2022 | -4.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.41BpropertyPlantEquipmentInventory-$33.46BinventoryTotal assets$733.65BtotalAssetsResult -4.0% | -1.30xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue-$5.71BtotalRevenueNet PP&E$4.41BpropertyPlantEquipmentResult -1.30x | 0.92xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$804.00McapitalExpendituresD&A$877.00MdepreciationAndAmortizationResult 0.92x | $31.47Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$733.65BtotalAssetsGoodwill$14.61BgoodWillIntangibles$8.30BintangibleAssetsLiabilities$689.55BtotalLiabTangible book$21.20BShares673,500,000commonStockSharesOutstandingResult $31.47 | 5.52xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.88BebitdaCapex$804.00McapitalExpendituresInterest$645.00MinterestExpenseShort-term debt$274.00MshortTermDebtEBITDA − capex$5.07BPrincipal due is short-term debt.Result 5.52x | $6.70BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$7.50BtotalCashFromOperatingActivitiesCapex$804.00McapitalExpendituresFree cash flow$6.70BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.70B | 16.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.35BoperatingIncomeTax expense$646.00MincomeTaxExpensePretax income$4.35BincomeBeforeTaxTax rate14.8%Equity$24.02BtotalStockholderEquityDebt$21.17BshortLongTermDebtTotalCash$22.25BcashAndShortTermInvestmentsInvested capital$22.95BResult 16.2% | 0.99xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$4.35BoperatingIncomeNet PP&E$4.41BpropertyPlantEquipmentResult 0.99x |
| 2023 | -3.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.08BpropertyPlantEquipmentInventory-$28.49BinventoryTotal assets$749.48BtotalAssetsResult -3.1% | 9.14xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$46.43BtotalRevenueNet PP&E$5.08BpropertyPlantEquipmentResult 9.14x | 1.41xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.17BcapitalExpendituresD&A$831.00MdepreciationAndAmortizationResult 1.41x | $30.08Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$749.48BtotalAssetsGoodwill$14.63BgoodWillIntangibles$6.69BintangibleAssetsLiabilities$708.21BtotalLiabTangible book$19.95BShares663,100,000commonStockSharesOutstandingResult $30.08 | 0.89xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.90BebitdaCapex$1.17BcapitalExpendituresInterest$766.00MinterestExpenseShort-term debt$3.45BshortTermDebtEBITDA − capex$3.73BPrincipal due is short-term debt.Result 0.89x | $4.76BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$5.93BtotalCashFromOperatingActivitiesCapex$1.17BcapitalExpendituresFree cash flow$4.76BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.76B | 30.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.97BoperatingIncomeTax expense$263.00MincomeTaxExpensePretax income$3.92BincomeBeforeTaxTax rate6.7%Equity$22.14BtotalStockholderEquityDebt$20.94BshortLongTermDebtTotalCash$21.88BcashAndShortTermInvestmentsInvested capital$21.20BResult 30.7% | 1.37xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$6.97BoperatingIncomeNet PP&E$5.08BpropertyPlantEquipmentResult 1.37x |
| 2024 | 0.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.27BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$851.36BtotalAssetsInventory was not reported and is treated as zero.Result 0.7% | 5.26xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$32.97BtotalRevenueNet PP&E$6.27BpropertyPlantEquipmentResult 5.26x | —Capex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$874.00McapitalExpendituresD&A—Not reportedResult — | $34.26Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$851.36BtotalAssetsGoodwill$14.68BgoodWillIntangibles$6.97BintangibleAssetsLiabilities$807.37BtotalLiabTangible book$22.34BShares652,000,000commonStockSharesOutstandingResult $34.26 | 1.05xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.32BebitdaCapex$874.00McapitalExpendituresInterest$786.00MinterestExpenseShort-term debt$4.40BshortTermDebtEBITDA − capex$5.44BPrincipal due is short-term debt.Result 1.05x | $5.08BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$5.95BtotalCashFromOperatingActivitiesCapex$874.00McapitalExpendituresFree cash flow$5.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.08B | 24.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.53BoperatingIncomeTax expense$929.00MincomeTaxExpensePretax income$5.53BincomeBeforeTaxTax rate16.8%Equity$23.88BtotalStockholderEquityDebt$22.80BshortLongTermDebtTotalCash$27.69BcashAndShortTermInvestmentsInvested capital$18.99BResult 24.2% | 0.88xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$5.53BoperatingIncomeNet PP&E$6.27BpropertyPlantEquipmentResult 0.88x |
| 2025 | 0.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.54BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$925.74BtotalAssetsInventory was not reported and is treated as zero.Result 0.7% | 5.75xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$37.65BtotalRevenueNet PP&E$6.54BpropertyPlantEquipmentResult 5.75x | —Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$625.00McapitalExpendituresD&A—Not reportedResult — | $33.58Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$925.74BtotalAssetsGoodwill$14.66BgoodWillIntangibles$8.68BintangibleAssetsLiabilities$880.69BtotalLiabTangible book$21.71BShares646,400,000commonStockSharesOutstandingResult $33.58 | 0.97xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.08BebitdaCapex$625.00McapitalExpendituresInterest$804.00MinterestExpenseShort-term debt$4.79BshortTermDebtEBITDA − capex$5.46BPrincipal due is short-term debt.Result 0.97x | $4.16BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$4.78BtotalCashFromOperatingActivitiesCapex$625.00McapitalExpendituresFree cash flow$4.16BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.16B | 79.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.36BoperatingIncomeTax expense$878.00MincomeTaxExpensePretax income$5.28BincomeBeforeTaxTax rate16.6%Equity$24.43BtotalStockholderEquityDebt$25.88BshortLongTermDebtTotalCash$34.13BcashAndShortTermInvestmentsInvested capital$16.17BResult 79.2% | 2.35xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$15.36BoperatingIncomeNet PP&E$6.54BpropertyPlantEquipmentResult 2.35x |
- 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: $6.54B
Inventory: $0.00
Total assets: $925.74B
Goodwill: $14.66B
Intangibles: $8.68B
Liabilities: $880.69B
Tangible book: $21.71B
Shares: 646,400,000
Revenue: $37.65B
Capex: $625.00M
D&A: —
EBITDA: $6.08B
Interest: $804.00M
Short-term debt: $4.79B
Free cash flow: $4.16B
Operating income: $15.36B
Invested capital: $16.17B
Tax rate: 16.6%