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.
RB Global Inc.
Physical assets are 26.5% of total assets, a light footprint. Capex is 0.40x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 8.4%, 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 1.52x.
Physical asset ratio
26.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.07BpropertyPlantEquipmentInventory$139.55MinventoryTotal assets$12.12BtotalAssetsResult 26.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.52xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.67BtotalRevenueNet PP&E$3.07BpropertyPlantEquipmentResult 1.52x
Revenue per dollar of the physical asset base.
Capex / D&A
0.40xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$263.53McapitalExpendituresD&A$654.97MdepreciationAndAmortizationResult 0.40x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$5.69Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.12BtotalAssetsGoodwill$4.66BgoodWillIntangibles$2.46BintangibleAssetsLiabilities$6.06BtotalLiabTangible book-$1.06BShares186,900,000commonStockSharesOutstandingResult -$5.69
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$89.69Latest quoteTangible book / share-$5.692025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $89.69.
Fixed-charge coverage
2.95xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.39BebitdaCapex$263.53McapitalExpendituresInterest$194.95MinterestExpenseShort-term debt$188.70MshortLongTermDebtEBITDA − capex$1.13BPrincipal due is the current portion of debt.Result 2.95x
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$731.79MfreeCashFlowMarket cap$16.45BMarketCapitalizationResult 4.4%
Latest free cash flow divided by current market cap ($16.45B).
ROIC
8.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$824.99MoperatingIncomeTax expense$109.89MincomeTaxExpensePretax income$544.98MincomeBeforeTaxTax rate20.2%Equity$6.04BtotalStockholderEquityDebt$2.47BlongTermDebt + shortLongTermDebtCash$693.54McashAndShortTermInvestmentsInvested capital$7.82BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.27x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 29.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$481.67MpropertyPlantEquipmentInventory$113.29MinventoryTotal assets$2.05BtotalAssetsResult 29.0% | 2.43xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.17BtotalRevenueNet PP&E$481.67MpropertyPlantEquipmentResult 2.43x | 0.65xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$43.01McapitalExpendituresD&A$66.61MdepreciationAndAmortizationResult 0.65x | -$0.79Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.05BtotalAssetsGoodwill$671.59MgoodWillIntangibles$250.55MintangibleAssetsLiabilities$1.22BtotalLiabTangible book-$86.44MShares109,388,236commonStockSharesOutstandingResult -$0.79 | 2.85xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$263.65MebitdaCapex$43.01McapitalExpendituresInterest$44.53MinterestExpenseShort-term debt$33.02MshortTermDebtEBITDA − capex$220.64MPrincipal due is short-term debt.Result 2.85x | $101.27MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$144.28MtotalCashFromOperatingActivitiesCapex$43.01McapitalExpendituresFree cash flow$101.27MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $101.27M | 11.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$185.19MoperatingIncomeTax expense$31.01MincomeTaxExpensePretax income$152.51MincomeBeforeTaxTax rate20.3%Equity$830.64MtotalStockholderEquityDebt$741.34MshortLongTermDebtTotalCash$237.74McashAndEquivalentsInvested capital$1.33BResult 11.1% | 0.38xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$185.19MoperatingIncomeNet PP&E$481.67MpropertyPlantEquipmentResult 0.38x |
| 2019 | 29.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$595.85MpropertyPlantAndEquipmentNetInventory$64.96MinventoryTotal assets$2.23BtotalAssetsResult 29.6% | 2.21xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.32BtotalRevenueNet PP&E$595.85MpropertyPlantAndEquipmentNetResult 2.21x | 0.50xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$41.00McapitalExpendituresD&A$82.78MdepreciationAndAmortizationResult 0.50x | -$0.03Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.23BtotalAssetsGoodwill$672.31MgoodWillIntangibles$238.22MintangibleAssetsLiabilities$1.32BtotalLiabTangible book-$3.55MShares109,759,123commonStockSharesOutstandingResult -$0.03 | 4.26xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$314.82MebitdaCapex$41.00McapitalExpendituresInterest$41.28MinterestExpenseShort-term debt$22.98MshortTermDebtEBITDA − capex$273.82MPrincipal due is short-term debt.Result 4.26x | $291.79MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$332.79MtotalCashFromOperatingActivitiesCapex$41.00McapitalExpendituresFree cash flow$291.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $291.79M | 13.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$223.20MoperatingIncomeTax expense$41.62MincomeTaxExpensePretax income$190.76MincomeBeforeTaxTax rate21.8%Equity$901.83MtotalStockholderEquityDebt$777.84MshortLongTermDebtTotalCash$359.67McashAndEquivalentsInvested capital$1.32BResult 13.2% | 0.37xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$223.20MoperatingIncomeNet PP&E$595.85MpropertyPlantAndEquipmentNetResult 0.37x |
| 2020 | 29.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$608.63MpropertyPlantAndEquipmentNetInventory$86.28MinventoryTotal assets$2.35BtotalAssetsResult 29.6% | 2.26xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.38BtotalRevenueNet PP&E$608.63MpropertyPlantAndEquipmentNetResult 2.26x | 0.49xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$43.14McapitalExpendituresD&A$87.16MdepreciationAndAmortizationResult 0.49x | -$1.17Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.35BtotalAssetsGoodwill$840.61MgoodWillIntangibles$300.95MintangibleAssetsLiabilities$1.34BtotalLiabTangible book-$129.16MShares110,310,984commonStockSharesOutstandingResult -$1.17 | 4.20xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$358.62MebitdaCapex$43.14McapitalExpendituresInterest$35.57MinterestExpenseShort-term debt$39.51MshortTermDebtEBITDA − capex$315.48MPrincipal due is short-term debt.Result 4.20x | $214.74MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$257.87MtotalCashFromOperatingActivitiesCapex$43.14McapitalExpendituresFree cash flow$214.74MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $214.74M | 12.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$263.16MoperatingIncomeTax expense$65.53MincomeTaxExpensePretax income$235.89MincomeBeforeTaxTax rate27.8%Equity$1.01BtotalStockholderEquityDebt$795.72MshortLongTermDebtTotalCash$278.77McashAndEquivalentsInvested capital$1.52BResult 12.5% | 0.43xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$263.16MoperatingIncomeNet PP&E$608.63MpropertyPlantAndEquipmentNetResult 0.43x |
| 2021 | 18.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$558.65MpropertyPlantAndEquipmentNetInventory$102.49MinventoryTotal assets$3.59BtotalAssetsResult 18.4% | 2.54xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.42BtotalRevenueNet PP&E$558.65MpropertyPlantAndEquipmentNetResult 2.54x | 0.43xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$43.49McapitalExpendituresD&A$100.70MdepreciationAndAmortizationResult 0.43x | -$2.08Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.59BtotalAssetsGoodwill$947.72MgoodWillIntangibles$355.37MintangibleAssetsLiabilities$2.52BtotalLiabTangible book-$232.02MShares111,406,830commonStockSharesOutstandingResult -$2.08 | 6.42xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$343.00MebitdaCapex$43.49McapitalExpendituresInterest$37.00MinterestExpenseShort-term debt$9.65MshortTermDebtEBITDA − capex$299.51MPrincipal due is short-term debt.Result 6.42x | $274.10MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$317.59MtotalCashFromOperatingActivitiesCapex$43.49McapitalExpendituresFree cash flow$274.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $274.10M | 6.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$241.00MoperatingIncomeTax expense$53.40MincomeTaxExpensePretax income$205.30MincomeBeforeTaxTax rate26.0%Equity$1.07BtotalStockholderEquityDebt$1.87BshortLongTermDebtTotalCash$326.11McashAndEquivalentsInvested capital$2.61BResult 6.8% | 0.43xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$241.00MoperatingIncomeNet PP&E$558.65MpropertyPlantAndEquipmentNetResult 0.43x |
| 2022 | 23.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$582.10MpropertyPlantAndEquipmentNetInventory$103.10MinventoryTotal assets$2.86BtotalAssetsResult 23.9% | 2.98xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.73BtotalRevenueNet PP&E$582.10MpropertyPlantAndEquipmentNetResult 2.98x | 0.62xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$71.94McapitalExpendituresD&A$116.60MdepreciationAndAmortizationResult 0.62x | $0.17Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.86BtotalAssetsGoodwill$948.80MgoodWillIntangibles$322.70MintangibleAssetsLiabilities$1.57BtotalLiabTangible book$18.70MShares111,886,025commonStockSharesOutstandingResult $0.17 | 5.56xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$580.50MebitdaCapex$71.94McapitalExpendituresInterest$57.90MinterestExpenseShort-term debt$33.50MshortLongTermDebtEBITDA − capex$508.56MPrincipal due is the current portion of debt.Result 5.56x | $391.12MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$463.06MtotalCashFromOperatingActivitiesCapex$71.94McapitalExpendituresFree cash flow$391.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $391.12M | 23.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$453.50MoperatingIncomeTax expense$86.20MincomeTaxExpensePretax income$406.00MincomeBeforeTaxTax rate21.2%Equity$1.29BtotalStockholderEquityDebt$759.80MshortLongTermDebtTotalCash$494.32McashAndEquivalentsInvested capital$1.56BResult 23.0% | 0.78xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$453.50MoperatingIncomeNet PP&E$582.10MpropertyPlantAndEquipmentNetResult 0.78x |
| 2023 | 23.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.68BpropertyPlantEquipmentInventory$183.00MinventoryTotal assets$12.04BtotalAssetsResult 23.8% | 1.37xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$3.68BtotalRevenueNet PP&E$2.68BpropertyPlantEquipmentResult 1.37x | 0.75xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$346.20McapitalExpendituresD&A$462.10MdepreciationAndAmortizationResult 0.75x | -$11.67Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.04BtotalAssetsGoodwill$4.54BgoodWillIntangibles$2.94BintangibleAssetsLiabilities$6.53BtotalLiabTangible book-$1.96BShares168,203,981commonStockSharesOutstandingResult -$11.67 | 2.61xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$958.30MebitdaCapex$346.20McapitalExpendituresInterest$213.80MinterestExpenseShort-term debt$21.03MshortLongTermDebtEBITDA − capex$612.10MPrincipal due is the current portion of debt.Result 2.61x | $197.80MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$544.00MtotalCashFromOperatingActivitiesCapex$346.20McapitalExpendituresFree cash flow$197.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $197.80M | 4.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$471.30MoperatingIncomeTax expense$76.40MincomeTaxExpensePretax income$282.40MincomeBeforeTaxTax rate27.1%Equity$5.50BtotalStockholderEquityDebt$2.33BlongTermDebt + shortLongTermDebtCash$576.20McashAndEquivalentsInvested capital$7.25BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.7% | 0.18xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$471.30MoperatingIncomeNet PP&E$2.68BpropertyPlantEquipmentResult 0.18x |
| 2024 | 24.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.80BpropertyPlantEquipmentInventory$138.90MinventoryTotal assets$11.81BtotalAssetsResult 24.9% | 1.53xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$4.28BtotalRevenueNet PP&E$2.80BpropertyPlantEquipmentResult 1.53x | 0.46xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$276.90McapitalExpendituresD&A$598.80MdepreciationAndAmortizationResult 0.46x | -$8.02Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.81BtotalAssetsGoodwill$4.51BgoodWillIntangibles$2.69BintangibleAssetsLiabilities$6.09BtotalLiabTangible book-$1.49BShares185,255,000commonStockSharesOutstandingResult -$8.02 | 4.16xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.38BebitdaCapex$276.90McapitalExpendituresInterest$233.70MinterestExpenseShort-term debt$31.80MshortLongTermDebtEBITDA − capex$1.11BPrincipal due is the current portion of debt.Result 4.16x | $655.10MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$932.00MtotalCashFromOperatingActivitiesCapex$276.90McapitalExpendituresFree cash flow$655.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $655.10M | 7.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$761.20MoperatingIncomeTax expense$137.30MincomeTaxExpensePretax income$550.10MincomeBeforeTaxTax rate25.0%Equity$5.71BtotalStockholderEquityDebt$2.65BlongTermDebt + shortLongTermDebtCash$533.90McashAndEquivalentsInvested capital$7.83BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 7.3% | 0.27xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$761.20MoperatingIncomeNet PP&E$2.80BpropertyPlantEquipmentResult 0.27x |
| 2025 | 26.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.07BpropertyPlantEquipmentInventory$139.55MinventoryTotal assets$12.12BtotalAssetsResult 26.5% | 1.52xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.67BtotalRevenueNet PP&E$3.07BpropertyPlantEquipmentResult 1.52x | 0.40xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$263.53McapitalExpendituresD&A$654.97MdepreciationAndAmortizationResult 0.40x | -$5.69Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.12BtotalAssetsGoodwill$4.66BgoodWillIntangibles$2.46BintangibleAssetsLiabilities$6.06BtotalLiabTangible book-$1.06BShares186,900,000commonStockSharesOutstandingResult -$5.69 | 2.95xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.39BebitdaCapex$263.53McapitalExpendituresInterest$194.95MinterestExpenseShort-term debt$188.70MshortLongTermDebtEBITDA − capex$1.13BPrincipal due is the current portion of debt.Result 2.95x | $731.79MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$995.32MtotalCashFromOperatingActivitiesCapex$263.53McapitalExpendituresFree cash flow$731.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $731.79M | 8.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$824.99MoperatingIncomeTax expense$109.89MincomeTaxExpensePretax income$544.98MincomeBeforeTaxTax rate20.2%Equity$6.04BtotalStockholderEquityDebt$2.47BlongTermDebt + shortLongTermDebtCash$693.54McashAndShortTermInvestmentsInvested capital$7.82BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.4% | 0.27xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$824.99MoperatingIncomeNet PP&E$3.07BpropertyPlantEquipmentResult 0.27x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $3.07B
Inventory: $139.55M
Total assets: $12.12B
Goodwill: $4.66B
Intangibles: $2.46B
Liabilities: $6.06B
Tangible book: -$1.06B
Shares: 186,900,000
Revenue: $4.67B
Capex: $263.53M
D&A: $654.97M
EBITDA: $1.39B
Interest: $194.95M
Short-term debt: $188.70M
Free cash flow: $731.79M
Operating income: $824.99M
Invested capital: $7.82B
Tax rate: 20.2%