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.
Rogers Communications Inc
Physical assets are 29.9% of total assets, a light footprint. Capex is 0.76x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 7.5%, below an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 0.82x.
Physical asset ratio
29.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$26.31BpropertyPlantEquipmentInventory$549.55MinventoryTotal assets$89.94BtotalAssetsResult 29.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.82xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$21.69BtotalRevenueNet PP&E$26.31BpropertyPlantEquipmentResult 0.82x
Revenue per dollar of the physical asset base.
Capex / D&A
0.76xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.70BcapitalExpendituresD&A$4.88BdepreciationAndAmortizationResult 0.76x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$45.54Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$89.94BtotalAssetsGoodwill$20.02BgoodWillIntangibles$28.87BintangibleAssetsLiabilities$65.67BtotalLiabTangible book-$24.62BShares540,668,000commonStockSharesOutstandingResult -$45.54
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$32.61Latest quoteTangible book / share-$45.542025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $32.61.
Fixed-charge coverage
1.49xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.73BebitdaCapex$3.70BcapitalExpendituresInterest$2.23BinterestExpenseShort-term debt$5.19BshortLongTermDebtEBITDA − capex$11.02BPrincipal due is the current portion of debt.Result 1.49x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
13.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$2.35BfreeCashFlowMarket cap$17.00BMarketCapitalizationResult 13.8%
Latest free cash flow divided by current market cap ($17.00B).
ROIC
7.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.01BoperatingIncomeTax expense$719.41MincomeTaxExpensePretax income$7.62BincomeBeforeTaxTax rate9.4%Equity$17.75BtotalStockholderEquityDebt$44.18BshortLongTermDebtTotalCash$1.34BcashAndEquivalentsInvested capital$60.58BResult 7.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.19x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 43.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.26BpropertyPlantEquipmentInventory$466.00MinventoryTotal assets$31.92BtotalAssetsResult 43.0% | 1.14xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$15.10BtotalRevenueNet PP&E$13.26BpropertyPlantEquipmentResult 1.14x | 1.25xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.84BcapitalExpendituresD&A$2.27BdepreciationAndAmortizationResult 1.25x | -$5.69Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$31.92BtotalAssetsGoodwill$3.91BgoodWillIntangibles$7.21BintangibleAssetsLiabilities$23.74BtotalLiabTangible book-$2.93BShares515,000,000commonStockSharesOutstandingResult -$5.69 | 0.76xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.79BebitdaCapex$2.84BcapitalExpendituresInterest$707.75MinterestExpenseShort-term debt$3.16BshortTermDebtEBITDA − capex$2.95BPrincipal due is short-term debt.Result 0.76x | $1.44BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$4.29BtotalCashFromOperatingActivitiesCapex$2.84BcapitalExpendituresFree cash flow$1.44BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.44B | 11.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.77BoperatingIncomeTax expense$758.00MincomeTaxExpensePretax income$2.82BincomeBeforeTaxTax rate26.9%Equity$8.18BtotalStockholderEquityDebt$16.55BshortLongTermDebtTotalCash$675.00McashAndShortTermInvestmentsInvested capital$24.05BResult 11.5% | 0.28xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$3.77BoperatingIncomeNet PP&E$13.26BpropertyPlantEquipmentResult 0.28x |
| 2019 | 38.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.93BpropertyPlantEquipmentInventory$460.00MinventoryTotal assets$37.02BtotalAssetsResult 38.9% | 0.83xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$11.62BtotalRevenueNet PP&E$13.93BpropertyPlantEquipmentResult 0.83x | 1.12xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.87BcapitalExpendituresD&A$2.57BdepreciationAndAmortizationResult 1.12x | -$6.65Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$37.02BtotalAssetsGoodwill$3.92BgoodWillIntangibles$8.91BintangibleAssetsLiabilities$27.60BtotalLiabTangible book-$3.41BShares513,000,000commonStockSharesOutstandingResult -$6.65 | 0.80xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.33BebitdaCapex$2.87BcapitalExpendituresInterest$831.06MinterestExpenseShort-term debt$2.24BshortLongTermDebtEBITDA − capex$2.47BPrincipal due is the current portion of debt.Result 0.80x | $1.66BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$4.53BtotalCashFromOperatingActivitiesCapex$2.87BcapitalExpendituresFree cash flow$1.66BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.66B | 7.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.87BoperatingIncomeTax expense$549.06MincomeTaxExpensePretax income$2.12BincomeBeforeTaxTax rate25.8%Equity$9.42BtotalStockholderEquityDebt$19.93BshortLongTermDebtTotalCash$494.00McashAndEquivalentsInvested capital$28.85BResult 7.4% | 0.21xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$2.87BoperatingIncomeNet PP&E$13.93BpropertyPlantEquipmentResult 0.21x |
| 2020 | 37.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.02BpropertyPlantEquipmentInventory$479.00MinventoryTotal assets$38.85BtotalAssetsResult 37.3% | 0.99xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$13.92BtotalRevenueNet PP&E$14.02BpropertyPlantEquipmentResult 0.99x | 0.88xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.37BcapitalExpendituresD&A$2.70BdepreciationAndAmortizationResult 0.88x | -$6.57Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$38.85BtotalAssetsGoodwill$3.97BgoodWillIntangibles$8.93BintangibleAssetsLiabilities$29.28BtotalLiabTangible book-$3.33BShares506,000,000commonStockSharesOutstandingResult -$6.57 | 0.95xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.71BebitdaCapex$2.37BcapitalExpendituresInterest$859.94MinterestExpenseShort-term debt$2.67BshortLongTermDebtEBITDA − capex$3.34BPrincipal due is the current portion of debt.Result 0.95x | $1.95BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$4.32BtotalCashFromOperatingActivitiesCapex$2.37BcapitalExpendituresFree cash flow$1.95BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.95B | 14.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.75BoperatingIncomeTax expense$580.00MincomeTaxExpensePretax income$2.17BincomeBeforeTaxTax rate26.7%Equity$9.57BtotalStockholderEquityDebt$21.26BshortLongTermDebtTotalCash$2.48BcashAndEquivalentsInvested capital$28.35BResult 14.9% | 0.41xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$5.75BoperatingIncomeNet PP&E$14.02BpropertyPlantEquipmentResult 0.41x |
| 2021 | 36.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.67BpropertyPlantEquipmentInventory$535.00MinventoryTotal assets$41.96BtotalAssetsResult 36.2% | 1.00xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$14.66BtotalRevenueNet PP&E$14.67BpropertyPlantEquipmentResult 1.00x | 1.07xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$2.84BcapitalExpendituresD&A$2.65BdepreciationAndAmortizationResult 1.07x | -$11.41Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.96BtotalAssetsGoodwill$4.02BgoodWillIntangibles$12.28BintangibleAssetsLiabilities$31.43BtotalLiabTangible book-$5.77BShares506,000,000commonStockSharesOutstandingResult -$11.41 | 0.60xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.60BebitdaCapex$2.84BcapitalExpendituresInterest$837.32MinterestExpenseShort-term debt$3.75BshortLongTermDebtEBITDA − capex$2.75BPrincipal due is the current portion of debt.Result 0.60x | $1.32BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$4.16BtotalCashFromOperatingActivitiesCapex$2.84BcapitalExpendituresFree cash flow$1.32BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.32B | 7.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.30BoperatingIncomeTax expense$569.00MincomeTaxExpensePretax income$2.13BincomeBeforeTaxTax rate26.8%Equity$10.53BtotalStockholderEquityDebt$22.85BshortLongTermDebtTotalCash$835.00McashAndShortTermInvestmentsInvested capital$32.54BResult 7.4% | 0.23xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$3.30BoperatingIncomeNet PP&E$14.67BpropertyPlantEquipmentResult 0.23x |
| 2022 | 28.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.57BpropertyPlantEquipmentInventory$438.00MinventoryTotal assets$55.66BtotalAssetsResult 28.8% | 0.99xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$15.40BtotalRevenueNet PP&E$15.57BpropertyPlantEquipmentResult 0.99x | 1.18xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$3.12BcapitalExpendituresD&A$2.64BdepreciationAndAmortizationResult 1.18x | -$12.23Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$55.66BtotalAssetsGoodwill$4.03BgoodWillIntangibles$12.25BintangibleAssetsLiabilities$45.56BtotalLiabTangible book-$6.19BShares506,000,000commonStockSharesOutstandingResult -$12.23 | 0.53xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.33BebitdaCapex$3.12BcapitalExpendituresInterest$1.22BinterestExpenseShort-term debt$4.81BshortLongTermDebtEBITDA − capex$3.21BPrincipal due is the current portion of debt.Result 0.53x | $1.37BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$4.49BtotalCashFromOperatingActivitiesCapex$3.12BcapitalExpendituresFree cash flow$1.37BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.37B | 6.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.82BoperatingIncomeTax expense$609.00MincomeTaxExpensePretax income$2.29BincomeBeforeTaxTax rate26.6%Equity$10.09BtotalStockholderEquityDebt$36.75BshortLongTermDebtTotalCash$1.15BcashAndShortTermInvestmentsInvested capital$45.69BResult 6.1% | 0.25xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$3.82BoperatingIncomeNet PP&E$15.57BpropertyPlantEquipmentResult 0.25x |
| 2023 | 35.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$24.33BpropertyPlantEquipmentInventory$456.00MinventoryTotal assets$69.28BtotalAssetsResult 35.8% | 0.79xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$19.31BtotalRevenueNet PP&E$24.33BpropertyPlantEquipmentResult 0.79x | 0.98xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$4.12BcapitalExpendituresD&A$4.19BdepreciationAndAmortizationResult 0.98x | -$45.30Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$69.28BtotalAssetsGoodwill$16.28BgoodWillIntangibles$17.90BintangibleAssetsLiabilities$58.84BtotalLiabTangible book-$23.74BShares524,000,000commonStockSharesOutstandingResult -$45.30 | 0.71xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.61BebitdaCapex$4.12BcapitalExpendituresInterest$2.06BinterestExpenseShort-term debt$2.85BshortLongTermDebtEBITDA − capex$3.50BPrincipal due is the current portion of debt.Result 0.71x | $1.11BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$5.22BtotalCashFromOperatingActivitiesCapex$4.12BcapitalExpendituresFree cash flow$1.11BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.11B | 5.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.46BoperatingIncomeTax expense$517.00MincomeTaxExpensePretax income$1.37BincomeBeforeTaxTax rate37.8%Equity$10.44BtotalStockholderEquityDebt$45.20BshortLongTermDebtTotalCash$880.00McashAndShortTermInvestmentsInvested capital$54.76BResult 5.1% | 0.18xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$4.46BoperatingIncomeNet PP&E$24.33BpropertyPlantEquipmentResult 0.18x |
| 2024 | 36.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.07BpropertyPlantEquipmentInventory$641.00MinventoryTotal assets$71.41BtotalAssetsResult 36.0% | 0.82xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$20.60BtotalRevenueNet PP&E$25.07BpropertyPlantEquipmentResult 0.82x | 0.89xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.17BcapitalExpendituresD&A$4.68BdepreciationAndAmortizationResult 0.89x | -$44.28Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$71.41BtotalAssetsGoodwill$16.28BgoodWillIntangibles$17.86BintangibleAssetsLiabilities$61.01BtotalLiabTangible book-$23.74BShares536,000,000commonStockSharesOutstandingResult -$44.28 | 0.55xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.11BebitdaCapex$4.17BcapitalExpendituresInterest$2.28BinterestExpenseShort-term debt$6.66BshortLongTermDebtEBITDA − capex$4.94BPrincipal due is the current portion of debt.Result 0.55x | $1.51BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$5.68BtotalCashFromOperatingActivitiesCapex$4.17BcapitalExpendituresFree cash flow$1.51BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.51B | 6.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.00BoperatingIncomeTax expense$572.00MincomeTaxExpensePretax income$2.31BincomeBeforeTaxTax rate24.8%Equity$10.40BtotalStockholderEquityDebt$47.63BshortLongTermDebtTotalCash$898.00McashAndEquivalentsInvested capital$57.14BResult 6.6% | 0.20xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$5.00BoperatingIncomeNet PP&E$25.07BpropertyPlantEquipmentResult 0.20x |
| 2025 | 29.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$26.31BpropertyPlantEquipmentInventory$549.55MinventoryTotal assets$89.94BtotalAssetsResult 29.9% | 0.82xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$21.69BtotalRevenueNet PP&E$26.31BpropertyPlantEquipmentResult 0.82x | 0.76xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.70BcapitalExpendituresD&A$4.88BdepreciationAndAmortizationResult 0.76x | -$45.54Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$89.94BtotalAssetsGoodwill$20.02BgoodWillIntangibles$28.87BintangibleAssetsLiabilities$65.67BtotalLiabTangible book-$24.62BShares540,668,000commonStockSharesOutstandingResult -$45.54 | 1.49xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.73BebitdaCapex$3.70BcapitalExpendituresInterest$2.23BinterestExpenseShort-term debt$5.19BshortLongTermDebtEBITDA − capex$11.02BPrincipal due is the current portion of debt.Result 1.49x | $2.35BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$6.05BtotalCashFromOperatingActivitiesCapex$3.70BcapitalExpendituresFree cash flow$2.35BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.35B | 7.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.01BoperatingIncomeTax expense$719.41MincomeTaxExpensePretax income$7.62BincomeBeforeTaxTax rate9.4%Equity$17.75BtotalStockholderEquityDebt$44.18BshortLongTermDebtTotalCash$1.34BcashAndEquivalentsInvested capital$60.58BResult 7.5% | 0.19xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$5.01BoperatingIncomeNet PP&E$26.31BpropertyPlantEquipmentResult 0.19x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $26.31B
Inventory: $549.55M
Total assets: $89.94B
Goodwill: $20.02B
Intangibles: $28.87B
Liabilities: $65.67B
Tangible book: -$24.62B
Shares: 540,668,000
Revenue: $21.69B
Capex: $3.70B
D&A: $4.88B
EBITDA: $14.73B
Interest: $2.23B
Short-term debt: $5.19B
Free cash flow: $2.35B
Operating income: $5.01B
Invested capital: $60.58B
Tax rate: 9.4%