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.
Stantec Inc
Physical assets are 10.7% of total assets, a light footprint. Capex is 0.20x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 12.4%, 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 9.53x.
Physical asset ratio
10.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$853.80MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$7.95BtotalAssetsInventory was not reported and is treated as zero.Result 10.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
9.53xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.14BtotalRevenueNet PP&E$853.80MpropertyPlantEquipmentResult 9.53x
Revenue per dollar of the physical asset base.
Capex / D&A
0.20xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$71.84McapitalExpendituresD&A$351.41MdepreciationAndAmortizationResult 0.20x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$5.04Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.95BtotalAssetsGoodwill$3.22BgoodWillIntangibles$594.02MintangibleAssetsLiabilities$4.71BtotalLiabTangible book-$575.43MShares114,066,995commonStockSharesOutstandingResult -$5.04
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$72.31Latest quoteTangible book / share-$5.042025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $72.31.
Fixed-charge coverage
2.32xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.08BebitdaCapex$71.84McapitalExpendituresInterest$116.80MinterestExpenseShort-term debt$320.60MshortLongTermDebtEBITDA − capex$1.01BPrincipal due is the current portion of debt.Result 2.32x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$790.36MfreeCashFlowMarket cap$8.13BMarketCapitalizationResult 9.7%
Latest free cash flow divided by current market cap ($8.13B).
ROIC
12.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$747.69MoperatingIncomeTax expense$137.39MincomeTaxExpensePretax income$616.40MincomeBeforeTaxTax rate22.3%Equity$3.24BtotalStockholderEquityDebt$1.85BlongTermDebt + shortLongTermDebtCash$397.78McashInvested capital$4.69BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 12.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.88x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 8.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$289.40MpropertyPlantEquipmentInventory$56.80MinventoryTotal assets$4.01BtotalAssetsResult 8.6% | 14.80xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$4.28BtotalRevenueNet PP&E$289.40MpropertyPlantEquipmentResult 14.80x | 1.17xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$134.20McapitalExpendituresD&A$115.10MdepreciationAndAmortizationResult 1.17x | $0.35Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.01BtotalAssetsGoodwill$1.62BgoodWillIntangibles$247.70MintangibleAssetsLiabilities$2.10BtotalLiabTangible book$39.80MShares113,822,318commonStockSharesOutstandingResult $0.35 | 3.06xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$370.20MebitdaCapex$134.20McapitalExpendituresInterest$28.70MinterestExpenseShort-term debt$48.50MshortLongTermDebtEBITDA − capex$236.00MPrincipal due is the current portion of debt.Result 3.06x | $38.40MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$172.60MtotalCashFromOperatingActivitiesCapex$134.20McapitalExpendituresFree cash flow$38.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $38.40M | 7.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$261.90MoperatingIncomeTax expense$55.00MincomeTaxExpensePretax income$226.30MincomeBeforeTaxTax rate24.3%Equity$1.91BtotalStockholderEquityDebt$933.70MshortLongTermDebtTotalCash$185.20McashInvested capital$2.66BResult 7.5% | 0.90xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$261.90MoperatingIncomeNet PP&E$289.40MpropertyPlantEquipmentResult 0.90x |
| 2019 | 19.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$845.00MpropertyPlantEquipmentInventory$42.90MinventoryTotal assets$4.56BtotalAssetsResult 19.5% | 4.41xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$3.72BtotalRevenueNet PP&E$845.00MpropertyPlantEquipmentResult 4.41x | 0.25xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$60.30McapitalExpendituresD&A$242.84MdepreciationAndAmortizationResult 0.25x | $0.05Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.56BtotalAssetsGoodwill$1.65BgoodWillIntangibles$219.60MintangibleAssetsLiabilities$2.68BtotalLiabTangible book$5.70MShares111,550,424commonStockSharesOutstandingResult $0.05 | 3.48xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$497.32MebitdaCapex$60.30McapitalExpendituresInterest$59.22MinterestExpenseShort-term debt$66.40MshortLongTermDebtEBITDA − capex$437.02MPrincipal due is the current portion of debt.Result 3.48x | $392.20MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$452.50MtotalCashFromOperatingActivitiesCapex$60.30McapitalExpendituresFree cash flow$392.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $392.20M | 7.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$249.55MoperatingIncomeTax expense$45.96MincomeTaxExpensePretax income$195.87MincomeBeforeTaxTax rate23.5%Equity$1.88BtotalStockholderEquityDebt$880.40MlongTermDebt + shortLongTermDebtCash$223.50McashAndShortTermInvestmentsInvested capital$2.53BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 7.5% | 0.30xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$249.55MoperatingIncomeNet PP&E$845.00MpropertyPlantEquipmentResult 0.30x |
| 2020 | 16.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$687.10MpropertyPlantEquipmentInventory$43.90MinventoryTotal assets$4.39BtotalAssetsResult 16.7% | 5.40xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$3.71BtotalRevenueNet PP&E$687.10MpropertyPlantEquipmentResult 5.40x | 0.15xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$34.20McapitalExpendituresD&A$228.80MdepreciationAndAmortizationResult 0.15x | $0.66Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.39BtotalAssetsGoodwill$1.67BgoodWillIntangibles$182.00MintangibleAssetsLiabilities$2.46BtotalLiabTangible book$73.50MShares111,949,305commonStockSharesOutstandingResult $0.66 | 4.14xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$435.00MebitdaCapex$34.20McapitalExpendituresInterest$45.53MinterestExpenseShort-term debt$51.30MshortLongTermDebtEBITDA − capex$400.80MPrincipal due is the current portion of debt.Result 4.14x | $569.60MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$603.80MtotalCashFromOperatingActivitiesCapex$34.20McapitalExpendituresFree cash flow$569.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $569.60M | 8.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$266.09MoperatingIncomeTax expense$36.97MincomeTaxExpensePretax income$161.85MincomeBeforeTaxTax rate22.8%Equity$1.93BtotalStockholderEquityDebt$685.50MlongTermDebt + shortLongTermDebtCash$285.00McashInvested capital$2.33BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.8% | 0.39xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$266.09MoperatingIncomeNet PP&E$687.10MpropertyPlantEquipmentResult 0.39x |
| 2021 | 14.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$710.20MpropertyPlantEquipmentInventory$45.80MinventoryTotal assets$5.23BtotalAssetsResult 14.5% | 6.44xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$4.58BtotalRevenueNet PP&E$710.20MpropertyPlantEquipmentResult 6.44x | 0.23xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$50.60McapitalExpendituresD&A$221.80MdepreciationAndAmortizationResult 0.23x | -$4.98Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.23BtotalAssetsGoodwill$2.18BgoodWillIntangibles$373.30MintangibleAssetsLiabilities$3.22BtotalLiabTangible book-$555.40MShares111,616,665commonStockSharesOutstandingResult -$4.98 | 4.73xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$527.50MebitdaCapex$50.60McapitalExpendituresInterest$42.70MinterestExpenseShort-term debt$58.20MshortLongTermDebtEBITDA − capex$476.90MPrincipal due is the current portion of debt.Result 4.73x | $346.40MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$397.00MtotalCashFromOperatingActivitiesCapex$50.60McapitalExpendituresFree cash flow$346.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $346.40M | 7.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$317.90MoperatingIncomeTax expense$62.30MincomeTaxExpensePretax income$263.00MincomeBeforeTaxTax rate23.7%Equity$2.00BtotalStockholderEquityDebt$1.25BlongTermDebt + shortLongTermDebtCash$193.90McashInvested capital$3.06BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 7.9% | 0.45xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$317.90MoperatingIncomeNet PP&E$710.20MpropertyPlantEquipmentResult 0.45x |
| 2022 | 13.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$721.10MpropertyPlantEquipmentInventory$48.60MinventoryTotal assets$5.65BtotalAssetsResult 13.6% | 7.87xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$5.68BtotalRevenueNet PP&E$721.10MpropertyPlantEquipmentResult 7.87x | 0.26xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$74.90McapitalExpendituresD&A$283.50MdepreciationAndAmortizationResult 0.26x | -$3.41Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.65BtotalAssetsGoodwill$2.35BgoodWillIntangibles$320.40MintangibleAssetsLiabilities$3.37BtotalLiabTangible book-$380.40MShares111,616,665commonStockSharesOutstandingResult -$3.41 | 3.22xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$678.20MebitdaCapex$74.90McapitalExpendituresInterest$69.60MinterestExpenseShort-term debt$117.60MshortLongTermDebtEBITDA − capex$603.30MPrincipal due is the current portion of debt.Result 3.22x | $229.40MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$304.30MtotalCashFromOperatingActivitiesCapex$74.90McapitalExpendituresFree cash flow$229.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $229.40M | 8.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$391.30MoperatingIncomeTax expense$78.10MincomeTaxExpensePretax income$325.10MincomeBeforeTaxTax rate24.0%Equity$2.29BtotalStockholderEquityDebt$1.30BlongTermDebt + shortLongTermDebtCash$148.30McashInvested capital$3.44BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.6% | 0.54xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$391.30MoperatingIncomeNet PP&E$721.10MpropertyPlantEquipmentResult 0.54x |
| 2023 | 12.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$710.40MpropertyPlantEquipmentInventory-$15.80MinventoryTotal assets$5.77BtotalAssetsResult 12.0% | 9.12xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$6.48BtotalRevenueNet PP&E$710.40MpropertyPlantEquipmentResult 9.12x | 0.35xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$100.60McapitalExpendituresD&A$283.60MdepreciationAndAmortizationResult 0.35x | $1.01Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.77BtotalAssetsGoodwill$2.07BgoodWillIntangibles$265.70MintangibleAssetsLiabilities$3.32BtotalLiabTangible book$111.80MShares111,228,491commonStockSharesOutstandingResult $1.01 | 2.54xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$794.00MebitdaCapex$100.60McapitalExpendituresInterest$102.70MinterestExpenseShort-term debt$170.30MshortLongTermDebtEBITDA − capex$693.40MPrincipal due is the current portion of debt.Result 2.54x | $444.10MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$544.70MtotalCashFromOperatingActivitiesCapex$100.60McapitalExpendituresFree cash flow$444.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $444.10M | 10.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$495.80MoperatingIncomeTax expense$91.20MincomeTaxExpensePretax income$407.70MincomeBeforeTaxTax rate22.4%Equity$2.45BtotalStockholderEquityDebt$1.70BshortLongTermDebtTotalCash$368.70McashAndShortTermInvestmentsInvested capital$3.78BResult 10.2% | 0.70xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$495.80MoperatingIncomeNet PP&E$710.40MpropertyPlantEquipmentResult 0.70x |
| 2024 | 11.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$773.30MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$6.96BtotalAssetsInventory was not reported and is treated as zero.Result 11.1% | 9.70xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$7.50BtotalRevenueNet PP&E$773.30MpropertyPlantEquipmentResult 9.70x | 0.31xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$99.00McapitalExpendituresD&A$318.60MdepreciationAndAmortizationResult 0.31x | -$1.70Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.96BtotalAssetsGoodwill$2.71BgoodWillIntangibles$427.00MintangibleAssetsLiabilities$4.01BtotalLiabTangible book-$194.40MShares114,067,000commonStockSharesOutstandingResult -$1.70 | 2.59xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$901.70MebitdaCapex$99.00McapitalExpendituresInterest$117.80MinterestExpenseShort-term debt$192.10MshortLongTermDebtEBITDA − capex$802.70MPrincipal due is the current portion of debt.Result 2.59x | $504.10MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$603.10MtotalCashFromOperatingActivitiesCapex$99.00McapitalExpendituresFree cash flow$504.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $504.10M | 9.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$591.00MoperatingIncomeTax expense$103.80MincomeTaxExpensePretax income$465.30MincomeBeforeTaxTax rate22.3%Equity$2.95BtotalStockholderEquityDebt$2.04BshortLongTermDebtTotalCash$254.70McashAndShortTermInvestmentsInvested capital$4.73BResult 9.7% | 0.76xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$591.00MoperatingIncomeNet PP&E$773.30MpropertyPlantEquipmentResult 0.76x |
| 2025 | 10.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$853.80MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$7.95BtotalAssetsInventory was not reported and is treated as zero.Result 10.7% | 9.53xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$8.14BtotalRevenueNet PP&E$853.80MpropertyPlantEquipmentResult 9.53x | 0.20xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$71.84McapitalExpendituresD&A$351.41MdepreciationAndAmortizationResult 0.20x | -$5.04Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.95BtotalAssetsGoodwill$3.22BgoodWillIntangibles$594.02MintangibleAssetsLiabilities$4.71BtotalLiabTangible book-$575.43MShares114,066,995commonStockSharesOutstandingResult -$5.04 | 2.32xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.08BebitdaCapex$71.84McapitalExpendituresInterest$116.80MinterestExpenseShort-term debt$320.60MshortLongTermDebtEBITDA − capex$1.01BPrincipal due is the current portion of debt.Result 2.32x | $790.36MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$862.20MtotalCashFromOperatingActivitiesCapex$71.84McapitalExpendituresFree cash flow$790.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $790.36M | 12.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$747.69MoperatingIncomeTax expense$137.39MincomeTaxExpensePretax income$616.40MincomeBeforeTaxTax rate22.3%Equity$3.24BtotalStockholderEquityDebt$1.85BlongTermDebt + shortLongTermDebtCash$397.78McashInvested capital$4.69BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 12.4% | 0.88xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$747.69MoperatingIncomeNet PP&E$853.80MpropertyPlantEquipmentResult 0.88x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $853.80M
Inventory: $0.00
Total assets: $7.95B
Goodwill: $3.22B
Intangibles: $594.02M
Liabilities: $4.71B
Tangible book: -$575.43M
Shares: 114,066,995
Revenue: $8.14B
Capex: $71.84M
D&A: $351.41M
EBITDA: $1.08B
Interest: $116.80M
Short-term debt: $320.60M
Free cash flow: $790.36M
Operating income: $747.69M
Invested capital: $4.69B
Tax rate: 22.3%