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.
Severn Trent PLC
Physical assets are 86.9% of total assets, a heavy footprint. Capex is 3.81x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.62x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.19x.
Physical asset ratio
86.9%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 15.23BpropertyPlantAndEquipmentNetInventoryGBX 48.00MinventoryTotal assetsGBX 17.57BtotalAssetsResult 86.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.19xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueGBX 2.83BtotalRevenueNet PP&EGBX 15.23BpropertyPlantAndEquipmentNetResult 0.19x
Revenue per dollar of the physical asset base.
Capex / D&A
3.81xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexGBX 1.90BcapitalExpendituresD&AGBX 498.00MdepreciationAndAmortizationResult 3.81x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
GBX 4.86Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 17.57BtotalAssetsGoodwillGBX 152.00MgoodWillIntangiblesGBX 224.00MintangibleAssetsLiabilitiesGBX 15.73BtotalLiabTangible bookGBX 1.47BShares301,500,000commonStockSharesOutstandingResult GBX 4.86
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
680.38xPrice / tangible bookPrice / tangible book per sharePriceGBX 3.31KLatest quoteTangible book / shareGBX 4.862026-03-31Result 680.38x
Price GBX 3.31K.
Fixed-charge coverage
-0.62xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.45BebitdaCapexGBX 1.90BcapitalExpendituresInterestGBX 352.00MinterestExpenseShort-term debtGBX 366.00MshortTermDebtEBITDA − capex-GBX 448.00MPrincipal due is short-term debt.Result -0.62x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-9.7%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow-GBX 972.00MfreeCashFlowMarket capGBX 9.99BMarketCapitalizationResult -9.7%
Latest free cash flow divided by current market cap (GBX 9.99B).
ROIC
5.6%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 950.00MoperatingIncomeTax expenseGBX 153.00MincomeTaxExpensePretax incomeGBX 524.00MincomeBeforeTaxTax rate29.2%EquityGBX 1.84BtotalStockholderEquityDebtGBX 10.98BshortLongTermDebtTotalCashGBX 796.00McashAndShortTermInvestmentsInvested capitalGBX 12.03BResult 5.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 89.2%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 9.09BpropertyPlantEquipmentInventoryGBX 20.80MinventoryTotal assetsGBX 10.20BtotalAssetsResult 89.2% | 0.20xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueGBX 1.79BtotalRevenueNet PP&EGBX 9.09BpropertyPlantEquipmentResult 0.20x | 2.26xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexGBX 782.10McapitalExpendituresD&AGBX 345.90MdepreciationAndAmortizationResult 2.26x | GBX 4.01Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 10.20BtotalAssetsGoodwillGBX 90.90MgoodWillIntangiblesGBX 124.20MintangibleAssetsLiabilitiesGBX 9.04BtotalLiabTangible bookGBX 949.00MShares236,700,000commonStockSharesOutstandingResult GBX 4.01 | 0.32xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 905.00MebitdaCapexGBX 782.10McapitalExpendituresInterestGBX 188.30MinterestExpenseShort-term debtGBX 192.90MshortLongTermDebtEBITDA − capexGBX 122.90MPrincipal due is the current portion of debt.Result 0.32x | GBX 69.40MFree cash flow · 2019-03-31Reported free cash flowOperating cash flowGBX 851.50MtotalCashFromOperatingActivitiesCapexGBX 782.10McapitalExpendituresFree cash flowGBX 69.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 69.40M | 6.4%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 559.10MoperatingIncomeTax expenseGBX 69.40MincomeTaxExpensePretax incomeGBX 384.70MincomeBeforeTaxTax rate18.0%EquityGBX 1.16BtotalStockholderEquityDebtGBX 6.05BshortLongTermDebtTotalCashGBX 41.00McashInvested capitalGBX 7.18BResult 6.4% | 0.06xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeGBX 559.10MoperatingIncomeNet PP&EGBX 9.09BpropertyPlantEquipmentResult 0.06x |
| 2020 | 89.7%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 9.71BpropertyPlantEquipmentInventoryGBX 29.20MinventoryTotal assetsGBX 10.85BtotalAssetsResult 89.7% | 0.19xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueGBX 1.84BtotalRevenueNet PP&EGBX 9.71BpropertyPlantEquipmentResult 0.19x | 2.32xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexGBX 852.00McapitalExpendituresD&AGBX 366.90MdepreciationAndAmortizationResult 2.32x | GBX 3.79Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 10.85BtotalAssetsGoodwillGBX 91.40MgoodWillIntangiblesGBX 245.20MintangibleAssetsLiabilitiesGBX 9.61BtotalLiabTangible bookGBX 907.10MShares239,400,000commonStockSharesOutstandingResult GBX 3.79 | 0.10xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 923.30MebitdaCapexGBX 852.00McapitalExpendituresInterestGBX 223.20MinterestExpenseShort-term debtGBX 469.60MshortLongTermDebtEBITDA − capexGBX 71.30MPrincipal due is the current portion of debt.Result 0.10x | GBX 42.20MFree cash flow · 2020-03-31Reported free cash flowOperating cash flowGBX 894.20MtotalCashFromOperatingActivitiesCapexGBX 852.00McapitalExpendituresFree cash flowGBX 42.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 42.20M | 4.6%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 585.60MoperatingIncomeTax expenseGBX 151.90MincomeTaxExpensePretax incomeGBX 357.50MincomeBeforeTaxTax rate40.0%EquityGBX 1.24BtotalStockholderEquityDebtGBX 6.43BshortLongTermDebtTotalCashGBX 48.60McashAndShortTermInvestmentsInvested capitalGBX 7.63BThe effective tax rate was above 40% and was capped at 40%.Result 4.6% | 0.06xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeGBX 585.60MoperatingIncomeNet PP&EGBX 9.71BpropertyPlantEquipmentResult 0.06x |
| 2021 | 90.5%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 10.01BpropertyPlantEquipmentInventoryGBX 30.80MinventoryTotal assetsGBX 11.09BtotalAssetsResult 90.5% | 0.18xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueGBX 1.83BtotalRevenueNet PP&EGBX 10.01BpropertyPlantEquipmentResult 0.18x | 1.68xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexGBX 636.60McapitalExpendituresD&AGBX 379.80MdepreciationAndAmortizationResult 1.68x | GBX 3.31Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 11.09BtotalAssetsGoodwillGBX 91.40MgoodWillIntangiblesGBX 255.40MintangibleAssetsLiabilitiesGBX 9.95BtotalLiabTangible bookGBX 791.90MShares239,400,000commonStockSharesOutstandingResult GBX 3.31 | 0.36xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 891.50MebitdaCapexGBX 636.60McapitalExpendituresInterestGBX 214.60MinterestExpenseShort-term debtGBX 495.40MshortLongTermDebtEBITDA − capexGBX 254.90MPrincipal due is the current portion of debt.Result 0.36x | GBX 241.90MFree cash flow · 2021-03-31Reported free cash flowOperating cash flowGBX 878.50MtotalCashFromOperatingActivitiesCapexGBX 636.60McapitalExpendituresFree cash flowGBX 241.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 241.90M | 5.5%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 527.30MoperatingIncomeTax expenseGBX 55.00MincomeTaxExpensePretax incomeGBX 281.00MincomeBeforeTaxTax rate19.6%EquityGBX 1.14BtotalStockholderEquityDebtGBX 6.62BshortLongTermDebtTotalCashGBX 56.20McashInvested capitalGBX 7.70BResult 5.5% | 0.05xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeGBX 527.30MoperatingIncomeNet PP&EGBX 10.01BpropertyPlantEquipmentResult 0.05x |
| 2022 | 89.5%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 10.34BpropertyPlantEquipmentInventoryGBX 32.00MinventoryTotal assetsGBX 11.59BtotalAssetsResult 89.5% | 0.19xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueGBX 1.94BtotalRevenueNet PP&EGBX 10.34BpropertyPlantEquipmentResult 0.19x | 1.61xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexGBX 646.60McapitalExpendituresD&AGBX 401.60MdepreciationAndAmortizationResult 1.61x | GBX 3.64Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 11.59BtotalAssetsGoodwillGBX 91.40MgoodWillIntangiblesGBX 271.00MintangibleAssetsLiabilitiesGBX 10.33BtotalLiabTangible bookGBX 901.50MShares247,900,000commonStockSharesOutstandingResult GBX 3.64 | 0.54xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 997.40MebitdaCapexGBX 646.60McapitalExpendituresInterestGBX 296.70MinterestExpenseShort-term debtGBX 358.10MshortLongTermDebtEBITDA − capexGBX 350.80MPrincipal due is the current portion of debt.Result 0.54x | GBX 243.90MFree cash flow · 2022-03-31Reported free cash flowOperating cash flowGBX 890.50MtotalCashFromOperatingActivitiesCapexGBX 646.60McapitalExpendituresFree cash flowGBX 243.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 243.90M | 4.2%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 556.00MoperatingIncomeTax expenseGBX 361.30MincomeTaxExpensePretax incomeGBX 276.30MincomeBeforeTaxTax rate40.0%EquityGBX 1.26BtotalStockholderEquityDebtGBX 6.73BshortLongTermDebtTotalCashGBX 115.40McashInvested capitalGBX 7.88BThe effective tax rate was above 40% and was capped at 40%.Result 4.2% | 0.05xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeGBX 556.00MoperatingIncomeNet PP&EGBX 10.34BpropertyPlantEquipmentResult 0.05x |
| 2023 | 88.9%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 10.85BpropertyPlantAndEquipmentNetInventoryGBX 35.40MinventoryTotal assetsGBX 12.24BtotalAssetsResult 88.9% | 0.20xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueGBX 2.17BtotalRevenueNet PP&EGBX 10.85BpropertyPlantAndEquipmentNetResult 0.20x | 1.77xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexGBX 739.70McapitalExpendituresD&AGBX 417.30MdepreciationAndAmortizationResult 1.77x | GBX 2.38Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 12.24BtotalAssetsGoodwillGBX 92.70MgoodWillIntangiblesGBX 278.60MintangibleAssetsLiabilitiesGBX 11.27BtotalLiabTangible bookGBX 599.30MShares251,900,000commonStockSharesOutstandingResult GBX 2.38 | 0.39xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.03BebitdaCapexGBX 739.70McapitalExpendituresInterestGBX 437.06MinterestExpenseShort-term debtGBX 309.10MshortLongTermDebtEBITDA − capexGBX 290.90MPrincipal due is the current portion of debt.Result 0.39x | GBX 9.60MFree cash flow · 2023-03-31Reported free cash flowOperating cash flowGBX 749.30MtotalCashFromOperatingActivitiesCapexGBX 739.70McapitalExpendituresFree cash flowGBX 9.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 9.60M | 5.5%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 574.00MoperatingIncomeTax expenseGBX 35.70MincomeTaxExpensePretax incomeGBX 167.90MincomeBeforeTaxTax rate21.3%EquityGBX 970.60MtotalStockholderEquityDebtGBX 7.30BshortLongTermDebtTotalCashGBX 34.20McashInvested capitalGBX 8.24BResult 5.5% | 0.05xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeGBX 574.00MoperatingIncomeNet PP&EGBX 10.85BpropertyPlantAndEquipmentNetResult 0.05x |
| 2024 | 84.1%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 11.91BpropertyPlantAndEquipmentNetInventoryGBX 40.10MinventoryTotal assetsGBX 14.20BtotalAssetsResult 84.1% | 0.20xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueGBX 2.34BtotalRevenueNet PP&EGBX 11.91BpropertyPlantAndEquipmentNetResult 0.20x | 2.73xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexGBX 1.17BcapitalExpendituresD&AGBX 428.30MdepreciationAndAmortizationResult 2.73x | GBX 5.57Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 14.20BtotalAssetsGoodwillGBX 112.80MgoodWillIntangiblesGBX 185.50MintangibleAssetsLiabilitiesGBX 12.37BtotalLiabTangible bookGBX 1.54BShares275,700,000commonStockSharesOutstandingResult GBX 5.57 | -0.57xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 924.20MebitdaCapexGBX 1.17BcapitalExpendituresInterestGBX 378.30MinterestExpenseShort-term debtGBX 56.10MshortLongTermDebtEBITDA − capex-GBX 245.50MPrincipal due is the current portion of debt.Result -0.57x | -GBX 356.40MFree cash flow · 2024-03-31Reported free cash flowOperating cash flowGBX 813.30MtotalCashFromOperatingActivitiesCapexGBX 1.17BcapitalExpendituresFree cash flow-GBX 356.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 356.40M | 3.6%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 472.90MoperatingIncomeTax expenseGBX 61.10MincomeTaxExpensePretax incomeGBX 201.30MincomeBeforeTaxTax rate30.4%EquityGBX 1.83BtotalStockholderEquityDebtGBX 8.27BshortLongTermDebtTotalCashGBX 953.20McashInvested capitalGBX 9.15BResult 3.6% | 0.04xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeGBX 472.90MoperatingIncomeNet PP&EGBX 11.91BpropertyPlantAndEquipmentNetResult 0.04x |
| 2025 | 84.8%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 13.45BpropertyPlantAndEquipmentNetInventoryGBX 43.20MinventoryTotal assetsGBX 15.91BtotalAssetsResult 84.8% | 0.18xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueGBX 2.43BtotalRevenueNet PP&EGBX 13.45BpropertyPlantAndEquipmentNetResult 0.18x | 3.51xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexGBX 1.59BcapitalExpendituresD&AGBX 454.40MdepreciationAndAmortizationResult 3.51x | GBX 4.82Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 15.91BtotalAssetsGoodwillGBX 117.30MgoodWillIntangiblesGBX 206.50MintangibleAssetsLiabilitiesGBX 14.14BtotalLiabTangible bookGBX 1.45BShares300,200,000commonStockSharesOutstandingResult GBX 4.82 | -0.48xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.16BebitdaCapexGBX 1.59BcapitalExpendituresInterestGBX 382.40MinterestExpenseShort-term debtGBX 519.70MshortLongTermDebtEBITDA − capex-GBX 435.90MPrincipal due is the current portion of debt.Result -0.48x | -GBX 680.50MFree cash flow · 2025-03-31Reported free cash flowOperating cash flowGBX 912.30MtotalCashFromOperatingActivitiesCapexGBX 1.59BcapitalExpendituresFree cash flow-GBX 680.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 680.50M | 4.1%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 599.50MoperatingIncomeTax expenseGBX 90.70MincomeTaxExpensePretax incomeGBX 320.10MincomeBeforeTaxTax rate28.3%EquityGBX 1.77BtotalStockholderEquityDebtGBX 9.70BshortLongTermDebtTotalCashGBX 1.02BcashInvested capitalGBX 10.45BResult 4.1% | 0.04xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeGBX 599.50MoperatingIncomeNet PP&EGBX 13.45BpropertyPlantAndEquipmentNetResult 0.04x |
| 2026 | 86.9%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EGBX 15.23BpropertyPlantAndEquipmentNetInventoryGBX 48.00MinventoryTotal assetsGBX 17.57BtotalAssetsResult 86.9% | 0.19xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueGBX 2.83BtotalRevenueNet PP&EGBX 15.23BpropertyPlantAndEquipmentNetResult 0.19x | 3.81xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexGBX 1.90BcapitalExpendituresD&AGBX 498.00MdepreciationAndAmortizationResult 3.81x | GBX 4.86Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 17.57BtotalAssetsGoodwillGBX 152.00MgoodWillIntangiblesGBX 224.00MintangibleAssetsLiabilitiesGBX 15.73BtotalLiabTangible bookGBX 1.47BShares301,500,000commonStockSharesOutstandingResult GBX 4.86 | -0.62xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 1.45BebitdaCapexGBX 1.90BcapitalExpendituresInterestGBX 352.00MinterestExpenseShort-term debtGBX 366.00MshortTermDebtEBITDA − capex-GBX 448.00MPrincipal due is short-term debt.Result -0.62x | -GBX 972.00MFree cash flow · 2026-03-31Reported free cash flowOperating cash flowGBX 924.00MtotalCashFromOperatingActivitiesCapexGBX 1.90BcapitalExpendituresFree cash flow-GBX 972.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -GBX 972.00M | 5.6%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 950.00MoperatingIncomeTax expenseGBX 153.00MincomeTaxExpensePretax incomeGBX 524.00MincomeBeforeTaxTax rate29.2%EquityGBX 1.84BtotalStockholderEquityDebtGBX 10.98BshortLongTermDebtTotalCashGBX 796.00McashAndShortTermInvestmentsInvested capitalGBX 12.03BResult 5.6% | 0.06xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeGBX 950.00MoperatingIncomeNet PP&EGBX 15.23BpropertyPlantAndEquipmentNetResult 0.06x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: GBX 15.23B
Inventory: GBX 48.00M
Total assets: GBX 17.57B
Goodwill: GBX 152.00M
Intangibles: GBX 224.00M
Liabilities: GBX 15.73B
Tangible book: GBX 1.47B
Shares: 301,500,000
Revenue: GBX 2.83B
Capex: GBX 1.90B
D&A: GBX 498.00M
EBITDA: GBX 1.45B
Interest: GBX 352.00M
Short-term debt: GBX 366.00M
Free cash flow: -GBX 972.00M
Operating income: GBX 950.00M
Invested capital: GBX 12.03B
Tax rate: 29.2%