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.
Tenet Healthcare Corporation
Physical assets are 26.3% of total assets, a light footprint. Capex is 1.17x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 20.0%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.86x. Compare it with other names in the same basket.
Physical asset ratio
26.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.45BpropertyPlantAndEquipmentNetInventory$348.00MinventoryTotal assets$29.68BtotalAssetsResult 26.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.86xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$21.31BtotalRevenueNet PP&E$7.45BpropertyPlantAndEquipmentNetResult 2.86x
Revenue per dollar of the physical asset base.
Capex / D&A
1.17xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.01BcapitalExpendituresD&A$863.00MdepreciationAndAmortizationResult 1.17x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$39.34Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.68BtotalAssetsGoodwill$11.20BgoodWillIntangibles$1.35BintangibleAssetsLiabilities$20.70BtotalLiabTangible book-$3.57BShares90,833,000commonStockSharesOutstandingResult -$39.34
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$273.25Latest quoteTangible book / share-$39.342025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $273.25.
Fixed-charge coverage
3.86xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.48BebitdaCapex$1.01BcapitalExpendituresInterest$821.00MinterestExpenseShort-term debt$79.00MshortTermDebtEBITDA − capex$3.47BPrincipal due is short-term debt.Result 3.86x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
11.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$2.53BfreeCashFlowMarket cap$22.00BMarketCapitalizationResult 11.5%
Latest free cash flow divided by current market cap ($22.00B).
ROIC
20.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.44BoperatingIncomeTax expense$433.00MincomeTaxExpensePretax income$2.80BincomeBeforeTaxTax rate15.5%Equity$4.22BtotalStockholderEquityDebt$13.17BshortLongTermDebtTotalCash$2.88BcashAndEquivalentsInvested capital$14.51BResult 20.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.46x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 32.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.99BpropertyPlantEquipmentInventory$305.00MinventoryTotal assets$22.41BtotalAssetsResult 32.6% | 2.62xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$18.31BtotalRevenueNet PP&E$6.99BpropertyPlantEquipmentResult 2.62x | 0.77xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$617.00McapitalExpendituresD&A$802.00MdepreciationAndAmortizationResult 0.77x | -$66.47Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$22.41BtotalAssetsGoodwill$7.28BgoodWillIntangibles$1.73BintangibleAssetsLiabilities$20.30BtotalLiabTangible book-$6.91BShares103,881,000commonStockSharesOutstandingResult -$66.47 | 1.53xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.44BebitdaCapex$617.00McapitalExpendituresInterest$1.00BinterestExpenseShort-term debt$182.00MshortTermDebtEBITDA − capex$1.82BPrincipal due is short-term debt.Result 1.53x | $432.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.05BtotalCashFromOperatingActivitiesCapex$617.00McapitalExpendituresFree cash flow$432.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $432.00M | 8.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.64BoperatingIncomeTax expense$173.00MincomeTaxExpensePretax income$629.00MincomeBeforeTaxTax rate27.5%Equity-$119.00MtotalStockholderEquityDebt$14.83BshortLongTermDebtTotalCash$411.00McashAndEquivalentsInvested capital$14.30BResult 8.3% | 0.23xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.64BoperatingIncomeNet PP&E$6.99BpropertyPlantEquipmentResult 0.23x |
| 2019 | 34.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.79BpropertyPlantEquipmentInventory$310.00MinventoryTotal assets$23.35BtotalAssetsResult 34.7% | 2.37xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$18.48BtotalRevenueNet PP&E$7.79BpropertyPlantEquipmentResult 2.37x | 0.79xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$670.00McapitalExpendituresD&A$850.00MdepreciationAndAmortizationResult 0.79x | -$66.39Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.35BtotalAssetsGoodwill$7.25BgoodWillIntangibles$1.60BintangibleAssetsLiabilities$21.36BtotalLiabTangible book-$6.87BShares103,398,000commonStockSharesOutstandingResult -$66.39 | 1.28xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.16BebitdaCapex$670.00McapitalExpendituresInterest$985.00MinterestExpenseShort-term debt$171.00MshortTermDebtEBITDA − capex$1.49BPrincipal due is short-term debt.Result 1.28x | $563.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.23BtotalCashFromOperatingActivitiesCapex$670.00McapitalExpendituresFree cash flow$563.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $563.00M | 6.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.54BoperatingIncomeTax expense$160.00MincomeTaxExpensePretax income$320.00MincomeBeforeTaxTax rate40.0%Equity-$371.00MtotalStockholderEquityDebt$14.75BshortLongTermDebtTotalCash$262.00McashAndEquivalentsInvested capital$14.12BThe effective tax rate was above 40% and was capped at 40%.Result 6.5% | 0.20xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.54BoperatingIncomeNet PP&E$7.79BpropertyPlantEquipmentResult 0.20x |
| 2020 | 30.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.75BpropertyPlantAndEquipmentNetInventory$368.00MinventoryTotal assets$27.11BtotalAssetsResult 30.0% | 2.27xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$17.64BtotalRevenueNet PP&E$7.75BpropertyPlantAndEquipmentNetResult 2.27x | 0.63xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$540.00McapitalExpendituresD&A$857.00MdepreciationAndAmortizationResult 0.63x | -$70.76Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.11BtotalAssetsGoodwill$8.81BgoodWillIntangibles$1.60BintangibleAssetsLiabilities$24.22BtotalLiabTangible book-$7.52BShares106,263,000commonStockSharesOutstandingResult -$70.76 | 1.73xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.53BebitdaCapex$540.00McapitalExpendituresInterest$1.00BinterestExpenseShort-term debt$145.00MshortTermDebtEBITDA − capex$1.99BPrincipal due is short-term debt.Result 1.73x | $2.87BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$3.41BtotalCashFromOperatingActivitiesCapex$540.00McapitalExpendituresFree cash flow$2.87BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.87B | 15.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.99BoperatingIncomeTax expense-$97.00MincomeTaxExpensePretax income$671.00MincomeBeforeTaxTax rate0.0%Equity$28.00MtotalStockholderEquityDebt$15.72BshortLongTermDebtTotalCash$2.45BcashAndEquivalentsInvested capital$13.30BResult 15.0% | 0.26xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$1.99BoperatingIncomeNet PP&E$7.75BpropertyPlantAndEquipmentNetResult 0.26x |
| 2021 | 28.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.43BpropertyPlantAndEquipmentNetInventory$384.00MinventoryTotal assets$27.58BtotalAssetsResult 28.3% | 2.62xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$19.49BtotalRevenueNet PP&E$7.43BpropertyPlantAndEquipmentNetResult 2.62x | 0.77xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$658.00McapitalExpendituresD&A$855.00MdepreciationAndAmortizationResult 0.77x | -$59.88Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.58BtotalAssetsGoodwill$9.26BgoodWillIntangibles$1.50BintangibleAssetsLiabilities$23.32BtotalLiabTangible book-$6.50BShares108,571,000commonStockSharesOutstandingResult -$59.88 | 2.84xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.67BebitdaCapex$658.00McapitalExpendituresInterest$923.00MinterestExpenseShort-term debt$135.00MshortTermDebtEBITDA − capex$3.01BPrincipal due is short-term debt.Result 2.84x | $910.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.57BtotalCashFromOperatingActivitiesCapex$658.00McapitalExpendituresFree cash flow$910.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $910.00M | 15.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.87BoperatingIncomeTax expense$411.00MincomeTaxExpensePretax income$1.89BincomeBeforeTaxTax rate21.8%Equity$1.03BtotalStockholderEquityDebt$15.65BshortLongTermDebtTotalCash$2.36BcashAndEquivalentsInvested capital$14.31BResult 15.7% | 0.39xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.87BoperatingIncomeNet PP&E$7.43BpropertyPlantAndEquipmentNetResult 0.39x |
| 2022 | 29.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.59BpropertyPlantAndEquipmentNetInventory$405.00MinventoryTotal assets$27.16BtotalAssetsResult 29.4% | 2.53xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$19.17BtotalRevenueNet PP&E$7.59BpropertyPlantAndEquipmentNetResult 2.53x | 0.91xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$762.00McapitalExpendituresD&A$841.00MdepreciationAndAmortizationResult 0.91x | -$62.79Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.16BtotalAssetsGoodwill$10.12BgoodWillIntangibles$1.42BintangibleAssetsLiabilities$22.55BtotalLiabTangible book-$6.94BShares110,516,000commonStockSharesOutstandingResult -$62.79 | 2.24xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.08BebitdaCapex$762.00McapitalExpendituresInterest$890.00MinterestExpenseShort-term debt$145.00MshortTermDebtEBITDA − capex$2.31BPrincipal due is short-term debt.Result 2.24x | $321.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.08BtotalCashFromOperatingActivitiesCapex$762.00McapitalExpendituresFree cash flow$321.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $321.00M | 11.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.33BoperatingIncomeTax expense$344.00MincomeTaxExpensePretax income$1.35BincomeBeforeTaxTax rate25.6%Equity$1.14BtotalStockholderEquityDebt$15.08BshortLongTermDebtTotalCash$858.00McashAndEquivalentsInvested capital$15.36BResult 11.3% | 0.31xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$2.33BoperatingIncomeNet PP&E$7.59BpropertyPlantAndEquipmentNetResult 0.31x |
| 2023 | 27.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.32BpropertyPlantEquipmentInventory$411.00MinventoryTotal assets$28.31BtotalAssetsResult 27.3% | 2.81xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$20.55BtotalRevenueNet PP&E$7.32BpropertyPlantEquipmentResult 2.81x | 0.86xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$751.00McapitalExpendituresD&A$870.00MdepreciationAndAmortizationResult 0.86x | -$58.85Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$28.31BtotalAssetsGoodwill$10.31BgoodWillIntangibles$1.37BintangibleAssetsLiabilities$22.80BtotalLiabTangible book-$6.17BShares104,800,000commonStockSharesOutstandingResult -$58.85 | 2.58xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.39BebitdaCapex$751.00McapitalExpendituresInterest$901.00MinterestExpenseShort-term debt$120.00MshortTermDebtEBITDA − capex$2.64BPrincipal due is short-term debt.Result 2.58x | $1.62BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$2.37BtotalCashFromOperatingActivitiesCapex$751.00McapitalExpendituresFree cash flow$1.62BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.62B | 13.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.51BoperatingIncomeTax expense$306.00MincomeTaxExpensePretax income$1.62BincomeBeforeTaxTax rate18.9%Equity$1.61BtotalStockholderEquityDebt$15.00BshortLongTermDebtTotalCash$1.23BcashAndEquivalentsInvested capital$15.38BResult 13.2% | 0.34xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.51BoperatingIncomeNet PP&E$7.32BpropertyPlantEquipmentResult 0.34x |
| 2024 | 25.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.09BpropertyPlantEquipmentInventory$346.00MinventoryTotal assets$28.94BtotalAssetsResult 25.7% | 2.92xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$20.67BtotalRevenueNet PP&E$7.09BpropertyPlantEquipmentResult 2.92x | 1.14xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$931.00McapitalExpendituresD&A$818.00MdepreciationAndAmortizationResult 1.14x | -$36.18Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$28.94BtotalAssetsGoodwill$10.69BgoodWillIntangibles$1.40BintangibleAssetsLiabilities$20.39BtotalLiabTangible book-$3.54BShares97,881,000commonStockSharesOutstandingResult -$36.18 | 6.49xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.89BebitdaCapex$931.00McapitalExpendituresInterest$826.00MinterestExpenseShort-term debt$92.00MshortLongTermDebtEBITDA − capex$5.96BPrincipal due is the current portion of debt.Result 6.49x | $1.12BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$2.05BtotalCashFromOperatingActivitiesCapex$931.00McapitalExpendituresFree cash flow$1.12BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.12B | 29.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.96BoperatingIncomeTax expense$1.18BincomeTaxExpensePretax income$5.25BincomeBeforeTaxTax rate22.6%Equity$4.17BtotalStockholderEquityDebt$14.33BshortLongTermDebtTotalCash$3.02BcashAndEquivalentsInvested capital$15.48BResult 29.8% | 0.84xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$5.96BoperatingIncomeNet PP&E$7.09BpropertyPlantEquipmentResult 0.84x |
| 2025 | 26.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.45BpropertyPlantAndEquipmentNetInventory$348.00MinventoryTotal assets$29.68BtotalAssetsResult 26.3% | 2.86xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$21.31BtotalRevenueNet PP&E$7.45BpropertyPlantAndEquipmentNetResult 2.86x | 1.17xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.01BcapitalExpendituresD&A$863.00MdepreciationAndAmortizationResult 1.17x | -$39.34Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.68BtotalAssetsGoodwill$11.20BgoodWillIntangibles$1.35BintangibleAssetsLiabilities$20.70BtotalLiabTangible book-$3.57BShares90,833,000commonStockSharesOutstandingResult -$39.34 | 3.86xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.48BebitdaCapex$1.01BcapitalExpendituresInterest$821.00MinterestExpenseShort-term debt$79.00MshortTermDebtEBITDA − capex$3.47BPrincipal due is short-term debt.Result 3.86x | $2.53BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$3.54BtotalCashFromOperatingActivitiesCapex$1.01BcapitalExpendituresFree cash flow$2.53BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.53B | 20.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.44BoperatingIncomeTax expense$433.00MincomeTaxExpensePretax income$2.80BincomeBeforeTaxTax rate15.5%Equity$4.22BtotalStockholderEquityDebt$13.17BshortLongTermDebtTotalCash$2.88BcashAndEquivalentsInvested capital$14.51BResult 20.0% | 0.46xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$3.44BoperatingIncomeNet PP&E$7.45BpropertyPlantAndEquipmentNetResult 0.46x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $7.45B
Inventory: $348.00M
Total assets: $29.68B
Goodwill: $11.20B
Intangibles: $1.35B
Liabilities: $20.70B
Tangible book: -$3.57B
Shares: 90,833,000
Revenue: $21.31B
Capex: $1.01B
D&A: $863.00M
EBITDA: $4.48B
Interest: $821.00M
Short-term debt: $79.00M
Free cash flow: $2.53B
Operating income: $3.44B
Invested capital: $14.51B
Tax rate: 15.5%