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.
TC Energy Corp
Physical assets are 60.5% of total assets, a heavy footprint. Capex is 1.90x 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 6.0%, below 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 0.21x.
Physical asset ratio
60.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$71.05BpropertyPlantEquipmentInventory$782.00MinventoryTotal assets$118.75BtotalAssetsResult 60.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.21xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$15.20BtotalRevenueNet PP&E$71.05BpropertyPlantEquipmentResult 0.21x
Revenue per dollar of the physical asset base.
Capex / D&A
1.90xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$5.27BcapitalExpendituresD&A$2.77BdepreciationAndAmortizationResult 1.90x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$22.89Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$118.75BtotalAssetsGoodwill$13.02BgoodWillIntangibles$81.00MintangibleAssetsLiabilities$81.85BtotalLiabTangible book$23.80BShares1,040,000,000commonStockSharesOutstandingResult $22.89
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.94xPrice / tangible bookPrice / tangible book per sharePrice$90.16Latest quoteTangible book / share$22.892025-12-31Result 3.94x
Price $90.16.
Fixed-charge coverage
1.03xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.61BebitdaCapex$5.27BcapitalExpendituresInterest$3.40BinterestExpenseShort-term debt$2.75BshortLongTermDebtEBITDA − capex$6.34BPrincipal due is the current portion of debt.Result 1.03x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$2.08BfreeCashFlowMarket cap$93.82BMarketCapitalizationResult 2.2%
Latest free cash flow divided by current market cap ($93.82B).
ROIC
6.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.72BoperatingIncomeTax expense$1.14BincomeTaxExpensePretax income$5.44BincomeBeforeTaxTax rate20.9%Equity$27.30BtotalStockholderEquityDebt$61.00BshortLongTermDebtTotalCash$261.00McashAndShortTermInvestmentsInvested capital$88.03BResult 6.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.09x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 67.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$66.50BpropertyPlantEquipmentInventory$431.00MinventoryTotal assets$98.92BtotalAssetsResult 67.7% | 0.21xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$13.68BtotalRevenueNet PP&E$66.50BpropertyPlantEquipmentResult 0.21x | 4.22xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$9.91BcapitalExpendituresD&A$2.35BdepreciationAndAmortizationResult 4.22x | $17.46Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$98.92BtotalAssetsGoodwill$14.18BgoodWillIntangibles$1.05BintangibleAssetsLiabilities$67.93BtotalLiabTangible book$15.76BShares903,000,000commonStockSharesOutstandingResult $17.46 | -0.23xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.07BebitdaCapex$9.91BcapitalExpendituresInterest$1.74BinterestExpenseShort-term debt$6.22BshortTermDebtEBITDA − capex-$1.85BPrincipal due is short-term debt.Result -0.23x | -$3.36BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$6.56BtotalCashFromOperatingActivitiesCapex$9.91BcapitalExpendituresFree cash flow-$3.36BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.36B | 6.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.68BoperatingIncomeTax expense$432.00MincomeTaxExpensePretax income$3.95BincomeBeforeTaxTax rate10.9%Equity$29.34BtotalStockholderEquityDebt$50.24BshortLongTermDebtTotalCash$446.00McashAndEquivalentsInvested capital$79.13BResult 6.4% | 0.09xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$5.68BoperatingIncomeNet PP&E$66.50BpropertyPlantEquipmentResult 0.09x |
| 2019 | 66.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$65.49BpropertyPlantEquipmentInventory$452.00MinventoryTotal assets$99.28BtotalAssetsResult 66.4% | 0.20xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$13.26BtotalRevenueNet PP&E$65.49BpropertyPlantEquipmentResult 0.20x | 3.32xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$8.18BcapitalExpendituresD&A$2.46BdepreciationAndAmortizationResult 3.32x | $19.11Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$99.28BtotalAssetsGoodwill$12.89BgoodWillIntangibles$1.72BintangibleAssetsLiabilities$66.88BtotalLiabTangible book$17.80BShares931,000,000commonStockSharesOutstandingResult $19.11 | 0.14xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.45BebitdaCapex$8.18BcapitalExpendituresInterest$1.86BinterestExpenseShort-term debt$7.01BshortTermDebtEBITDA − capex$1.27BPrincipal due is short-term debt.Result 0.14x | -$1.10BFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$7.08BtotalCashFromOperatingActivitiesCapex$8.18BcapitalExpendituresFree cash flow-$1.10BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.10B | 6.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.79BoperatingIncomeTax expense$754.00MincomeTaxExpensePretax income$5.19BincomeBeforeTaxTax rate14.5%Equity$30.76BtotalStockholderEquityDebt$50.38BshortLongTermDebtTotalCash$1.34BcashAndEquivalentsInvested capital$79.80BResult 6.2% | 0.09xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$5.79BoperatingIncomeNet PP&E$65.49BpropertyPlantEquipmentResult 0.09x |
| 2020 | 70.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$69.78BpropertyPlantEquipmentInventory$629.00MinventoryTotal assets$100.30BtotalAssetsResult 70.2% | 0.19xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$13.00BtotalRevenueNet PP&E$69.78BpropertyPlantEquipmentResult 0.19x | 3.14xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$8.14BcapitalExpendituresD&A$2.59BdepreciationAndAmortizationResult 3.14x | $21.88Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$100.30BtotalAssetsGoodwill$12.68BgoodWillIntangibles$231.00MintangibleAssetsLiabilities$66.83BtotalLiabTangible book$20.56BShares940,000,000commonStockSharesOutstandingResult $21.88 | 0.17xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.53BebitdaCapex$8.14BcapitalExpendituresInterest$1.88BinterestExpenseShort-term debt$6.15BshortTermDebtEBITDA − capex$1.40BPrincipal due is short-term debt.Result 0.17x | -$1.08BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$7.06BtotalCashFromOperatingActivitiesCapex$8.14BcapitalExpendituresFree cash flow-$1.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.08B | 7.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.80BoperatingIncomeTax expense$194.00MincomeTaxExpensePretax income$5.11BincomeBeforeTaxTax rate3.8%Equity$31.40BtotalStockholderEquityDebt$49.99BshortLongTermDebtTotalCash$1.53BcashAndEquivalentsInvested capital$79.85BResult 7.0% | 0.08xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$5.80BoperatingIncomeNet PP&E$69.78BpropertyPlantEquipmentResult 0.08x |
| 2021 | 68.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$70.18BpropertyPlantEquipmentInventory$724.00MinventoryTotal assets$104.22BtotalAssetsResult 68.0% | 0.19xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$13.39BtotalRevenueNet PP&E$70.18BpropertyPlantEquipmentResult 0.19x | 2.35xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$5.92BcapitalExpendituresD&A$2.52BdepreciationAndAmortizationResult 2.35x | $21.36Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$104.22BtotalAssetsGoodwill$12.58BgoodWillIntangibles$14.00MintangibleAssetsLiabilities$70.82BtotalLiabTangible book$20.80BShares974,000,000commonStockSharesOutstandingResult $21.36 | 0.09xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.70BebitdaCapex$5.92BcapitalExpendituresInterest$2.09BinterestExpenseShort-term debt$6.49BshortTermDebtEBITDA − capex$779.00MPrincipal due is short-term debt.Result 0.09x | $966.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$6.89BtotalCashFromOperatingActivitiesCapex$5.92BcapitalExpendituresFree cash flow$966.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $966.00M | 6.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.91BoperatingIncomeTax expense$120.00MincomeTaxExpensePretax income$2.17BincomeBeforeTaxTax rate5.5%Equity$33.27BtotalStockholderEquityDebt$53.15BshortLongTermDebtTotalCash$673.00McashAndEquivalentsInvested capital$85.74BResult 6.5% | 0.08xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$5.91BoperatingIncomeNet PP&E$70.18BpropertyPlantEquipmentResult 0.08x |
| 2022 | 68.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$77.84BpropertyPlantAndEquipmentNetInventory$936.00MinventoryTotal assets$114.35BtotalAssetsResult 68.9% | 0.16xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$12.31BtotalRevenueNet PP&E$77.84BpropertyPlantAndEquipmentNetResult 0.16x | 2.60xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$6.73BcapitalExpendituresD&A$2.58BdepreciationAndAmortizationResult 2.60x | $21.36Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$114.35BtotalAssetsGoodwill$12.84BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$80.23BtotalLiabTangible book$21.27BShares996,000,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $21.36 | -0.14xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.24BebitdaCapex$6.73BcapitalExpendituresInterest$2.22BinterestExpenseShort-term debt$8.16BshortTermDebtEBITDA − capex-$1.49BPrincipal due is short-term debt.Result -0.14x | -$352.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$6.38BtotalCashFromOperatingActivitiesCapex$6.73BcapitalExpendituresFree cash flow-$352.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$352.00M | 3.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.07BoperatingIncomeTax expense$322.00MincomeTaxExpensePretax income$474.00MincomeBeforeTaxTax rate40.0%Equity$33.99BtotalStockholderEquityDebt$58.68BshortLongTermDebtTotalCash$620.00McashAndEquivalentsInvested capital$92.05BThe effective tax rate was above 40% and was capped at 40%.Result 3.3% | 0.07xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$5.07BoperatingIncomeNet PP&E$77.84BpropertyPlantAndEquipmentNetResult 0.07x |
| 2023 | 65.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$80.57BpropertyPlantEquipmentInventory$771.00MinventoryTotal assets$125.03BtotalAssetsResult 65.1% | 0.16xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$13.27BtotalRevenueNet PP&E$80.57BpropertyPlantEquipmentResult 0.16x | 2.93xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$8.15BcapitalExpendituresD&A$2.78BdepreciationAndAmortizationResult 2.93x | $25.70Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$125.03BtotalAssetsGoodwill$12.53BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$86.03BtotalLiabTangible book$26.48BShares1,030,000,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $25.70 | 0.09xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.66BebitdaCapex$8.15BcapitalExpendituresInterest$2.58BinterestExpenseShort-term debt$2.94BshortLongTermDebtEBITDA − capex$509.00MPrincipal due is the current portion of debt.Result 0.09x | -$881.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$7.27BtotalCashFromOperatingActivitiesCapex$8.15BcapitalExpendituresFree cash flow-$881.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$881.00M | 4.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.89BoperatingIncomeTax expense$842.00MincomeTaxExpensePretax income$3.30BincomeBeforeTaxTax rate25.5%Equity$29.55BtotalStockholderEquityDebt$63.66BshortLongTermDebtTotalCash$3.68BcashAndEquivalentsInvested capital$89.53BResult 4.9% | 0.07xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$5.89BoperatingIncomeNet PP&E$80.57BpropertyPlantEquipmentResult 0.07x |
| 2024 | 68.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$80.14BpropertyPlantAndEquipmentNetInventory$747.00MinventoryTotal assets$118.24BtotalAssetsResult 68.4% | 0.17xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$13.77BtotalRevenueNet PP&E$80.14BpropertyPlantAndEquipmentNetResult 0.17x | 2.28xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$6.36BcapitalExpendituresD&A$2.79BdepreciationAndAmortizationResult 2.28x | $23.79Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$118.24BtotalAssetsGoodwill$13.67BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$79.88BtotalLiabTangible book$24.69BShares1,038,000,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $23.79 | 0.77xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.22BebitdaCapex$6.36BcapitalExpendituresInterest$3.01BinterestExpenseShort-term debt$3.34BshortLongTermDebtEBITDA − capex$4.86BPrincipal due is the current portion of debt.Result 0.77x | $1.34BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$7.70BtotalCashFromOperatingActivitiesCapex$6.36BcapitalExpendituresFree cash flow$1.34BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.34B | 5.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.79BoperatingIncomeTax expense$922.00MincomeTaxExpensePretax income$5.91BincomeBeforeTaxTax rate15.6%Equity$27.59BtotalStockholderEquityDebt$59.88BshortLongTermDebtTotalCash$801.00McashAndEquivalentsInvested capital$86.67BResult 5.6% | 0.07xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$5.79BoperatingIncomeNet PP&E$80.14BpropertyPlantAndEquipmentNetResult 0.07x |
| 2025 | 60.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$71.05BpropertyPlantEquipmentInventory$782.00MinventoryTotal assets$118.75BtotalAssetsResult 60.5% | 0.21xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$15.20BtotalRevenueNet PP&E$71.05BpropertyPlantEquipmentResult 0.21x | 1.90xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$5.27BcapitalExpendituresD&A$2.77BdepreciationAndAmortizationResult 1.90x | $22.89Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$118.75BtotalAssetsGoodwill$13.02BgoodWillIntangibles$81.00MintangibleAssetsLiabilities$81.85BtotalLiabTangible book$23.80BShares1,040,000,000commonStockSharesOutstandingResult $22.89 | 1.03xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.61BebitdaCapex$5.27BcapitalExpendituresInterest$3.40BinterestExpenseShort-term debt$2.75BshortLongTermDebtEBITDA − capex$6.34BPrincipal due is the current portion of debt.Result 1.03x | $2.08BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$7.35BtotalCashFromOperatingActivitiesCapex$5.27BcapitalExpendituresFree cash flow$2.08BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.08B | 6.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.72BoperatingIncomeTax expense$1.14BincomeTaxExpensePretax income$5.44BincomeBeforeTaxTax rate20.9%Equity$27.30BtotalStockholderEquityDebt$61.00BshortLongTermDebtTotalCash$261.00McashAndShortTermInvestmentsInvested capital$88.03BResult 6.0% | 0.09xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$6.72BoperatingIncomeNet PP&E$71.05BpropertyPlantEquipmentResult 0.09x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $71.05B
Inventory: $782.00M
Total assets: $118.75B
Goodwill: $13.02B
Intangibles: $81.00M
Liabilities: $81.85B
Tangible book: $23.80B
Shares: 1,040,000,000
Revenue: $15.20B
Capex: $5.27B
D&A: $2.77B
EBITDA: $11.61B
Interest: $3.40B
Short-term debt: $2.75B
Free cash flow: $2.08B
Operating income: $6.72B
Invested capital: $88.03B
Tax rate: 20.9%