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.
The Travelers Companies Inc
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 15.60x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -2.35x, which is below 1.
Fixed-asset turnover is 54.25x. Compare it with other names in the same basket.
Physical asset ratio
0.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$900.00MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$143.71BtotalAssetsInventory was not reported and is treated as zero.Result 0.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
54.25xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$48.83BtotalRevenueNet PP&E$900.00MpropertyPlantEquipmentResult 54.25x
Revenue per dollar of the physical asset base.
Capex / D&A
15.60xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$10.61BcapitalExpendituresD&A$680.00MdepreciationAndAmortizationResult 15.60x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$109.73Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$143.71BtotalAssetsGoodwill$4.07BgoodWillIntangibles$3.85BintangibleAssetsLiabilities$110.81BtotalLiabTangible book$24.97BShares227,600,000commonStockSharesOutstandingResult $109.73
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.59xPrice / tangible bookPrice / tangible book per sharePrice$394.01Latest quoteTangible book / share$109.732025-12-31Result 3.59x
Price $394.01.
Fixed-charge coverage
-2.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.90BebitdaCapex$10.61BcapitalExpendituresInterest$425.00MinterestExpenseShort-term debt$300.00MshortTermDebtEBITDA − capex-$1.71BPrincipal due is short-term debt.Result -2.35x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$0.00Not reportedMarket cap$81.35BMarketCapitalizationResult 0.0%
Latest free cash flow divided by current market cap ($81.35B).
ROIC
39.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.80BoperatingIncomeTax expense$1.51BincomeTaxExpensePretax income$7.80BincomeBeforeTaxTax rate19.3%Equity$32.89BtotalStockholderEquityDebt$9.27BshortLongTermDebtTotalCash$26.17BcashAndShortTermInvestmentsInvested capital$15.99BResult 39.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 8.66x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$904.00MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$104.23BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E (-$1.36B, propertyPlantAndEquipmentNet).Result 0.9% | 33.50xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$30.28BtotalRevenueNet PP&E$904.00MpropertyPlantEquipmentResult 33.50x | 0.09xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$74.00McapitalExpendituresD&A$803.00MdepreciationAndAmortizationResult 0.09x | $68.98Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$104.23BtotalAssetsGoodwill$3.94BgoodWillIntangibles$345.00MintangibleAssetsLiabilities$81.34BtotalLiabTangible book$18.61BShares269,800,000commonStockSharesOutstandingResult $68.98 | 4.25xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.12BebitdaCapex$74.00McapitalExpendituresInterest$352.00MinterestExpenseShort-term debt$600.00MshortTermDebtEBITDA − capex$4.04BPrincipal due is short-term debt.Result 4.25x | $4.31BFree cash flow · 2018-12-31Operating cash flow − capexOperating cash flow$4.38BtotalCashFromOperatingActivitiesCapex$74.00McapitalExpendituresFree cash flow$4.31BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $4.31B | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.96BoperatingIncomeTax expense$438.00MincomeTaxExpensePretax income$2.96BincomeBeforeTaxTax rate14.8%Equity$22.89BtotalStockholderEquityDebt$7.16BshortLongTermDebtTotalCash$67.82BcashAndShortTermInvestmentsInvested capital—Result — | 3.28xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$2.96BoperatingIncomeNet PP&E$904.00MpropertyPlantEquipmentResult 3.28x |
| 2019 | 49.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$76.39BpropertyPlantAndEquipmentNetInventory-$22.34BinventoryTotal assets$110.12BtotalAssetsResult 49.1% | 0.41xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$31.58BtotalRevenueNet PP&E$76.39BpropertyPlantAndEquipmentNetResult 0.41x | 0.14xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$107.00McapitalExpendituresD&A$763.00MdepreciationAndAmortizationResult 0.14x | $82.55Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$110.12BtotalAssetsGoodwill$3.96BgoodWillIntangibles$330.00MintangibleAssetsLiabilities$84.18BtotalLiabTangible book$21.65BShares262,300,000commonStockSharesOutstandingResult $82.55 | 4.38xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.25BebitdaCapex$107.00McapitalExpendituresInterest$344.00MinterestExpenseShort-term debt$600.00MshortTermDebtEBITDA − capex$4.14BPrincipal due is short-term debt.Result 4.38x | $5.10BFree cash flow · 2019-12-31Operating cash flow − capexOperating cash flow$5.21BtotalCashFromOperatingActivitiesCapex$107.00McapitalExpendituresFree cash flow$5.10BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $5.10B | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.14BoperatingIncomeTax expense$516.00MincomeTaxExpensePretax income$3.14BincomeBeforeTaxTax rate16.4%Equity$25.94BtotalStockholderEquityDebt$7.16BshortLongTermDebtTotalCash$73.57BcashAndShortTermInvestmentsInvested capital—Result — | 0.04xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$3.14BoperatingIncomeNet PP&E$76.39BpropertyPlantAndEquipmentNetResult 0.04x |
| 2020 | 50.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$82.77BpropertyPlantAndEquipmentNetInventory-$24.03BinventoryTotal assets$116.76BtotalAssetsResult 50.3% | 0.39xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$31.98BtotalRevenueNet PP&E$82.77BpropertyPlantAndEquipmentNetResult 0.39x | 0.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$789.00MdepreciationAndAmortizationResult 0.00x | $97.83Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$116.76BtotalAssetsGoodwill$3.98BgoodWillIntangibles$317.00MintangibleAssetsLiabilities$87.56BtotalLiabTangible book$24.91BShares254,600,000commonStockSharesOutstandingResult $97.83 | 9.94xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.37BebitdaCapex$0.00capitalExpendituresInterest$339.00MinterestExpenseShort-term debt$100.00MshortTermDebtEBITDA − capex$4.37BPrincipal due is short-term debt.Result 9.94x | $6.52BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$6.52BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$6.52BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.52B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.24BoperatingIncomeTax expense$540.00MincomeTaxExpensePretax income$3.24BincomeBeforeTaxTax rate16.7%Equity$29.20BtotalStockholderEquityDebt$6.65BshortLongTermDebtTotalCash$80.24BcashAndShortTermInvestmentsInvested capital—Result — | 0.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$3.24BoperatingIncomeNet PP&E$82.77BpropertyPlantAndEquipmentNetResult 0.04x |
| 2021 | 52.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$85.38BpropertyPlantAndEquipmentNetInventory-$21.82BinventoryTotal assets$120.47BtotalAssetsResult 52.8% | 0.41xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$34.82BtotalRevenueNet PP&E$85.38BpropertyPlantAndEquipmentNetResult 0.41x | 0.00xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.00McapitalExpendituresD&A$870.00MdepreciationAndAmortizationResult 0.00x | $97.98Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$120.47BtotalAssetsGoodwill$4.01BgoodWillIntangibles$306.00MintangibleAssetsLiabilities$91.58BtotalLiabTangible book$24.57BShares250,800,000commonStockSharesOutstandingResult $97.98 | 12.88xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.67BebitdaCapex$3.00McapitalExpendituresInterest$340.00MinterestExpenseShort-term debt$100.00MshortTermDebtEBITDA − capex$5.67BPrincipal due is short-term debt.Result 12.88x | $7.28BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$7.27BtotalCashFromOperatingActivitiesCapex$3.00McapitalExpendituresFree cash flow$7.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.28B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.46BoperatingIncomeTax expense$796.00MincomeTaxExpensePretax income$4.46BincomeBeforeTaxTax rate17.9%Equity$28.89BtotalStockholderEquityDebt$7.39BshortLongTermDebtTotalCash$82.41BcashAndShortTermInvestmentsInvested capital—Result — | 0.05xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$4.46BoperatingIncomeNet PP&E$85.38BpropertyPlantAndEquipmentNetResult 0.05x |
| 2022 | 0.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$952.00MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$115.72BtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 38.76xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$36.90BtotalRevenueNet PP&E$952.00MpropertyPlantEquipmentResult 38.76x | 0.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$826.00MdepreciationAndAmortizationResult 0.00x | $72.26Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$115.72BtotalAssetsGoodwill$3.95BgoodWillIntangibles$287.00MintangibleAssetsLiabilities$94.16BtotalLiabTangible book$17.32BShares239,700,000commonStockSharesOutstandingResult $72.26 | 10.05xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.53BebitdaCapex$0.00capitalExpendituresInterest$351.00MinterestExpenseShort-term debt$100.00MshortTermDebtEBITDA − capex$4.53BPrincipal due is short-term debt.Result 10.05x | $7.27BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$7.27BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$7.27BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.27B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.35BoperatingIncomeTax expense$512.00MincomeTaxExpensePretax income$3.35BincomeBeforeTaxTax rate15.3%Equity$21.56BtotalStockholderEquityDebt$7.39BshortLongTermDebtTotalCash$75.43BcashAndShortTermInvestmentsInvested capital—Result — | 3.52xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$3.35BoperatingIncomeNet PP&E$952.00MpropertyPlantEquipmentResult 3.52x |
| 2023 | -25.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$73.44BpropertyPlantAndEquipmentNetInventory-$105.27BinventoryTotal assets$125.98BtotalAssetsResult -25.3% | 0.56xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$41.37BtotalRevenueNet PP&E$73.44BpropertyPlantAndEquipmentNetResult 0.56x | 0.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$722.00MdepreciationAndAmortizationResult 0.00x | $89.01Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$125.98BtotalAssetsGoodwill$3.98BgoodWillIntangibles$277.00MintangibleAssetsLiabilities$101.06BtotalLiabTangible book$20.67BShares232,200,000commonStockSharesOutstandingResult $89.01 | 9.39xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.47BebitdaCapex$0.00capitalExpendituresInterest$376.00MinterestExpenseShort-term debt$100.00MshortTermDebtEBITDA − capex$4.47BPrincipal due is short-term debt.Result 9.39x | $7.71BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$7.71BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$7.71BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.71B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.37BoperatingIncomeTax expense$380.00MincomeTaxExpensePretax income$3.37BincomeBeforeTaxTax rate11.3%Equity$24.92BtotalStockholderEquityDebt$8.03BshortLongTermDebtTotalCash$89.46BcashAndShortTermInvestmentsInvested capital—Result — | 0.05xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$3.37BoperatingIncomeNet PP&E$73.44BpropertyPlantAndEquipmentNetResult 0.05x |
| 2024 | 0.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$902.00MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$133.19BtotalAssetsInventory was not reported and is treated as zero.Result 0.7% | 51.47xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$46.43BtotalRevenueNet PP&E$902.00MpropertyPlantEquipmentResult 51.47x | 0.00xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$715.00MdepreciationAndAmortizationResult 0.00x | $85.58Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$133.19BtotalAssetsGoodwill$4.23BgoodWillIntangibles$3.85BintangibleAssetsLiabilities$105.33BtotalLiabTangible book$19.78BShares231,100,000commonStockSharesOutstandingResult $85.58 | 14.81xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.29BebitdaCapex$0.00capitalExpendituresInterest$392.00MinterestExpenseShort-term debt$100.00MshortTermDebtEBITDA − capex$7.29BPrincipal due is short-term debt.Result 14.81x | $9.07BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$9.07BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$9.07BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.07B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.18BoperatingIncomeTax expense$1.18BincomeTaxExpensePretax income$6.18BincomeBeforeTaxTax rate19.1%Equity$27.86BtotalStockholderEquityDebt$8.03BshortLongTermDebtTotalCash$89.69BcashAndShortTermInvestmentsInvested capital—Result — | 6.85xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$6.18BoperatingIncomeNet PP&E$902.00MpropertyPlantEquipmentResult 6.85x |
| 2025 | 0.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$900.00MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$143.71BtotalAssetsInventory was not reported and is treated as zero.Result 0.6% | 54.25xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$48.83BtotalRevenueNet PP&E$900.00MpropertyPlantEquipmentResult 54.25x | 15.60xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$10.61BcapitalExpendituresD&A$680.00MdepreciationAndAmortizationResult 15.60x | $109.73Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$143.71BtotalAssetsGoodwill$4.07BgoodWillIntangibles$3.85BintangibleAssetsLiabilities$110.81BtotalLiabTangible book$24.97BShares227,600,000commonStockSharesOutstandingResult $109.73 | -2.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.90BebitdaCapex$10.61BcapitalExpendituresInterest$425.00MinterestExpenseShort-term debt$300.00MshortTermDebtEBITDA − capex-$1.71BPrincipal due is short-term debt.Result -2.35x | $0.00Free cash flow · 2025-12-31Operating cash flow − capexOperating cash flow$10.61BtotalCashFromOperatingActivitiesCapex$10.61BcapitalExpendituresFree cash flow$0.00Not reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $0.00 | 39.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.80BoperatingIncomeTax expense$1.51BincomeTaxExpensePretax income$7.80BincomeBeforeTaxTax rate19.3%Equity$32.89BtotalStockholderEquityDebt$9.27BshortLongTermDebtTotalCash$26.17BcashAndShortTermInvestmentsInvested capital$15.99BResult 39.3% | 8.66xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$7.80BoperatingIncomeNet PP&E$900.00MpropertyPlantEquipmentResult 8.66x |
- 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 short-term debt, the amount reported as due within a year.
- Reported free cash flow matched operating cash flow, so capex was subtracted.
Latest year inputs (2025)
Net PP&E: $900.00M
Inventory: $0.00
Total assets: $143.71B
Goodwill: $4.07B
Intangibles: $3.85B
Liabilities: $110.81B
Tangible book: $24.97B
Shares: 227,600,000
Revenue: $48.83B
Capex: $10.61B
D&A: $680.00M
EBITDA: $8.90B
Interest: $425.00M
Short-term debt: $300.00M
Free cash flow: $0.00
Operating income: $7.80B
Invested capital: $15.99B
Tax rate: 19.3%