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.
United Utilities Group PLC
Physical assets are 83.3% of total assets, a heavy footprint. Capex is 2.98x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.17x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.17x.
Physical asset ratio
83.3%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$15.12BpropertyPlantAndEquipmentNetInventory$9.12MinventoryTotal assets$18.17BtotalAssetsResult 83.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.17xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$2.62BtotalRevenueNet PP&E$15.12BpropertyPlantAndEquipmentNetResult 0.17x
Revenue per dollar of the physical asset base.
Capex / D&A
2.98xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$1.50BcapitalExpendituresD&A$501.78MdepreciationAndAmortizationResult 2.98x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$3.11Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.17BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$120.21MintangibleAssetsLiabilities$15.93BtotalLiabTangible book$2.13BShares683,600,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.11
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
6.59xPrice / tangible bookPrice / tangible book per sharePrice$20.51Latest quoteTangible book / share$3.112026-03-31Result 6.59x
Price $20.51.
Fixed-charge coverage
0.17xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.60BebitdaCapex$1.50BcapitalExpendituresInterest$416.76MinterestExpenseShort-term debt$157.10MshortLongTermDebtEBITDA − capex$99.35MPrincipal due is the current portion of debt.Result 0.17x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.0%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow-$110.48MfreeCashFlowMarket cap$11.34BMarketCapitalizationResult -1.0%
Latest free cash flow divided by current market cap ($11.34B).
ROIC
6.9%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.09BoperatingIncomeTax expense$192.69MincomeTaxExpensePretax income$780.99MincomeBeforeTaxTax rate24.7%Equity$2.25BtotalStockholderEquityDebt$11.52BshortLongTermDebtTotalCash$1.80BcashInvested capital$11.97BResult 6.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.07x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 84.7%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$11.15BpropertyPlantEquipmentInventory$14.90MinventoryTotal assets$13.19BtotalAssetsResult 84.7% | 0.16xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$1.82BtotalRevenueNet PP&E$11.15BpropertyPlantEquipmentResult 0.16x | 1.68xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$662.20McapitalExpendituresD&A$393.20MdepreciationAndAmortizationResult 1.68x | $4.26Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.19BtotalAssetsGoodwill$0.00goodWillIntangibles$202.70MintangibleAssetsLiabilities$10.08BtotalLiabTangible book$2.91BShares683,400,000commonStockSharesOutstandingResult $4.26 | 0.43xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.06BebitdaCapex$662.20McapitalExpendituresInterest$232.00MinterestExpenseShort-term debt$700.20MshortTermDebtEBITDA − capex$399.20MPrincipal due is short-term debt.Result 0.43x | $170.10MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$832.30MtotalCashFromOperatingActivitiesCapex$662.20McapitalExpendituresFree cash flow$170.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $170.10M | 5.0%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$634.90MoperatingIncomeTax expense$72.80MincomeTaxExpensePretax income$436.20MincomeBeforeTaxTax rate16.7%Equity$3.11BtotalStockholderEquityDebt$7.82BshortLongTermDebtTotalCash$339.30McashInvested capital$10.59BResult 5.0% | 0.06xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$634.90MoperatingIncomeNet PP&E$11.15BpropertyPlantEquipmentResult 0.06x |
| 2020 | 82.1%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$11.51BpropertyPlantEquipmentInventory$16.60MinventoryTotal assets$14.04BtotalAssetsResult 82.1% | 0.16xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$1.86BtotalRevenueNet PP&E$11.51BpropertyPlantEquipmentResult 0.16x | 1.41xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$680.00McapitalExpendituresD&A$482.80MdepreciationAndAmortizationResult 1.41x | $4.06Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.04BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$189.00MintangibleAssetsLiabilities$11.08BtotalLiabTangible book$2.77BShares683,600,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $4.06 | 0.31xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.02BebitdaCapex$680.00McapitalExpendituresInterest$231.70MinterestExpenseShort-term debt$842.10MshortLongTermDebtEBITDA − capex$337.70MPrincipal due is the current portion of debt.Result 0.31x | $130.30MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$810.30MtotalCashFromOperatingActivitiesCapex$680.00McapitalExpendituresFree cash flow$130.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $130.30M | 3.5%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$630.30MoperatingIncomeTax expense$196.40MincomeTaxExpensePretax income$303.20MincomeBeforeTaxTax rate40.0%Equity$2.96BtotalStockholderEquityDebt$8.36BshortLongTermDebtTotalCash$528.10McashInvested capital$10.80BThe effective tax rate was above 40% and was capped at 40%.Result 3.5% | 0.05xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$630.30MoperatingIncomeNet PP&E$11.51BpropertyPlantEquipmentResult 0.05x |
| 2021 | 83.3%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$11.80BpropertyPlantEquipmentInventory$18.30MinventoryTotal assets$14.18BtotalAssetsResult 83.3% | 0.15xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$1.81BtotalRevenueNet PP&E$11.80BpropertyPlantEquipmentResult 0.15x | 1.52xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$644.00McapitalExpendituresD&A$422.30MdepreciationAndAmortizationResult 1.52x | $4.17Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.18BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$181.10MintangibleAssetsLiabilities$11.15BtotalLiabTangible book$2.85BShares683,500,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $4.17 | 0.61xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.16BebitdaCapex$644.00McapitalExpendituresInterest$181.70MinterestExpenseShort-term debt$651.50MshortLongTermDebtEBITDA − capex$511.00MPrincipal due is the current portion of debt.Result 0.61x | $215.40MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$859.40MtotalCashFromOperatingActivitiesCapex$644.00McapitalExpendituresFree cash flow$215.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $215.40M | 4.6%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$602.10MoperatingIncomeTax expense$97.60MincomeTaxExpensePretax income$551.00MincomeBeforeTaxTax rate17.7%Equity$3.03BtotalStockholderEquityDebt$8.45BshortLongTermDebtTotalCash$744.10McashInvested capital$10.74BResult 4.6% | 0.05xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$602.10MoperatingIncomeNet PP&E$11.80BpropertyPlantEquipmentResult 0.05x |
| 2022 | 84.3%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$12.15BpropertyPlantEquipmentInventory$17.80MinventoryTotal assets$14.44BtotalAssetsResult 84.3% | 0.15xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$1.86BtotalRevenueNet PP&E$12.15BpropertyPlantEquipmentResult 0.15x | 1.50xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$628.50McapitalExpendituresD&A$418.20MdepreciationAndAmortizationResult 1.50x | $4.10Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.44BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$160.80MintangibleAssetsLiabilities$11.48BtotalLiabTangible book$2.80BShares681,900,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $4.10 | 0.88xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.19BebitdaCapex$628.50McapitalExpendituresInterest$330.70MinterestExpenseShort-term debt$305.50MshortLongTermDebtEBITDA − capex$560.30MPrincipal due is the current portion of debt.Result 0.88x | $305.90MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$934.40MtotalCashFromOperatingActivitiesCapex$628.50McapitalExpendituresFree cash flow$305.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $305.90M | 3.4%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$610.00MoperatingIncomeTax expense$496.70MincomeTaxExpensePretax income$439.90MincomeBeforeTaxTax rate40.0%Equity$2.96BtotalStockholderEquityDebt$7.98BshortLongTermDebtTotalCash$240.90McashInvested capital$10.70BThe effective tax rate was above 40% and was capped at 40%.Result 3.4% | 0.05xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$610.00MoperatingIncomeNet PP&E$12.15BpropertyPlantEquipmentResult 0.05x |
| 2023 | 86.6%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$12.57BpropertyPlantAndEquipmentNetInventory$13.10MinventoryTotal assets$14.53BtotalAssetsResult 86.6% | 0.15xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$1.82BtotalRevenueNet PP&E$12.57BpropertyPlantAndEquipmentNetResult 0.15x | 1.64xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$694.00McapitalExpendituresD&A$423.60MdepreciationAndAmortizationResult 1.64x | $3.46Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.53BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$142.30MintangibleAssetsLiabilities$12.02BtotalLiabTangible book$2.37BShares684,100,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.46 | 0.72xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.18BebitdaCapex$694.00McapitalExpendituresInterest$497.70MinterestExpenseShort-term debt$172.80MshortLongTermDebtEBITDA − capex$483.60MPrincipal due is the current portion of debt.Result 0.72x | $93.50MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$787.50MtotalCashFromOperatingActivitiesCapex$694.00McapitalExpendituresFree cash flow$93.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $93.50M | 3.3%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$440.80MoperatingIncomeTax expense$51.40MincomeTaxExpensePretax income$256.30MincomeBeforeTaxTax rate20.1%Equity$2.51BtotalStockholderEquityDebt$8.44BshortLongTermDebtTotalCash$340.40McashInvested capital$10.60BResult 3.3% | 0.04xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$440.80MoperatingIncomeNet PP&E$12.57BpropertyPlantAndEquipmentNetResult 0.04x |
| 2024 | 83.5%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$13.04BpropertyPlantAndEquipmentNetInventory$21.50MinventoryTotal assets$15.65BtotalAssetsResult 83.5% | 0.15xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$1.95BtotalRevenueNet PP&E$13.04BpropertyPlantAndEquipmentNetResult 0.15x | 1.74xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$764.10McapitalExpendituresD&A$438.80MdepreciationAndAmortizationResult 1.74x | $2.83Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.65BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$124.50MintangibleAssetsLiabilities$13.60BtotalLiabTangible book$1.93BShares683,500,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.83 | 0.22xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$988.60MebitdaCapex$764.10McapitalExpendituresInterest$379.80MinterestExpenseShort-term debt$632.60MshortLongTermDebtEBITDA − capex$224.50MPrincipal due is the current portion of debt.Result 0.22x | -$19.00MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$745.10MtotalCashFromOperatingActivitiesCapex$764.10McapitalExpendituresFree cash flow-$19.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$19.00M | 3.4%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$480.20MoperatingIncomeTax expense$43.10MincomeTaxExpensePretax income$170.00MincomeBeforeTaxTax rate25.4%Equity$2.06BtotalStockholderEquityDebt$10.00BshortLongTermDebtTotalCash$1.40BcashInvested capital$10.66BResult 3.4% | 0.04xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$480.20MoperatingIncomeNet PP&E$13.04BpropertyPlantAndEquipmentNetResult 0.04x |
| 2025 | 82.9%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$13.87BpropertyPlantAndEquipmentNetInventory$24.60MinventoryTotal assets$16.77BtotalAssetsResult 82.9% | 0.15xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$2.15BtotalRevenueNet PP&E$13.87BpropertyPlantAndEquipmentNetResult 0.15x | 2.15xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$998.00McapitalExpendituresD&A$464.90MdepreciationAndAmortizationResult 2.15x | $2.77Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.77BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$105.80MintangibleAssetsLiabilities$14.77BtotalLiabTangible book$1.89BShares683,600,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.77 | 0.24xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.19BebitdaCapex$998.00McapitalExpendituresInterest$372.30MinterestExpenseShort-term debt$453.30MshortLongTermDebtEBITDA − capex$194.20MPrincipal due is the current portion of debt.Result 0.24x | -$79.90MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$918.10MtotalCashFromOperatingActivitiesCapex$998.00McapitalExpendituresFree cash flow-$79.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$79.90M | 4.2%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$631.50MoperatingIncomeTax expense$90.30MincomeTaxExpensePretax income$355.00MincomeBeforeTaxTax rate25.4%Equity$2.00BtotalStockholderEquityDebt$10.79BshortLongTermDebtTotalCash$1.67BcashInvested capital$11.11BResult 4.2% | 0.05xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$631.50MoperatingIncomeNet PP&E$13.87BpropertyPlantAndEquipmentNetResult 0.05x |
| 2026 | 83.3%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$15.12BpropertyPlantAndEquipmentNetInventory$9.12MinventoryTotal assets$18.17BtotalAssetsResult 83.3% | 0.17xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$2.62BtotalRevenueNet PP&E$15.12BpropertyPlantAndEquipmentNetResult 0.17x | 2.98xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$1.50BcapitalExpendituresD&A$501.78MdepreciationAndAmortizationResult 2.98x | $3.11Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.17BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$120.21MintangibleAssetsLiabilities$15.93BtotalLiabTangible book$2.13BShares683,600,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.11 | 0.17xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.60BebitdaCapex$1.50BcapitalExpendituresInterest$416.76MinterestExpenseShort-term debt$157.10MshortLongTermDebtEBITDA − capex$99.35MPrincipal due is the current portion of debt.Result 0.17x | -$110.48MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$1.39BtotalCashFromOperatingActivitiesCapex$1.50BcapitalExpendituresFree cash flow-$110.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$110.48M | 6.9%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.09BoperatingIncomeTax expense$192.69MincomeTaxExpensePretax income$780.99MincomeBeforeTaxTax rate24.7%Equity$2.25BtotalStockholderEquityDebt$11.52BshortLongTermDebtTotalCash$1.80BcashInvested capital$11.97BResult 6.9% | 0.07xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$1.09BoperatingIncomeNet PP&E$15.12BpropertyPlantAndEquipmentNetResult 0.07x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $15.12B
Inventory: $9.12M
Total assets: $18.17B
Goodwill: $0.00
Intangibles: $120.21M
Liabilities: $15.93B
Tangible book: $2.13B
Shares: 683,600,000
Revenue: $2.62B
Capex: $1.50B
D&A: $501.78M
EBITDA: $1.60B
Interest: $416.76M
Short-term debt: $157.10M
Free cash flow: -$110.48M
Operating income: $1.09B
Invested capital: $11.97B
Tax rate: 24.7%