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.
Veren Inc
Physical assets are 91.9% of total assets, a heavy footprint. Capex is 1.19x 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. EBITDA after capex covers debt service by 0.41x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.41x.
Physical asset ratio
91.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.79BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$11.75BtotalAssetsInventory was not reported and is treated as zero.Result 91.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.41xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$4.41BtotalRevenueNet PP&E$10.79BpropertyPlantAndEquipmentNetResult 0.41x
Revenue per dollar of the physical asset base.
Capex / D&A
1.19xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.59BcapitalExpendituresD&A$1.34BdepreciationAndAmortizationResult 1.19x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$10.53Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.75BtotalAssetsGoodwill$243.80MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$4.99BtotalLiabTangible book$6.52BShares618,895,778commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $10.53
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$10.532024-12-31A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
0.41xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.88BebitdaCapex$1.59BcapitalExpendituresInterest$194.30MinterestExpenseShort-term debt$514.40MshortLongTermDebtEBITDA − capex$288.50MPrincipal due is the current portion of debt.Result 0.41x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
14.2%Free cash flow yield · 2024-12-31Latest free cash flow / current market capFree cash flow$524.00MfreeCashFlowMarket cap$3.69BMarketCapitalizationResult 14.2%
Latest free cash flow divided by current market cap ($3.69B).
ROIC
9.1%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.08BoperatingIncomeTax expense$59.80MincomeTaxExpensePretax income$343.70MincomeBeforeTaxTax rate17.4%Equity$6.76BtotalStockholderEquityDebt$3.07BshortLongTermDebtTotalCash$17.10McashInvested capital$9.81BResult 9.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.10x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2017 | 91.8%Physical asset ratio · 2017-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.70BpropertyPlantEquipmentInventory$0.00inventoryTotal assets$16.01BtotalAssetsResult 91.8% | 0.19xFixed asset turnover · 2017-12-31Revenue / net PP&ERevenue$2.86BtotalRevenueNet PP&E$14.70BpropertyPlantEquipmentResult 0.19x | 1.05xCapex / D&A · 2017-12-31Capital expenditures / depreciation and amortizationCapex$1.85BcapitalExpendituresD&A$1.77BdepreciationAndAmortizationResult 1.05x | $16.35Tangible book / share · 2017-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.01BtotalAssetsGoodwill$251.90MgoodWillIntangibles$0.02intangibleAssetsLiabilities$6.84BtotalLiabTangible book$8.91BShares545,162,580commonStockSharesOutstandingResult $16.35 | 0.25xFixed-charge coverage · 2017-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.91BebitdaCapex$1.85BcapitalExpendituresInterest$162.30MinterestExpenseShort-term debt$63.80MshortLongTermDebtEBITDA − capex$55.70MPrincipal due is the current portion of debt.Result 0.25x | -$136.00MFree cash flow · 2017-12-31Reported free cash flowOperating cash flow$1.72BtotalCashFromOperatingActivitiesCapex$1.85BcapitalExpendituresFree cash flow-$136.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$136.00M | —ROIC · 2017-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$38.10MoperatingIncomeTax expense$100.40MincomeTaxExpensePretax income-$23.60MincomeBeforeTaxTax rate—Equity$9.16BtotalStockholderEquityDebt$4.11BshortLongTermDebtTotalCash$62.40McashInvested capital$13.21BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2017-12-31Operating income / net PP&EOperating income-$38.10MoperatingIncomeNet PP&E$14.70BpropertyPlantEquipmentResult 0.00x |
| 2018 | 85.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.90BpropertyPlantEquipmentInventory$0.00inventoryTotal assets$12.73BtotalAssetsResult 85.6% | 0.30xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.32BtotalRevenueNet PP&E$10.90BpropertyPlantEquipmentResult 0.30x | 1.13xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.82BcapitalExpendituresD&A$1.61BdepreciationAndAmortizationResult 1.13x | $11.60Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.73BtotalAssetsGoodwill$244.00MgoodWillIntangibles$0.00intangibleAssetsLiabilities$6.12BtotalLiabTangible book$6.37BShares549,109,960commonStockSharesOutstandingResult $11.60 | -12.59xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.76BebitdaCapex$1.82BcapitalExpendituresInterest$184.40MinterestExpenseShort-term debt$99.80MshortLongTermDebtEBITDA − capex-$3.58BPrincipal due is the current portion of debt.Result -12.59x | -$69.80MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$1.75BtotalCashFromOperatingActivitiesCapex$1.82BcapitalExpendituresFree cash flow-$69.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$69.80M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$538.80MoperatingIncomeTax expense-$938.50MincomeTaxExpensePretax income-$3.56BincomeBeforeTaxTax rate—Equity$6.61BtotalStockholderEquityDebt$4.28BshortLongTermDebtTotalCash$15.30McashInvested capital$10.87BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.05xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$538.80MoperatingIncomeNet PP&E$10.90BpropertyPlantEquipmentResult 0.05x |
| 2019 | 81.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.21BpropertyPlantEquipmentInventory$0.00inventoryTotal assets$10.09BtotalAssetsResult 81.4% | 0.35xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$2.88BtotalRevenueNet PP&E$8.21BpropertyPlantEquipmentResult 0.35x | 1.03xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.31BcapitalExpendituresD&A$1.27BdepreciationAndAmortizationResult 1.03x | $9.37Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.09BtotalAssetsGoodwill$230.90MgoodWillIntangibles$0.00intangibleAssetsLiabilities$4.75BtotalLiabTangible book$5.11BShares545,674,158commonStockSharesOutstandingResult $9.37 | -2.76xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$257.40MebitdaCapex$1.31BcapitalExpendituresInterest$179.30MinterestExpenseShort-term debt$201.00MshortLongTermDebtEBITDA − capex-$1.05BPrincipal due is the current portion of debt.Result -2.76x | $436.70MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.74BtotalCashFromOperatingActivitiesCapex$1.31BcapitalExpendituresFree cash flow$436.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $436.70M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$629.70MoperatingIncomeTax expense-$159.00MincomeTaxExpensePretax income-$1.19BincomeBeforeTaxTax rate—Equity$5.34BtotalStockholderEquityDebt$3.09BshortLongTermDebtTotalCash$56.90McashInvested capital$8.37BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.08xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$629.70MoperatingIncomeNet PP&E$8.21BpropertyPlantEquipmentResult 0.08x |
| 2020 | 68.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.56BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$6.65BtotalAssetsResult 68.6% | 0.33xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.49BtotalRevenueNet PP&E$4.56BpropertyPlantEquipmentResult 0.33x | 0.96xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$698.80McapitalExpendituresD&A$726.30MdepreciationAndAmortizationResult 0.96x | $4.82Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.65BtotalAssetsGoodwill$223.30MgoodWillIntangibles$48.03MintangibleAssetsLiabilities$3.82BtotalLiabTangible book$2.55BShares529,339,709commonStockSharesOutstandingResult $4.82 | -9.55xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$2.32BebitdaCapex$698.80McapitalExpendituresInterest$94.60MinterestExpenseShort-term debt$221.60MshortLongTermDebtEBITDA − capex-$3.02BPrincipal due is the current portion of debt.Result -9.55x | $161.70MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$860.50MtotalCashFromOperatingActivitiesCapex$698.80McapitalExpendituresFree cash flow$161.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $161.70M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.20MoperatingIncomeTax expense-$627.60MincomeTaxExpensePretax income-$3.15BincomeBeforeTaxTax rate—Equity$2.82BtotalStockholderEquityDebt$2.42BshortLongTermDebtTotalCash$8.80McashInvested capital$5.23BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$2.20MoperatingIncomeNet PP&E$4.56BpropertyPlantEquipmentResult 0.00x |
| 2021 | 85.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.83BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$9.17BtotalAssetsResult 85.3% | 0.36xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$2.83BtotalRevenueNet PP&E$7.83BpropertyPlantEquipmentResult 0.36x | 0.84xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$676.10McapitalExpendituresD&A$801.50MdepreciationAndAmortizationResult 0.84x | $8.95Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.17BtotalAssetsGoodwill$211.50MgoodWillIntangibles$44.29MintangibleAssetsLiabilities$3.77BtotalLiabTangible book$5.15BShares575,098,648commonStockSharesOutstandingResult $8.95 | 9.22xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.06BebitdaCapex$676.10McapitalExpendituresInterest$88.90MinterestExpenseShort-term debt$278.10MshortLongTermDebtEBITDA − capex$3.38BPrincipal due is the current portion of debt.Result 9.22x | $819.70MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.50BtotalCashFromOperatingActivitiesCapex$676.10McapitalExpendituresFree cash flow$819.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $819.70M | 11.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.14BoperatingIncomeTax expense$799.70MincomeTaxExpensePretax income$3.16BincomeBeforeTaxTax rate25.3%Equity$5.41BtotalStockholderEquityDebt$2.11BshortLongTermDebtTotalCash$13.50McashInvested capital$7.50BResult 11.4% | 0.15xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.14BoperatingIncomeNet PP&E$7.83BpropertyPlantEquipmentResult 0.15x |
| 2022 | 83.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.91BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$9.49BtotalAssetsInventory was not reported and is treated as zero.Result 83.4% | 0.44xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$3.51BtotalRevenueNet PP&E$7.91BpropertyPlantEquipmentResult 0.44x | 1.06xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.03BcapitalExpendituresD&A$970.90MdepreciationAndAmortizationResult 1.06x | $10.92Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.49BtotalAssetsGoodwill$203.90MgoodWillIntangibles$53.48MintangibleAssetsLiabilities$2.99BtotalLiabTangible book$6.24BShares571,068,066commonStockSharesOutstandingResult $10.92 | 2.61xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.60BebitdaCapex$1.03BcapitalExpendituresInterest$64.70MinterestExpenseShort-term debt$538.70MshortLongTermDebtEBITDA − capex$1.58BPrincipal due is the current portion of debt.Result 2.61x | $1.16BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$2.19BtotalCashFromOperatingActivitiesCapex$1.03BcapitalExpendituresFree cash flow$1.16BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.16B | 16.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.71BoperatingIncomeTax expense$415.10MincomeTaxExpensePretax income$1.56BincomeBeforeTaxTax rate26.6%Equity$6.49BtotalStockholderEquityDebt$1.57BshortLongTermDebtTotalCash$289.90McashInvested capital$7.77BResult 16.2% | 0.22xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.71BoperatingIncomeNet PP&E$7.91BpropertyPlantEquipmentResult 0.22x |
| 2023 | 88.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.43BpropertyPlantAndEquipmentNetInventory-$79.20MinventoryTotal assets$12.78BtotalAssetsResult 88.8% | 0.31xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$3.57BtotalRevenueNet PP&E$11.43BpropertyPlantAndEquipmentNetResult 0.31x | 1.15xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.22BcapitalExpendituresD&A$1.07BdepreciationAndAmortizationResult 1.15x | $11.90Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.78BtotalAssetsGoodwill$275.90MgoodWillIntangibles$67.73MintangibleAssetsLiabilities$5.91BtotalLiabTangible book$6.52BShares548,328,707commonStockSharesOutstandingResult $11.90 | 2.02xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.24BebitdaCapex$1.22BcapitalExpendituresInterest$126.00MinterestExpenseShort-term debt$380.00MshortLongTermDebtEBITDA − capex$1.02BPrincipal due is the current portion of debt.Result 2.02x | $975.20MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$2.20BtotalCashFromOperatingActivitiesCapex$1.22BcapitalExpendituresFree cash flow$975.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $975.20M | 8.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.22BoperatingIncomeTax expense$253.70MincomeTaxExpensePretax income$1.05BincomeBeforeTaxTax rate24.1%Equity$6.87BtotalStockholderEquityDebt$3.71BshortLongTermDebtTotalCash$17.30McashInvested capital$10.56BResult 8.8% | 0.11xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.22BoperatingIncomeNet PP&E$11.43BpropertyPlantAndEquipmentNetResult 0.11x |
| 2024 | 91.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.79BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$11.75BtotalAssetsInventory was not reported and is treated as zero.Result 91.9% | 0.41xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$4.41BtotalRevenueNet PP&E$10.79BpropertyPlantAndEquipmentNetResult 0.41x | 1.19xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.59BcapitalExpendituresD&A$1.34BdepreciationAndAmortizationResult 1.19x | $10.53Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.75BtotalAssetsGoodwill$243.80MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$4.99BtotalLiabTangible book$6.52BShares618,895,778commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $10.53 | 0.41xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.88BebitdaCapex$1.59BcapitalExpendituresInterest$194.30MinterestExpenseShort-term debt$514.40MshortLongTermDebtEBITDA − capex$288.50MPrincipal due is the current portion of debt.Result 0.41x | $524.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$2.11BtotalCashFromOperatingActivitiesCapex$1.59BcapitalExpendituresFree cash flow$524.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $524.00M | 9.1%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.08BoperatingIncomeTax expense$59.80MincomeTaxExpensePretax income$343.70MincomeBeforeTaxTax rate17.4%Equity$6.76BtotalStockholderEquityDebt$3.07BshortLongTermDebtTotalCash$17.10McashInvested capital$9.81BResult 9.1% | 0.10xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.08BoperatingIncomeNet PP&E$10.79BpropertyPlantAndEquipmentNetResult 0.10x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2024)
Net PP&E: $10.79B
Inventory: $0.00
Total assets: $11.75B
Goodwill: $243.80M
Intangibles: $0.00
Liabilities: $4.99B
Tangible book: $6.52B
Shares: 618,895,778
Revenue: $4.41B
Capex: $1.59B
D&A: $1.34B
EBITDA: $1.88B
Interest: $194.30M
Short-term debt: $514.40M
Free cash flow: $524.00M
Operating income: $1.08B
Invested capital: $9.81B
Tax rate: 17.4%