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.
WEC Energy Group Inc
Physical assets are 75.9% of total assets, a heavy footprint. Capex is 2.97x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.08x, which is below 1.
Utilities often turn net PP&E at about 0.3x to 1.0x. This name is at 0.26x.
Physical asset ratio
75.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$38.28BpropertyPlantEquipmentInventory$803.40MinventoryTotal assets$51.52BtotalAssetsResult 75.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.26xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$9.80BtotalRevenueNet PP&E$38.28BpropertyPlantEquipmentResult 0.26x
Revenue per dollar of the physical asset base.
Capex / D&A
2.97xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.40BcapitalExpendituresD&A$1.48BdepreciationAndAmortizationResult 2.97x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$31.78Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.52BtotalAssetsGoodwill$3.05BgoodWillIntangibles$580.30MintangibleAssetsLiabilities$37.47BtotalLiabTangible book$10.42BShares327,900,000commonStockSharesOutstandingResult $31.78
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.65xPrice / tangible bookPrice / tangible book per sharePrice$116.07Latest quoteTangible book / share$31.782025-12-31Result 3.65x
Price $116.07.
Fixed-charge coverage
-0.08xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.05BebitdaCapex$4.40BcapitalExpendituresInterest$895.10MinterestExpenseShort-term debt$3.44BshortTermDebtEBITDA − capex-$351.00MPrincipal due is short-term debt.Result -0.08x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-2.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$1.02BfreeCashFlowMarket cap$37.35BMarketCapitalizationResult -2.7%
Latest free cash flow divided by current market cap ($37.35B).
ROIC
6.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.37BoperatingIncomeTax expense$118.00MincomeTaxExpensePretax income$1.67BincomeBeforeTaxTax rate7.1%Equity$13.64BtotalStockholderEquityDebt$22.31BshortLongTermDebtTotalCash$27.60McashAndEquivalentsInvested capital$35.93BResult 6.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 67.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.00BpropertyPlantEquipmentInventory$548.20MinventoryTotal assets$33.48BtotalAssetsResult 67.4% | 0.35xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$7.68BtotalRevenueNet PP&E$22.00BpropertyPlantEquipmentResult 0.35x | 2.50xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.12BcapitalExpendituresD&A$845.80MdepreciationAndAmortizationResult 2.50x | $21.43Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$33.48BtotalAssetsGoodwill$3.05BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$23.63BtotalLiabTangible book$6.79BShares316,900,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $21.43 | 0.18xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.52BebitdaCapex$2.12BcapitalExpendituresInterest$445.10MinterestExpenseShort-term debt$1.81BshortTermDebtEBITDA − capex$405.50MPrincipal due is short-term debt.Result 0.18x | $329.80MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$2.45BtotalCashFromOperatingActivitiesCapex$2.12BcapitalExpendituresFree cash flow$329.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $329.80M | 5.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.47BoperatingIncomeTax expense$169.80MincomeTaxExpensePretax income$1.23BincomeBeforeTaxTax rate13.8%Equity$9.82BtotalStockholderEquityDebt$11.80BshortLongTermDebtTotalCash$84.50McashAndEquivalentsInvested capital$21.53BResult 5.9% | 0.07xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$1.47BoperatingIncomeNet PP&E$22.00BpropertyPlantEquipmentResult 0.07x |
| 2019 | 69.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$23.62BpropertyPlantEquipmentInventory$549.80MinventoryTotal assets$34.95BtotalAssetsResult 69.2% | 0.32xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$7.52BtotalRevenueNet PP&E$23.62BpropertyPlantEquipmentResult 0.32x | 2.44xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.26BcapitalExpendituresD&A$926.30MdepreciationAndAmortizationResult 2.44x | $22.74Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$34.95BtotalAssetsGoodwill$3.05BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$24.70BtotalLiabTangible book$7.20BShares316,700,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $22.74 | 0.21xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.69BebitdaCapex$2.26BcapitalExpendituresInterest$501.50MinterestExpenseShort-term debt$1.52BshortTermDebtEBITDA − capex$426.70MPrincipal due is short-term debt.Result 0.21x | $84.70MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$2.35BtotalCashFromOperatingActivitiesCapex$2.26BcapitalExpendituresFree cash flow$84.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $84.70M | 6.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.53BoperatingIncomeTax expense$125.00MincomeTaxExpensePretax income$1.26BincomeBeforeTaxTax rate9.9%Equity$10.14BtotalStockholderEquityDebt$12.74BshortLongTermDebtTotalCash$37.50McashAndEquivalentsInvested capital$22.84BResult 6.0% | 0.06xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.53BoperatingIncomeNet PP&E$23.62BpropertyPlantEquipmentResult 0.06x |
| 2020 | 70.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.71BpropertyPlantEquipmentInventory$528.60MinventoryTotal assets$37.03BtotalAssetsResult 70.9% | 0.28xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$7.24BtotalRevenueNet PP&E$25.71BpropertyPlantEquipmentResult 0.28x | 2.29xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.24BcapitalExpendituresD&A$975.90MdepreciationAndAmortizationResult 2.29x | $24.04Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$37.03BtotalAssetsGoodwill$3.05BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$26.37BtotalLiabTangible book$7.61BShares316,500,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $24.04 | 0.22xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.90BebitdaCapex$2.24BcapitalExpendituresInterest$493.70MinterestExpenseShort-term debt$2.56BshortTermDebtEBITDA − capex$660.10MPrincipal due is short-term debt.Result 0.22x | -$42.80MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$2.20BtotalCashFromOperatingActivitiesCapex$2.24BcapitalExpendituresFree cash flow-$42.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$42.80M | 5.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.71BoperatingIncomeTax expense$227.90MincomeTaxExpensePretax income$1.43BincomeBeforeTaxTax rate15.9%Equity$10.50BtotalStockholderEquityDebt$14.29BshortLongTermDebtTotalCash$24.80McashAndEquivalentsInvested capital$24.77BResult 5.8% | 0.07xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$1.71BoperatingIncomeNet PP&E$25.71BpropertyPlantEquipmentResult 0.07x |
| 2021 | 70.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$26.98BpropertyPlantEquipmentInventory$635.80MinventoryTotal assets$38.99BtotalAssetsResult 70.8% | 0.31xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$8.32BtotalRevenueNet PP&E$26.98BpropertyPlantEquipmentResult 0.31x | 2.10xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$2.25BcapitalExpendituresD&A$1.07BdepreciationAndAmortizationResult 2.10x | $25.47Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$38.99BtotalAssetsGoodwill$3.05BgoodWillIntangibles$5.70MintangibleAssetsLiabilities$27.88BtotalLiabTangible book$8.05BShares316,300,000commonStockSharesOutstandingResult $25.47 | 0.31xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.04BebitdaCapex$2.25BcapitalExpendituresInterest$471.10MinterestExpenseShort-term debt$2.07BshortTermDebtEBITDA − capex$791.40MPrincipal due is short-term debt.Result 0.31x | -$220.10MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.03BtotalCashFromOperatingActivitiesCapex$2.25BcapitalExpendituresFree cash flow-$220.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$220.10M | 5.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.71BoperatingIncomeTax expense$200.30MincomeTaxExpensePretax income$1.50BincomeBeforeTaxTax rate13.4%Equity$10.94BtotalStockholderEquityDebt$15.59BshortLongTermDebtTotalCash$16.30McashAndEquivalentsInvested capital$26.52BResult 5.6% | 0.06xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.71BoperatingIncomeNet PP&E$26.98BpropertyPlantEquipmentResult 0.06x |
| 2022 | 71.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.11BpropertyPlantEquipmentInventory$807.10MinventoryTotal assets$41.87BtotalAssetsResult 71.5% | 0.33xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$9.60BtotalRevenueNet PP&E$29.11BpropertyPlantEquipmentResult 0.33x | 2.08xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$2.33BcapitalExpendituresD&A$1.12BdepreciationAndAmortizationResult 2.08x | $27.01Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.87BtotalAssetsGoodwill$3.05BgoodWillIntangibles$24.90MintangibleAssetsLiabilities$30.26BtotalLiabTangible book$8.54BShares316,100,000commonStockSharesOutstandingResult $27.01 | 0.34xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.37BebitdaCapex$2.33BcapitalExpendituresInterest$515.10MinterestExpenseShort-term debt$2.53BshortLongTermDebtEBITDA − capex$1.04BPrincipal due is the current portion of debt.Result 0.34x | -$273.40MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$2.06BtotalCashFromOperatingActivitiesCapex$2.33BcapitalExpendituresFree cash flow-$273.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$273.40M | 5.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.92BoperatingIncomeTax expense$322.90MincomeTaxExpensePretax income$1.73BincomeBeforeTaxTax rate18.6%Equity$11.41BtotalStockholderEquityDebt$17.37BshortLongTermDebtTotalCash$28.90McashAndEquivalentsInvested capital$28.75BResult 5.4% | 0.07xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.92BoperatingIncomeNet PP&E$29.11BpropertyPlantEquipmentResult 0.07x |
| 2023 | 73.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$31.58BpropertyPlantAndEquipmentNetInventory$775.20MinventoryTotal assets$43.94BtotalAssetsResult 73.6% | 0.28xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$8.89BtotalRevenueNet PP&E$31.58BpropertyPlantAndEquipmentNetResult 0.28x | 1.97xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.49BcapitalExpendituresD&A$1.26BdepreciationAndAmortizationResult 1.97x | $28.44Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$43.94BtotalAssetsGoodwill$3.05BgoodWillIntangibles$34.50MintangibleAssetsLiabilities$31.87BtotalLiabTangible book$8.98BShares315,900,000commonStockSharesOutstandingResult $28.44 | 0.26xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.53BebitdaCapex$2.49BcapitalExpendituresInterest$727.40MinterestExpenseShort-term debt$3.29BshortTermDebtEBITDA − capex$1.04BPrincipal due is short-term debt.Result 0.26x | $525.50MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$3.02BtotalCashFromOperatingActivitiesCapex$2.49BcapitalExpendituresFree cash flow$525.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $525.50M | 5.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.91BoperatingIncomeTax expense$204.60MincomeTaxExpensePretax income$1.54BincomeBeforeTaxTax rate13.3%Equity$11.75BtotalStockholderEquityDebt$18.80BshortLongTermDebtTotalCash$42.90McashAndEquivalentsInvested capital$30.51BResult 5.4% | 0.06xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.91BoperatingIncomeNet PP&E$31.58BpropertyPlantAndEquipmentNetResult 0.06x |
| 2024 | 74.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$34.65BpropertyPlantAndEquipmentNetInventory$813.20MinventoryTotal assets$47.36BtotalAssetsResult 74.9% | 0.25xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$8.60BtotalRevenueNet PP&E$34.65BpropertyPlantAndEquipmentNetResult 0.25x | 2.05xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.78BcapitalExpendituresD&A$1.35BdepreciationAndAmortizationResult 2.05x | $30.69Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47.36BtotalAssetsGoodwill$3.05BgoodWillIntangibles$34.50MintangibleAssetsLiabilities$34.56BtotalLiabTangible book$9.71BShares316,500,000commonStockSharesOutstandingResult $30.69 | 0.31xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.92BebitdaCapex$2.78BcapitalExpendituresInterest$815.30MinterestExpenseShort-term debt$2.85BshortTermDebtEBITDA − capex$1.14BPrincipal due is short-term debt.Result 0.31x | $430.70MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$3.21BtotalCashFromOperatingActivitiesCapex$2.78BcapitalExpendituresFree cash flow$430.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $430.70M | 5.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.15BoperatingIncomeTax expense$222.00MincomeTaxExpensePretax income$1.75BincomeBeforeTaxTax rate12.7%Equity$12.43BtotalStockholderEquityDebt$20.33BshortLongTermDebtTotalCash$9.80McashAndEquivalentsInvested capital$32.74BResult 5.7% | 0.06xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$2.15BoperatingIncomeNet PP&E$34.65BpropertyPlantAndEquipmentNetResult 0.06x |
| 2025 | 75.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$38.28BpropertyPlantEquipmentInventory$803.40MinventoryTotal assets$51.52BtotalAssetsResult 75.9% | 0.26xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$9.80BtotalRevenueNet PP&E$38.28BpropertyPlantEquipmentResult 0.26x | 2.97xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.40BcapitalExpendituresD&A$1.48BdepreciationAndAmortizationResult 2.97x | $31.78Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.52BtotalAssetsGoodwill$3.05BgoodWillIntangibles$580.30MintangibleAssetsLiabilities$37.47BtotalLiabTangible book$10.42BShares327,900,000commonStockSharesOutstandingResult $31.78 | -0.08xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.05BebitdaCapex$4.40BcapitalExpendituresInterest$895.10MinterestExpenseShort-term debt$3.44BshortTermDebtEBITDA − capex-$351.00MPrincipal due is short-term debt.Result -0.08x | -$1.02BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$3.38BtotalCashFromOperatingActivitiesCapex$4.40BcapitalExpendituresFree cash flow-$1.02BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.02B | 6.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.37BoperatingIncomeTax expense$118.00MincomeTaxExpensePretax income$1.67BincomeBeforeTaxTax rate7.1%Equity$13.64BtotalStockholderEquityDebt$22.31BshortLongTermDebtTotalCash$27.60McashAndEquivalentsInvested capital$35.93BResult 6.1% | 0.06xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$2.37BoperatingIncomeNet PP&E$38.28BpropertyPlantEquipmentResult 0.06x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $38.28B
Inventory: $803.40M
Total assets: $51.52B
Goodwill: $3.05B
Intangibles: $580.30M
Liabilities: $37.47B
Tangible book: $10.42B
Shares: 327,900,000
Revenue: $9.80B
Capex: $4.40B
D&A: $1.48B
EBITDA: $4.05B
Interest: $895.10M
Short-term debt: $3.44B
Free cash flow: -$1.02B
Operating income: $2.37B
Invested capital: $35.93B
Tax rate: 7.1%