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.
Werner Enterprises Inc
Physical assets are 63.8% of total assets, a heavy footprint. Capex is 0.87x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 1.63x.
Physical asset ratio
63.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.83BpropertyPlantAndEquipmentNetInventory$12.10MinventoryTotal assets$2.89BtotalAssetsResult 63.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.63xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.97BtotalRevenueNet PP&E$1.83BpropertyPlantAndEquipmentNetResult 1.63x
Revenue per dollar of the physical asset base.
Capex / D&A
0.87xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$250.36McapitalExpendituresD&A$286.32MdepreciationAndAmortizationResult 0.87x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$20.09Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.89BtotalAssetsGoodwill$129.10MgoodWillIntangibles$44.60MintangibleAssetsLiabilities$1.50BtotalLiabTangible book$1.22BShares60,607,000commonStockSharesOutstandingResult $20.09
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.35xPrice / tangible bookPrice / tangible book per sharePrice$27.13Latest quoteTangible book / share$20.092025-12-31Result 1.35x
Price $27.13.
Fixed-charge coverage
1.39xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$304.59MebitdaCapex$250.36McapitalExpendituresInterest$39.05MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$54.22MShort-term debt is total debt minus long-term debt.Result 1.39x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-3.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$68.53MfreeCashFlowMarket cap$1.76BMarketCapitalizationResult -3.9%
Latest free cash flow divided by current market cap ($1.76B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$69.76MoperatingIncomeTax expense$2.21MincomeTaxExpensePretax income-$20.79MincomeBeforeTaxTax rate—Equity$1.36BtotalStockholderEquityDebt$752.00MshortLongTermDebtTotalCash$59.92McashInvested capital$2.05BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 71.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.49BpropertyPlantEquipmentInventory$10.06MinventoryTotal assets$2.08BtotalAssetsResult 71.9% | 1.65xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$2.46BtotalRevenueNet PP&E$1.49BpropertyPlantEquipmentResult 1.65x | 2.26xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$519.87McapitalExpendituresD&A$230.15MdepreciationAndAmortizationResult 2.26x | $17.55Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.08BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$818.75MtotalLiabTangible book$1.26BShares72,057,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $17.55 | -1.16xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$429.47MebitdaCapex$519.87McapitalExpendituresInterest$2.70MinterestExpenseShort-term debt$75.00MshortTermDebtEBITDA − capex-$90.40MPrincipal due is short-term debt.Result -1.16x | -$101.71MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$418.16MtotalCashFromOperatingActivitiesCapex$519.87McapitalExpendituresFree cash flow-$101.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$101.71M | 12.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$224.22MoperatingIncomeTax expense$55.73MincomeTaxExpensePretax income$223.88MincomeBeforeTaxTax rate24.9%Equity$1.26BtotalStockholderEquityDebt$125.00MshortLongTermDebtTotalCash$33.93McashInvested capital$1.36BResult 12.4% | 0.15xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$224.22MoperatingIncomeNet PP&E$1.49BpropertyPlantEquipmentResult 0.15x |
| 2019 | 72.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.54BpropertyPlantAndEquipmentNetInventory$9.24MinventoryTotal assets$2.14BtotalAssetsResult 72.2% | 1.60xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$2.46BtotalRevenueNet PP&E$1.54BpropertyPlantAndEquipmentNetResult 1.60x | 1.69xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$420.75McapitalExpendituresD&A$249.53MdepreciationAndAmortizationResult 1.69x | $15.87Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.14BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.03BtotalLiabTangible book$1.11BShares70,026,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $15.87 | 0.70xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$478.29MebitdaCapex$420.75McapitalExpendituresInterest$6.85MinterestExpenseShort-term debt$75.00MshortLongTermDebtEBITDA − capex$57.54MPrincipal due is the current portion of debt.Result 0.70x | $5.90MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$426.64MtotalCashFromOperatingActivitiesCapex$420.75McapitalExpendituresFree cash flow$5.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.90M | 12.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$225.47MoperatingIncomeTax expense$54.96MincomeTaxExpensePretax income$221.91MincomeBeforeTaxTax rate24.8%Equity$1.11BtotalStockholderEquityDebt$311.74MshortLongTermDebtTotalCash$33.44McashInvested capital$1.39BResult 12.2% | 0.15xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$225.47MoperatingIncomeNet PP&E$1.54BpropertyPlantAndEquipmentNetResult 0.15x |
| 2020 | 70.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.55BpropertyPlantAndEquipmentNetInventory$12.06MinventoryTotal assets$2.24BtotalAssetsResult 70.0% | 1.53xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$2.37BtotalRevenueNet PP&E$1.55BpropertyPlantAndEquipmentNetResult 1.53x | 1.57xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$413.07McapitalExpendituresD&A$263.29MdepreciationAndAmortizationResult 1.57x | $17.21Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.24BtotalAssetsGoodwill$0.00goodWillIntangibles$0.00Not reported, treated as 0Liabilities$1.04BtotalLiabTangible book$1.20BShares69,427,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $17.21 | 2.71xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$492.20MebitdaCapex$413.07McapitalExpendituresInterest$4.22MinterestExpenseShort-term debt$25.00MshortLongTermDebtEBITDA − capex$79.13MPrincipal due is the current portion of debt.Result 2.71x | $32.84MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$445.91MtotalCashFromOperatingActivitiesCapex$413.07McapitalExpendituresFree cash flow$32.84MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $32.84M | 12.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$227.44MoperatingIncomeTax expense$55.62MincomeTaxExpensePretax income$224.69MincomeBeforeTaxTax rate24.8%Equity$1.20BtotalStockholderEquityDebt$210.37MshortLongTermDebtTotalCash$29.33McashInvested capital$1.38BResult 12.4% | 0.15xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$227.44MoperatingIncomeNet PP&E$1.55BpropertyPlantAndEquipmentNetResult 0.15x |
| 2021 | 61.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.64BpropertyPlantAndEquipmentNetInventory$11.14MinventoryTotal assets$2.68BtotalAssetsResult 61.6% | 1.67xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$2.73BtotalRevenueNet PP&E$1.64BpropertyPlantAndEquipmentNetResult 1.67x | 1.39xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$370.85McapitalExpendituresD&A$267.70MdepreciationAndAmortizationResult 1.39x | $18.18Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.68BtotalAssetsGoodwill$74.62MgoodWillIntangibles$55.32MintangibleAssetsLiabilities$1.32BtotalLiabTangible book$1.23BShares67,855,000commonStockSharesOutstandingResult $18.18 | 26.24xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$618.14MebitdaCapex$370.85McapitalExpendituresInterest$4.42MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$247.29MPrincipal due is the current portion of debt.Result 26.24x | -$38.03MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$332.82MtotalCashFromOperatingActivitiesCapex$370.85McapitalExpendituresFree cash flow-$38.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$38.03M | 13.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$309.15MoperatingIncomeTax expense$84.54MincomeTaxExpensePretax income$346.02MincomeBeforeTaxTax rate24.4%Equity$1.33BtotalStockholderEquityDebt$456.51MshortLongTermDebtTotalCash$54.20McashInvested capital$1.73BResult 13.5% | 0.19xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$309.15MoperatingIncomeNet PP&E$1.64BpropertyPlantAndEquipmentNetResult 0.19x |
| 2022 | 59.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.87BpropertyPlantEquipmentInventory$14.53MinventoryTotal assets$3.18BtotalAssetsResult 59.1% | 1.76xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$3.29BtotalRevenueNet PP&E$1.87BpropertyPlantEquipmentResult 1.76x | 1.81xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$507.25McapitalExpendituresD&A$279.92MdepreciationAndAmortizationResult 1.81x | $19.64Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.18BtotalAssetsGoodwill$132.72MgoodWillIntangibles$81.50MintangibleAssetsLiabilities$1.70BtotalLiabTangible book$1.27BShares64,578,999commonStockSharesOutstandingResult $19.64 | 6.05xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$616.54MebitdaCapex$507.25McapitalExpendituresInterest$11.83MinterestExpenseShort-term debt$6.25MshortLongTermDebtEBITDA − capex$109.29MPrincipal due is the current portion of debt.Result 6.05x | -$58.54MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$448.71MtotalCashFromOperatingActivitiesCapex$507.25McapitalExpendituresFree cash flow-$58.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$58.54M | 11.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$323.08MoperatingIncomeTax expense$79.21MincomeTaxExpensePretax income$324.79MincomeBeforeTaxTax rate24.4%Equity$1.44BtotalStockholderEquityDebt$736.04MshortLongTermDebtTotalCash$107.24McashInvested capital$2.07BResult 11.8% | 0.17xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$323.08MoperatingIncomeNet PP&E$1.87BpropertyPlantEquipmentResult 0.17x |
| 2023 | 63.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.97BpropertyPlantAndEquipmentNetInventory$18.08MinventoryTotal assets$3.16BtotalAssetsResult 63.0% | 1.66xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$3.28BtotalRevenueNet PP&E$1.97BpropertyPlantAndEquipmentNetResult 1.66x | 2.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$598.79McapitalExpendituresD&A$299.51MdepreciationAndAmortizationResult 2.00x | $21.21Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.16BtotalAssetsGoodwill$129.10MgoodWillIntangibles$86.48MintangibleAssetsLiabilities$1.59BtotalLiabTangible book$1.35BShares63,718,000commonStockSharesOutstandingResult $21.21 | -3.27xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$480.83MebitdaCapex$598.79McapitalExpendituresInterest$33.54MinterestExpenseShort-term debt$2.50MshortLongTermDebtEBITDA − capex-$117.96MPrincipal due is the current portion of debt.Result -3.27x | -$124.42MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$474.37MtotalCashFromOperatingActivitiesCapex$598.79McapitalExpendituresFree cash flow-$124.42MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$124.42M | 6.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$176.42MoperatingIncomeTax expense$35.49MincomeTaxExpensePretax income$147.78MincomeBeforeTaxTax rate24.0%Equity$1.53BtotalStockholderEquityDebt$685.26MshortLongTermDebtTotalCash$61.72McashInvested capital$2.15BResult 6.2% | 0.09xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$176.42MoperatingIncomeNet PP&E$1.97BpropertyPlantAndEquipmentNetResult 0.09x |
| 2024 | 63.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.93BpropertyPlantAndEquipmentNetInventory$14.18MinventoryTotal assets$3.05BtotalAssetsResult 63.8% | 1.57xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$3.03BtotalRevenueNet PP&E$1.93BpropertyPlantAndEquipmentNetResult 1.57x | 1.42xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$413.80McapitalExpendituresD&A$290.41MdepreciationAndAmortizationResult 1.42x | $20.56Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.05BtotalAssetsGoodwill$129.10MgoodWillIntangibles$76.41MintangibleAssetsLiabilities$1.56BtotalLiabTangible book$1.29BShares62,662,000commonStockSharesOutstandingResult $20.56 | -0.70xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$372.10MebitdaCapex$413.80McapitalExpendituresInterest$39.21MinterestExpenseShort-term debt$20.00MshortLongTermDebtEBITDA − capex-$41.70MPrincipal due is the current portion of debt.Result -0.70x | -$84.07MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$329.73MtotalCashFromOperatingActivitiesCapex$413.80McapitalExpendituresFree cash flow-$84.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$84.07M | 2.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$66.15MoperatingIncomeTax expense$8.91MincomeTaxExpensePretax income$42.48MincomeBeforeTaxTax rate21.0%Equity$1.46BtotalStockholderEquityDebt$701.76MshortLongTermDebtTotalCash$40.75McashInvested capital$2.12BResult 2.5% | 0.03xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$66.15MoperatingIncomeNet PP&E$1.93BpropertyPlantAndEquipmentNetResult 0.03x |
| 2025 | 63.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.83BpropertyPlantAndEquipmentNetInventory$12.10MinventoryTotal assets$2.89BtotalAssetsResult 63.8% | 1.63xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.97BtotalRevenueNet PP&E$1.83BpropertyPlantAndEquipmentNetResult 1.63x | 0.87xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$250.36McapitalExpendituresD&A$286.32MdepreciationAndAmortizationResult 0.87x | $20.09Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.89BtotalAssetsGoodwill$129.10MgoodWillIntangibles$44.60MintangibleAssetsLiabilities$1.50BtotalLiabTangible book$1.22BShares60,607,000commonStockSharesOutstandingResult $20.09 | 1.39xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$304.59MebitdaCapex$250.36McapitalExpendituresInterest$39.05MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$54.22MShort-term debt is total debt minus long-term debt.Result 1.39x | -$68.53MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$181.83MtotalCashFromOperatingActivitiesCapex$250.36McapitalExpendituresFree cash flow-$68.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$68.53M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$69.76MoperatingIncomeTax expense$2.21MincomeTaxExpensePretax income-$20.79MincomeBeforeTaxTax rate—Equity$1.36BtotalStockholderEquityDebt$752.00MshortLongTermDebtTotalCash$59.92McashInvested capital$2.05BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.04xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$69.76MoperatingIncomeNet PP&E$1.83BpropertyPlantAndEquipmentNetResult 0.04x |
- Principal due is total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $1.83B
Inventory: $12.10M
Total assets: $2.89B
Goodwill: $129.10M
Intangibles: $44.60M
Liabilities: $1.50B
Tangible book: $1.22B
Shares: 60,607,000
Revenue: $2.97B
Capex: $250.36M
D&A: $286.32M
EBITDA: $304.59M
Interest: $39.05M
Short-term debt: $0.00
Free cash flow: -$68.53M
Operating income: $69.76M
Invested capital: $2.05B
Tax rate: —