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.
HIMS+HERS HERS A DL-0001
Physical assets are 24.6% of total assets, a light footprint. Capex is 4.45x 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. ROIC is 8.2%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 5.23x. Compare it with other names in the same basket.
Physical asset ratio
24.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€448.98MpropertyPlantAndEquipmentNetInventory€80.13MinventoryTotal assets€2.15BtotalAssetsResult 24.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.23xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€2.35BtotalRevenueNet PP&E€448.98MpropertyPlantAndEquipmentNetResult 5.23x
Revenue per dollar of the physical asset base.
Capex / D&A
4.45xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€242.59McapitalExpendituresD&A€54.50MreconciledDepreciationResult 4.45x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
€0.29Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.15BtotalAssetsGoodwill€278.33MgoodWillIntangibles€196.12MintangibleAssetsLiabilities€1.61BtotalLiabTangible book€66.49MShares227,245,521commonStockSharesOutstandingResult €0.29
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
83.74xPrice / tangible bookPrice / tangible book per sharePrice€24.50Latest quoteTangible book / share€0.292025-12-31Result 83.74x
Price €24.50.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€160.12MebitdaCapex€242.59McapitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex-€82.48MResult —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow€57.42MfreeCashFlowMarket cap€5.69BMarketCapitalizationResult 1.0%
Latest free cash flow divided by current market cap (€5.69B).
ROIC
8.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€105.61MoperatingIncomeTax expense-€4.44MtaxProvisionPretax income€123.92MincomeBeforeTaxTax rate0.0%Equity€540.93MtotalStockholderEquityDebt€972.58MlongTermDebtCash€228.62McashInvested capital€1.28BResult 8.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.24x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2022 | 10.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E€16.14MpropertyPlantAndEquipmentNetInventory€21.56MinventoryTotal assets€366.34MtotalAssetsResult 10.3% | 32.66xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue€526.92MtotalRevenueNet PP&E€16.14MpropertyPlantAndEquipmentNetResult 32.66x | 0.97xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex€7.25McapitalExpendituresD&A€7.47MreconciledDepreciationResult 0.97x | €0.86Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€366.34MtotalAssetsGoodwill€110.88MgoodWillIntangibles€21.84MintangibleAssetsLiabilities€54.60MtotalLiabTangible book€179.02MShares208,429,312commonStockSharesOutstandingResult €0.86 | —Fixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-€61.22MebitdaCapex€7.25McapitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex-€68.47MResult — | -€33.78MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-€26.53MtotalCashFromOperatingActivitiesCapex€7.25McapitalExpendituresFree cash flow-€33.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -€33.78M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€68.70MoperatingIncomeTax expense-€31.00KtaxProvisionPretax income-€65.71MincomeBeforeTaxTax rate—Equity€311.74MtotalStockholderEquityDebt—Not reportedCash€46.77McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.26xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-€68.70MoperatingIncomeNet PP&E€16.14MpropertyPlantAndEquipmentNetResult -4.26x |
| 2023 | 15.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E€45.73MpropertyPlantAndEquipmentNetInventory€22.46MinventoryTotal assets€441.19MtotalAssetsResult 15.5% | 19.07xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue€872.00MtotalRevenueNet PP&E€45.73MpropertyPlantAndEquipmentNetResult 19.07x | 2.78xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex€26.49McapitalExpendituresD&A€9.52MreconciledDepreciationResult 2.78x | €1.01Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€441.19MtotalAssetsGoodwill€110.88MgoodWillIntangibles€18.57MintangibleAssetsLiabilities€97.16MtotalLiabTangible book€214.57MShares213,481,743commonStockSharesOutstandingResult €1.01 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-€19.94MebitdaCapex€26.49McapitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex-€46.43MResult — | €46.99MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow€73.48MtotalCashFromOperatingActivitiesCapex€26.49McapitalExpendituresFree cash flow€46.99MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €46.99M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-€29.45MoperatingIncomeTax expense€1.98MtaxProvisionPretax income-€21.57MincomeBeforeTaxTax rate—Equity€344.03MtotalStockholderEquityDebt—Not reportedCash€96.66McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.64xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-€29.45MoperatingIncomeNet PP&E€45.73MpropertyPlantAndEquipmentNetResult -0.64x |
| 2024 | 22.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E€92.96MpropertyPlantAndEquipmentNetInventory€64.43MinventoryTotal assets€707.54MtotalAssetsResult 22.2% | 15.88xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue€1.48BtotalRevenueNet PP&E€92.96MpropertyPlantAndEquipmentNetResult 15.88x | 3.09xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex€52.75McapitalExpendituresD&A€17.09MreconciledDepreciationResult 3.09x | €1.45Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€707.54MtotalAssetsGoodwill€112.73MgoodWillIntangibles€43.41MintangibleAssetsLiabilities€230.82MtotalLiabTangible book€320.58MShares220,837,209commonStockSharesOutstandingResult €1.45 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€78.99MebitdaCapex€52.75McapitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex€26.24MResult — | €198.33MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow€251.08MtotalCashFromOperatingActivitiesCapex€52.75McapitalExpendituresFree cash flow€198.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €198.33M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€61.90MoperatingIncomeTax expense-€54.33MtaxProvisionPretax income€71.71MincomeBeforeTaxTax rate0.0%Equity€476.72MtotalStockholderEquityDebt—Not reportedCash€220.58McashInvested capital—Result — | 0.67xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income€61.90MoperatingIncomeNet PP&E€92.96MpropertyPlantAndEquipmentNetResult 0.67x |
| 2025 | 24.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E€448.98MpropertyPlantAndEquipmentNetInventory€80.13MinventoryTotal assets€2.15BtotalAssetsResult 24.6% | 5.23xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue€2.35BtotalRevenueNet PP&E€448.98MpropertyPlantAndEquipmentNetResult 5.23x | 4.45xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex€242.59McapitalExpendituresD&A€54.50MreconciledDepreciationResult 4.45x | €0.29Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets€2.15BtotalAssetsGoodwill€278.33MgoodWillIntangibles€196.12MintangibleAssetsLiabilities€1.61BtotalLiabTangible book€66.49MShares227,245,521commonStockSharesOutstandingResult €0.29 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA€160.12MebitdaCapex€242.59McapitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex-€82.48MResult — | €57.42MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow€300.01MtotalCashFromOperatingActivitiesCapex€242.59McapitalExpendituresFree cash flow€57.42MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result €57.42M | 8.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income€105.61MoperatingIncomeTax expense-€4.44MtaxProvisionPretax income€123.92MincomeBeforeTaxTax rate0.0%Equity€540.93MtotalStockholderEquityDebt€972.58MlongTermDebtCash€228.62McashInvested capital€1.28BResult 8.2% | 0.24xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income€105.61MoperatingIncomeNet PP&E€448.98MpropertyPlantAndEquipmentNetResult 0.24x |
Latest year inputs (2025)
Net PP&E: €448.98M
Inventory: €80.13M
Total assets: €2.15B
Goodwill: €278.33M
Intangibles: €196.12M
Liabilities: €1.61B
Tangible book: €66.49M
Shares: 227,245,521
Revenue: €2.35B
Capex: €242.59M
D&A: €54.50M
EBITDA: €160.12M
Interest: —
Short-term debt: —
Free cash flow: €57.42M
Operating income: €105.61M
Invested capital: €1.28B
Tax rate: 0.0%