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.
AGI Inc
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.80x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by 0.31x, which is below 1.
Fixed-asset turnover is 35.17x. Compare it with other names in the same basket.
Physical asset ratio
0.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$304.11MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$47.76BtotalAssetsInventory was not reported and is treated as zero.Result 0.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
35.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$10.69BtotalRevenueNet PP&E$304.11MpropertyPlantAndEquipmentNetResult 35.17x
Revenue per dollar of the physical asset base.
Capex / D&A
0.80xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$162.39McapitalExpendituresD&A$201.87MdepreciationAndAmortizationResult 0.80x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$19.35Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47.76BtotalAssetsGoodwill$147.00KgoodWillIntangibles$182.06MintangibleAssetsLiabilities$44.48BtotalLiabTangible book$3.09BShares159,930,000commonStockSharesOutstandingResult $19.35
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.26xPrice / tangible bookPrice / tangible book per sharePrice$5.12Latest quoteTangible book / share$19.352025-12-31Result 0.26x
Price $5.12.
Fixed-charge coverage
0.31xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.54BebitdaCapex$162.39McapitalExpendituresInterest$4.23BinterestExpenseShort-term debt$211.90MshortLongTermDebtEBITDA − capex$1.38BPrincipal due is the current portion of debt.Result 0.31x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-44.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$572.01MfreeCashFlowMarket cap$1.27BMarketCapitalizationResult -44.9%
Latest free cash flow divided by current market cap ($1.27B).
ROIC
29.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.34BoperatingIncomeTax expense$290.21MincomeTaxExpensePretax income$1.34BincomeBeforeTaxTax rate21.7%Equity$3.28BtotalStockholderEquityDebt$1.43BlongTermDebt + shortLongTermDebtCash$1.11BcashInvested capital$3.59BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 29.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 4.40x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2022 | —Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets—Not reportedResult — | —Fixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$3.32BtotalRevenueNet PP&E—Not reportedResult — | 0.82xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$98.78McapitalExpendituresD&A$119.84MdepreciationAndAmortizationResult 0.82x | —Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares58,700,711commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | 0.24xFixed-charge coverage · 2022-12-31(EBITDA − capex) / interestEBITDA$364.09MebitdaCapex$98.78McapitalExpendituresInterest$1.09BinterestExpenseEBITDA − capex$265.31MShort-term debt was not reported, so the denominator is interest only.Result 0.24x | $511.40MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$610.18MtotalCashFromOperatingActivitiesCapex$98.78McapitalExpendituresFree cash flow$511.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $511.40M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$244.24MoperatingIncomeTax expense$72.92MincomeTaxExpensePretax income$244.24MincomeBeforeTaxTax rate29.9%Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—Result — | —EBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$244.24MoperatingIncomeNet PP&E—Not reportedResult — |
| 2023 | 1.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$226.95MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$19.36BtotalAssetsInventory was not reported and is treated as zero.Result 1.2% | 21.98xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$4.99BtotalRevenueNet PP&E$226.95MpropertyPlantAndEquipmentNetResult 21.98x | 0.60xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$80.34McapitalExpendituresD&A$134.86MdepreciationAndAmortizationResult 0.60x | $18.45Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.36BtotalAssetsGoodwill$147.00KgoodWillIntangibles$221.89MintangibleAssetsLiabilities$18.05BtotalLiabTangible book$1.08BShares58,700,711commonStockSharesOutstandingResult $18.45 | 0.32xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$716.49MebitdaCapex$80.34McapitalExpendituresInterest$1.91BinterestExpenseShort-term debt$70.57MshortTermDebtEBITDA − capex$636.15MPrincipal due is short-term debt.Result 0.32x | -$113.66MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$33.32MtotalCashFromOperatingActivitiesCapex$80.34McapitalExpendituresFree cash flow-$113.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$113.66M | 33.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$581.64MoperatingIncomeTax expense$155.58MincomeTaxExpensePretax income$581.64MincomeBeforeTaxTax rate26.7%Equity$1.31BtotalStockholderEquityDebt$363.94MlongTermDebt + shortLongTermDebtCash$393.53McashAndShortTermInvestmentsInvested capital$1.28BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 33.3% | 2.56xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$581.64MoperatingIncomeNet PP&E$226.95MpropertyPlantAndEquipmentNetResult 2.56x |
| 2024 | 1.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$281.24MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$29.51BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 25.86xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$7.27BtotalRevenueNet PP&E$281.24MpropertyPlantAndEquipmentNetResult 25.86x | 0.65xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$107.80McapitalExpendituresD&A$164.84MdepreciationAndAmortizationResult 0.65x | $38.80Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.51BtotalAssetsGoodwill$147.00KgoodWillIntangibles$199.01MintangibleAssetsLiabilities$27.04BtotalLiabTangible book$2.28BShares58,700,711commonStockSharesOutstandingResult $38.80 | 0.36xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.21BebitdaCapex$107.80McapitalExpendituresInterest$2.80BinterestExpenseShort-term debt$243.15MshortLongTermDebtEBITDA − capex$1.10BPrincipal due is the current portion of debt.Result 0.36x | $379.24MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$487.04MtotalCashFromOperatingActivitiesCapex$107.80McapitalExpendituresFree cash flow$379.24MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $379.24M | 25.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.04BoperatingIncomeTax expense$246.66MincomeTaxExpensePretax income$1.04BincomeBeforeTaxTax rate23.7%Equity$2.36BtotalStockholderEquityDebt$1.26BshortLongTermDebtTotalCash$468.58McashAndShortTermInvestmentsInvested capital$3.16BResult 25.2% | 3.70xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.04BoperatingIncomeNet PP&E$281.24MpropertyPlantAndEquipmentNetResult 3.70x |
| 2025 | 0.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$304.11MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$47.76BtotalAssetsInventory was not reported and is treated as zero.Result 0.6% | 35.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$10.69BtotalRevenueNet PP&E$304.11MpropertyPlantAndEquipmentNetResult 35.17x | 0.80xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$162.39McapitalExpendituresD&A$201.87MdepreciationAndAmortizationResult 0.80x | $19.35Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47.76BtotalAssetsGoodwill$147.00KgoodWillIntangibles$182.06MintangibleAssetsLiabilities$44.48BtotalLiabTangible book$3.09BShares159,930,000commonStockSharesOutstandingResult $19.35 | 0.31xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.54BebitdaCapex$162.39McapitalExpendituresInterest$4.23BinterestExpenseShort-term debt$211.90MshortLongTermDebtEBITDA − capex$1.38BPrincipal due is the current portion of debt.Result 0.31x | -$572.01MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$409.62MtotalCashFromOperatingActivitiesCapex$162.39McapitalExpendituresFree cash flow-$572.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$572.01M | 29.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.34BoperatingIncomeTax expense$290.21MincomeTaxExpensePretax income$1.34BincomeBeforeTaxTax rate21.7%Equity$3.28BtotalStockholderEquityDebt$1.43BlongTermDebt + shortLongTermDebtCash$1.11BcashInvested capital$3.59BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 29.1% | 4.40xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.34BoperatingIncomeNet PP&E$304.11MpropertyPlantAndEquipmentNetResult 4.40x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $304.11M
Inventory: $0.00
Total assets: $47.76B
Goodwill: $147.00K
Intangibles: $182.06M
Liabilities: $44.48B
Tangible book: $3.09B
Shares: 159,930,000
Revenue: $10.69B
Capex: $162.39M
D&A: $201.87M
EBITDA: $1.54B
Interest: $4.23B
Short-term debt: $211.90M
Free cash flow: -$572.01M
Operating income: $1.34B
Invested capital: $3.59B
Tax rate: 21.7%