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.
American Well Corp
Physical assets are 1.6% of total assets, a light footprint. Capex is 0.00x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -8.15x, which is below 1.
Fixed-asset turnover is 60.01x. Compare it with other names in the same basket.
Physical asset ratio
1.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.16MpropertyPlantAndEquipmentNetInventory$1.19MinventoryTotal assets$323.79MtotalAssetsResult 1.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
60.01xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$249.33MtotalRevenueNet PP&E$4.16MpropertyPlantAndEquipmentNetResult 60.01x
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$21.00KcapitalExpendituresD&A$33.96MdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$11.32Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$323.79MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$66.07MintangibleAssetsLiabilities$76.00MtotalLiabTangible book$181.72MShares16,047,452commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.32
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.12xPrice / tangible bookPrice / tangible book per sharePrice$12.73Latest quoteTangible book / share$11.322025-12-31Result 1.12x
Price $12.73.
Fixed-charge coverage
-8.15xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$60.57MebitdaCapex$21.00KcapitalExpendituresInterest$3.80MinterestExpenseShort-term debt$3.63MshortTermDebtEBITDA − capex-$60.59MPrincipal due is short-term debt.Result -8.15x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-25.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$65.97MfreeCashFlowMarket cap$254.79MMarketCapitalizationResult -25.9%
Latest free cash flow divided by current market cap ($254.79M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$105.27MoperatingIncomeTax expense$434.00KincomeTaxExpensePretax income-$94.53MincomeBeforeTaxTax rate—Equity$235.58MtotalStockholderEquityDebt$4.52MshortLongTermDebtTotalCash$182.33McashInvested capital$57.78MROIC 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 -25.34x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.08MpropertyPlantEquipmentInventory$2.51MinventoryTotal assets$489.31MtotalAssetsResult 1.1% | 37.03xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$113.96MtotalRevenueNet PP&E$3.08MpropertyPlantEquipmentResult 37.03x | 0.36xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.91McapitalExpendituresD&A$5.33MdepreciationAndAmortizationResult 0.36x | -$190.75Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$489.31MtotalAssetsGoodwill$127.27MgoodWillIntangibles$55.39MintangibleAssetsLiabilities$693.72MtotalLiabTangible book-$387.07MShares2,029,191commonStockSharesOutstandingResult -$190.75 | -3.61xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$49.78MebitdaCapex$1.91McapitalExpendituresInterest$0.00interestExpenseShort-term debt$14.30MshortTermDebtEBITDA − capex-$51.69MPrincipal due is short-term debt.Result -3.61x | -$75.92MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$74.01MtotalCashFromOperatingActivitiesCapex$1.91McapitalExpendituresFree cash flow-$75.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$75.92M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$55.11MoperatingIncomeTax expense$2.79MincomeTaxExpensePretax income-$52.31MincomeBeforeTaxTax rate—Equity$343.87MtotalStockholderEquityDebt—Not reportedCash$256.20McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -17.91xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$55.11MoperatingIncomeNet PP&E$3.08MpropertyPlantEquipmentResult -17.91x |
| 2019 | 3.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.61MpropertyPlantEquipmentInventory$3.10MinventoryTotal assets$499.88MtotalAssetsResult 3.5% | 10.19xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$148.86MtotalRevenueNet PP&E$14.61MpropertyPlantEquipmentResult 10.19x | 0.17xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.34McapitalExpendituresD&A$7.76MdepreciationAndAmortizationResult 0.17x | $57.13Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$499.88MtotalAssetsGoodwill$193.88MgoodWillIntangibles$63.54MintangibleAssetsLiabilities$124.95MtotalLiabTangible book$117.52MShares2,056,940commonStockSharesOutstandingResult $57.13 | -6.82xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$86.94MebitdaCapex$1.34McapitalExpendituresInterest$6.71MinterestExpenseShort-term debt$6.23MshortTermDebtEBITDA − capex-$88.28MPrincipal due is short-term debt.Result -6.82x | -$83.23MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$81.89MtotalCashFromOperatingActivitiesCapex$1.34McapitalExpendituresFree cash flow-$83.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$83.23M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$94.70MoperatingIncomeTax expense-$803.00KincomeTaxExpensePretax income-$89.17MincomeBeforeTaxTax rate—Equity$348.68MtotalStockholderEquityDebt$13.40MshortLongTermDebtTotalCash$177.63McashAndShortTermInvestmentsInvested capital$184.45MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -6.48xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$94.70MoperatingIncomeNet PP&E$14.61MpropertyPlantEquipmentResult -6.48x |
| 2020 | 1.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.45MpropertyPlantEquipmentInventory$9.13MinventoryTotal assets$1.38BtotalAssetsResult 1.4% | 23.48xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$245.27MtotalRevenueNet PP&E$10.45MpropertyPlantEquipmentResult 23.48x | 0.33xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$3.32McapitalExpendituresD&A$10.15MdepreciationAndAmortizationResult 0.33x | $201.28Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.38BtotalAssetsGoodwill$193.88MgoodWillIntangibles$55.53MintangibleAssetsLiabilities$130.45MtotalLiabTangible book$996.79MShares4,952,216commonStockSharesOutstandingResult $201.28 | -27.61xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$217.28MebitdaCapex$3.32McapitalExpendituresInterest$1.63MinterestExpenseShort-term debt$6.36MshortTermDebtEBITDA − capex-$220.60MPrincipal due is short-term debt.Result -27.61x | -$115.78MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$112.46MtotalCashFromOperatingActivitiesCapex$3.32McapitalExpendituresFree cash flow-$115.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$115.78M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$227.43MoperatingIncomeTax expense$639.00KincomeTaxExpensePretax income-$227.99MincomeBeforeTaxTax rate—Equity$1.22BtotalStockholderEquityDebt$7.65MshortLongTermDebtTotalCash$1.04BcashAndShortTermInvestmentsInvested capital$190.21MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -21.77xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$227.43MoperatingIncomeNet PP&E$10.45MpropertyPlantEquipmentResult -21.77x |
| 2021 | 1.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.66MpropertyPlantEquipmentInventory$7.53MinventoryTotal assets$1.45BtotalAssetsResult 1.8% | 13.55xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$252.79MtotalRevenueNet PP&E$18.66MpropertyPlantEquipmentResult 13.55x | 0.03xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$559.00KcapitalExpendituresD&A$16.09MdepreciationAndAmortizationResult 0.03x | $52.40Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.45BtotalAssetsGoodwill$442.76MgoodWillIntangibles$152.41MintangibleAssetsLiabilities$184.96MtotalLiabTangible book$665.71MShares12,703,447commonStockSharesOutstandingResult $52.40 | -81.76xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$166.07MebitdaCapex$559.00KcapitalExpendituresInterest$120.00KinterestExpenseShort-term debt$1.92MshortTermDebtEBITDA − capex-$166.63MPrincipal due is short-term debt.Result -81.76x | -$142.10MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$141.54MtotalCashFromOperatingActivitiesCapex$559.00KcapitalExpendituresFree cash flow-$142.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$142.10M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$179.15MoperatingIncomeTax expense-$5.38MincomeTaxExpensePretax income-$182.16MincomeBeforeTaxTax rate—Equity$1.24BtotalStockholderEquityDebt$16.61MshortLongTermDebtTotalCash$746.42McashInvested capital$509.45MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -9.60xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$179.15MoperatingIncomeNet PP&E$18.66MpropertyPlantEquipmentResult -9.60x |
| 2022 | 1.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.52MpropertyPlantAndEquipmentNetInventory$8.74MinventoryTotal assets$1.22BtotalAssetsResult 1.9% | 19.09xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$277.19MtotalRevenueNet PP&E$14.52MpropertyPlantAndEquipmentNetResult 19.09x | 0.40xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$10.45McapitalExpendituresD&A$26.17MdepreciationAndAmortizationResult 0.40x | $37.45Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.22BtotalAssetsGoodwill$435.28MgoodWillIntangibles$134.98MintangibleAssetsLiabilities$133.71MtotalLiabTangible book$513.59MShares13,712,487commonStockSharesOutstandingResult $37.45 | -27.92xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$245.84MebitdaCapex$10.45McapitalExpendituresInterest$6.12MinterestExpenseShort-term debt$3.06MshortTermDebtEBITDA − capex-$256.29MPrincipal due is short-term debt.Result -27.92x | -$202.77MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$192.32MtotalCashFromOperatingActivitiesCapex$10.45McapitalExpendituresFree cash flow-$202.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$202.77M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$275.85MoperatingIncomeTax expense$64.00KincomeTaxExpensePretax income-$272.01MincomeBeforeTaxTax rate—Equity$1.06BtotalStockholderEquityDebt$14.84MshortLongTermDebtTotalCash$538.55McashInvested capital$540.18MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -19.00xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$275.85MoperatingIncomeNet PP&E$14.52MpropertyPlantAndEquipmentNetResult -19.00x |
| 2023 | 3.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.03MpropertyPlantAndEquipmentNetInventory$6.65MinventoryTotal assets$589.71MtotalAssetsResult 3.0% | 23.50xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$259.05MtotalRevenueNet PP&E$11.03MpropertyPlantAndEquipmentNetResult 23.50x | 0.48xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$15.25McapitalExpendituresD&A$31.51MdepreciationAndAmortizationResult 0.48x | $25.32Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$589.71MtotalAssetsGoodwill$0.00goodWillIntangibles$120.25MintangibleAssetsLiabilities$109.52MtotalLiabTangible book$359.94MShares14,212,837commonStockSharesOutstandingResult $25.32 | -10.41xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$224.15MebitdaCapex$15.25McapitalExpendituresInterest$19.42MinterestExpenseShort-term debt$3.58MshortTermDebtEBITDA − capex-$239.40MPrincipal due is short-term debt.Result -10.41x | -$163.59MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$148.34MtotalCashFromOperatingActivitiesCapex$15.25McapitalExpendituresFree cash flow-$163.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$163.59M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$692.14MoperatingIncomeTax expense$3.86MincomeTaxExpensePretax income-$675.31MincomeBeforeTaxTax rate—Equity$464.22MtotalStockholderEquityDebt$11.79MshortLongTermDebtTotalCash$372.04McashInvested capital$103.97MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -62.78xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$692.14MoperatingIncomeNet PP&E$11.03MpropertyPlantAndEquipmentNetResult -62.78x |
| 2024 | 2.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.58MpropertyPlantAndEquipmentNetInventory$2.86MinventoryTotal assets$435.97MtotalAssetsResult 2.4% | 33.56xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$254.36MtotalRevenueNet PP&E$7.58MpropertyPlantAndEquipmentNetResult 33.56x | 0.46xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$15.22McapitalExpendituresD&A$32.97MdepreciationAndAmortizationResult 0.46x | $14.31Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$435.97MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$101.54MintangibleAssetsLiabilities$119.72MtotalLiabTangible book$214.71MShares15,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $14.31 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$176.91MebitdaCapex$15.22McapitalExpendituresInterest—Not reportedShort-term debt$3.69MshortTermDebtEBITDA − capex-$192.14MPrincipal due is short-term debt.Result — | -$142.56MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$127.34MtotalCashFromOperatingActivitiesCapex$15.22McapitalExpendituresFree cash flow-$142.56MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$142.56M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$217.53MoperatingIncomeTax expense$2.75MincomeTaxExpensePretax income-$209.89MincomeBeforeTaxTax rate—Equity$304.77MtotalStockholderEquityDebt$8.20MshortLongTermDebtTotalCash$228.32McashInvested capital$84.66MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -28.70xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$217.53MoperatingIncomeNet PP&E$7.58MpropertyPlantAndEquipmentNetResult -28.70x |
| 2025 | 1.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.16MpropertyPlantAndEquipmentNetInventory$1.19MinventoryTotal assets$323.79MtotalAssetsResult 1.6% | 60.01xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$249.33MtotalRevenueNet PP&E$4.16MpropertyPlantAndEquipmentNetResult 60.01x | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$21.00KcapitalExpendituresD&A$33.96MdepreciationAndAmortizationResult 0.00x | $11.32Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$323.79MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$66.07MintangibleAssetsLiabilities$76.00MtotalLiabTangible book$181.72MShares16,047,452commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.32 | -8.15xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$60.57MebitdaCapex$21.00KcapitalExpendituresInterest$3.80MinterestExpenseShort-term debt$3.63MshortTermDebtEBITDA − capex-$60.59MPrincipal due is short-term debt.Result -8.15x | -$65.97MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$65.95MtotalCashFromOperatingActivitiesCapex$21.00KcapitalExpendituresFree cash flow-$65.97MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$65.97M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$105.27MoperatingIncomeTax expense$434.00KincomeTaxExpensePretax income-$94.53MincomeBeforeTaxTax rate—Equity$235.58MtotalStockholderEquityDebt$4.52MshortLongTermDebtTotalCash$182.33McashInvested capital$57.78MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -25.34xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$105.27MoperatingIncomeNet PP&E$4.16MpropertyPlantAndEquipmentNetResult -25.34x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $4.16M
Inventory: $1.19M
Total assets: $323.79M
Goodwill: $0.00
Intangibles: $66.07M
Liabilities: $76.00M
Tangible book: $181.72M
Shares: 16,047,452
Revenue: $249.33M
Capex: $21.00K
D&A: $33.96M
EBITDA: -$60.57M
Interest: $3.80M
Short-term debt: $3.63M
Free cash flow: -$65.97M
Operating income: -$105.27M
Invested capital: $57.78M
Tax rate: —