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.
Allied Properties Real Estate Investment Trust
Physical assets are 2.8% of total assets, a light footprint. Capex is 0.43x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by -1.38x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 18.01x.
Physical asset ratio
2.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.88MpropertyPlantAndEquipmentNetInventory$222.85MinventoryTotal assets$9.26BtotalAssetsResult 2.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
18.01xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$592.38MtotalRevenueNet PP&E$32.88MpropertyPlantAndEquipmentNetResult 18.01x
Revenue per dollar of the physical asset base.
Capex / D&A
0.43xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$815.00KcapitalExpendituresD&A$1.88MdepreciationAndAmortizationResult 0.43x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$28.74Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.26BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.24BtotalLiabTangible book$4.02BShares139,765,128commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $28.74
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.14xPrice / tangible bookPrice / tangible book per sharePrice$4.03Latest quoteTangible book / share$28.742025-12-31Result 0.14x
Price $4.03.
Fixed-charge coverage
-1.38xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.19BebitdaCapex$815.00KcapitalExpendituresInterest$135.45MinterestExpenseShort-term debt$727.02MshortLongTermDebtEBITDA − capex-$1.19BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result -1.38x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
30.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$254.47MfreeCashFlowMarket cap$836.52MMarketCapitalizationResult 30.4%
Latest free cash flow divided by current market cap ($836.52M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$180.10MoperatingIncomeTax expense—Not reportedPretax income-$1.33BincomeBeforeTaxTax rate—Equity$4.02BtotalStockholderEquityDebt$4.73BshortLongTermDebtTotalCash$96.61McashInvested capital$8.65BROIC 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 5.48x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 92.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.19BpropertyPlantEquipmentInventory$36.61MinventoryTotal assets$6.71BtotalAssetsUses the property line, which is larger than net PP&E ($23.77M, propertyPlantAndEquipmentNet).Result 92.8% | 0.07xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$436.40MtotalRevenueNet PP&E$6.19BpropertyPlantEquipmentResult 0.07x | 1.68xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.61McapitalExpendituresD&A$1.56MdepreciationAndAmortizationResult 1.68x | $44.66Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.71BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.33BtotalLiabTangible book$4.37BShares97,965,711commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $44.66 | 6.18xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$602.80MebitdaCapex$2.61McapitalExpendituresInterest$60.97MinterestExpenseShort-term debt$36.08MshortTermDebtEBITDA − capex$600.19MPrincipal due is short-term debt.Result 6.18x | $236.77MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$239.38MtotalCashFromOperatingActivitiesCapex$2.61McapitalExpendituresFree cash flow$236.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $236.77M | 2.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$223.76MoperatingIncomeTax expense$369.91MincomeTaxExpensePretax income$540.28MincomeBeforeTaxTax rate40.0%Equity$4.37BtotalStockholderEquityDebt$2.11BshortLongTermDebtTotalCash$18.36McashInvested capital$6.47BThe effective tax rate was above 40% and was capped at 40%.Result 2.1% | 0.04xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$223.76MoperatingIncomeNet PP&E$6.19BpropertyPlantEquipmentResult 0.04x |
| 2019 | 89.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.49BpropertyPlantEquipmentInventory-$65.69MinventoryTotal assets$8.31BtotalAssetsUses the property line, which is larger than net PP&E ($22.86M, propertyPlantAndEquipmentNet).Result 89.4% | 0.07xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$541.45MtotalRevenueNet PP&E$7.49BpropertyPlantEquipmentResult 0.07x | 0.27xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$396.00KcapitalExpendituresD&A$1.46MdepreciationAndAmortizationResult 0.27x | $50.72Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.31BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.59BtotalLiabTangible book$5.72BShares112,731,050commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $50.72 | 7.71xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$691.06MebitdaCapex$396.00KcapitalExpendituresInterest$60.39MinterestExpenseShort-term debt$29.24MshortTermDebtEBITDA − capex$690.67MPrincipal due is short-term debt.Result 7.71x | $245.25MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$245.65MtotalCashFromOperatingActivitiesCapex$396.00KcapitalExpendituresFree cash flow$245.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $245.25M | 3.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$253.63MoperatingIncomeTax expense$33.88MincomeTaxExpensePretax income$629.22MincomeBeforeTaxTax rate5.4%Equity$5.72BtotalStockholderEquityDebt$2.31BshortLongTermDebtTotalCash$208.91McashInvested capital$7.82BResult 3.1% | 0.03xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$253.63MoperatingIncomeNet PP&E$7.49BpropertyPlantEquipmentResult 0.03x |
| 2020 | 92.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.71BpropertyPlantEquipmentInventory-$18.79MinventoryTotal assets$9.40BtotalAssetsUses the property line, which is larger than net PP&E ($22.18M, propertyPlantAndEquipmentNet).Result 92.4% | 0.06xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$560.51MtotalRevenueNet PP&E$8.71BpropertyPlantEquipmentResult 0.06x | 0.53xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$781.00KcapitalExpendituresD&A$1.47MdepreciationAndAmortizationResult 0.53x | $49.60Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.40BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$3.22BtotalLiabTangible book$6.18BShares124,536,634commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $49.60 | 5.78xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$574.80MebitdaCapex$781.00KcapitalExpendituresInterest$72.60MinterestExpenseShort-term debt$26.67MshortTermDebtEBITDA − capex$574.02MPrincipal due is short-term debt.Result 5.78x | $355.48MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$356.26MtotalCashFromOperatingActivitiesCapex$781.00KcapitalExpendituresFree cash flow$355.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $355.48M | 2.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$276.11MoperatingIncomeTax expense$69.18MincomeTaxExpensePretax income$500.73MincomeBeforeTaxTax rate13.8%Equity$6.18BtotalStockholderEquityDebt$2.88BshortLongTermDebtTotalCash$45.51McashInvested capital$9.01BResult 2.6% | 0.03xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$276.11MoperatingIncomeNet PP&E$8.71BpropertyPlantEquipmentResult 0.03x |
| 2021 | 92.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.56BpropertyPlantEquipmentInventory$86.26MinventoryTotal assets$10.38BtotalAssetsUses the property line, which is larger than net PP&E ($28.19M, propertyPlantAndEquipmentNet).Result 92.8% | 0.05xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$472.80MtotalRevenueNet PP&E$9.56BpropertyPlantEquipmentResult 0.05x | 0.29xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$337.00KcapitalExpendituresD&A$1.17MdepreciationAndAmortizationResult 0.29x | $50.42Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.38BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$3.96BtotalLiabTangible book$6.43BShares127,455,829commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $50.42 | 2.97xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$446.74MebitdaCapex$337.00KcapitalExpendituresInterest$114.20MinterestExpenseShort-term debt$36.15MshortTermDebtEBITDA − capex$446.41MPrincipal due is short-term debt.Result 2.97x | $240.78MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$241.11MtotalCashFromOperatingActivitiesCapex$337.00KcapitalExpendituresFree cash flow$240.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $240.78M | 2.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$256.78MoperatingIncomeTax expense$65.22MincomeTaxExpensePretax income$331.38MincomeBeforeTaxTax rate19.7%Equity$6.43BtotalStockholderEquityDebt$3.61BshortLongTermDebtTotalCash$22.55McashInvested capital$10.01BResult 2.1% | 0.03xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$256.78MoperatingIncomeNet PP&E$9.56BpropertyPlantEquipmentResult 0.03x |
| 2022 | 81.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.69BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$11.91BtotalAssetsUses the property line, which is larger than net PP&E ($23.82M, propertyPlantAndEquipmentNet).Result 81.4% | 0.05xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$519.47MtotalRevenueNet PP&E$9.69BpropertyPlantEquipmentResult 0.05x | 0.65xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$859.00KcapitalExpendituresD&A$1.33MdepreciationAndAmortizationResult 0.65x | $52.03Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.91BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$4.78BtotalLiabTangible book$7.12BShares136,904,082commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $52.03 | 0.59xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$248.80MebitdaCapex$859.00KcapitalExpendituresInterest$72.80MinterestExpenseShort-term debt$346.93MshortTermDebtEBITDA − capex$247.94MPrincipal due is short-term debt.Result 0.59x | $320.33MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$321.19MtotalCashFromOperatingActivitiesCapex$859.00KcapitalExpendituresFree cash flow$320.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $320.33M | 1.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$292.30MoperatingIncomeTax expense$70.87MincomeTaxExpensePretax income$174.67MincomeBeforeTaxTax rate40.0%Equity$6.58BtotalStockholderEquityDebt$4.26BshortLongTermDebtTotalCash$20.99McashInvested capital$10.82BThe effective tax rate was above 40% and was capped at 40%.Result 1.6% | 0.03xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$292.30MoperatingIncomeNet PP&E$9.69BpropertyPlantEquipmentResult 0.03x |
| 2023 | 97.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.41BpropertyPlantAndEquipmentNetInventory$955.08MinventoryTotal assets$10.61BtotalAssetsResult 97.7% | 0.06xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$563.98MtotalRevenueNet PP&E$9.41BpropertyPlantAndEquipmentNetResult 0.06x | 1.22xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.84McapitalExpendituresD&A$1.50MdepreciationAndAmortizationResult 1.22x | $43.90Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.61BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$4.47BtotalLiabTangible book$6.14BShares139,765,128commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $43.90 | -1.71xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$436.97MebitdaCapex$1.84McapitalExpendituresInterest$107.24MinterestExpenseShort-term debt$149.25MshortTermDebtEBITDA − capex-$438.80MPrincipal due is short-term debt.Result -1.71x | $319.05MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$320.89MtotalCashFromOperatingActivitiesCapex$1.84McapitalExpendituresFree cash flow$319.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $319.05M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$296.20MoperatingIncomeTax expense-$31.41MincomeTaxExpensePretax income-$545.71MincomeBeforeTaxTax rate—Equity$6.14BtotalStockholderEquityDebt$3.71BshortLongTermDebtTotalCash$211.07McashInvested capital$9.63BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.03xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$296.20MoperatingIncomeNet PP&E$9.41BpropertyPlantAndEquipmentNetResult 0.03x |
| 2024 | 2.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$23.33MpropertyPlantAndEquipmentNetInventory$259.83MinventoryTotal assets$10.60BtotalAssetsResult 2.7% | 25.38xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$592.04MtotalRevenueNet PP&E$23.33MpropertyPlantAndEquipmentNetResult 25.38x | 0.62xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$958.00KcapitalExpendituresD&A$1.54MdepreciationAndAmortizationResult 0.62x | $39.80Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.60BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.04BtotalLiabTangible book$5.56BShares139,765,128commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $39.80 | -0.20xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$222.80MebitdaCapex$958.00KcapitalExpendituresInterest$118.19MinterestExpenseShort-term debt$985.13MshortLongTermDebtEBITDA − capex-$223.76MPrincipal due is the current portion of debt.Result -0.20x | $146.88MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$147.84MtotalCashFromOperatingActivitiesCapex$958.00KcapitalExpendituresFree cash flow$146.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $146.88M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$286.32MoperatingIncomeTax expense$1.84MincomeTaxExpensePretax income-$342.53MincomeBeforeTaxTax rate—Equity$5.56BtotalStockholderEquityDebt$4.42BshortLongTermDebtTotalCash$73.92McashInvested capital$9.91BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 12.27xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$286.32MoperatingIncomeNet PP&E$23.33MpropertyPlantAndEquipmentNetResult 12.27x |
| 2025 | 2.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.88MpropertyPlantAndEquipmentNetInventory$222.85MinventoryTotal assets$9.26BtotalAssetsResult 2.8% | 18.01xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$592.38MtotalRevenueNet PP&E$32.88MpropertyPlantAndEquipmentNetResult 18.01x | 0.43xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$815.00KcapitalExpendituresD&A$1.88MdepreciationAndAmortizationResult 0.43x | $28.74Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.26BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.24BtotalLiabTangible book$4.02BShares139,765,128commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $28.74 | -1.38xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.19BebitdaCapex$815.00KcapitalExpendituresInterest$135.45MinterestExpenseShort-term debt$727.02MshortLongTermDebtEBITDA − capex-$1.19BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result -1.38x | $254.47MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$255.29MtotalCashFromOperatingActivitiesCapex$815.00KcapitalExpendituresFree cash flow$254.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $254.47M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$180.10MoperatingIncomeTax expense—Not reportedPretax income-$1.33BincomeBeforeTaxTax rate—Equity$4.02BtotalStockholderEquityDebt$4.73BshortLongTermDebtTotalCash$96.61McashInvested capital$8.65BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 5.48xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$180.10MoperatingIncomeNet PP&E$32.88MpropertyPlantAndEquipmentNetResult 5.48x |
- 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.
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2025)
Net PP&E: $32.88M
Inventory: $222.85M
Total assets: $9.26B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $5.24B
Tangible book: $4.02B
Shares: 139,765,128
Revenue: $592.38M
Capex: $815.00K
D&A: $1.88M
EBITDA: -$1.19B
Interest: $135.45M
Short-term debt: $727.02M
Free cash flow: $254.47M
Operating income: $180.10M
Invested capital: $8.65B
Tax rate: —