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.
Ardent Health Partners, Inc.
Physical assets are 42.8% of total assets, a mixed footprint. Capex is 1.36x 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 12.6%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.95x. Compare it with other names in the same basket.
Physical asset ratio
42.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.14BpropertyPlantAndEquipmentNetInventory$118.59MinventoryTotal assets$5.29BtotalAssetsResult 42.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$6.32BtotalRevenueNet PP&E$2.14BpropertyPlantAndEquipmentNetResult 2.95x
Revenue per dollar of the physical asset base.
Capex / D&A
1.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$211.90McapitalExpendituresD&A$155.70MdepreciationAndAmortizationResult 1.36x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$5.06Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.29BtotalAssetsGoodwill$879.45MgoodWillIntangibles$89.34MintangibleAssetsLiabilities$3.61BtotalLiabTangible book$716.18MShares141,450,309commonStockSharesOutstandingResult $5.06
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.38xPrice / tangible bookPrice / tangible book per sharePrice$12.03Latest quoteTangible book / share$5.062025-12-31Result 2.38x
Price $12.03.
Fixed-charge coverage
3.63xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$497.26MebitdaCapex$211.90McapitalExpendituresInterest$55.20MinterestExpenseShort-term debt$23.44MshortTermDebtEBITDA − capex$285.36MPrincipal due is short-term debt.Result 3.63x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
14.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$258.61MfreeCashFlowMarket cap$1.73BMarketCapitalizationResult 14.9%
Latest free cash flow divided by current market cap ($1.73B).
ROIC
12.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$325.58MoperatingIncomeTax expense$56.22MincomeTaxExpensePretax income$286.36MincomeBeforeTaxTax rate19.6%Equity$1.69BtotalStockholderEquityDebt$1.10BlongTermDebt + shortLongTermDebtCash$709.60McashInvested capital$2.08BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 12.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.15x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2016 | 28.0%Physical asset ratio · 2016-12-31(Net PP&E + inventory) / total assetsNet PP&E$256.53MpropertyPlantAndEquipmentNetInventory$47.10MinventoryTotal assets$1.09BtotalAssetsResult 28.0% | 8.21xFixed asset turnover · 2016-12-31Revenue / net PP&ERevenue$2.11BtotalRevenueNet PP&E$256.53MpropertyPlantAndEquipmentNetResult 8.21x | 1.13xCapex / D&A · 2016-12-31Capital expenditures / depreciation and amortizationCapex$80.51McapitalExpendituresD&A$71.51MdepreciationAndAmortizationResult 1.13x | $0.57Tangible book / share · 2016-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.09BtotalAssetsGoodwill$244.49MgoodWillIntangibles$71.78MintangibleAssetsLiabilities$689.36MtotalLiabTangible book$79.74MShares140,963,328commonStockSharesOutstandingResult $0.57 | 1.80xFixed-charge coverage · 2016-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$142.83MebitdaCapex$80.51McapitalExpendituresInterest$26.95MinterestExpenseShort-term debt$7.67MshortTermDebtEBITDA − capex$62.33MPrincipal due is short-term debt.Result 1.80x | $3.62MFree cash flow · 2016-12-31Reported free cash flowOperating cash flow$85.78MtotalCashFromOperatingActivitiesCapex$80.51McapitalExpendituresFree cash flow$3.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.62M | 16.8%ROIC · 2016-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$84.76MoperatingIncomeTax expense$8.02MincomeTaxExpensePretax income$44.37MincomeBeforeTaxTax rate18.1%Equity$266.54MtotalStockholderEquityDebt$240.37MshortLongTermDebtTotalCash$92.61McashInvested capital$414.30MResult 16.8% | 0.33xEBIT / PP&E · 2016-12-31Operating income / net PP&EOperating income$84.76MoperatingIncomeNet PP&E$256.53MpropertyPlantAndEquipmentNetResult 0.33x |
| 2017 | 28.5%Physical asset ratio · 2017-12-31(Net PP&E + inventory) / total assetsNet PP&E$591.57MpropertyPlantAndEquipmentNetInventory$84.16MinventoryTotal assets$2.37BtotalAssetsResult 28.5% | 5.07xFixed asset turnover · 2017-12-31Revenue / net PP&ERevenue$3.00BtotalRevenueNet PP&E$591.57MpropertyPlantAndEquipmentNetResult 5.07x | 1.11xCapex / D&A · 2017-12-31Capital expenditures / depreciation and amortizationCapex$121.53McapitalExpendituresD&A$109.53MdepreciationAndAmortizationResult 1.11x | -$0.97Tangible book / share · 2017-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.37BtotalAssetsGoodwill$818.19MgoodWillIntangibles$78.26MintangibleAssetsLiabilities$1.61BtotalLiabTangible book-$136.17MShares140,963,328commonStockSharesOutstandingResult -$0.97 | 1.25xFixed-charge coverage · 2017-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$230.91MebitdaCapex$121.53McapitalExpendituresInterest$70.74MinterestExpenseShort-term debt$16.88MshortTermDebtEBITDA − capex$109.38MPrincipal due is short-term debt.Result 1.25x | -$2.06MFree cash flow · 2017-12-31Reported free cash flowOperating cash flow$119.47MtotalCashFromOperatingActivitiesCapex$121.53McapitalExpendituresFree cash flow-$2.06MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.06M | 5.8%ROIC · 2017-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$121.77MoperatingIncomeTax expense$49.87MincomeTaxExpensePretax income$50.64MincomeBeforeTaxTax rate40.0%Equity$377.72MtotalStockholderEquityDebt$952.69MshortLongTermDebtTotalCash$71.96McashInvested capital$1.26BThe effective tax rate was above 40% and was capped at 40%.Result 5.8% | 0.21xEBIT / PP&E · 2017-12-31Operating income / net PP&EOperating income$121.77MoperatingIncomeNet PP&E$591.57MpropertyPlantAndEquipmentNetResult 0.21x |
| 2018 | 33.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$839.89MpropertyPlantAndEquipmentNetInventory$84.81MinventoryTotal assets$2.75BtotalAssetsResult 33.7% | 4.96xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$4.16BtotalRevenueNet PP&E$839.89MpropertyPlantAndEquipmentNetResult 4.96x | 1.12xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$160.66McapitalExpendituresD&A$143.19MdepreciationAndAmortizationResult 1.12x | -$1.33Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.75BtotalAssetsGoodwill$822.03MgoodWillIntangibles$77.83MintangibleAssetsLiabilities$2.03BtotalLiabTangible book-$188.02MShares140,963,328commonStockSharesOutstandingResult -$1.33 | 0.72xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$245.75MebitdaCapex$160.66McapitalExpendituresInterest$108.60MinterestExpenseShort-term debt$8.96MshortTermDebtEBITDA − capex$85.10MPrincipal due is short-term debt.Result 0.72x | -$1.07MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$159.59MtotalCashFromOperatingActivitiesCapex$160.66McapitalExpendituresFree cash flow-$1.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.07M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$149.76MoperatingIncomeTax expense-$11.29MincomeTaxExpensePretax income-$114.62MincomeBeforeTaxTax rate—Equity$331.65MtotalStockholderEquityDebt$1.26BshortLongTermDebtTotalCash$59.66McashInvested capital$1.53BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.18xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$149.76MoperatingIncomeNet PP&E$839.89MpropertyPlantAndEquipmentNetResult 0.18x |
| 2021 | —Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets—Not reportedResult — | —Fixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$4.87BtotalRevenueNet PP&E—Not reportedResult — | 1.01xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$139.00McapitalExpendituresD&A$137.20MdepreciationAndAmortizationResult 1.01x | —Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares143,263,332commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | 4.13xFixed-charge coverage · 2021-12-31(EBITDA − capex) / interestEBITDA$526.93MebitdaCapex$139.00McapitalExpendituresInterest$93.83MinterestExpenseEBITDA − capex$387.92MShort-term debt was not reported, so the denominator is interest only.Result 4.13x | $7.91MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$146.91MtotalCashFromOperatingActivitiesCapex$139.00McapitalExpendituresFree cash flow$7.91MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.91M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$436.56MoperatingIncomeTax expense$51.31MincomeTaxExpensePretax income$295.89MincomeBeforeTaxTax rate17.3%Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—Result — | —EBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$436.56MoperatingIncomeNet PP&E—Not reportedResult — |
| 2022 | 43.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.99BpropertyPlantAndEquipmentNetInventory$107.15MinventoryTotal assets$4.86BtotalAssetsResult 43.2% | 2.58xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$5.13BtotalRevenueNet PP&E$1.99BpropertyPlantAndEquipmentNetResult 2.58x | 1.09xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$151.11McapitalExpendituresD&A$138.17MdepreciationAndAmortizationResult 1.09x | $0.90Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.86BtotalAssetsGoodwill$844.70MgoodWillIntangibles$76.93MintangibleAssetsLiabilities$3.81BtotalLiabTangible book$128.67MShares143,263,332commonStockSharesOutstandingResult $0.90 | 3.88xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$531.70MebitdaCapex$151.11McapitalExpendituresInterest$82.05MinterestExpenseShort-term debt$16.09MshortLongTermDebtEBITDA − capex$380.60MPrincipal due is the current portion of debt.Result 3.88x | -$189.47MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$38.36MtotalCashFromOperatingActivitiesCapex$151.11McapitalExpendituresFree cash flow-$189.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$189.47M | 13.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$217.03MoperatingIncomeTax expense$46.11MincomeTaxExpensePretax income$311.48MincomeBeforeTaxTax rate14.8%Equity$639.05MtotalStockholderEquityDebt$1.18BlongTermDebt + shortLongTermDebtCash$456.12McashInvested capital$1.36BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 13.6% | 0.11xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$217.03MoperatingIncomeNet PP&E$1.99BpropertyPlantAndEquipmentNetResult 0.11x |
| 2023 | 41.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.01BpropertyPlantAndEquipmentNetInventory$105.49MinventoryTotal assets$5.10BtotalAssetsResult 41.5% | 2.69xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$5.41BtotalRevenueNet PP&E$2.01BpropertyPlantAndEquipmentNetResult 2.69x | 0.98xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$137.41McapitalExpendituresD&A$140.84MdepreciationAndAmortizationResult 0.98x | $1.12Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.10BtotalAssetsGoodwill$844.70MgoodWillIntangibles$76.93MintangibleAssetsLiabilities$4.02BtotalLiabTangible book$160.68MShares143,263,332commonStockSharesOutstandingResult $1.12 | 2.53xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$350.00MebitdaCapex$137.41McapitalExpendituresInterest$65.43MinterestExpenseShort-term debt$18.61MshortLongTermDebtEBITDA − capex$212.59MPrincipal due is the current portion of debt.Result 2.53x | $84.29MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$221.70MtotalCashFromOperatingActivitiesCapex$137.41McapitalExpendituresFree cash flow$84.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $84.29M | 13.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$229.50MoperatingIncomeTax expense$22.64MincomeTaxExpensePretax income$151.61MincomeBeforeTaxTax rate14.9%Equity$670.90MtotalStockholderEquityDebt$1.19BlongTermDebt + shortLongTermDebtCash$437.58McashInvested capital$1.42BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 13.7% | 0.11xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$229.50MoperatingIncomeNet PP&E$2.01BpropertyPlantAndEquipmentNetResult 0.11x |
| 2024 | 43.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.04BpropertyPlantAndEquipmentNetInventory$115.09MinventoryTotal assets$4.96BtotalAssetsResult 43.5% | 2.93xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$5.97BtotalRevenueNet PP&E$2.04BpropertyPlantAndEquipmentNetResult 2.93x | 1.28xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$187.51McapitalExpendituresD&A$146.29MdepreciationAndAmortizationResult 1.28x | $4.47Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.96BtotalAssetsGoodwill$852.08MgoodWillIntangibles$76.93MintangibleAssetsLiabilities$3.43BtotalLiabTangible book$593.34MShares132,745,000commonStockSharesOutstandingResult $4.47 | 5.18xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$574.93MebitdaCapex$187.51McapitalExpendituresInterest$65.58MinterestExpenseShort-term debt$9.23MshortLongTermDebtEBITDA − capex$387.42MPrincipal due is the current portion of debt.Result 5.18x | $127.52MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$315.03MtotalCashFromOperatingActivitiesCapex$187.51McapitalExpendituresFree cash flow$127.52MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $127.52M | 20.1%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$405.76MoperatingIncomeTax expense$63.35MincomeTaxExpensePretax income$363.06MincomeBeforeTaxTax rate17.4%Equity$1.13BtotalStockholderEquityDebt$1.10BlongTermDebt + shortLongTermDebtCash$556.79McashInvested capital$1.67BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 20.1% | 0.20xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$405.76MoperatingIncomeNet PP&E$2.04BpropertyPlantAndEquipmentNetResult 0.20x |
| 2025 | 42.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.14BpropertyPlantAndEquipmentNetInventory$118.59MinventoryTotal assets$5.29BtotalAssetsResult 42.8% | 2.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$6.32BtotalRevenueNet PP&E$2.14BpropertyPlantAndEquipmentNetResult 2.95x | 1.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$211.90McapitalExpendituresD&A$155.70MdepreciationAndAmortizationResult 1.36x | $5.06Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.29BtotalAssetsGoodwill$879.45MgoodWillIntangibles$89.34MintangibleAssetsLiabilities$3.61BtotalLiabTangible book$716.18MShares141,450,309commonStockSharesOutstandingResult $5.06 | 3.63xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$497.26MebitdaCapex$211.90McapitalExpendituresInterest$55.20MinterestExpenseShort-term debt$23.44MshortTermDebtEBITDA − capex$285.36MPrincipal due is short-term debt.Result 3.63x | $258.61MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$470.51MtotalCashFromOperatingActivitiesCapex$211.90McapitalExpendituresFree cash flow$258.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $258.61M | 12.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$325.58MoperatingIncomeTax expense$56.22MincomeTaxExpensePretax income$286.36MincomeBeforeTaxTax rate19.6%Equity$1.69BtotalStockholderEquityDebt$1.10BlongTermDebt + shortLongTermDebtCash$709.60McashInvested capital$2.08BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 12.6% | 0.15xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$325.58MoperatingIncomeNet PP&E$2.14BpropertyPlantAndEquipmentNetResult 0.15x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $2.14B
Inventory: $118.59M
Total assets: $5.29B
Goodwill: $879.45M
Intangibles: $89.34M
Liabilities: $3.61B
Tangible book: $716.18M
Shares: 141,450,309
Revenue: $6.32B
Capex: $211.90M
D&A: $155.70M
EBITDA: $497.26M
Interest: $55.20M
Short-term debt: $23.44M
Free cash flow: $258.61M
Operating income: $325.58M
Invested capital: $2.08B
Tax rate: 19.6%