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 Resources Corp Class A
Physical assets are 0.1% of total assets, a light footprint. Capex is 0.30x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -2.13x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.00x.
Physical asset ratio
0.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$143.07KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$168.91MtotalAssetsInventory was not reported and is treated as zero.Result 0.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$143.07KpropertyPlantAndEquipmentNetResult 0.00x
Revenue per dollar of the physical asset base.
Capex / D&A
0.30xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$37.29KcapitalExpendituresD&A$122.92KdepreciationAndAmortizationResult 0.30x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.07Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$168.91MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$75.72MtotalLiabTangible book$93.19MShares87,274,415commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.07
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.16xPrice / tangible bookPrice / tangible book per sharePrice$1.24Latest quoteTangible book / share$1.072025-12-31Result 1.16x
Price $1.24.
Fixed-charge coverage
-2.13xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$15.95MebitdaCapex$37.29KcapitalExpendituresInterest$1.76MinterestExpenseShort-term debt$5.74MshortTermDebtEBITDA − capex-$15.98MPrincipal due is short-term debt.Result -2.13x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-13.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$17.82MfreeCashFlowMarket cap$136.39MMarketCapitalizationResult -13.1%
Latest free cash flow divided by current market cap ($136.39M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.31MoperatingIncomeTax expense—Not reportedPretax income-$17.83MincomeBeforeTaxTax rate—Equity$94.78MtotalStockholderEquityDebt$965.29KlongTermDebt + shortLongTermDebtCash$72.17McashAndShortTermInvestmentsInvested capital$23.57MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC 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 -79.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 79.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.57MpropertyPlantEquipmentInventory$163.80KinventoryTotal assets$41.36MtotalAssetsResult 79.1% | 0.97xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$31.52MtotalRevenueNet PP&E$32.57MpropertyPlantEquipmentResult 0.97x | 0.05xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$133.36KcapitalExpendituresD&A$2.94MdepreciationAndAmortizationResult 0.05x | -$2.62Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.36MtotalAssetsGoodwill$0.00goodWillIntangibles$0.00intangibleAssetsLiabilities$50.56MtotalLiabTangible book-$9.20MShares3,513,513commonStockSharesOutstandingResult -$2.62 | -0.50xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$7.86MebitdaCapex$133.36KcapitalExpendituresInterest$1.96MinterestExpenseShort-term debt$14.17MshortLongTermDebtEBITDA − capex-$7.99MPrincipal due is the current portion of debt.Result -0.50x | -$3.50MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$3.37MtotalCashFromOperatingActivitiesCapex$133.36KcapitalExpendituresFree cash flow-$3.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.50M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.30MoperatingIncomeTax expense-$724.34KincomeTaxExpensePretax income-$12.76MincomeBeforeTaxTax rate—Equity-$9.20MtotalStockholderEquityDebt$22.23MshortLongTermDebtTotalCash$2.29McashInvested capital$10.74MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.38xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$12.30MoperatingIncomeNet PP&E$32.57MpropertyPlantEquipmentResult -0.38x |
| 2019 | 80.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.67MpropertyPlantEquipmentInventory$515.63KinventoryTotal assets$35.23MtotalAssetsResult 80.0% | 0.88xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$24.48MtotalRevenueNet PP&E$27.67MpropertyPlantEquipmentResult 0.88x | 0.05xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$327.25KcapitalExpendituresD&A$6.25MdepreciationAndAmortizationResult 0.05x | -$1.36Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$35.23MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$67.93MtotalLiabTangible book-$32.70MShares24,094,420commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$1.36 | -1.41xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$54.04MebitdaCapex$327.25KcapitalExpendituresInterest$10.63MinterestExpenseShort-term debt$28.05MshortTermDebtEBITDA − capex-$54.37MPrincipal due is short-term debt.Result -1.41x | -$19.53MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$19.21MtotalCashFromOperatingActivitiesCapex$327.25KcapitalExpendituresFree cash flow-$19.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$19.53M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$59.95MoperatingIncomeTax expense$12.68MincomeTaxExpensePretax income-$70.92MincomeBeforeTaxTax rate—Equity-$32.70MtotalStockholderEquityDebt$33.46MshortLongTermDebtTotalCash$3.32KcashInvested capital$754.15KROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.17xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$59.95MoperatingIncomeNet PP&E$27.67MpropertyPlantEquipmentResult -2.17x |
| 2020 | 59.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.50MpropertyPlantAndEquipmentNetInventory$150.50KinventoryTotal assets$38.42MtotalAssetsResult 59.0% | 0.05xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.06MtotalRevenueNet PP&E$22.50MpropertyPlantAndEquipmentNetResult 0.05x | 1.10xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$3.07McapitalExpendituresD&A$2.79MdepreciationAndAmortizationResult 1.10x | -$0.68Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$38.42MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$58.42MtotalLiabTangible book-$20.01MShares29,359,993commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.68 | -0.49xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$4.07MebitdaCapex$3.07McapitalExpendituresInterest$3.39MinterestExpenseShort-term debt$11.07MshortTermDebtEBITDA − capex-$7.13MPrincipal due is short-term debt.Result -0.49x | -$16.92MFree cash flow · 2020-12-31Operating cash flow − capexOperating cash flow-$13.85MtotalCashFromOperatingActivitiesCapex$3.07McapitalExpendituresFree cash flow-$16.92MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$16.92M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$16.45MoperatingIncomeTax expense$5.88MincomeTaxExpensePretax income-$10.26MincomeBeforeTaxTax rate—Equity-$20.01MtotalStockholderEquityDebt$30.70MshortLongTermDebtTotalCash$10.62McashInvested capital$80.36KROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.73xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$16.45MoperatingIncomeNet PP&E$22.50MpropertyPlantAndEquipmentNetResult -0.73x |
| 2021 | 55.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$23.63MpropertyPlantEquipmentInventory$0.00inventoryTotal assets$42.87MtotalAssetsResult 55.1% | 0.33xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$7.76MtotalRevenueNet PP&E$23.63MpropertyPlantEquipmentResult 0.33x | 0.71xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.07McapitalExpendituresD&A$4.32MdepreciationAndAmortizationResult 0.71x | -$0.05Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$42.87MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$450.22KintangibleAssetsLiabilities$45.22MtotalLiabTangible book-$2.80MShares55,222,768commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.05 | -2.70xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$24.01MebitdaCapex$3.07McapitalExpendituresInterest$4.17MinterestExpenseShort-term debt$5.86MshortLongTermDebtEBITDA − capex-$27.08MPrincipal due is the current portion of debt.Result -2.70x | -$32.16MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$29.09MtotalCashFromOperatingActivitiesCapex$3.07McapitalExpendituresFree cash flow-$32.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$32.16M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$28.22MoperatingIncomeTax expense$3.94MincomeTaxExpensePretax income-$28.57MincomeBeforeTaxTax rate—Equity-$2.35MtotalStockholderEquityDebt$15.72MshortLongTermDebtTotalCash$11.49McashInvested capital$1.89MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.19xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$28.22MoperatingIncomeNet PP&E$23.63MpropertyPlantEquipmentResult -1.19x |
| 2022 | 41.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.90MpropertyPlantEquipmentInventory$446.69KinventoryTotal assets$55.92MtotalAssetsResult 41.8% | 1.72xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$39.47MtotalRevenueNet PP&E$22.90MpropertyPlantEquipmentResult 1.72x | 1.72xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$6.07McapitalExpendituresD&A$3.53MdepreciationAndAmortizationResult 1.72x | -$0.00Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$55.92MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$422.52KintangibleAssetsLiabilities$55.63MtotalLiabTangible book-$137.82KShares66,316,058commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.00 | -0.20xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.51MebitdaCapex$6.07McapitalExpendituresInterest$1.43MinterestExpenseShort-term debt$11.70MshortLongTermDebtEBITDA − capex-$2.57MPrincipal due is the current portion of debt.Result -0.20x | -$3.53MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$2.55MtotalCashFromOperatingActivitiesCapex$6.07McapitalExpendituresFree cash flow-$3.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.53M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$19.49MoperatingIncomeTax expense-$23.98MincomeTaxExpensePretax income-$1.45MincomeBeforeTaxTax rate—Equity$284.70KtotalStockholderEquityDebt$24.76MshortLongTermDebtTotalCash$8.87McashInvested capital$16.18MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.85xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$19.49MoperatingIncomeNet PP&E$22.90MpropertyPlantEquipmentResult -0.85x |
| 2023 | 33.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$21.55MpropertyPlantAndEquipmentNetInventory$129.99KinventoryTotal assets$64.73MtotalAssetsResult 33.5% | 0.61xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$13.23MtotalRevenueNet PP&E$21.55MpropertyPlantAndEquipmentNetResult 0.61x | 2.81xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$3.62McapitalExpendituresD&A$1.29MdepreciationAndAmortizationResult 2.81x | -$0.62Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$64.73MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.03MintangibleAssetsLiabilities$109.73MtotalLiabTangible book-$47.03MShares75,422,390commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.62 | -13.99xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$35.45MebitdaCapex$3.62McapitalExpendituresInterest$1.99MinterestExpenseShort-term debt$804.66KshortLongTermDebtEBITDA − capex-$39.07MPrincipal due is the current portion of debt.Result -13.99x | -$10.60MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$6.98MtotalCashFromOperatingActivitiesCapex$3.62McapitalExpendituresFree cash flow-$10.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.60M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$36.38MoperatingIncomeTax expense-$2.00incomeTaxExpensePretax income-$38.72MincomeBeforeTaxTax rate—Equity-$43.53MtotalStockholderEquityDebt$47.10MshortLongTermDebtTotalCash$2.67McashAndShortTermInvestmentsInvested capital$902.09KROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.69xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$36.38MoperatingIncomeNet PP&E$21.55MpropertyPlantAndEquipmentNetResult -1.69x |
| 2024 | 19.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$39.29MpropertyPlantAndEquipmentNetInventory$959.99KinventoryTotal assets$205.01MtotalAssetsResult 19.6% | 0.01xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$383.23KtotalRevenueNet PP&E$39.29MpropertyPlantAndEquipmentNetResult 0.01x | 0.21xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.06McapitalExpendituresD&A$5.10MdepreciationAndAmortizationResult 0.21x | -$1.06Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$205.01MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$286.92MtotalLiabTangible book-$81.91MShares77,222,990commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$1.06 | -0.52xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$27.07MebitdaCapex$1.06McapitalExpendituresInterest$8.02MinterestExpenseShort-term debt$45.71MshortLongTermDebtEBITDA − capex-$28.13MPrincipal due is the current portion of debt.Result -0.52x | -$23.28MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$22.23MtotalCashFromOperatingActivitiesCapex$1.06McapitalExpendituresFree cash flow-$23.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$23.28M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$33.09MoperatingIncomeTax expense—Not reportedPretax income-$40.20MincomeBeforeTaxTax rate—Equity-$80.35MtotalStockholderEquityDebt$220.51MshortLongTermDebtTotalCash$1.19McashAndShortTermInvestmentsInvested capital$138.97MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.84xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$33.09MoperatingIncomeNet PP&E$39.29MpropertyPlantAndEquipmentNetResult -0.84x |
| 2025 | 0.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$143.07KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$168.91MtotalAssetsInventory was not reported and is treated as zero.Result 0.1% | 0.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$143.07KpropertyPlantAndEquipmentNetResult 0.00x | 0.30xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$37.29KcapitalExpendituresD&A$122.92KdepreciationAndAmortizationResult 0.30x | $1.07Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$168.91MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$75.72MtotalLiabTangible book$93.19MShares87,274,415commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.07 | -2.13xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$15.95MebitdaCapex$37.29KcapitalExpendituresInterest$1.76MinterestExpenseShort-term debt$5.74MshortTermDebtEBITDA − capex-$15.98MPrincipal due is short-term debt.Result -2.13x | -$17.82MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$17.78MtotalCashFromOperatingActivitiesCapex$37.29KcapitalExpendituresFree cash flow-$17.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$17.82M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.31MoperatingIncomeTax expense—Not reportedPretax income-$17.83MincomeBeforeTaxTax rate—Equity$94.78MtotalStockholderEquityDebt$965.29KlongTermDebt + shortLongTermDebtCash$72.17McashAndShortTermInvestmentsInvested capital$23.57MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -79.04xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$11.31MoperatingIncomeNet PP&E$143.07KpropertyPlantAndEquipmentNetResult -79.04x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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: $143.07K
Inventory: $0.00
Total assets: $168.91M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $75.72M
Tangible book: $93.19M
Shares: 87,274,415
Revenue: $0.00
Capex: $37.29K
D&A: $122.92K
EBITDA: -$15.95M
Interest: $1.76M
Short-term debt: $5.74M
Free cash flow: -$17.82M
Operating income: -$11.31M
Invested capital: $23.57M
Tax rate: —