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.
AmeriServ Financial 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 0.54x 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 0.16x, which is below 1.
Fixed-asset turnover is 5.07x. Compare it with other names in the same basket.
Physical asset ratio
1.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.43MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.45BtotalAssetsInventory was not reported and is treated as zero.Result 1.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.07xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$88.34MtotalRevenueNet PP&E$17.43MpropertyPlantAndEquipmentNetResult 5.07x
Revenue per dollar of the physical asset base.
Capex / D&A
0.54xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.12McapitalExpendituresD&A$2.10MdepreciationAndAmortizationResult 0.54x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$6.39Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.45BtotalAssetsGoodwill$13.61MgoodWillIntangibles$56.00KintangibleAssetsLiabilities$1.33BtotalLiabTangible book$105.65MShares16,530,000commonStockSharesOutstandingResult $6.39
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.77xPrice / tangible bookPrice / tangible book per sharePrice$4.91Latest quoteTangible book / share$6.392025-12-31Result 0.77x
Price $4.91.
Fixed-charge coverage
0.16xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.89MebitdaCapex$1.12McapitalExpendituresInterest$29.09MinterestExpenseShort-term debt$18.30MshortTermDebtEBITDA − capex$7.77MPrincipal due is short-term debt.Result 0.16x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$2.06MfreeCashFlowMarket cap$83.71MMarketCapitalizationResult 2.5%
Latest free cash flow divided by current market cap ($83.71M).
ROIC
4.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.80MoperatingIncomeTax expense$1.18MincomeTaxExpensePretax income$6.80MincomeBeforeTaxTax rate17.4%Equity$119.31MtotalStockholderEquityDebt$75.31MshortLongTermDebtTotalCash$68.99McashAndShortTermInvestmentsInvested capital$125.63MResult 4.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.39x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -80.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.35MpropertyPlantEquipmentInventory-$944.41MinventoryTotal assets$1.16BtotalAssetsResult -80.2% | 4.59xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$61.32MtotalRevenueNet PP&E$13.35MpropertyPlantEquipmentResult 4.59x | 1.40xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.14McapitalExpendituresD&A$1.53MdepreciationAndAmortizationResult 1.40x | $4.77Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.16BtotalAssetsGoodwill$11.94MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$1.06BtotalLiabTangible book$86.03MShares18,037,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $4.77 | 0.17xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.98MebitdaCapex$2.14McapitalExpendituresInterest$11.60MinterestExpenseShort-term debt$41.03MshortTermDebtEBITDA − capex$8.83MPrincipal due is short-term debt.Result 0.17x | $5.84MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$7.98MtotalCashFromOperatingActivitiesCapex$2.14McapitalExpendituresFree cash flow$5.84MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.84M | 31.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.45MoperatingIncomeTax expense$1.68MincomeTaxExpensePretax income$9.45MincomeBeforeTaxTax rate17.8%Equity$97.98MtotalStockholderEquityDebt$108.18MshortLongTermDebtTotalCash$181.63McashAndShortTermInvestmentsInvested capital$24.53MResult 31.7% | 0.71xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$9.45MoperatingIncomeNet PP&E$13.35MpropertyPlantEquipmentResult 0.71x |
| 2019 | -0.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.57MpropertyPlantAndEquipmentNetInventory-$26.48MinventoryTotal assets$1.17BtotalAssetsResult -0.7% | 3.48xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$64.54MtotalRevenueNet PP&E$18.57MpropertyPlantAndEquipmentNetResult 3.48x | 1.51xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.82McapitalExpendituresD&A$1.87MdepreciationAndAmortizationResult 1.51x | $4.28Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.17BtotalAssetsGoodwill$11.94MgoodWillIntangibles$11.94MintangibleAssetsLiabilities$1.07BtotalLiabTangible book$74.73MShares17,440,000commonStockSharesOutstandingResult $4.28 | 0.18xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.47MebitdaCapex$2.82McapitalExpendituresInterest$14.33MinterestExpenseShort-term debt$22.41MshortTermDebtEBITDA − capex$6.65MPrincipal due is short-term debt.Result 0.18x | $2.07MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$4.89MtotalCashFromOperatingActivitiesCapex$2.82McapitalExpendituresFree cash flow$2.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.07M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.60MoperatingIncomeTax expense$1.57MincomeTaxExpensePretax income$7.60MincomeBeforeTaxTax rate20.7%Equity$98.61MtotalStockholderEquityDebt$42.88MlongTermDebt + shortLongTermDebtCash$163.92McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.41xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$7.60MoperatingIncomeNet PP&E$18.57MpropertyPlantAndEquipmentNetResult 0.41x |
| 2020 | -1.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.05MpropertyPlantAndEquipmentNetInventory-$36.57MinventoryTotal assets$1.28BtotalAssetsResult -1.4% | 3.50xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$63.16MtotalRevenueNet PP&E$18.05MpropertyPlantAndEquipmentNetResult 3.50x | 0.66xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.33McapitalExpendituresD&A$2.00MdepreciationAndAmortizationResult 0.66x | $4.72Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.28BtotalAssetsGoodwill$11.94MgoodWillIntangibles$11.94MintangibleAssetsLiabilities$1.18BtotalLiabTangible book$80.51MShares17,063,000commonStockSharesOutstandingResult $4.72 | 0.06xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.81MebitdaCapex$1.33McapitalExpendituresInterest$10.52MinterestExpenseShort-term debt$89.69MshortLongTermDebtEBITDA − capex$6.48MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.06x | -$2.70MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$1.37MtotalCashFromOperatingActivitiesCapex$1.33McapitalExpendituresFree cash flow-$2.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.70M | 11.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.81MoperatingIncomeTax expense$1.21MincomeTaxExpensePretax income$5.81MincomeBeforeTaxTax rate20.9%Equity$104.40MtotalStockholderEquityDebt$110.16MshortLongTermDebtTotalCash$175.67McashAndShortTermInvestmentsInvested capital$38.89MResult 11.8% | 0.32xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$5.81MoperatingIncomeNet PP&E$18.05MpropertyPlantAndEquipmentNetResult 0.32x |
| 2021 | -2.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.43MpropertyPlantEquipmentInventory-$46.05MinventoryTotal assets$1.34BtotalAssetsResult -2.1% | 3.70xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$64.43MtotalRevenueNet PP&E$17.43MpropertyPlantEquipmentResult 3.70x | 0.61xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.24McapitalExpendituresD&A$2.04MdepreciationAndAmortizationResult 0.61x | $6.01Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.34BtotalAssetsGoodwill$13.61MgoodWillIntangibles$158.00KintangibleAssetsLiabilities$1.22BtotalLiabTangible book$102.78MShares17,114,000commonStockSharesOutstandingResult $6.01 | 0.31xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.81MebitdaCapex$1.24McapitalExpendituresInterest$7.59MinterestExpenseShort-term debt$23.31MshortTermDebtEBITDA − capex$9.57MPrincipal due is short-term debt.Result 0.31x | $8.70MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$9.94MtotalCashFromOperatingActivitiesCapex$1.24McapitalExpendituresFree cash flow$8.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.70M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.77MoperatingIncomeTax expense$1.70MincomeTaxExpensePretax income$8.77MincomeBeforeTaxTax rate19.4%Equity$116.55MtotalStockholderEquityDebt$72.84MshortLongTermDebtTotalCash$204.27McashAndShortTermInvestmentsInvested capital—Result — | 0.50xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$8.77MoperatingIncomeNet PP&E$17.43MpropertyPlantEquipmentResult 0.50x |
| 2022 | -0.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.50MpropertyPlantAndEquipmentNetInventory-$28.66MinventoryTotal assets$1.36BtotalAssetsResult -0.8% | 3.76xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$65.75MtotalRevenueNet PP&E$17.50MpropertyPlantAndEquipmentNetResult 3.76x | 0.99xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$2.08McapitalExpendituresD&A$2.10MdepreciationAndAmortizationResult 0.99x | $5.39Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.36BtotalAssetsGoodwill$13.61MgoodWillIntangibles$128.00KintangibleAssetsLiabilities$1.26BtotalLiabTangible book$92.44MShares17,146,000commonStockSharesOutstandingResult $5.39 | 0.09xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.30MebitdaCapex$2.08McapitalExpendituresInterest$8.50MinterestExpenseShort-term debt$88.64MshortTermDebtEBITDA − capex$9.22MPrincipal due is short-term debt.Result 0.09x | $3.13MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$5.21MtotalCashFromOperatingActivitiesCapex$2.08McapitalExpendituresFree cash flow$3.13MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.13M | 17.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.20MoperatingIncomeTax expense$1.75MincomeTaxExpensePretax income$9.20MincomeBeforeTaxTax rate19.1%Equity$106.18MtotalStockholderEquityDebt$138.37MshortLongTermDebtTotalCash$202.47McashAndShortTermInvestmentsInvested capital$42.08MResult 17.7% | 0.53xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$9.20MoperatingIncomeNet PP&E$17.50MpropertyPlantAndEquipmentNetResult 0.53x |
| 2023 | 8.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.18MpropertyPlantAndEquipmentNetInventory$106.67MinventoryTotal assets$1.39BtotalAssetsResult 8.9% | 4.50xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$77.25MtotalRevenueNet PP&E$17.18MpropertyPlantAndEquipmentNetResult 4.50x | 0.67xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.38McapitalExpendituresD&A$2.07MdepreciationAndAmortizationResult 0.67x | $5.17Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.39BtotalAssetsGoodwill$13.61MgoodWillIntangibles$101.00KintangibleAssetsLiabilities$1.29BtotalLiabTangible book$88.57MShares17,144,000commonStockSharesOutstandingResult $5.17 | -0.06xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$2.31MebitdaCapex$1.38McapitalExpendituresInterest$24.84MinterestExpenseShort-term debt$40.95MshortTermDebtEBITDA − capex-$3.70MPrincipal due is short-term debt.Result -0.06x | $4.91MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$6.29MtotalCashFromOperatingActivitiesCapex$1.38McapitalExpendituresFree cash flow$4.91MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.91M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$4.39MoperatingIncomeTax expense-$1.04MincomeTaxExpensePretax income-$4.39MincomeBeforeTaxTax rate—Equity$102.28MtotalStockholderEquityDebt$115.56MshortLongTermDebtTotalCash$179.74McashAndShortTermInvestmentsInvested capital$38.10MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.26xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$4.39MoperatingIncomeNet PP&E$17.18MpropertyPlantAndEquipmentNetResult -0.26x |
| 2024 | 1.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.11MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.42BtotalAssetsInventory was not reported and is treated as zero.Result 1.3% | 4.67xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$84.48MtotalRevenueNet PP&E$18.11MpropertyPlantAndEquipmentNetResult 4.67x | 0.82xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.71McapitalExpendituresD&A$2.08MdepreciationAndAmortizationResult 0.82x | $5.57Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.42BtotalAssetsGoodwill$13.61MgoodWillIntangibles$77.00KintangibleAssetsLiabilities$1.32BtotalLiabTangible book$93.56MShares16,802,000commonStockSharesOutstandingResult $5.57 | 0.11xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.48MebitdaCapex$1.71McapitalExpendituresInterest$30.46MinterestExpenseShort-term debt$14.64MshortTermDebtEBITDA − capex$4.77MPrincipal due is short-term debt.Result 0.11x | $976.00KFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$2.69MtotalCashFromOperatingActivitiesCapex$1.71McapitalExpendituresFree cash flow$976.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $976.00K | 10.1%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.40MoperatingIncomeTax expense$798.00KincomeTaxExpensePretax income$4.40MincomeBeforeTaxTax rate18.1%Equity$107.25MtotalStockholderEquityDebt$101.69MshortLongTermDebtTotalCash$173.37McashAndShortTermInvestmentsInvested capital$35.57MResult 10.1% | 0.24xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$4.40MoperatingIncomeNet PP&E$18.11MpropertyPlantAndEquipmentNetResult 0.24x |
| 2025 | 1.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.43MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.45BtotalAssetsInventory was not reported and is treated as zero.Result 1.2% | 5.07xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$88.34MtotalRevenueNet PP&E$17.43MpropertyPlantAndEquipmentNetResult 5.07x | 0.54xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.12McapitalExpendituresD&A$2.10MdepreciationAndAmortizationResult 0.54x | $6.39Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.45BtotalAssetsGoodwill$13.61MgoodWillIntangibles$56.00KintangibleAssetsLiabilities$1.33BtotalLiabTangible book$105.65MShares16,530,000commonStockSharesOutstandingResult $6.39 | 0.16xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.89MebitdaCapex$1.12McapitalExpendituresInterest$29.09MinterestExpenseShort-term debt$18.30MshortTermDebtEBITDA − capex$7.77MPrincipal due is short-term debt.Result 0.16x | $2.06MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$3.19MtotalCashFromOperatingActivitiesCapex$1.12McapitalExpendituresFree cash flow$2.06MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.06M | 4.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.80MoperatingIncomeTax expense$1.18MincomeTaxExpensePretax income$6.80MincomeBeforeTaxTax rate17.4%Equity$119.31MtotalStockholderEquityDebt$75.31MshortLongTermDebtTotalCash$68.99McashAndShortTermInvestmentsInvested capital$125.63MResult 4.5% | 0.39xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$6.80MoperatingIncomeNet PP&E$17.43MpropertyPlantAndEquipmentNetResult 0.39x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $17.43M
Inventory: $0.00
Total assets: $1.45B
Goodwill: $13.61M
Intangibles: $56.00K
Liabilities: $1.33B
Tangible book: $105.65M
Shares: 16,530,000
Revenue: $88.34M
Capex: $1.12M
D&A: $2.10M
EBITDA: $8.89M
Interest: $29.09M
Short-term debt: $18.30M
Free cash flow: $2.06M
Operating income: $6.80M
Invested capital: $125.63M
Tax rate: 17.4%