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.
Bitfarms Ltd
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 0.82x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -2.37x, which is below 1.
Fixed-asset turnover is 0.62x. Compare it with other names in the same basket.
Physical asset ratio
29.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$371.56MpropertyPlantAndEquipmentNetInventory$8.68MinventoryTotal assets$1.30BtotalAssetsResult 29.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.62xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$229.28MtotalRevenueNet PP&E$371.56MpropertyPlantAndEquipmentNetResult 0.62x
Revenue per dollar of the physical asset base.
Capex / D&A
0.82xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$100.30McapitalExpendituresD&A$122.63MreconciledDepreciationResult 0.82x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.01Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.30BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.98MintangibleAssetsLiabilities$735.97MtotalLiabTangible book$557.39MShares551,676,757commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.01
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$1.012025-12-31A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
-2.37xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$149.60MebitdaCapex$100.30McapitalExpendituresInterest$8.62MinterestExpenseShort-term debt$97.02MshortLongTermDebtEBITDA − capex-$249.90MPrincipal due is the current portion of debt.Result -2.37x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-27.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$326.89MfreeCashFlowMarket cap$1.20BMarketCapitalizationResult -27.2%
Latest free cash flow divided by current market cap ($1.20B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$149.60MoperatingIncomeTax expense$101.00KincomeTaxExpensePretax income-$208.41MincomeBeforeTaxTax rate—Equity$560.38MtotalStockholderEquityDebt$683.78MshortLongTermDebtTotalCash$573.46McashInvested capital$670.69MROIC 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 -0.40x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 80.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$20.86MpropertyPlantEquipmentInventory$124.00KinventoryTotal assets$26.23MtotalAssetsResult 80.0% | 1.62xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$33.81MtotalRevenueNet PP&E$20.86MpropertyPlantEquipmentResult 1.62x | 1.82xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$22.79McapitalExpendituresD&A$12.55MdepreciationAndAmortizationResult 1.82x | $0.35Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.23MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.01MintangibleAssetsLiabilities$5.58MtotalLiabTangible book$19.64MShares56,916,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.35 | -26.06xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$5.57MebitdaCapex$22.79McapitalExpendituresInterest$63.00KinterestExpenseShort-term debt$1.03MshortTermDebtEBITDA − capex-$28.36MPrincipal due is short-term debt.Result -26.06x | -$9.03MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$13.76MtotalCashFromOperatingActivitiesCapex$22.79McapitalExpendituresFree cash flow-$9.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$9.03M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$18.00MoperatingIncomeTax expense$59.00KincomeTaxExpensePretax income-$18.18MincomeBeforeTaxTax rate—Equity$15.44MtotalStockholderEquityDebt$1.72MshortLongTermDebtTotalCash$552.00KcashInvested capital$16.61MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.86xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$18.00MoperatingIncomeNet PP&E$20.86MpropertyPlantEquipmentResult -0.86x |
| 2019 | 83.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$44.13MpropertyPlantAndEquipmentNetInventory$135.00KinventoryTotal assets$52.86MtotalAssetsResult 83.8% | 0.73xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$32.42MtotalRevenueNet PP&E$44.13MpropertyPlantAndEquipmentNetResult 0.73x | 3.47xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$23.78McapitalExpendituresD&A$6.84MdepreciationAndAmortizationResult 3.47x | $0.39Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$52.86MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$675.00KintangibleAssetsLiabilities$24.77MtotalLiabTangible book$27.41MShares71,058,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.39 | -3.42xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.63MebitdaCapex$23.78McapitalExpendituresInterest$3.27MinterestExpenseShort-term debt$874.00KshortLongTermDebtEBITDA − capex-$14.15MPrincipal due is the current portion of debt.Result -3.42x | -$17.76MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$6.02MtotalCashFromOperatingActivitiesCapex$23.78McapitalExpendituresFree cash flow-$17.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$17.76M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.40MoperatingIncomeTax expense-$2.59MincomeTaxExpensePretax income-$484.00KincomeBeforeTaxTax rate—Equity$28.09MtotalStockholderEquityDebt$22.19MshortLongTermDebtTotalCash$2.16McashInvested capital$48.12MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.03xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.40MoperatingIncomeNet PP&E$44.13MpropertyPlantAndEquipmentNetResult 0.03x |
| 2020 | 80.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$41.22MpropertyPlantAndEquipmentNetInventory$169.00KinventoryTotal assets$51.70MtotalAssetsResult 80.0% | 0.84xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$34.70MtotalRevenueNet PP&E$41.22MpropertyPlantAndEquipmentNetResult 0.84x | 0.39xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$4.48McapitalExpendituresD&A$11.49MdepreciationAndAmortizationResult 0.39x | $0.18Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.70MtotalAssetsGoodwill$0.00goodWillIntangibles$377.00KintangibleAssetsLiabilities$36.26MtotalLiabTangible book$15.07MShares84,915,000commonStockSharesOutstandingResult $0.18 | -0.13xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.47MebitdaCapex$4.48McapitalExpendituresInterest$6.10MinterestExpenseShort-term debt$17.17MshortLongTermDebtEBITDA − capex-$3.01MPrincipal due is the current portion of debt.Result -0.13x | $2.74MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$7.22MtotalCashFromOperatingActivitiesCapex$4.48McapitalExpendituresFree cash flow$2.74MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.74M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$6.73MoperatingIncomeTax expense$172.00KincomeTaxExpensePretax income-$16.12MincomeBeforeTaxTax rate—Equity$15.45MtotalStockholderEquityDebt$17.35MlongTermDebt + shortLongTermDebtCash$5.95McashInvested capital$26.85MReported 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 — | -0.16xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$6.73MoperatingIncomeNet PP&E$41.22MpropertyPlantAndEquipmentNetResult -0.16x |
| 2021 | 27.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$146.25MpropertyPlantEquipmentInventory$548.00KinventoryTotal assets$542.59MtotalAssetsResult 27.1% | 1.16xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$169.49MtotalRevenueNet PP&E$146.25MpropertyPlantEquipmentResult 1.16x | 7.90xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$193.26McapitalExpendituresD&A$24.48MdepreciationAndAmortizationResult 7.90x | $2.01Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$542.59MtotalAssetsGoodwill$16.96MgoodWillIntangibles$1.68MintangibleAssetsLiabilities$183.58MtotalLiabTangible book$340.37MShares169,392,265commonStockSharesOutstandingResult $2.01 | -1.67xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$70.53MebitdaCapex$193.26McapitalExpendituresInterest$3.42MinterestExpenseShort-term debt$70.26MshortLongTermDebtEBITDA − capex-$122.72MPrincipal due is the current portion of debt.Result -1.67x | -$230.43MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$37.17MtotalCashFromOperatingActivitiesCapex$193.26McapitalExpendituresFree cash flow-$230.43MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$230.43M | 15.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$63.64MoperatingIncomeTax expense$20.51MincomeTaxExpensePretax income$42.64MincomeBeforeTaxTax rate40.0%Equity$359.01MtotalStockholderEquityDebt$84.74MshortLongTermDebtTotalCash$191.63McashAndShortTermInvestmentsInvested capital$252.12MThe effective tax rate was above 40% and was capped at 40%.Result 15.1% | 0.44xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$63.64MoperatingIncomeNet PP&E$146.25MpropertyPlantEquipmentResult 0.44x |
| 2022 | 78.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$268.02MpropertyPlantAndEquipmentNetInventory$588.00KinventoryTotal assets$343.10MtotalAssetsResult 78.3% | 0.53xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$142.43MtotalRevenueNet PP&E$268.02MpropertyPlantAndEquipmentNetResult 0.53x | 2.69xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$194.98McapitalExpendituresD&A$72.42MdepreciationAndAmortizationResult 2.69x | $1.23Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$343.10MtotalAssetsGoodwill$0.00goodWillIntangibles$33.00KintangibleAssetsLiabilities$87.70MtotalLiabTangible book$255.37MShares207,776,000commonStockSharesOutstandingResult $1.23 | -5.26xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$106.42MebitdaCapex$194.98McapitalExpendituresInterest$14.22MinterestExpenseShort-term debt$43.05MshortLongTermDebtEBITDA − capex-$301.39MPrincipal due is the current portion of debt.Result -5.26x | -$158.73MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$36.25MtotalCashFromOperatingActivitiesCapex$194.98McapitalExpendituresFree cash flow-$158.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$158.73M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$284.02MoperatingIncomeTax expense-$17.41MincomeTaxExpensePretax income-$193.06MincomeBeforeTaxTax rate—Equity$255.40MtotalStockholderEquityDebt$65.01MshortLongTermDebtTotalCash$35.44McashAndShortTermInvestmentsInvested capital$284.97MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.06xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$284.02MoperatingIncomeNet PP&E$268.02MpropertyPlantAndEquipmentNetResult -1.06x |
| 2023 | 53.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$200.33MpropertyPlantAndEquipmentNetInventory$705.00KinventoryTotal assets$378.73MtotalAssetsResult 53.1% | 0.73xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$146.37MtotalRevenueNet PP&E$200.33MpropertyPlantAndEquipmentNetResult 0.73x | 0.84xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$72.61McapitalExpendituresD&A$86.34MdepreciationAndAmortizationResult 0.84x | $1.11Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$378.73MtotalAssetsGoodwill$0.00goodWillIntangibles$3.70MintangibleAssetsLiabilities$83.96MtotalLiabTangible book$291.06MShares262,237,000commonStockSharesOutstandingResult $1.11 | -5.55xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$15.86MebitdaCapex$72.61McapitalExpendituresInterest$11.92MinterestExpenseShort-term debt$4.02MshortLongTermDebtEBITDA − capex-$88.47MPrincipal due is the current portion of debt.Result -5.55x | -$48.58MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$24.03MtotalCashFromOperatingActivitiesCapex$72.61McapitalExpendituresFree cash flow-$48.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$48.58M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$72.13MoperatingIncomeTax expense-$401.00KincomeTaxExpensePretax income-$104.44MincomeBeforeTaxTax rate—Equity$294.76MtotalStockholderEquityDebt$4.02MlongTermDebt + shortLongTermDebtCash$84.04McashInvested capital$214.75MReported 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 — | -0.36xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$72.13MoperatingIncomeNet PP&E$200.33MpropertyPlantAndEquipmentNetResult -0.36x |
| 2024 | 63.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$423.40MpropertyPlantAndEquipmentNetInventory$1.18MinventoryTotal assets$667.62MtotalAssetsResult 63.6% | 0.46xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$192.88MtotalRevenueNet PP&E$423.40MpropertyPlantAndEquipmentNetResult 0.46x | 2.41xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$339.85McapitalExpendituresD&A$140.97MdepreciationAndAmortizationResult 2.41x | $1.46Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$667.62MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.04MintangibleAssetsLiabilities$59.62MtotalLiabTangible book$603.96MShares414,670,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.46 | -140.92xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$74.35MebitdaCapex$339.85McapitalExpendituresInterest$1.74MinterestExpenseShort-term debt$146.00KshortLongTermDebtEBITDA − capex-$265.50MPrincipal due is the current portion of debt.Result -140.92x | -$480.42MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$140.56MtotalCashFromOperatingActivitiesCapex$339.85McapitalExpendituresFree cash flow-$480.42MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$480.42M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$107.56MoperatingIncomeTax expense-$14.29MincomeTaxExpensePretax income-$68.35MincomeBeforeTaxTax rate—Equity$608.00MtotalStockholderEquityDebt$1.58MlongTermDebt + shortLongTermDebtCash$146.84McashAndShortTermInvestmentsInvested capital$462.73MReported 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 — | -0.25xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$107.56MoperatingIncomeNet PP&E$423.40MpropertyPlantAndEquipmentNetResult -0.25x |
| 2025 | 29.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$371.56MpropertyPlantAndEquipmentNetInventory$8.68MinventoryTotal assets$1.30BtotalAssetsResult 29.3% | 0.62xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$229.28MtotalRevenueNet PP&E$371.56MpropertyPlantAndEquipmentNetResult 0.62x | 0.82xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$100.30McapitalExpendituresD&A$122.63MreconciledDepreciationResult 0.82x | $1.01Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.30BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.98MintangibleAssetsLiabilities$735.97MtotalLiabTangible book$557.39MShares551,676,757commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.01 | -2.37xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$149.60MebitdaCapex$100.30McapitalExpendituresInterest$8.62MinterestExpenseShort-term debt$97.02MshortLongTermDebtEBITDA − capex-$249.90MPrincipal due is the current portion of debt.Result -2.37x | -$326.89MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$226.59MtotalCashFromOperatingActivitiesCapex$100.30McapitalExpendituresFree cash flow-$326.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$326.89M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$149.60MoperatingIncomeTax expense$101.00KincomeTaxExpensePretax income-$208.41MincomeBeforeTaxTax rate—Equity$560.38MtotalStockholderEquityDebt$683.78MshortLongTermDebtTotalCash$573.46McashInvested capital$670.69MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.40xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$149.60MoperatingIncomeNet PP&E$371.56MpropertyPlantAndEquipmentNetResult -0.40x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $371.56M
Inventory: $8.68M
Total assets: $1.30B
Goodwill: $0.00
Intangibles: $2.98M
Liabilities: $735.97M
Tangible book: $557.39M
Shares: 551,676,757
Revenue: $229.28M
Capex: $100.30M
D&A: $122.63M
EBITDA: -$149.60M
Interest: $8.62M
Short-term debt: $97.02M
Free cash flow: -$326.89M
Operating income: -$149.60M
Invested capital: $670.69M
Tax rate: —