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.
Bowlero Corp
Physical assets are 63.7% of total assets, a heavy footprint. Capex is 1.34x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.09x, which is below 1.
Fixed-asset turnover is 0.59x. Compare it with other names in the same basket.
Physical asset ratio
63.7%Physical asset ratio · 2024-06-30(Net PP&E + inventory) / total assetsNet PP&E$1.97BpropertyPlantAndEquipmentNetInventory$13.17MinventoryTotal assets$3.11BtotalAssetsResult 63.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.59xFixed asset turnover · 2024-06-30Revenue / net PP&ERevenue$1.15BtotalRevenueNet PP&E$1.97BpropertyPlantAndEquipmentNetResult 0.59x
Revenue per dollar of the physical asset base.
Capex / D&A
1.34xCapex / D&A · 2024-06-30Capital expenditures / depreciation and amortizationCapex$194.32McapitalExpendituresD&A$145.36MdepreciationAndAmortizationResult 1.34x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$6.15Tangible book / share · 2024-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.11BtotalAssetsGoodwill$833.89MgoodWillIntangibles$47.05MintangibleAssetsLiabilities$3.16BtotalLiabTangible book-$930.79MShares151,339,634commonStockSharesOutstandingResult -$6.15
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share-$6.152024-06-30A live quote was not available, so price / tangible book could not be calculated.Tangible book per share is not positive, so the multiple is left blank.Result —
Quote unavailable.
Fixed-charge coverage
0.09xFixed-charge coverage · 2024-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$211.42MebitdaCapex$194.32McapitalExpendituresInterest$177.61MinterestExpenseShort-term debt$9.16MshortLongTermDebtEBITDA − capex$17.10MPrincipal due is the current portion of debt.Result 0.09x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-2.3%Free cash flow yield · 2024-06-30Latest free cash flow / current market capFree cash flow-$39.75MfreeCashFlowMarket cap$1.75BMarketCapitalizationResult -2.3%
Latest free cash flow divided by current market cap ($1.75B).
ROIC
—ROIC · 2024-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$91.59MoperatingIncomeTax expense-$27.97MincomeTaxExpensePretax income-$111.55MincomeBeforeTaxTax rate—Equity-$49.85MtotalStockholderEquityDebt$1.14BlongTermDebt + shortLongTermDebtCash$66.97McashInvested capital$1.02BReported 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 0.05x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2015 | —Physical asset ratio · 2015-06-30(Net PP&E + inventory) / total assetsNet PP&E$341.32MpropertyPlantEquipmentInventory$5.44MinventoryTotal assets—Not reportedResult — | —Fixed asset turnover · 2015-06-30Revenue / net PP&ERevenue—Not reportedNet PP&E$341.32MpropertyPlantEquipmentResult — | 1.08xCapex / D&A · 2015-06-30Capital expenditures / depreciation and amortizationCapex$53.21McapitalExpendituresD&A$49.44MdepreciationDepreciation comes from the cash-flow statement because income-statement D&A was missing.Result 1.08x | —Tangible book / share · 2015-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares—Goodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | —Fixed-charge coverage · 2015-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$49.27MOperating income + D&ACapex$53.21McapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex-$3.94MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Result — | -$30.17MFree cash flow · 2015-06-30Operating cash flow − capexOperating cash flow$23.04MtotalCashFromOperatingActivitiesCapex$53.21McapitalExpendituresFree cash flow-$30.17MNot reportedFree cash flow is operating cash flow minus capex because the statement did not report free cash flow.Result -$30.17M | —ROIC · 2015-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$169.00KebitTax expense-$2.86MincomeTaxExpensePretax income—Not reportedTax rate—Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2015-06-30Operating income / net PP&EOperating income-$169.00KebitNet PP&E$341.32MpropertyPlantEquipmentResult 0.00x |
| 2016 | —Physical asset ratio · 2016-06-30(Net PP&E + inventory) / total assetsNet PP&E$328.24MpropertyPlantEquipmentInventory$6.43MinventoryTotal assets—Not reportedResult — | —Fixed asset turnover · 2016-06-30Revenue / net PP&ERevenue—Not reportedNet PP&E$328.24MpropertyPlantEquipmentResult — | 0.94xCapex / D&A · 2016-06-30Capital expenditures / depreciation and amortizationCapex$50.86McapitalExpendituresD&A$54.39MdepreciationDepreciation comes from the cash-flow statement because income-statement D&A was missing.Result 0.94x | —Tangible book / share · 2016-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares—Goodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | —Fixed-charge coverage · 2016-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$92.89MOperating income + D&ACapex$50.86McapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex$42.03MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Result — | $13.58MFree cash flow · 2016-06-30Operating cash flow − capexOperating cash flow$64.44MtotalCashFromOperatingActivitiesCapex$50.86McapitalExpendituresFree cash flow$13.58MNot reportedFree cash flow is operating cash flow minus capex because the statement did not report free cash flow.Result $13.58M | —ROIC · 2016-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$38.50MebitTax expense$2.37MincomeTaxExpensePretax income—Not reportedTax rate—Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.12xEBIT / PP&E · 2016-06-30Operating income / net PP&EOperating income$38.50MebitNet PP&E$328.24MpropertyPlantEquipmentResult 0.12x |
| 2019 | 39.9%Physical asset ratio · 2019-06-30(Net PP&E + inventory) / total assetsNet PP&E$708.90MpropertyPlantEquipmentInventory$8.08MinventoryTotal assets$1.80BtotalAssetsResult 39.9% | 0.95xFixed asset turnover · 2019-06-30Revenue / net PP&ERevenue$672.18MtotalRevenueNet PP&E$708.90MpropertyPlantEquipmentResult 0.95x | 1.24xCapex / D&A · 2019-06-30Capital expenditures / depreciation and amortizationCapex$114.20McapitalExpendituresD&A$92.01MdepreciationAndAmortizationResult 1.24x | -$83.10Tangible book / share · 2019-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.80BtotalAssetsGoodwill$799.45MgoodWillIntangibles$102.86MintangibleAssetsLiabilities$1.39BtotalLiabTangible book-$491.26MShares5,911,428commonStockSharesOutstandingResult -$83.10 | 4.48xFixed-charge coverage · 2019-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$151.67MebitdaCapex$114.20McapitalExpendituresInterest$0.00interestExpenseShort-term debt$8.37MshortTermDebtEBITDA − capex$37.47MPrincipal due is short-term debt.Result 4.48x | -$2.80MFree cash flow · 2019-06-30Reported free cash flowOperating cash flow$111.41MtotalCashFromOperatingActivitiesCapex$114.20McapitalExpendituresFree cash flow-$2.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.80M | —ROIC · 2019-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$59.66MoperatingIncomeTax expense$1.80MincomeTaxExpensePretax income-$3.28MincomeBeforeTaxTax rate—Equity$411.05MtotalStockholderEquityDebt$1.06BshortLongTermDebtTotalCash$114.19McashInvested capital$1.35BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.08xEBIT / PP&E · 2019-06-30Operating income / net PP&EOperating income$59.66MoperatingIncomeNet PP&E$708.90MpropertyPlantEquipmentResult 0.08x |
| 2020 | 42.3%Physical asset ratio · 2020-06-30(Net PP&E + inventory) / total assetsNet PP&E$743.72MpropertyPlantEquipmentInventory$8.17MinventoryTotal assets$1.78BtotalAssetsResult 42.3% | 0.70xFixed asset turnover · 2020-06-30Revenue / net PP&ERevenue$520.43MtotalRevenueNet PP&E$743.72MpropertyPlantEquipmentResult 0.70x | 1.34xCapex / D&A · 2020-06-30Capital expenditures / depreciation and amortizationCapex$119.71McapitalExpendituresD&A$89.23MdepreciationAndAmortizationResult 1.34x | -$2.32Tangible book / share · 2020-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.78BtotalAssetsGoodwill$724.93MgoodWillIntangibles$101.80MintangibleAssetsLiabilities$1.33BtotalLiabTangible book-$382.92MShares165,378,145commonStockSharesOutstandingResult -$2.32 | -0.44xFixed-charge coverage · 2020-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$82.01MebitdaCapex$119.71McapitalExpendituresInterest$80.64MinterestExpenseShort-term debt$5.26MshortTermDebtEBITDA − capex-$37.71MPrincipal due is short-term debt.Result -0.44x | -$100.89MFree cash flow · 2020-06-30Reported free cash flowOperating cash flow$18.82MtotalCashFromOperatingActivitiesCapex$119.71McapitalExpendituresFree cash flow-$100.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$100.89M | —ROIC · 2020-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.23MoperatingIncomeTax expense$8.26MincomeTaxExpensePretax income-$82.63MincomeBeforeTaxTax rate—Equity$443.81MtotalStockholderEquityDebt$1.20BshortLongTermDebtTotalCash$140.71McashInvested capital$1.50BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.01xEBIT / PP&E · 2020-06-30Operating income / net PP&EOperating income-$7.23MoperatingIncomeNet PP&E$743.72MpropertyPlantEquipmentResult -0.01x |
| 2021 | 40.2%Physical asset ratio · 2021-06-30(Net PP&E + inventory) / total assetsNet PP&E$708.80MpropertyPlantEquipmentInventory$8.31MinventoryTotal assets$1.78BtotalAssetsResult 40.2% | 0.56xFixed asset turnover · 2021-06-30Revenue / net PP&ERevenue$395.23MtotalRevenueNet PP&E$708.80MpropertyPlantEquipmentResult 0.56x | 0.47xCapex / D&A · 2021-06-30Capital expenditures / depreciation and amortizationCapex$43.20McapitalExpendituresD&A$91.85MdepreciationAndAmortizationResult 0.47x | -$3.35Tangible book / share · 2021-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.78BtotalAssetsGoodwill$726.16MgoodWillIntangibles$96.06MintangibleAssetsLiabilities$1.45BtotalLiabTangible book-$492.09MShares146,848,329commonStockSharesOutstandingResult -$3.35 | 0.11xFixed-charge coverage · 2021-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$53.21MebitdaCapex$43.20McapitalExpendituresInterest$88.86MinterestExpenseShort-term debt$5.06MshortTermDebtEBITDA − capex$10.02MPrincipal due is short-term debt.Result 0.11x | $15.04MFree cash flow · 2021-06-30Reported free cash flowOperating cash flow$58.23MtotalCashFromOperatingActivitiesCapex$43.20McapitalExpendituresFree cash flow$15.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $15.04M | —ROIC · 2021-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$58.49MoperatingIncomeTax expense-$1.04MincomeTaxExpensePretax income-$127.50MincomeBeforeTaxTax rate—Equity$330.12MtotalStockholderEquityDebt$1.25BshortLongTermDebtTotalCash$187.09McashInvested capital$1.39BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.08xEBIT / PP&E · 2021-06-30Operating income / net PP&EOperating income-$58.49MoperatingIncomeNet PP&E$708.80MpropertyPlantEquipmentResult -0.08x |
| 2022 | 43.6%Physical asset ratio · 2022-06-30(Net PP&E + inventory) / total assetsNet PP&E$797.42MpropertyPlantEquipmentInventory$10.31MinventoryTotal assets$1.85BtotalAssetsResult 43.6% | 1.14xFixed asset turnover · 2022-06-30Revenue / net PP&ERevenue$911.71MtotalRevenueNet PP&E$797.42MpropertyPlantEquipmentResult 1.14x | 1.54xCapex / D&A · 2022-06-30Capital expenditures / depreciation and amortizationCapex$164.80McapitalExpendituresD&A$106.96MdepreciationAndAmortizationResult 1.54x | -$4.20Tangible book / share · 2022-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.85BtotalAssetsGoodwill$742.67MgoodWillIntangibles$104.02MintangibleAssetsLiabilities$1.66BtotalLiabTangible book-$654.37MShares155,837,154commonStockSharesOutstandingResult -$4.20 | 0.06xFixed-charge coverage · 2022-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$170.79MebitdaCapex$164.80McapitalExpendituresInterest$94.46MinterestExpenseShort-term debt$4.97MshortLongTermDebtEBITDA − capex$6.00MPrincipal due is the current portion of debt.Result 0.06x | $12.87MFree cash flow · 2022-06-30Reported free cash flowOperating cash flow$177.67MtotalCashFromOperatingActivitiesCapex$164.80McapitalExpendituresFree cash flow$12.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $12.87M | —ROIC · 2022-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$116.63MoperatingIncomeTax expense-$690.00KincomeTaxExpensePretax income-$30.62MincomeBeforeTaxTax rate—Equity$192.32MtotalStockholderEquityDebt$1.27BshortLongTermDebtTotalCash$132.24McashInvested capital$1.33BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.15xEBIT / PP&E · 2022-06-30Operating income / net PP&EOperating income$116.63MoperatingIncomeNet PP&E$797.42MpropertyPlantEquipmentResult 0.15x |
| 2023 | 58.9%Physical asset ratio · 2023-06-30(Net PP&E + inventory) / total assetsNet PP&E$1.66BpropertyPlantEquipmentInventory$11.47MinventoryTotal assets$2.84BtotalAssetsResult 58.9% | 0.64xFixed asset turnover · 2023-06-30Revenue / net PP&ERevenue$1.06BtotalRevenueNet PP&E$1.66BpropertyPlantEquipmentResult 0.64x | 1.07xCapex / D&A · 2023-06-30Capital expenditures / depreciation and amortizationCapex$149.33McapitalExpendituresD&A$140.20MdepreciationAndAmortizationResult 1.07x | -$3.20Tangible book / share · 2023-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.84BtotalAssetsGoodwill$753.54MgoodWillIntangibles$108.90MintangibleAssetsLiabilities$2.54BtotalLiabTangible book-$562.89MShares175,821,396commonStockSharesOutstandingResult -$3.20 | 0.84xFixed-charge coverage · 2023-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$250.17MebitdaCapex$149.33McapitalExpendituresInterest$110.85MinterestExpenseShort-term debt$9.34MshortLongTermDebtEBITDA − capex$100.84MPrincipal due is the current portion of debt.Result 0.84x | $68.46MFree cash flow · 2023-06-30Reported free cash flowOperating cash flow$217.79MtotalCashFromOperatingActivitiesCapex$149.33McapitalExpendituresFree cash flow$68.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $68.46M | —ROIC · 2023-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$200.80MoperatingIncomeTax expense-$84.24MincomeTaxExpensePretax income-$2.20MincomeBeforeTaxTax rate—Equity$299.55MtotalStockholderEquityDebt$1.15BlongTermDebt + shortLongTermDebtCash$195.63McashInvested capital$1.25BReported 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 — | 0.12xEBIT / PP&E · 2023-06-30Operating income / net PP&EOperating income$200.80MoperatingIncomeNet PP&E$1.66BpropertyPlantEquipmentResult 0.12x |
| 2024 | 63.7%Physical asset ratio · 2024-06-30(Net PP&E + inventory) / total assetsNet PP&E$1.97BpropertyPlantAndEquipmentNetInventory$13.17MinventoryTotal assets$3.11BtotalAssetsResult 63.7% | 0.59xFixed asset turnover · 2024-06-30Revenue / net PP&ERevenue$1.15BtotalRevenueNet PP&E$1.97BpropertyPlantAndEquipmentNetResult 0.59x | 1.34xCapex / D&A · 2024-06-30Capital expenditures / depreciation and amortizationCapex$194.32McapitalExpendituresD&A$145.36MdepreciationAndAmortizationResult 1.34x | -$6.15Tangible book / share · 2024-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.11BtotalAssetsGoodwill$833.89MgoodWillIntangibles$47.05MintangibleAssetsLiabilities$3.16BtotalLiabTangible book-$930.79MShares151,339,634commonStockSharesOutstandingResult -$6.15 | 0.09xFixed-charge coverage · 2024-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$211.42MebitdaCapex$194.32McapitalExpendituresInterest$177.61MinterestExpenseShort-term debt$9.16MshortLongTermDebtEBITDA − capex$17.10MPrincipal due is the current portion of debt.Result 0.09x | -$39.75MFree cash flow · 2024-06-30Reported free cash flowOperating cash flow$154.83MtotalCashFromOperatingActivitiesCapex$194.32McapitalExpendituresFree cash flow-$39.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$39.75M | —ROIC · 2024-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$91.59MoperatingIncomeTax expense-$27.97MincomeTaxExpensePretax income-$111.55MincomeBeforeTaxTax rate—Equity-$49.85MtotalStockholderEquityDebt$1.14BlongTermDebt + shortLongTermDebtCash$66.97McashInvested capital$1.02BReported 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 — | 0.05xEBIT / PP&E · 2024-06-30Operating income / net PP&EOperating income$91.59MoperatingIncomeNet PP&E$1.97BpropertyPlantAndEquipmentNetResult 0.05x |
- Principal due is the current portion of debt.
Latest year inputs (2024)
Net PP&E: $1.97B
Inventory: $13.17M
Total assets: $3.11B
Goodwill: $833.89M
Intangibles: $47.05M
Liabilities: $3.16B
Tangible book: -$930.79M
Shares: 151,339,634
Revenue: $1.15B
Capex: $194.32M
D&A: $145.36M
EBITDA: $211.42M
Interest: $177.61M
Short-term debt: $9.16M
Free cash flow: -$39.75M
Operating income: $91.59M
Invested capital: $1.02B
Tax rate: —