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.
Webull Corp
Physical assets are 2.6% of total assets, a light footprint. Capex is 1.53x 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 13.1%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 5.70x.
Physical asset ratio
2.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$100.25MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.88BtotalAssetsInventory was not reported and is treated as zero.Result 2.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.70xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$571.00MtotalRevenueNet PP&E$100.25MpropertyPlantAndEquipmentNetResult 5.70x
Revenue per dollar of the physical asset base.
Capex / D&A
1.53xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.89McapitalExpendituresD&A$3.20MdepreciationAndAmortizationResult 1.53x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.34Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.88BtotalAssetsGoodwill$30.26MgoodWillIntangibles$55.43MintangibleAssetsLiabilities$2.86BtotalLiabTangible book$930.78MShares396,999,679commonStockSharesOutstandingResult $2.34
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.21xPrice / tangible bookPrice / tangible book per sharePrice$5.17Latest quoteTangible book / share$2.342025-12-31Result 2.21x
Price $5.17.
Fixed-charge coverage
5.40xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$53.86MebitdaCapex$4.89McapitalExpendituresInterest$5.46MinterestExpenseShort-term debt$3.61MshortTermDebtEBITDA − capex$48.98MPrincipal due is short-term debt.Result 5.40x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
19.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$561.54MfreeCashFlowMarket cap$2.88BMarketCapitalizationResult 19.5%
Latest free cash flow divided by current market cap ($2.88B).
ROIC
13.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$58.47MoperatingIncomeTax expense$20.83MincomeTaxExpensePretax income$45.20MincomeBeforeTaxTax rate40.0%Equity$1.02BtotalStockholderEquityDebt$77.52MshortLongTermDebtTotalCash$825.50McashAndShortTermInvestmentsInvested capital$268.32MThe effective tax rate was above 40% and was capped at 40%.Result 13.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.58x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 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—Not reportedNet PP&E—Not reportedResult — | —Capex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex—Not reportedD&A—Not reportedResult — | —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—Shares500,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | —Fixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$33.83KebitdaCapex—Not reportedInterest—Not reportedShort-term debt—Not reportedResult — | —Free cash flow · 2021-12-31Operating cash flow − capexOperating cash flow—Not reportedCapex—Not reportedFree cash flow—Not reportedResult — | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$33.83KoperatingIncomeTax expense—Not reportedPretax income-$33.83KincomeBeforeTaxTax rate—Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$33.83KoperatingIncomeNet PP&E—Not reportedResult — |
| 2022 | 4.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$44.43MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.09BtotalAssetsInventory was not reported and is treated as zero.Result 4.1% | 8.74xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$388.33MtotalRevenueNet PP&E$44.43MpropertyPlantAndEquipmentNetResult 8.74x | 6.62xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$31.55McapitalExpendituresD&A$4.77MdepreciationAndAmortizationResult 6.62x | $1.08Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.09BtotalAssetsGoodwill$0.00goodWillIntangibles$18.04MintangibleAssetsLiabilities$578.18MtotalLiabTangible book$495.46MShares459,363,005commonStockSharesOutstandingResult $1.08 | —Fixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$70.45MebitdaCapex$31.55McapitalExpendituresInterest—Not reportedShort-term debt$7.75MshortTermDebtEBITDA − capex$38.90MPrincipal due is short-term debt.Result — | -$62.76MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$31.21MtotalCashFromOperatingActivitiesCapex$31.55McapitalExpendituresFree cash flow-$62.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$62.76M | 43.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$68.55MoperatingIncomeTax expense$32.21MincomeTaxExpensePretax income$65.69MincomeBeforeTaxTax rate40.0%Equity$513.50MtotalStockholderEquityDebt$17.38MshortLongTermDebtTotalCash$436.71McashAndShortTermInvestmentsInvested capital$94.18MThe effective tax rate was above 40% and was capped at 40%.Result 43.7% | 1.54xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$68.55MoperatingIncomeNet PP&E$44.43MpropertyPlantAndEquipmentNetResult 1.54x |
| 2023 | 3.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$46.21MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.26BtotalAssetsInventory was not reported and is treated as zero.Result 3.7% | 8.43xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$389.60MtotalRevenueNet PP&E$46.21MpropertyPlantAndEquipmentNetResult 8.43x | 1.64xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$4.54McapitalExpendituresD&A$2.78MdepreciationAndAmortizationResult 1.64x | -$3.89Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.26BtotalAssetsGoodwill$5.20MgoodWillIntangibles$21.40MintangibleAssetsLiabilities$3.02BtotalLiabTangible book-$1.79BShares459,363,005commonStockSharesOutstandingResult -$3.89 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$22.96MebitdaCapex$4.54McapitalExpendituresInterest—Not reportedShort-term debt$3.47MshortTermDebtEBITDA − capex$18.41MPrincipal due is short-term debt.Result — | $466.05MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$470.60MtotalCashFromOperatingActivitiesCapex$4.54McapitalExpendituresFree cash flow$466.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $466.05M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$22.98MoperatingIncomeTax expense$16.14MincomeTaxExpensePretax income$20.18MincomeBeforeTaxTax rate40.0%Equity-$1.76BtotalStockholderEquityDebt$13.07MshortLongTermDebtTotalCash$417.87McashAndShortTermInvestmentsInvested capital—The effective tax rate was above 40% and was capped at 40%.Result — | 0.50xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$22.98MoperatingIncomeNet PP&E$46.21MpropertyPlantAndEquipmentNetResult 0.50x |
| 2024 | 4.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$99.92MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.07BtotalAssetsInventory was not reported and is treated as zero.Result 4.8% | 3.91xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$390.23MtotalRevenueNet PP&E$99.92MpropertyPlantAndEquipmentNetResult 3.91x | 0.69xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.41McapitalExpendituresD&A$3.51MdepreciationAndAmortizationResult 0.69x | -$4.96Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.07BtotalAssetsGoodwill$5.20MgoodWillIntangibles$19.42MintangibleAssetsLiabilities$4.32BtotalLiabTangible book-$2.28BShares459,363,005commonStockSharesOutstandingResult -$4.96 | -2.13xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$8.42MebitdaCapex$2.41McapitalExpendituresInterest$122.78KinterestExpenseShort-term debt$4.97MshortTermDebtEBITDA − capex-$10.83MPrincipal due is short-term debt.Result -2.13x | $182.80MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$185.22MtotalCashFromOperatingActivitiesCapex$2.41McapitalExpendituresFree cash flow$182.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $182.80M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$14.35MoperatingIncomeTax expense$13.82MincomeTaxExpensePretax income-$12.05MincomeBeforeTaxTax rate—Equity-$2.26BtotalStockholderEquityDebt$15.41MshortLongTermDebtTotalCash$378.98McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.14xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$14.35MoperatingIncomeNet PP&E$99.92MpropertyPlantAndEquipmentNetResult -0.14x |
| 2025 | 2.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$100.25MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.88BtotalAssetsInventory was not reported and is treated as zero.Result 2.6% | 5.70xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$571.00MtotalRevenueNet PP&E$100.25MpropertyPlantAndEquipmentNetResult 5.70x | 1.53xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.89McapitalExpendituresD&A$3.20MdepreciationAndAmortizationResult 1.53x | $2.34Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.88BtotalAssetsGoodwill$30.26MgoodWillIntangibles$55.43MintangibleAssetsLiabilities$2.86BtotalLiabTangible book$930.78MShares396,999,679commonStockSharesOutstandingResult $2.34 | 5.40xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$53.86MebitdaCapex$4.89McapitalExpendituresInterest$5.46MinterestExpenseShort-term debt$3.61MshortTermDebtEBITDA − capex$48.98MPrincipal due is short-term debt.Result 5.40x | $561.54MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$566.42MtotalCashFromOperatingActivitiesCapex$4.89McapitalExpendituresFree cash flow$561.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $561.54M | 13.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$58.47MoperatingIncomeTax expense$20.83MincomeTaxExpensePretax income$45.20MincomeBeforeTaxTax rate40.0%Equity$1.02BtotalStockholderEquityDebt$77.52MshortLongTermDebtTotalCash$825.50McashAndShortTermInvestmentsInvested capital$268.32MThe effective tax rate was above 40% and was capped at 40%.Result 13.1% | 0.58xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$58.47MoperatingIncomeNet PP&E$100.25MpropertyPlantAndEquipmentNetResult 0.58x |
- 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.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: $100.25M
Inventory: $0.00
Total assets: $3.88B
Goodwill: $30.26M
Intangibles: $55.43M
Liabilities: $2.86B
Tangible book: $930.78M
Shares: 396,999,679
Revenue: $571.00M
Capex: $4.89M
D&A: $3.20M
EBITDA: $53.86M
Interest: $5.46M
Short-term debt: $3.61M
Free cash flow: $561.54M
Operating income: $58.47M
Invested capital: $268.32M
Tax rate: 40.0%