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.
Bridgewater Bancshares 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 1.48x 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. EBITDA after capex covers debt service by 0.40x, which is below 1.
Fixed-asset turnover is 5.65x. Compare it with other names in the same basket.
Physical asset ratio
1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$51.58MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$5.41BtotalAssetsInventory was not reported and is treated as zero.Result 1.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.65xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$291.63MtotalRevenueNet PP&E$51.58MpropertyPlantAndEquipmentNetResult 5.65x
Revenue per dollar of the physical asset base.
Capex / D&A
1.48xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$5.85McapitalExpendituresD&A$3.95MdepreciationAndAmortizationResult 1.48x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$17.39Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.41BtotalAssetsGoodwill$11.98MgoodWillIntangibles$6.93MintangibleAssetsLiabilities$4.89BtotalLiabTangible book$498.18MShares28,651,163commonStockSharesOutstandingResult $17.39
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.16xPrice / tangible bookPrice / tangible book per sharePrice$20.21Latest quoteTangible book / share$17.392025-12-31Result 1.16x
Price $20.21.
Fixed-charge coverage
0.40xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$65.43MebitdaCapex$5.85McapitalExpendituresInterest$149.41MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$59.58MShort-term debt is total debt minus long-term debt.Result 0.40x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$21.97MfreeCashFlowMarket cap$567.16MMarketCapitalizationResult 3.9%
Latest free cash flow divided by current market cap ($567.16M).
ROIC
8.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$61.48MoperatingIncomeTax expense$13.94MincomeTaxExpensePretax income$60.03MincomeBeforeTaxTax rate23.2%Equity$517.10MtotalStockholderEquityDebt$508.18MshortLongTermDebtTotalCash$449.71McashAndShortTermInvestmentsInvested capital$575.56MResult 8.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.19x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.07MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$1.97BtotalAssetsInventory was not reported and is treated as zero.Result 0.7% | 6.71xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$87.77MtotalRevenueNet PP&E$13.07MpropertyPlantEquipmentResult 6.71x | 3.91xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$3.72McapitalExpendituresD&A$952.00KdepreciationAndAmortizationResult 3.91x | $7.38Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.97BtotalAssetsGoodwill$2.63MgoodWillIntangibles$1.05MintangibleAssetsLiabilities$1.75BtotalLiabTangible book$217.32MShares29,436,000commonStockSharesOutstandingResult $7.38 | 0.76xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$33.10MebitdaCapex$3.72McapitalExpendituresInterest$20.49MinterestExpenseShort-term debt$18.00MshortTermDebtEBITDA − capex$29.38MPrincipal due is short-term debt.Result 0.76x | $25.69MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$29.41MtotalCashFromOperatingActivitiesCapex$3.72McapitalExpendituresFree cash flow$25.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $25.69M | 22.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$32.14MoperatingIncomeTax expense$5.22MincomeTaxExpensePretax income$32.14MincomeBeforeTaxTax rate16.3%Equity$221.00MtotalStockholderEquityDebt$181.63MshortLongTermDebtTotalCash$285.13McashAndShortTermInvestmentsInvested capital$117.50MResult 22.9% | 2.46xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$32.14MoperatingIncomeNet PP&E$13.07MpropertyPlantEquipmentResult 2.46x |
| 2019 | -0.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.63MpropertyPlantEquipmentInventory-$41.36MinventoryTotal assets$2.27BtotalAssetsResult -0.6% | 3.89xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$107.60MtotalRevenueNet PP&E$27.63MpropertyPlantEquipmentResult 3.89x | 12.99xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$15.57McapitalExpendituresD&A$1.20MdepreciationAndAmortizationResult 12.99x | $8.04Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.27BtotalAssetsGoodwill$2.63MgoodWillIntangibles$861.00KintangibleAssetsLiabilities$2.02BtotalLiabTangible book$241.31MShares29,997,000commonStockSharesOutstandingResult $8.04 | 0.58xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$39.53MebitdaCapex$15.57McapitalExpendituresInterest$29.65MinterestExpenseShort-term debt$12.00MshortTermDebtEBITDA − capex$23.95MPrincipal due is short-term debt.Result 0.58x | $23.96MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$39.53MtotalCashFromOperatingActivitiesCapex$15.57McapitalExpendituresFree cash flow$23.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $23.96M | 33.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$38.33MoperatingIncomeTax expense$6.92MincomeTaxExpensePretax income$38.33MincomeBeforeTaxTax rate18.1%Equity$244.79MtotalStockholderEquityDebt$174.23MshortLongTermDebtTotalCash$324.47McashAndShortTermInvestmentsInvested capital$94.56MResult 33.2% | 1.39xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$38.33MoperatingIncomeNet PP&E$27.63MpropertyPlantEquipmentResult 1.39x |
| 2020 | -4.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$50.99MpropertyPlantEquipmentInventory-$172.71MinventoryTotal assets$2.93BtotalAssetsResult -4.2% | 2.37xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$120.67MtotalRevenueNet PP&E$50.99MpropertyPlantEquipmentResult 2.37x | 17.67xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$24.69McapitalExpendituresD&A$1.40MdepreciationAndAmortizationResult 17.67x | $8.99Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.93BtotalAssetsGoodwill$2.63MgoodWillIntangibles$670.00KintangibleAssetsLiabilities$2.66BtotalLiabTangible book$262.11MShares29,170,000commonStockSharesOutstandingResult $8.99 | 0.30xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$37.06MebitdaCapex$24.69McapitalExpendituresInterest$26.86MinterestExpenseShort-term debt$15.00MshortTermDebtEBITDA − capex$12.38MPrincipal due is short-term debt.Result 0.30x | -$1.67MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$23.02MtotalCashFromOperatingActivitiesCapex$24.69McapitalExpendituresFree cash flow-$1.67MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.67M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$35.67MoperatingIncomeTax expense$8.47MincomeTaxExpensePretax income$35.67MincomeBeforeTaxTax rate23.8%Equity$265.41MtotalStockholderEquityDebt$84.74MlongTermDebt + shortLongTermDebtCash$554.16McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.70xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$35.67MoperatingIncomeNet PP&E$50.99MpropertyPlantEquipmentResult 0.70x |
| 2021 | -3.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$49.40MpropertyPlantEquipmentInventory-$154.54MinventoryTotal assets$3.48BtotalAssetsResult -3.0% | 2.72xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$134.19MtotalRevenueNet PP&E$49.40MpropertyPlantEquipmentResult 2.72x | 0.30xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$777.00KcapitalExpendituresD&A$2.56MdepreciationAndAmortizationResult 0.30x | $12.99Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.48BtotalAssetsGoodwill$2.63MgoodWillIntangibles$479.00KintangibleAssetsLiabilities$3.10BtotalLiabTangible book$376.17MShares28,968,000commonStockSharesOutstandingResult $12.99 | 3.27xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$64.13MebitdaCapex$777.00KcapitalExpendituresInterest$19.37MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$63.36MShort-term debt is total debt minus long-term debt.Result 3.27x | $53.46MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$54.24MtotalCashFromOperatingActivitiesCapex$777.00KcapitalExpendituresFree cash flow$53.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $53.46M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$61.57MoperatingIncomeTax expense$15.89MincomeTaxExpensePretax income$61.57MincomeBeforeTaxTax rate25.8%Equity$379.27MtotalStockholderEquityDebt$134.74MshortLongTermDebtTotalCash$584.71McashAndShortTermInvestmentsInvested capital—Result — | 1.25xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$61.57MoperatingIncomeNet PP&E$49.40MpropertyPlantEquipmentResult 1.25x |
| 2022 | -1.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$48.45MpropertyPlantEquipmentInventory-$101.70MinventoryTotal assets$4.35BtotalAssetsResult -1.2% | 3.50xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$169.34MtotalRevenueNet PP&E$48.45MpropertyPlantEquipmentResult 3.50x | 0.50xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.63McapitalExpendituresD&A$3.25MdepreciationAndAmortizationResult 0.50x | $13.64Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.35BtotalAssetsGoodwill$2.63MgoodWillIntangibles$288.00KintangibleAssetsLiabilities$3.95BtotalLiabTangible book$391.15MShares28,668,000commonStockSharesOutstandingResult $13.64 | 0.23xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$74.96MebitdaCapex$1.63McapitalExpendituresInterest$34.00MinterestExpenseShort-term debt$287.00MshortTermDebtEBITDA − capex$73.33MPrincipal due is short-term debt.Result 0.23x | $83.37MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$85.00MtotalCashFromOperatingActivitiesCapex$1.63McapitalExpendituresFree cash flow$83.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $83.37M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$71.71MoperatingIncomeTax expense$18.32MincomeTaxExpensePretax income$71.71MincomeBeforeTaxTax rate25.5%Equity$394.06MtotalStockholderEquityDebt$189.66MlongTermDebt + shortLongTermDebtCash$636.84McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 1.48xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$71.71MoperatingIncomeNet PP&E$48.45MpropertyPlantEquipmentResult 1.48x |
| 2023 | 3.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$48.89MpropertyPlantAndEquipmentNetInventory$111.87MinventoryTotal assets$4.61BtotalAssetsResult 3.5% | 4.64xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$226.95MtotalRevenueNet PP&E$48.89MpropertyPlantAndEquipmentNetResult 4.64x | 0.94xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.97McapitalExpendituresD&A$3.14MdepreciationAndAmortizationResult 0.94x | $14.93Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.61BtotalAssetsGoodwill$2.63MgoodWillIntangibles$188.00KintangibleAssetsLiabilities$4.19BtotalLiabTangible book$422.70MShares28,316,000commonStockSharesOutstandingResult $14.93 | 0.15xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$55.67MebitdaCapex$2.97McapitalExpendituresInterest$117.18MinterestExpenseShort-term debt$233.59MshortTermDebtEBITDA − capex$52.70MPrincipal due is short-term debt.Result 0.15x | $27.05MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$30.02MtotalCashFromOperatingActivitiesCapex$2.97McapitalExpendituresFree cash flow$27.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $27.05M | 37.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$52.52MoperatingIncomeTax expense$12.56MincomeTaxExpensePretax income$52.52MincomeBeforeTaxTax rate23.9%Equity$425.52MtotalStockholderEquityDebt$412.54MshortLongTermDebtTotalCash$732.67McashAndShortTermInvestmentsInvested capital$105.39MResult 37.9% | 1.07xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$52.52MoperatingIncomeNet PP&E$48.89MpropertyPlantAndEquipmentNetResult 1.07x |
| 2024 | 1.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$49.53MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$5.07BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 5.08xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$251.45MtotalRevenueNet PP&E$49.53MpropertyPlantAndEquipmentNetResult 5.08x | 1.36xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.08McapitalExpendituresD&A$3.01MdepreciationAndAmortizationResult 1.36x | $15.68Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.07BtotalAssetsGoodwill$11.98MgoodWillIntangibles$7.85MintangibleAssetsLiabilities$4.61BtotalLiabTangible book$438.10MShares27,943,000commonStockSharesOutstandingResult $15.68 | 0.26xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$45.74MebitdaCapex$4.08McapitalExpendituresInterest$143.71MinterestExpenseShort-term debt$13.75MshortTermDebtEBITDA − capex$41.66MPrincipal due is short-term debt.Result 0.26x | $42.30MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$46.38MtotalCashFromOperatingActivitiesCapex$4.08McapitalExpendituresFree cash flow$42.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $42.30M | 11.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$42.74MoperatingIncomeTax expense$9.91MincomeTaxExpensePretax income$42.74MincomeBeforeTaxTax rate23.2%Equity$457.94MtotalStockholderEquityDebt$452.92MshortLongTermDebtTotalCash$619.83McashAndShortTermInvestmentsInvested capital$291.03MResult 11.3% | 0.86xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$42.74MoperatingIncomeNet PP&E$49.53MpropertyPlantAndEquipmentNetResult 0.86x |
| 2025 | 1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$51.58MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$5.41BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 5.65xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$291.63MtotalRevenueNet PP&E$51.58MpropertyPlantAndEquipmentNetResult 5.65x | 1.48xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$5.85McapitalExpendituresD&A$3.95MdepreciationAndAmortizationResult 1.48x | $17.39Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.41BtotalAssetsGoodwill$11.98MgoodWillIntangibles$6.93MintangibleAssetsLiabilities$4.89BtotalLiabTangible book$498.18MShares28,651,163commonStockSharesOutstandingResult $17.39 | 0.40xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$65.43MebitdaCapex$5.85McapitalExpendituresInterest$149.41MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$59.58MShort-term debt is total debt minus long-term debt.Result 0.40x | $21.97MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$27.81MtotalCashFromOperatingActivitiesCapex$5.85McapitalExpendituresFree cash flow$21.97MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.97M | 8.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$61.48MoperatingIncomeTax expense$13.94MincomeTaxExpensePretax income$60.03MincomeBeforeTaxTax rate23.2%Equity$517.10MtotalStockholderEquityDebt$508.18MshortLongTermDebtTotalCash$449.71McashAndShortTermInvestmentsInvested capital$575.56MResult 8.2% | 1.19xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$61.48MoperatingIncomeNet PP&E$51.58MpropertyPlantAndEquipmentNetResult 1.19x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $51.58M
Inventory: $0.00
Total assets: $5.41B
Goodwill: $11.98M
Intangibles: $6.93M
Liabilities: $4.89B
Tangible book: $498.18M
Shares: 28,651,163
Revenue: $291.63M
Capex: $5.85M
D&A: $3.95M
EBITDA: $65.43M
Interest: $149.41M
Short-term debt: $0.00
Free cash flow: $21.97M
Operating income: $61.48M
Invested capital: $575.56M
Tax rate: 23.2%