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.
Avis Budget Group Inc
Physical assets are 12.4% of total assets, a light footprint. Capex is 3.85x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -7.60x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 2.92x.
Physical asset ratio
12.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.99BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$32.19BtotalAssetsInventory was not reported and is treated as zero.Result 12.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.92xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$11.65BtotalRevenueNet PP&E$3.99BpropertyPlantAndEquipmentNetResult 2.92x
Revenue per dollar of the physical asset base.
Capex / D&A
3.85xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$15.27BcapitalExpendituresD&A$3.97BdepreciationAndAmortizationResult 3.85x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$135.23Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$32.19BtotalAssetsGoodwill$1.13BgoodWillIntangibles$589.00MintangibleAssetsLiabilities$35.24BtotalLiabTangible book-$4.76BShares35,200,000commonStockSharesOutstandingResult -$135.23
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$101.74Latest quoteTangible book / share-$135.232025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $101.74.
Fixed-charge coverage
-7.60xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.44BebitdaCapex$15.27BcapitalExpendituresInterest$1.40BinterestExpenseShort-term debt$24.00MshortLongTermDebtEBITDA − capex-$10.83BPrincipal due is the current portion of debt.Result -7.60x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-331.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$11.98BfreeCashFlowMarket cap$3.61BMarketCapitalizationResult -331.7%
Latest free cash flow divided by current market cap ($3.61B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.28BoperatingIncomeTax expense$66.00MincomeTaxExpensePretax income-$929.00MincomeBeforeTaxTax rate—Equity-$3.13BtotalStockholderEquityDebt$31.17BshortLongTermDebtTotalCash$519.00McashInvested capital$27.52BROIC 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 0.32x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 61.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.61BpropertyPlantAndEquipmentNetInventory$241.00MinventoryTotal assets$19.23BtotalAssetsResult 61.6% | 0.79xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$9.12BtotalRevenueNet PP&E$11.61BpropertyPlantAndEquipmentNetResult 0.79x | 1.42xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$3.17BcapitalExpendituresD&A$2.23BdepreciationAndAmortizationResult 1.42x | -$18.76Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.23BtotalAssetsGoodwill$1.09BgoodWillIntangibles$825.00MintangibleAssetsLiabilities$18.82BtotalLiabTangible book-$1.50BShares80,100,000commonStockSharesOutstandingResult -$18.76 | -0.85xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.99BebitdaCapex$3.17BcapitalExpendituresInterest$188.00MinterestExpenseShort-term debt$23.00MshortTermDebtEBITDA − capex-$179.00MPrincipal due is short-term debt.Result -0.85x | -$563.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$2.61BtotalCashFromOperatingActivitiesCapex$3.17BcapitalExpendituresFree cash flow-$563.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$563.00M | 14.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$766.00MoperatingIncomeTax expense$102.00MincomeTaxExpensePretax income$267.00MincomeBeforeTaxTax rate38.2%Equity$414.00MtotalStockholderEquityDebt$3.55BlongTermDebt + shortLongTermDebtCash$620.00McashInvested capital$3.35BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 14.2% | 0.07xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$766.00MoperatingIncomeNet PP&E$11.61BpropertyPlantAndEquipmentNetResult 0.07x |
| 2019 | 64.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.23BpropertyPlantAndEquipmentNetInventory$234.00MinventoryTotal assets$23.93BtotalAssetsResult 64.6% | 0.60xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$9.17BtotalRevenueNet PP&E$15.23BpropertyPlantAndEquipmentNetResult 0.60x | 0.85xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.68BcapitalExpendituresD&A$3.14BdepreciationAndAmortizationResult 0.85x | -$16.42Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.93BtotalAssetsGoodwill$1.10BgoodWillIntangibles$798.00MintangibleAssetsLiabilities$23.27BtotalLiabTangible book-$1.24BShares75,700,000commonStockSharesOutstandingResult -$16.42 | 2.34xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.96BebitdaCapex$2.68BcapitalExpendituresInterest$529.00MinterestExpenseShort-term debt$19.00MshortLongTermDebtEBITDA − capex$1.28BPrincipal due is the current portion of debt.Result 2.34x | -$91.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$2.59BtotalCashFromOperatingActivitiesCapex$2.68BcapitalExpendituresFree cash flow-$91.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$91.00M | 22.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$766.00MoperatingIncomeTax expense-$15.00MincomeTaxExpensePretax income$287.00MincomeBeforeTaxTax rate0.0%Equity$656.00MtotalStockholderEquityDebt$3.44BlongTermDebt + shortLongTermDebtCash$689.00McashInvested capital$3.40BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 22.5% | 0.05xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$766.00MoperatingIncomeNet PP&E$15.23BpropertyPlantAndEquipmentNetResult 0.05x |
| 2020 | 64.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.09BpropertyPlantAndEquipmentNetInventory$161.00MinventoryTotal assets$17.54BtotalAssetsResult 64.2% | 0.49xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$5.40BtotalRevenueNet PP&E$11.09BpropertyPlantAndEquipmentNetResult 0.49x | 1.27xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$3.26BcapitalExpendituresD&A$2.56BdepreciationAndAmortizationResult 1.27x | -$29.30Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$17.54BtotalAssetsGoodwill$1.14BgoodWillIntangibles$774.00MintangibleAssetsLiabilities$17.69BtotalLiabTangible book-$2.07BShares70,500,000commonStockSharesOutstandingResult -$29.30 | -1.84xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.17BebitdaCapex$3.26BcapitalExpendituresInterest$569.00MinterestExpenseShort-term debt$19.00MshortLongTermDebtEBITDA − capex-$1.08BPrincipal due is the current portion of debt.Result -1.84x | $3.95BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$691.00MtotalCashFromOperatingActivitiesCapex$3.26BcapitalExpendituresFree cash flow$3.95BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.95B | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$297.00MoperatingIncomeTax expense-$272.00MincomeTaxExpensePretax income-$956.00MincomeBeforeTaxTax rate—Equity-$155.00MtotalStockholderEquityDebt$4.21BlongTermDebt + shortLongTermDebtCash$693.00McashInvested capital$3.36BReported 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 — | -0.03xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$297.00MoperatingIncomeNet PP&E$11.09BpropertyPlantAndEquipmentNetResult -0.03x |
| 2021 | 70.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.61BpropertyPlantAndEquipmentNetInventory$205.00MinventoryTotal assets$22.60BtotalAssetsResult 70.0% | 0.60xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$9.31BtotalRevenueNet PP&E$15.61BpropertyPlantAndEquipmentNetResult 0.60x | 2.45xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$6.09BcapitalExpendituresD&A$2.48BdepreciationAndAmortizationResult 2.45x | -$30.88Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$22.60BtotalAssetsGoodwill$1.11BgoodWillIntangibles$724.00MintangibleAssetsLiabilities$22.81BtotalLiabTangible book-$2.04BShares66,099,999commonStockSharesOutstandingResult -$30.88 | -5.70xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.74BebitdaCapex$6.09BcapitalExpendituresInterest$218.00MinterestExpenseShort-term debt$19.00MshortLongTermDebtEBITDA − capex-$1.35BPrincipal due is the current portion of debt.Result -5.70x | -$2.59BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$3.49BtotalCashFromOperatingActivitiesCapex$6.09BcapitalExpendituresFree cash flow-$2.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.59B | 48.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.09BoperatingIncomeTax expense$425.00MincomeTaxExpensePretax income$1.71BincomeBeforeTaxTax rate24.9%Equity-$220.00MtotalStockholderEquityDebt$4.01BlongTermDebt + shortLongTermDebtCash$537.00McashInvested capital$3.25BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 48.2% | 0.13xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.09BoperatingIncomeNet PP&E$15.61BpropertyPlantAndEquipmentNetResult 0.13x |
| 2022 | 72.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.64BpropertyPlantAndEquipmentNetInventory$252.00MinventoryTotal assets$25.93BtotalAssetsResult 72.9% | 0.64xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$11.99BtotalRevenueNet PP&E$18.64BpropertyPlantAndEquipmentNetResult 0.64x | 1.47xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$4.13BcapitalExpendituresD&A$2.81BdepreciationAndAmortizationResult 1.47x | -$50.33Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$25.93BtotalAssetsGoodwill$1.07BgoodWillIntangibles$666.00MintangibleAssetsLiabilities$26.63BtotalLiabTangible book-$2.44BShares48,400,000commonStockSharesOutstandingResult -$50.33 | 10.89xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.15BebitdaCapex$4.13BcapitalExpendituresInterest$250.00MinterestExpenseShort-term debt$27.00MshortLongTermDebtEBITDA − capex$3.02BPrincipal due is the current portion of debt.Result 10.89x | $576.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$4.71BtotalCashFromOperatingActivitiesCapex$4.13BcapitalExpendituresFree cash flow$576.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $576.00M | 73.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.28BoperatingIncomeTax expense$880.00MincomeTaxExpensePretax income$3.64BincomeBeforeTaxTax rate24.2%Equity-$703.00MtotalStockholderEquityDebt$4.67BlongTermDebt + shortLongTermDebtCash$572.00McashInvested capital$3.40BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 73.3% | 0.18xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$3.28BoperatingIncomeNet PP&E$18.64BpropertyPlantAndEquipmentNetResult 0.18x |
| 2023 | 71.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$23.88BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$33.42BtotalAssetsInventory was not reported and is treated as zero.Result 71.5% | 0.50xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$12.01BtotalRevenueNet PP&E$23.88BpropertyPlantAndEquipmentNetResult 0.50x | 4.48xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$15.46BcapitalExpendituresD&A$3.45BdepreciationAndAmortizationResult 4.48x | -$54.43Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$33.42BtotalAssetsGoodwill$1.10BgoodWillIntangibles$670.00MintangibleAssetsLiabilities$33.76BtotalLiabTangible book-$2.11BShares38,800,000commonStockSharesOutstandingResult -$54.43 | -27.52xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.43BebitdaCapex$15.46BcapitalExpendituresInterest$296.00MinterestExpenseShort-term debt$32.00MshortLongTermDebtEBITDA − capex-$9.03BPrincipal due is the current portion of debt.Result -27.52x | -$11.63BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$3.83BtotalCashFromOperatingActivitiesCapex$15.46BcapitalExpendituresFree cash flow-$11.63BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$11.63B | 7.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.35BoperatingIncomeTax expense$279.00MincomeTaxExpensePretax income$1.91BincomeBeforeTaxTax rate14.6%Equity-$349.00MtotalStockholderEquityDebt$26.45BshortLongTermDebtTotalCash$559.00McashInvested capital$25.55BResult 7.9% | 0.10xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.35BoperatingIncomeNet PP&E$23.88BpropertyPlantAndEquipmentNetResult 0.10x |
| 2024 | 69.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$20.78BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$29.95BtotalAssetsInventory was not reported and is treated as zero.Result 69.4% | 0.57xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$11.79BtotalRevenueNet PP&E$20.78BpropertyPlantAndEquipmentNetResult 0.57x | 2.51xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$10.06BcapitalExpendituresD&A$4.01BdepreciationAndAmortizationResult 2.51x | -$112.37Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$29.95BtotalAssetsGoodwill$1.07BgoodWillIntangibles$601.00MintangibleAssetsLiabilities$32.27BtotalLiabTangible book-$3.99BShares35,500,000commonStockSharesOutstandingResult -$112.37 | -19.54xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.67BebitdaCapex$10.06BcapitalExpendituresInterest$358.00MinterestExpenseShort-term debt$20.00MshortLongTermDebtEBITDA − capex-$7.39BPrincipal due is the current portion of debt.Result -19.54x | -$6.54BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$3.52BtotalCashFromOperatingActivitiesCapex$10.06BcapitalExpendituresFree cash flow-$6.54BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$6.54B | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.50BoperatingIncomeTax expense-$810.00MincomeTaxExpensePretax income-$2.63BincomeBeforeTaxTax rate—Equity-$2.33BtotalStockholderEquityDebt$26.04BshortLongTermDebtTotalCash$537.00McashInvested capital$23.18BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.07xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.50BoperatingIncomeNet PP&E$20.78BpropertyPlantAndEquipmentNetResult 0.07x |
| 2025 | 12.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.99BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$32.19BtotalAssetsInventory was not reported and is treated as zero.Result 12.4% | 2.92xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$11.65BtotalRevenueNet PP&E$3.99BpropertyPlantAndEquipmentNetResult 2.92x | 3.85xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$15.27BcapitalExpendituresD&A$3.97BdepreciationAndAmortizationResult 3.85x | -$135.23Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$32.19BtotalAssetsGoodwill$1.13BgoodWillIntangibles$589.00MintangibleAssetsLiabilities$35.24BtotalLiabTangible book-$4.76BShares35,200,000commonStockSharesOutstandingResult -$135.23 | -7.60xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.44BebitdaCapex$15.27BcapitalExpendituresInterest$1.40BinterestExpenseShort-term debt$24.00MshortLongTermDebtEBITDA − capex-$10.83BPrincipal due is the current portion of debt.Result -7.60x | -$11.98BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$3.30BtotalCashFromOperatingActivitiesCapex$15.27BcapitalExpendituresFree cash flow-$11.98BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$11.98B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.28BoperatingIncomeTax expense$66.00MincomeTaxExpensePretax income-$929.00MincomeBeforeTaxTax rate—Equity-$3.13BtotalStockholderEquityDebt$31.17BshortLongTermDebtTotalCash$519.00McashInvested capital$27.52BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.32xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.28BoperatingIncomeNet PP&E$3.99BpropertyPlantAndEquipmentNetResult 0.32x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2025)
Net PP&E: $3.99B
Inventory: $0.00
Total assets: $32.19B
Goodwill: $1.13B
Intangibles: $589.00M
Liabilities: $35.24B
Tangible book: -$4.76B
Shares: 35,200,000
Revenue: $11.65B
Capex: $15.27B
D&A: $3.97B
EBITDA: $4.44B
Interest: $1.40B
Short-term debt: $24.00M
Free cash flow: -$11.98B
Operating income: $1.28B
Invested capital: $27.52B
Tax rate: —