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.
Change Agents Corporation
Physical assets are 0.3% of total assets, a light footprint. Capex is 0.00x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -6.65x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.00x.
Physical asset ratio
0.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$727.00propertyPlantAndEquipmentNetInventory$74.84KinventoryTotal assets$23.40MtotalAssetsResult 0.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$727.00propertyPlantAndEquipmentNetResult 0.00x
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$158.83KdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$35.73Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.40MtotalAssetsGoodwill$12.81MgoodWillIntangibles$2.16MintangibleAssetsLiabilities$14.17MtotalLiabTangible book-$5.74MShares160,539commonStockSharesOutstandingResult -$35.73
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$1.50Latest quoteTangible book / share-$35.732025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $1.50.
Fixed-charge coverage
-6.65xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$15.90MebitdaCapex$0.00capitalExpendituresInterest$1.46MinterestExpenseShort-term debt$934.36KshortLongTermDebtEBITDA − capex-$15.90MPrincipal due is the current portion of debt.Result -6.65x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-291.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$4.99MfreeCashFlowMarket cap$1.71MMarketCapitalizationResult -291.0%
Latest free cash flow divided by current market cap ($1.71M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.59MoperatingIncomeTax expense$0.00taxProvisionPretax income-$17.52MincomeBeforeTaxTax rate—Equity$9.23MtotalStockholderEquityDebt$940.36KshortLongTermDebtTotalCash$109.09KcashInvested capital$10.06MROIC 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 -10,442.03x.
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$1.33MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$438.78KdepreciationAndAmortizationResult 0.00x | —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—Shares28,304commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | 2.19xFixed-charge coverage · 2021-12-31(EBITDA − capex) / interestEBITDA$438.78KebitdaCapex$0.00capitalExpendituresInterest$200.48KinterestExpenseEBITDA − capex$438.78KShort-term debt was not reported, so the denominator is interest only.Result 2.19x | -$5.02MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$5.02MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$5.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$5.02M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$8.83MoperatingIncomeTax expense—Not reportedPretax income-$9.09MincomeBeforeTaxTax 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-$8.83MoperatingIncomeNet PP&E—Not reportedResult — |
| 2022 | 0.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$149.18KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$19.75MtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 8.06xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.20MtotalRevenueNet PP&E$149.18KpropertyPlantAndEquipmentNetResult 8.06x | 19.30xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$9.00McapitalExpendituresD&A$466.28KdepreciationAndAmortizationResult 19.30x | $358.87Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.75MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$8.59MtotalLiabTangible book$11.16MShares31,095commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $358.87 | -4.72xFixed-charge coverage · 2022-12-31(EBITDA − capex) / interestEBITDA-$7.89MebitdaCapex$9.00McapitalExpendituresInterest$3.58MinterestExpenseEBITDA − capex-$16.89MShort-term debt was not reported, so the denominator is interest only.Result -4.72x | -$16.04MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$7.04MtotalCashFromOperatingActivitiesCapex$9.00McapitalExpendituresFree cash flow-$16.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$16.04M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.44MoperatingIncomeTax expense$0.00taxProvisionPretax income-$11.93MincomeBeforeTaxTax rate—Equity$11.16MtotalStockholderEquityDebt$4.56MlongTermDebtCash$1.99McashInvested capital$13.73MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -49.89xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$7.44MoperatingIncomeNet PP&E$149.18KpropertyPlantAndEquipmentNetResult -49.89x |
| 2023 | 0.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$166.33KpropertyPlantAndEquipmentNetInventory$0.00inventoryTotal assets$20.58MtotalAssetsResult 0.8% | 7.55xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.26MtotalRevenueNet PP&E$166.33KpropertyPlantAndEquipmentNetResult 7.55x | 0.07xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$22.16KcapitalExpendituresD&A$329.95KdepreciationAndAmortizationResult 0.07x | $209.95Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$20.58MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$13.21MtotalLiabTangible book$7.37MShares35,097commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $209.95 | -4.59xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$15.03MebitdaCapex$22.16KcapitalExpendituresInterest$1.35MinterestExpenseShort-term debt$1.93MshortLongTermDebtEBITDA − capex-$15.05MPrincipal due is the current portion of debt.Result -4.59x | -$6.53MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$6.50MtotalCashFromOperatingActivitiesCapex$22.16KcapitalExpendituresFree cash flow-$6.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$6.53M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.18MoperatingIncomeTax expense$0.00taxProvisionPretax income-$16.71MincomeBeforeTaxTax rate—Equity$7.37MtotalStockholderEquityDebt$8.37MlongTermDebt + shortLongTermDebtCash$285.40KcashInvested capital$15.45MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -43.18xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$7.18MoperatingIncomeNet PP&E$166.33KpropertyPlantAndEquipmentNetResult -43.18x |
| 2024 | 0.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.01KpropertyPlantAndEquipmentNetInventory$92.23KinventoryTotal assets$20.99MtotalAssetsResult 0.5% | -140.93xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue-$846.59KtotalRevenueNet PP&E$6.01KpropertyPlantAndEquipmentNetResult -140.93x | 0.00xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$123.16KdepreciationAndAmortizationResult 0.00x | $151.66Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$20.99MtotalAssetsGoodwill$0.00goodWillIntangibles$0.00Not reported, treated as 0Liabilities$13.88MtotalLiabTangible book$7.10MShares46,831commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $151.66 | -1.03xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$3.87MebitdaCapex$0.00capitalExpendituresInterest$1.66MinterestExpenseShort-term debt$2.11MshortLongTermDebtEBITDA − capex-$3.87MPrincipal due is the current portion of debt.Result -1.03x | -$4.96MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$4.96MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$4.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.96M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$4.84MoperatingIncomeTax expense$0.00taxProvisionPretax income-$7.04MincomeBeforeTaxTax rate—Equity$7.10MtotalStockholderEquityDebt$2.11MshortLongTermDebtCash$2.66McashInvested capital$6.56MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -805.93xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$4.84MoperatingIncomeNet PP&E$6.01KpropertyPlantAndEquipmentNetResult -805.93x |
| 2025 | 0.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$727.00propertyPlantAndEquipmentNetInventory$74.84KinventoryTotal assets$23.40MtotalAssetsResult 0.3% | 0.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$727.00propertyPlantAndEquipmentNetResult 0.00x | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$158.83KdepreciationAndAmortizationResult 0.00x | -$35.73Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.40MtotalAssetsGoodwill$12.81MgoodWillIntangibles$2.16MintangibleAssetsLiabilities$14.17MtotalLiabTangible book-$5.74MShares160,539commonStockSharesOutstandingResult -$35.73 | -6.65xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$15.90MebitdaCapex$0.00capitalExpendituresInterest$1.46MinterestExpenseShort-term debt$934.36KshortLongTermDebtEBITDA − capex-$15.90MPrincipal due is the current portion of debt.Result -6.65x | -$4.99MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$4.99MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$4.99MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.99M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.59MoperatingIncomeTax expense$0.00taxProvisionPretax income-$17.52MincomeBeforeTaxTax rate—Equity$9.23MtotalStockholderEquityDebt$940.36KshortLongTermDebtTotalCash$109.09KcashInvested capital$10.06MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -10,442.03xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$7.59MoperatingIncomeNet PP&E$727.00propertyPlantAndEquipmentNetResult -10,442.03x |
- 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 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: $727.00
Inventory: $74.84K
Total assets: $23.40M
Goodwill: $12.81M
Intangibles: $2.16M
Liabilities: $14.17M
Tangible book: -$5.74M
Shares: 160,539
Revenue: $0.00
Capex: $0.00
D&A: $158.83K
EBITDA: -$15.90M
Interest: $1.46M
Short-term debt: $934.36K
Free cash flow: -$4.99M
Operating income: -$7.59M
Invested capital: $10.06M
Tax rate: —