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.
Chegg Inc
Physical assets are 46.4% of total assets, a mixed footprint. Capex is 0.36x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -0.90x, which is below 1.
Fixed-asset turnover is 2.94x. Compare it with other names in the same basket.
Physical asset ratio
46.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$128.36MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$276.82MtotalAssetsInventory was not reported and is treated as zero.Result 46.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.94xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$376.91MtotalRevenueNet PP&E$128.36MpropertyPlantAndEquipmentNetResult 2.94x
Revenue per dollar of the physical asset base.
Capex / D&A
0.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$28.12McapitalExpendituresD&A$78.64MdepreciationAndAmortizationResult 0.36x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.06Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$276.82MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$6.04MintangibleAssetsLiabilities$157.20MtotalLiabTangible book$113.58MShares107,484,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.06
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.66xPrice / tangible bookPrice / tangible book per sharePrice$0.70Latest quoteTangible book / share$1.062025-12-31Result 0.66x
Price $0.70.
Fixed-charge coverage
-0.90xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$20.92MebitdaCapex$28.12McapitalExpendituresInterest$590.00KinterestExpenseShort-term debt$53.77MshortTermDebtEBITDA − capex-$49.04MPrincipal due is short-term debt.Result -0.90x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-16.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$12.63MfreeCashFlowMarket cap$76.84MMarketCapitalizationResult -16.4%
Latest free cash flow divided by current market cap ($76.84M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$63.32MoperatingIncomeTax expense$3.28MincomeTaxExpensePretax income-$100.14MincomeBeforeTaxTax rate—Equity$119.62MtotalStockholderEquityDebt$53.77MlongTermDebt + shortLongTermDebtCash$72.82McashAndShortTermInvestmentsInvested capital$100.57MReported 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 -0.49x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 8.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$59.90MpropertyPlantEquipmentInventory$4.67MinventoryTotal assets$760.94MtotalAssetsResult 8.5% | 5.36xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$321.08MtotalRevenueNet PP&E$59.90MpropertyPlantEquipmentResult 5.36x | 1.37xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$31.22McapitalExpendituresD&A$22.81MdepreciationAndAmortizationResult 1.37x | $2.08Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$760.94MtotalAssetsGoodwill$149.52MgoodWillIntangibles$25.92MintangibleAssetsLiabilities$350.30MtotalLiabTangible book$235.20MShares113,251,000commonStockSharesOutstandingResult $2.08 | -0.71xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$20.57MebitdaCapex$31.22McapitalExpendituresInterest$11.23MinterestExpenseShort-term debt$3.86MshortTermDebtEBITDA − capex-$10.65MPrincipal due is short-term debt.Result -0.71x | $43.89MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$75.11MtotalCashFromOperatingActivitiesCapex$31.22McapitalExpendituresFree cash flow$43.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $43.89M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$6.22MoperatingIncomeTax expense$1.43MincomeTaxExpensePretax income-$13.46MincomeBeforeTaxTax rate—Equity$410.63MtotalStockholderEquityDebt$283.67MshortLongTermDebtTotalCash$468.01McashAndShortTermInvestmentsInvested capital$226.29MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.10xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$6.22MoperatingIncomeNet PP&E$59.90MpropertyPlantEquipmentResult -0.10x |
| 2019 | 7.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$103.29MpropertyPlantAndEquipmentNetInventory$10.54MinventoryTotal assets$1.49BtotalAssetsResult 7.6% | 3.98xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$410.93MtotalRevenueNet PP&E$103.29MpropertyPlantAndEquipmentNetResult 3.98x | 1.40xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$42.33McapitalExpendituresD&A$30.25MdepreciationAndAmortizationResult 1.40x | $2.09Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.49BtotalAssetsGoodwill$214.51MgoodWillIntangibles$34.67MintangibleAssetsLiabilities$990.17MtotalLiabTangible book$249.65MShares119,204,000commonStockSharesOutstandingResult $2.09 | 0.51xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$68.13MebitdaCapex$42.33McapitalExpendituresInterest$44.85MinterestExpenseShort-term debt$5.28MshortTermDebtEBITDA − capex$25.80MPrincipal due is short-term debt.Result 0.51x | $71.08MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$113.40MtotalCashFromOperatingActivitiesCapex$42.33McapitalExpendituresFree cash flow$71.08MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $71.08M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.82MoperatingIncomeTax expense$2.63MincomeTaxExpensePretax income-$6.97MincomeBeforeTaxTax rate—Equity$498.83MtotalStockholderEquityDebt$920.10MshortLongTermDebtTotalCash$768.59McashAndShortTermInvestmentsInvested capital$650.33MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.17xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$17.82MoperatingIncomeNet PP&E$103.29MpropertyPlantAndEquipmentNetResult 0.17x |
| 2020 | 8.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$184.18MpropertyPlantAndEquipmentNetInventory$12.78MinventoryTotal assets$2.25BtotalAssetsResult 8.7% | 3.50xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$644.34MtotalRevenueNet PP&E$184.18MpropertyPlantAndEquipmentNetResult 3.50x | 1.30xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$81.32McapitalExpendituresD&A$62.42MdepreciationAndAmortizationResult 1.30x | $2.18Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.25BtotalAssetsGoodwill$285.21MgoodWillIntangibles$51.25MintangibleAssetsLiabilities$1.64BtotalLiabTangible book$273.17MShares125,367,000commonStockSharesOutstandingResult $2.18 | 0.64xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$127.85MebitdaCapex$81.32McapitalExpendituresInterest$66.30MinterestExpenseShort-term debt$6.60MshortTermDebtEBITDA − capex$46.53MPrincipal due is short-term debt.Result 0.64x | $155.13MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$236.44MtotalCashFromOperatingActivitiesCapex$81.32McapitalExpendituresFree cash flow$155.13MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $155.13M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$56.75MoperatingIncomeTax expense$5.36MincomeTaxExpensePretax income-$861.00KincomeBeforeTaxTax rate—Equity$609.64MtotalStockholderEquityDebt$1.53BshortLongTermDebtTotalCash$1.15BcashAndShortTermInvestmentsInvested capital$997.00MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.31xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$56.75MoperatingIncomeNet PP&E$184.18MpropertyPlantAndEquipmentNetResult 0.31x |
| 2021 | 8.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$199.24MpropertyPlantEquipmentInventory$35.09MinventoryTotal assets$2.92BtotalAssetsResult 8.0% | 3.90xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$776.27MtotalRevenueNet PP&E$199.24MpropertyPlantEquipmentResult 3.90x | 1.27xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$94.18McapitalExpendituresD&A$74.13MdepreciationAndAmortizationResult 1.27x | $5.50Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.92BtotalAssetsGoodwill$289.76MgoodWillIntangibles$40.57MintangibleAssetsLiabilities$1.81BtotalLiabTangible book$776.59MShares141,262,000commonStockSharesOutstandingResult $5.50 | -0.55xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$86.77MebitdaCapex$94.18McapitalExpendituresInterest$6.90MinterestExpenseShort-term debt$6.66MshortTermDebtEBITDA − capex-$7.41MPrincipal due is short-term debt.Result -0.55x | $179.04MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$273.22MtotalCashFromOperatingActivitiesCapex$94.18McapitalExpendituresFree cash flow$179.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $179.04M | 3.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$78.11MoperatingIncomeTax expense$7.20MincomeTaxExpensePretax income$5.74MincomeBeforeTaxTax rate40.0%Equity$1.11BtotalStockholderEquityDebt$1.70BshortLongTermDebtTotalCash$1.55BcashAndShortTermInvestmentsInvested capital$1.26BThe effective tax rate was above 40% and was capped at 40%.Result 3.7% | 0.39xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$78.11MoperatingIncomeNet PP&E$199.24MpropertyPlantEquipmentResult 0.39x |
| 2022 | 10.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$223.22MpropertyPlantAndEquipmentNetInventory$28.48MinventoryTotal assets$2.47BtotalAssetsResult 10.2% | 3.44xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$766.90MtotalRevenueNet PP&E$223.22MpropertyPlantAndEquipmentNetResult 3.44x | 1.13xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$103.09McapitalExpendituresD&A$91.61MdepreciationAndAmortizationResult 1.13x | $2.82Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.47BtotalAssetsGoodwill$615.09MgoodWillIntangibles$78.33MintangibleAssetsLiabilities$1.35BtotalLiabTangible book$423.16MShares149,859,000commonStockSharesOutstandingResult $2.82 | 7.28xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$201.59MebitdaCapex$103.09McapitalExpendituresInterest$6.04MinterestExpenseShort-term debt$7.49MshortTermDebtEBITDA − capex$98.50MPrincipal due is short-term debt.Result 7.28x | $152.64MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$255.74MtotalCashFromOperatingActivitiesCapex$103.09McapitalExpendituresFree cash flow$152.64MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $152.64M | 0.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.96MoperatingIncomeTax expense-$162.69MincomeTaxExpensePretax income$103.95MincomeBeforeTaxTax rate0.0%Equity$1.12BtotalStockholderEquityDebt$1.21BshortLongTermDebtTotalCash$1.06BcashAndShortTermInvestmentsInvested capital$1.27BResult 0.7% | 0.04xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$8.96MoperatingIncomeNet PP&E$223.22MpropertyPlantAndEquipmentNetResult 0.04x |
| 2023 | 12.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$208.20MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$1.73BtotalAssetsResult 12.1% | 3.44xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$716.30MtotalRevenueNet PP&E$208.20MpropertyPlantAndEquipmentNetResult 3.44x | 0.64xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$83.05McapitalExpendituresD&A$129.72MdepreciationAndAmortizationResult 0.64x | $2.02Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.73BtotalAssetsGoodwill$632.00MgoodWillIntangibles$52.43MintangibleAssetsLiabilities$782.62MtotalLiabTangible book$260.19MShares128,568,999commonStockSharesOutstandingResult $2.02 | -0.42xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$67.73MebitdaCapex$83.05McapitalExpendituresInterest$3.77MinterestExpenseShort-term debt$357.08MshortLongTermDebtEBITDA − capex-$150.78MPrincipal due is the current portion of debt.Result -0.42x | $163.15MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$246.20MtotalCashFromOperatingActivitiesCapex$83.05McapitalExpendituresFree cash flow$163.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $163.15M | -5.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$67.73MoperatingIncomeTax expense-$32.13MincomeTaxExpensePretax income$50.31MincomeBeforeTaxTax rate0.0%Equity$944.62MtotalStockholderEquityDebt$624.74MshortLongTermDebtTotalCash$330.01McashAndShortTermInvestmentsInvested capital$1.24BResult -5.5% | -0.33xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$67.73MoperatingIncomeNet PP&E$208.20MpropertyPlantAndEquipmentNetResult -0.33x |
| 2024 | 22.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$192.90MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$868.95MtotalAssetsInventory was not reported and is treated as zero.Result 22.2% | 3.20xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$617.57MtotalRevenueNet PP&E$192.90MpropertyPlantAndEquipmentNetResult 3.20x | 0.96xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$74.95McapitalExpendituresD&A$78.34MdepreciationAndAmortizationResult 0.96x | $1.77Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$868.95MtotalAssetsGoodwill$0.00goodWillIntangibles$10.35MintangibleAssetsLiabilities$675.97MtotalLiabTangible book$182.63MShares103,300,000commonStockSharesOutstandingResult $1.77 | -1.89xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$607.43MebitdaCapex$74.95McapitalExpendituresInterest$2.59MinterestExpenseShort-term debt$358.61MshortTermDebtEBITDA − capex-$682.39MPrincipal due is short-term debt.Result -1.89x | $50.25MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$125.21MtotalCashFromOperatingActivitiesCapex$74.95McapitalExpendituresFree cash flow$50.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $50.25M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$737.11MoperatingIncomeTax expense$148.70MincomeTaxExpensePretax income-$688.37MincomeBeforeTaxTax rate—Equity$192.98MtotalStockholderEquityDebt$504.46MshortLongTermDebtTotalCash$315.72McashAndShortTermInvestmentsInvested capital$381.72MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.82xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$737.11MoperatingIncomeNet PP&E$192.90MpropertyPlantAndEquipmentNetResult -3.82x |
| 2025 | 46.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$128.36MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$276.82MtotalAssetsInventory was not reported and is treated as zero.Result 46.4% | 2.94xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$376.91MtotalRevenueNet PP&E$128.36MpropertyPlantAndEquipmentNetResult 2.94x | 0.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$28.12McapitalExpendituresD&A$78.64MdepreciationAndAmortizationResult 0.36x | $1.06Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$276.82MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$6.04MintangibleAssetsLiabilities$157.20MtotalLiabTangible book$113.58MShares107,484,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.06 | -0.90xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$20.92MebitdaCapex$28.12McapitalExpendituresInterest$590.00KinterestExpenseShort-term debt$53.77MshortTermDebtEBITDA − capex-$49.04MPrincipal due is short-term debt.Result -0.90x | -$12.63MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$15.49MtotalCashFromOperatingActivitiesCapex$28.12McapitalExpendituresFree cash flow-$12.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$12.63M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$63.32MoperatingIncomeTax expense$3.28MincomeTaxExpensePretax income-$100.14MincomeBeforeTaxTax rate—Equity$119.62MtotalStockholderEquityDebt$53.77MlongTermDebt + shortLongTermDebtCash$72.82McashAndShortTermInvestmentsInvested capital$100.57MReported 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 — | -0.49xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$63.32MoperatingIncomeNet PP&E$128.36MpropertyPlantAndEquipmentNetResult -0.49x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $128.36M
Inventory: $0.00
Total assets: $276.82M
Goodwill: $0.00
Intangibles: $6.04M
Liabilities: $157.20M
Tangible book: $113.58M
Shares: 107,484,000
Revenue: $376.91M
Capex: $28.12M
D&A: $78.64M
EBITDA: -$20.92M
Interest: $590.00K
Short-term debt: $53.77M
Free cash flow: -$12.63M
Operating income: -$63.32M
Invested capital: $100.57M
Tax rate: —