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.
CleanSpark 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 1.62x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash.
Fixed-asset turnover is 0.52x. Compare it with other names in the same basket.
Physical asset ratio
46.5%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$1.48BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.18BtotalAssetsInventory was not reported and is treated as zero.Result 46.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.52xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$766.31MtotalRevenueNet PP&E$1.48BpropertyPlantAndEquipmentNetResult 0.52x
Revenue per dollar of the physical asset base.
Capex / D&A
1.62xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$562.87McapitalExpendituresD&A$348.34MdepreciationAndAmortizationResult 1.62x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$6.41Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.18BtotalAssetsGoodwill$131.66MgoodWillIntangibles$5.85MintangibleAssetsLiabilities$1.01BtotalLiabTangible book$2.04BShares317,761,220commonStockSharesOutstandingResult $6.41
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.20xPrice / tangible bookPrice / tangible book per sharePrice$7.67Latest quoteTangible book / share$6.412025-09-30Result 1.20x
Price $7.67.
Fixed-charge coverage
1.07xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$763.25MebitdaCapex$562.87McapitalExpendituresInterest$11.34MinterestExpenseShort-term debt$176.57MshortTermDebtEBITDA − capex$200.37MPrincipal due is short-term debt.Result 1.07x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-46.5%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow-$1.02BfreeCashFlowMarket cap$2.20BMarketCapitalizationResult -46.5%
Latest free cash flow divided by current market cap ($2.20B).
ROIC
14.5%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$318.95MoperatingIncomeTax expense$39.11MincomeTaxExpensePretax income$403.58MincomeBeforeTaxTax rate9.7%Equity$2.18BtotalStockholderEquityDebt$824.44MshortLongTermDebtTotalCash$1.01BcashAndShortTermInvestmentsInvested capital$1.99BResult 14.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.22x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.5%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E$86.73KpropertyPlantEquipmentInventory$0.00inventoryTotal assets$17.56MtotalAssetsResult 0.5% | 6.67xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$578.64KtotalRevenueNet PP&E$86.73KpropertyPlantEquipmentResult 6.67x | 0.19xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$419.23KcapitalExpendituresD&A$2.23MdepreciationAndAmortizationResult 0.19x | -$0.25Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$17.56MtotalAssetsGoodwill$4.92MgoodWillIntangibles$12.00MintangibleAssetsLiabilities$1.50MtotalLiabTangible book-$864.48KShares3,452,000commonStockSharesOutstandingResult -$0.25 | -24.14xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA-$43.85MebitdaCapex$419.23KcapitalExpendituresInterest$924.45KinterestExpenseShort-term debt$909.49KshortTermDebtEBITDA − capex-$44.27MPrincipal due is short-term debt.Result -24.14x | -$1.68MFree cash flow · 2018-09-30Reported free cash flowOperating cash flow-$1.26MtotalCashFromOperatingActivitiesCapex$419.23KcapitalExpendituresFree cash flow-$1.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.68M | —ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.08MoperatingIncomeTax expense-$39.01MincomeTaxExpensePretax income-$47.01MincomeBeforeTaxTax rate—Equity$16.06MtotalStockholderEquityDebt$1.06MshortLongTermDebtTotalCash$412.78KcashInvested capital$16.70MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -81.58xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income-$7.08MoperatingIncomeNet PP&E$86.73KpropertyPlantEquipmentResult -81.58x |
| 2019 | -5,408,624.3%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$145.07KpropertyPlantEquipmentInventory-$1,267.47BinventoryTotal assets$23.43MtotalAssetsResult -5,408,624.3% | 31.25xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$4.53MtotalRevenueNet PP&E$145.07KpropertyPlantEquipmentResult 31.25x | 0.20xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$673.95KcapitalExpendituresD&A$3.36MdepreciationAndAmortizationResult 0.20x | $1.31Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.43MtotalAssetsGoodwill$4.92MgoodWillIntangibles$8.49MintangibleAssetsLiabilities$4.55MtotalLiabTangible book$5.48MShares4,177,000commonStockSharesOutstandingResult $1.31 | -1.46xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA-$13.28MebitdaCapex$673.95KcapitalExpendituresInterest$9.48MinterestExpenseShort-term debt$67.47KshortTermDebtEBITDA − capex-$13.95MPrincipal due is short-term debt.Result -1.46x | -$6.37MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow-$5.70MtotalCashFromOperatingActivitiesCapex$673.95KcapitalExpendituresFree cash flow-$6.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$6.37M | —ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$16.61MoperatingIncomeTax expense$9.48MincomeTaxExpensePretax income-$26.12MincomeBeforeTaxTax rate—Equity$18.89MtotalStockholderEquityDebt$3.11MshortLongTermDebtTotalCash$7.84McashInvested capital$14.16MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -114.52xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income-$16.61MoperatingIncomeNet PP&E$145.07KpropertyPlantEquipmentResult -114.52x |
| 2020 | 1.8%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$158.71KpropertyPlantEquipmentInventory$247.50KinventoryTotal assets$22.34MtotalAssetsResult 1.8% | 63.19xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$10.03MtotalRevenueNet PP&E$158.71KpropertyPlantEquipmentResult 63.19x | 0.04xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$119.82KcapitalExpendituresD&A$2.84MdepreciationAndAmortizationResult 0.04x | $0.26Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$22.34MtotalAssetsGoodwill$5.90MgoodWillIntangibles$8.03MintangibleAssetsLiabilities$5.91MtotalLiabTangible book$2.50MShares9,551,000commonStockSharesOutstandingResult $0.26 | -0.91xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA-$9.75MebitdaCapex$119.82KcapitalExpendituresInterest$10.76MinterestExpenseShort-term debt$41.29KshortTermDebtEBITDA − capex-$9.87MPrincipal due is short-term debt.Result -0.91x | -$6.76MFree cash flow · 2020-09-30Reported free cash flowOperating cash flow-$6.64MtotalCashFromOperatingActivitiesCapex$119.82KcapitalExpendituresFree cash flow-$6.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$6.76M | —ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$15.14MoperatingIncomeTax expense$10.47MincomeTaxExpensePretax income-$23.35MincomeBeforeTaxTax rate—Equity$16.43MtotalStockholderEquityDebt$572.46KshortLongTermDebtTotalCash$4.09McashAndShortTermInvestmentsInvested capital$12.91MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -95.42xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income-$15.14MoperatingIncomeNet PP&E$158.71KpropertyPlantEquipmentResult -95.42x |
| 2021 | 71.3%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$226.25MpropertyPlantAndEquipmentNetInventory$79.81KinventoryTotal assets$317.47MtotalAssetsResult 71.3% | 0.17xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$39.29MtotalRevenueNet PP&E$226.25MpropertyPlantAndEquipmentNetResult 0.17x | 24.48xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$228.58McapitalExpendituresD&A$9.34MdepreciationAndAmortizationResult 24.48x | $9.70Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$317.47MtotalAssetsGoodwill$12.05MgoodWillIntangibles$8.22MintangibleAssetsLiabilities$11.76MtotalLiabTangible book$285.45MShares29,441,000commonStockSharesOutstandingResult $9.70 | -342.53xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.25MebitdaCapex$228.58McapitalExpendituresInterest$145.73KinterestExpenseShort-term debt$517.93KshortTermDebtEBITDA − capex-$227.32MPrincipal due is short-term debt.Result -342.53x | -$264.01MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow-$35.43MtotalCashFromOperatingActivitiesCapex$228.58McapitalExpendituresFree cash flow-$264.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$264.01M | —ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.90MoperatingIncomeTax expense$698.86KincomeTaxExpensePretax income-$8.23MincomeBeforeTaxTax rate—Equity$305.72MtotalStockholderEquityDebt$1.54MshortLongTermDebtTotalCash$38.93McashAndShortTermInvestmentsInvested capital$268.32MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.05xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income-$11.90MoperatingIncomeNet PP&E$226.25MpropertyPlantAndEquipmentNetResult -0.05x |
| 2022 | 86.2%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$389.83MpropertyPlantAndEquipmentNetInventory$216.00KinventoryTotal assets$452.63MtotalAssetsResult 86.2% | 0.34xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$131.53MtotalRevenueNet PP&E$389.83MpropertyPlantAndEquipmentNetResult 0.34x | 3.89xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$190.69McapitalExpendituresD&A$49.05MdepreciationAndAmortizationResult 3.89x | $9.33Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$452.63MtotalAssetsGoodwill$0.00goodWillIntangibles$6.49MintangibleAssetsLiabilities$48.61MtotalLiabTangible book$397.53MShares42,614,000commonStockSharesOutstandingResult $9.33 | -20.38xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$10.03MebitdaCapex$190.69McapitalExpendituresInterest$1.08MinterestExpenseShort-term debt$7.79MshortLongTermDebtEBITDA − capex-$180.66MPrincipal due is the current portion of debt.Result -20.38x | -$119.25MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow$71.44MtotalCashFromOperatingActivitiesCapex$190.69McapitalExpendituresFree cash flow-$119.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$119.25M | —ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$37.86MoperatingIncomeTax expense-$393.00incomeTaxExpensePretax income-$40.09MincomeBeforeTaxTax rate—Equity$404.01MtotalStockholderEquityDebt$22.22MshortLongTermDebtTotalCash$32.22McashAndShortTermInvestmentsInvested capital$394.01MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.10xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income-$37.86MoperatingIncomeNet PP&E$389.83MpropertyPlantAndEquipmentNetResult -0.10x |
| 2023 | 84.3%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$641.04MpropertyPlantAndEquipmentNetInventory$809.00KinventoryTotal assets$761.58MtotalAssetsResult 84.3% | 0.26xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$168.41MtotalRevenueNet PP&E$641.04MpropertyPlantAndEquipmentNetResult 0.26x | 2.50xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$302.31McapitalExpendituresD&A$120.73MdepreciationAndAmortizationResult 2.50x | $6.46Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$761.58MtotalAssetsGoodwill$8.04MgoodWillIntangibles$4.60MintangibleAssetsLiabilities$85.91MtotalLiabTangible book$663.02MShares102,708,000commonStockSharesOutstandingResult $6.46 | -31.09xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA-$7.60MebitdaCapex$302.31McapitalExpendituresInterest$2.98MinterestExpenseShort-term debt$6.99MshortLongTermDebtEBITDA − capex-$309.90MPrincipal due is the current portion of debt.Result -31.09x | -$332.70MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow-$30.39MtotalCashFromOperatingActivitiesCapex$302.31McapitalExpendituresFree cash flow-$332.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$332.70M | —ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$131.04MoperatingIncomeTax expense$2.42MincomeTaxExpensePretax income-$131.30MincomeBeforeTaxTax rate—Equity$675.67MtotalStockholderEquityDebt$16.74MshortLongTermDebtTotalCash$86.18McashAndShortTermInvestmentsInvested capital$606.23MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.20xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income-$131.04MoperatingIncomeNet PP&E$641.04MpropertyPlantAndEquipmentNetResult -0.20x |
| 2024 | 62.8%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$1.23BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.96BtotalAssetsInventory was not reported and is treated as zero.Result 62.8% | 0.31xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$378.97MtotalRevenueNet PP&E$1.23BpropertyPlantAndEquipmentNetResult 0.31x | 5.22xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$806.40McapitalExpendituresD&A$154.61MdepreciationAndAmortizationResult 5.22x | $8.07Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.96BtotalAssetsGoodwill$8.04MgoodWillIntangibles$3.04MintangibleAssetsLiabilities$201.82MtotalLiabTangible book$1.75BShares216,861,000commonStockSharesOutstandingResult $8.07 | -12.93xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$14.63MebitdaCapex$806.40McapitalExpendituresInterest$2.46MinterestExpenseShort-term debt$58.78MshortTermDebtEBITDA − capex-$791.77MPrincipal due is short-term debt.Result -12.93x | -$1.04BFree cash flow · 2024-09-30Reported free cash flowOperating cash flow-$233.66MtotalCashFromOperatingActivitiesCapex$806.40McapitalExpendituresFree cash flow-$1.04BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.04B | —ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$149.04MoperatingIncomeTax expense$3.34MincomeTaxExpensePretax income-$142.43MincomeBeforeTaxTax rate—Equity$1.76BtotalStockholderEquityDebt$66.95MshortLongTermDebtTotalCash$553.80McashAndShortTermInvestmentsInvested capital$1.27BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.12xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income-$149.04MoperatingIncomeNet PP&E$1.23BpropertyPlantAndEquipmentNetResult -0.12x |
| 2025 | 46.5%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$1.48BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.18BtotalAssetsInventory was not reported and is treated as zero.Result 46.5% | 0.52xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$766.31MtotalRevenueNet PP&E$1.48BpropertyPlantAndEquipmentNetResult 0.52x | 1.62xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$562.87McapitalExpendituresD&A$348.34MdepreciationAndAmortizationResult 1.62x | $6.41Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.18BtotalAssetsGoodwill$131.66MgoodWillIntangibles$5.85MintangibleAssetsLiabilities$1.01BtotalLiabTangible book$2.04BShares317,761,220commonStockSharesOutstandingResult $6.41 | 1.07xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$763.25MebitdaCapex$562.87McapitalExpendituresInterest$11.34MinterestExpenseShort-term debt$176.57MshortTermDebtEBITDA − capex$200.37MPrincipal due is short-term debt.Result 1.07x | -$1.02BFree cash flow · 2025-09-30Reported free cash flowOperating cash flow-$461.03MtotalCashFromOperatingActivitiesCapex$562.87McapitalExpendituresFree cash flow-$1.02BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.02B | 14.5%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$318.95MoperatingIncomeTax expense$39.11MincomeTaxExpensePretax income$403.58MincomeBeforeTaxTax rate9.7%Equity$2.18BtotalStockholderEquityDebt$824.44MshortLongTermDebtTotalCash$1.01BcashAndShortTermInvestmentsInvested capital$1.99BResult 14.5% | 0.22xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$318.95MoperatingIncomeNet PP&E$1.48BpropertyPlantAndEquipmentNetResult 0.22x |
- 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: $1.48B
Inventory: $0.00
Total assets: $3.18B
Goodwill: $131.66M
Intangibles: $5.85M
Liabilities: $1.01B
Tangible book: $2.04B
Shares: 317,761,220
Revenue: $766.31M
Capex: $562.87M
D&A: $348.34M
EBITDA: $763.25M
Interest: $11.34M
Short-term debt: $176.57M
Free cash flow: -$1.02B
Operating income: $318.95M
Invested capital: $1.99B
Tax rate: 9.7%