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.
Crombie Real Estate Investment Trust
Physical assets are 87.4% of total assets, a heavy footprint. Capex is 0.00x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.91x, 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 0.13x.
Physical asset ratio
87.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.83BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$4.38BtotalAssetsInventory was not reported and is treated as zero.Result 87.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.13xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$500.07MtotalRevenueNet PP&E$3.83BpropertyPlantAndEquipmentNetResult 0.13x
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$373.00KcapitalExpendituresD&A$88.91MdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$9.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.38BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$33.63MintangibleAssetsLiabilities$2.54BtotalLiabTangible book$1.81BShares185,431,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.75
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.63xPrice / tangible bookPrice / tangible book per sharePrice$15.94Latest quoteTangible book / share$9.752025-12-31Result 1.63x
Price $15.94.
Fixed-charge coverage
0.91xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$303.28MebitdaCapex$373.00KcapitalExpendituresInterest$97.88MinterestExpenseShort-term debt$234.47MshortLongTermDebtEBITDA − capex$302.91MPrincipal due is the current portion of debt.Result 0.91x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$269.77MfreeCashFlowMarket cap$3.00BMarketCapitalizationResult 9.0%
Latest free cash flow divided by current market cap ($3.00B).
ROIC
5.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$212.63MoperatingIncomeTax expense$3.00KincomeTaxExpensePretax income$116.48MincomeBeforeTaxTax rate0.0%Equity$1.84BtotalStockholderEquityDebt$2.39BshortLongTermDebtTotalCash$1.66McashInvested capital$4.23BResult 5.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 91.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.71BpropertyPlantEquipmentInventory-$2.84MinventoryTotal assets$4.07BtotalAssetsUses the property line, which is larger than net PP&E ($7.76M, propertyPlantAndEquipmentNet).Result 91.1% | 0.11xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$414.65MtotalRevenueNet PP&E$3.71BpropertyPlantEquipmentResult 0.11x | 0.04xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$4.25McapitalExpendituresD&A$95.56MdepreciationAndAmortizationResult 0.04x | $9.18Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.07BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$55.40MintangibleAssetsLiabilities$2.63BtotalLiabTangible book$1.39BShares151,214,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.18 | 1.21xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$308.60MebitdaCapex$4.25McapitalExpendituresInterest$105.63MinterestExpenseShort-term debt$146.47MshortTermDebtEBITDA − capex$304.35MPrincipal due is short-term debt.Result 1.21x | $50.02MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$54.27MtotalCashFromOperatingActivitiesCapex$4.25McapitalExpendituresFree cash flow$50.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $50.02M | 4.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$177.76MoperatingIncomeTax expense$3.00KincomeTaxExpensePretax income$107.41MincomeBeforeTaxTax rate0.0%Equity$1.44BtotalStockholderEquityDebt$2.48BshortLongTermDebtTotalCash$2.84McashAndShortTermInvestmentsInvested capital$3.92BResult 4.5% | 0.05xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$177.76MoperatingIncomeNet PP&E$3.71BpropertyPlantEquipmentResult 0.05x |
| 2019 | 91.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.52BpropertyPlantEquipmentInventory$45.90MinventoryTotal assets$3.92BtotalAssetsUses the property line, which is larger than net PP&E ($10.00M, propertyPlantAndEquipmentNet).Result 91.0% | 0.11xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$398.74MtotalRevenueNet PP&E$3.52BpropertyPlantEquipmentResult 0.11x | 0.02xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.52McapitalExpendituresD&A$74.31MdepreciationAndAmortizationResult 0.02x | $9.29Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.92BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$45.66MintangibleAssetsLiabilities$2.47BtotalLiabTangible book$1.41BShares151,666,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.29 | 0.94xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$333.91MebitdaCapex$1.52McapitalExpendituresInterest$97.72MinterestExpenseShort-term debt$257.50MshortLongTermDebtEBITDA − capex$332.39MPrincipal due is the current portion of debt.Result 0.94x | -$37.39MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$35.87MtotalCashFromOperatingActivitiesCapex$1.52McapitalExpendituresFree cash flow-$37.39MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$37.39M | 4.8%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$183.80MoperatingIncomeTax expense$8.00KincomeTaxExpensePretax income$161.88MincomeBeforeTaxTax rate0.0%Equity$1.46BtotalStockholderEquityDebt$2.31BshortLongTermDebtTotalCash-$29.42McashInvested capital$3.79BResult 4.8% | 0.05xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$183.80MoperatingIncomeNet PP&E$3.52BpropertyPlantEquipmentResult 0.05x |
| 2020 | 87.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.55BpropertyPlantEquipmentInventory$49.17MinventoryTotal assets$4.11BtotalAssetsUses the property line, which is larger than net PP&E ($11.37M, propertyPlantAndEquipmentNet).Result 87.7% | 0.11xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$388.73MtotalRevenueNet PP&E$3.55BpropertyPlantEquipmentResult 0.11x | 0.02xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.40McapitalExpendituresD&A$75.57MdepreciationAndAmortizationResult 0.02x | $9.12Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.11BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$42.11MintangibleAssetsLiabilities$2.63BtotalLiabTangible book$1.44BShares157,448,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.12 | 0.58xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$235.38MebitdaCapex$1.40McapitalExpendituresInterest$92.20MinterestExpenseShort-term debt$312.25MshortLongTermDebtEBITDA − capex$233.98MPrincipal due is the current portion of debt.Result 0.58x | -$75.30MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$73.90MtotalCashFromOperatingActivitiesCapex$1.40McapitalExpendituresFree cash flow-$75.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$75.30M | 4.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$163.08MoperatingIncomeTax expense$7.00KincomeTaxExpensePretax income$67.62MincomeBeforeTaxTax rate0.0%Equity$1.48BtotalStockholderEquityDebt$2.48BshortLongTermDebtTotalCash$63.29McashInvested capital$3.90BResult 4.2% | 0.05xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$163.08MoperatingIncomeNet PP&E$3.55BpropertyPlantEquipmentResult 0.05x |
| 2021 | 88.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.52BpropertyPlantEquipmentInventory$23.83MinventoryTotal assets$4.02BtotalAssetsUses the property line, which is larger than net PP&E ($10.97M, propertyPlantAndEquipmentNet).Result 88.0% | 0.12xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$408.89MtotalRevenueNet PP&E$3.52BpropertyPlantEquipmentResult 0.12x | 0.00xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$194.00KcapitalExpendituresD&A$75.76MdepreciationAndAmortizationResult 0.00x | $9.61Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.02BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$39.45MintangibleAssetsLiabilities$2.43BtotalLiabTangible book$1.56BShares162,130,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.61 | 0.78xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$324.67MebitdaCapex$194.00KcapitalExpendituresInterest$93.34MinterestExpenseShort-term debt$324.50MshortLongTermDebtEBITDA − capex$324.47MPrincipal due is the current portion of debt.Result 0.78x | $224.65MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$224.84MtotalCashFromOperatingActivitiesCapex$194.00KcapitalExpendituresFree cash flow$224.65MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $224.65M | 5.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$194.92MoperatingIncomeTax expense$165.00KincomeTaxExpensePretax income$155.57MincomeBeforeTaxTax rate0.1%Equity$1.60BtotalStockholderEquityDebt$2.25BshortLongTermDebtTotalCash$3.92McashInvested capital$3.85BResult 5.1% | 0.06xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$194.92MoperatingIncomeNet PP&E$3.52BpropertyPlantEquipmentResult 0.06x |
| 2022 | 86.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.56BpropertyPlantEquipmentInventory-$32.24MinventoryTotal assets$4.08BtotalAssetsUses the property line, which is larger than net PP&E ($10.37M, propertyPlantAndEquipmentNet).Result 86.5% | 0.12xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$419.59MtotalRevenueNet PP&E$3.56BpropertyPlantEquipmentResult 0.12x | 0.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$256.00KcapitalExpendituresD&A$79.84MdepreciationAndAmortizationResult 0.00x | $10.26Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.08BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$40.87MintangibleAssetsLiabilities$2.23BtotalLiabTangible book$1.81BShares176,325,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $10.26 | 1.00xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$331.22MebitdaCapex$256.00KcapitalExpendituresInterest$83.58MinterestExpenseShort-term debt$246.96MshortLongTermDebtEBITDA − capex$330.96MPrincipal due is the current portion of debt.Result 1.00x | $233.29MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$233.55MtotalCashFromOperatingActivitiesCapex$256.00KcapitalExpendituresFree cash flow$233.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $233.29M | 4.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$180.98MoperatingIncomeTax expense$4.00KincomeTaxExpensePretax income$167.80MincomeBeforeTaxTax rate0.0%Equity$1.85BtotalStockholderEquityDebt$2.08BshortLongTermDebtTotalCash$6.12McashInvested capital$3.93BResult 4.6% | 0.05xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$180.98MoperatingIncomeNet PP&E$3.56BpropertyPlantEquipmentResult 0.05x |
| 2023 | 5.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.63MpropertyPlantAndEquipmentNetInventory$212.59MinventoryTotal assets$4.15BtotalAssetsResult 5.4% | 46.15xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$444.37MtotalRevenueNet PP&E$9.63MpropertyPlantAndEquipmentNetResult 46.15x | 0.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$204.00KcapitalExpendituresD&A$78.84MdepreciationAndAmortizationResult 0.00x | $9.94Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.15BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$38.19MintangibleAssetsLiabilities$2.32BtotalLiabTangible book$1.79BShares179,684,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.94 | 0.86xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$264.47MebitdaCapex$204.00KcapitalExpendituresInterest$86.81MinterestExpenseShort-term debt$220.41MshortLongTermDebtEBITDA − capex$264.26MPrincipal due is the current portion of debt.Result 0.86x | $239.71MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$239.92MtotalCashFromOperatingActivitiesCapex$204.00KcapitalExpendituresFree cash flow$239.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $239.71M | 4.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$184.36MoperatingIncomeTax expense$6.00KincomeTaxExpensePretax income$98.83MincomeBeforeTaxTax rate0.0%Equity$1.82BtotalStockholderEquityDebt$2.19BshortLongTermDebtTotalCash$2.22McashAndShortTermInvestmentsInvested capital$4.01BResult 4.6% | 19.15xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$184.36MoperatingIncomeNet PP&E$9.63MpropertyPlantAndEquipmentNetResult 19.15x |
| 2024 | 0.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.53MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$4.43BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 50.01xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$476.36MtotalRevenueNet PP&E$9.53MpropertyPlantAndEquipmentNetResult 50.01x | 0.01xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$849.00KcapitalExpendituresD&A$81.53MdepreciationAndAmortizationResult 0.01x | $9.97Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.43BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$34.74MintangibleAssetsLiabilities$2.57BtotalLiabTangible book$1.82BShares182,567,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.97 | 2.44xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$332.85MebitdaCapex$849.00KcapitalExpendituresInterest$93.05MinterestExpenseShort-term debt$43.07MshortLongTermDebtEBITDA − capex$332.00MPrincipal due is the current portion of debt.Result 2.44x | $264.12MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$264.96MtotalCashFromOperatingActivitiesCapex$849.00KcapitalExpendituresFree cash flow$264.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $264.12M | 4.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$204.52MoperatingIncomeTax expense$4.00KincomeTaxExpensePretax income$158.27MincomeBeforeTaxTax rate0.0%Equity$1.86BtotalStockholderEquityDebt$2.42BshortLongTermDebtTotalCash$10.02McashInvested capital$4.26BResult 4.8% | 21.47xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$204.52MoperatingIncomeNet PP&E$9.53MpropertyPlantAndEquipmentNetResult 21.47x |
| 2025 | 87.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.83BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$4.38BtotalAssetsInventory was not reported and is treated as zero.Result 87.4% | 0.13xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$500.07MtotalRevenueNet PP&E$3.83BpropertyPlantAndEquipmentNetResult 0.13x | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$373.00KcapitalExpendituresD&A$88.91MdepreciationAndAmortizationResult 0.00x | $9.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.38BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$33.63MintangibleAssetsLiabilities$2.54BtotalLiabTangible book$1.81BShares185,431,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.75 | 0.91xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$303.28MebitdaCapex$373.00KcapitalExpendituresInterest$97.88MinterestExpenseShort-term debt$234.47MshortLongTermDebtEBITDA − capex$302.91MPrincipal due is the current portion of debt.Result 0.91x | $269.77MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$270.14MtotalCashFromOperatingActivitiesCapex$373.00KcapitalExpendituresFree cash flow$269.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $269.77M | 5.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$212.63MoperatingIncomeTax expense$3.00KincomeTaxExpensePretax income$116.48MincomeBeforeTaxTax rate0.0%Equity$1.84BtotalStockholderEquityDebt$2.39BshortLongTermDebtTotalCash$1.66McashInvested capital$4.23BResult 5.0% | 0.06xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$212.63MoperatingIncomeNet PP&E$3.83BpropertyPlantAndEquipmentNetResult 0.06x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $3.83B
Inventory: $0.00
Total assets: $4.38B
Goodwill: $0.00
Intangibles: $33.63M
Liabilities: $2.54B
Tangible book: $1.81B
Shares: 185,431,000
Revenue: $500.07M
Capex: $373.00K
D&A: $88.91M
EBITDA: $303.28M
Interest: $97.88M
Short-term debt: $234.47M
Free cash flow: $269.77M
Operating income: $212.63M
Invested capital: $4.23B
Tax rate: 0.0%