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.
Carvana Co
Physical assets are 42.9% of total assets, a mixed footprint. Capex is 0.53x 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 -0.33x, which is below 1.
Fixed-asset turnover is 6.24x. Compare it with other names in the same basket.
Physical asset ratio
42.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.26BpropertyPlantAndEquipmentNetInventory$2.41BinventoryTotal assets$13.20BtotalAssetsResult 42.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.24xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$20.32BtotalRevenueNet PP&E$3.26BpropertyPlantAndEquipmentNetResult 6.24x
Revenue per dollar of the physical asset base.
Capex / D&A
0.53xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$147.00McapitalExpendituresD&A$275.00MdepreciationAndAmortizationResult 0.53x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$3.70Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.20BtotalAssetsGoodwill$10.00MgoodWillIntangibles$47.00MintangibleAssetsLiabilities$9.00BtotalLiabTangible book$4.15BShares1,121,385,000commonStockSharesOutstandingResult $3.70
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
18.47xPrice / tangible bookPrice / tangible book per sharePrice$68.29Latest quoteTangible book / share$3.702025-12-31Result 18.47x
Price $68.29.
Fixed-charge coverage
-0.33xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$110.00MebitdaCapex$147.00McapitalExpendituresInterest$505.00MinterestExpenseShort-term debt$285.00MshortTermDebtEBITDA − capex-$257.00MPrincipal due is short-term debt.Result -0.33x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$889.00MfreeCashFlowMarket cap$65.45BMarketCapitalizationResult 1.4%
Latest free cash flow divided by current market cap ($65.45B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.88BoperatingIncomeTax expense-$2.79BincomeTaxExpensePretax income-$890.00MincomeBeforeTaxTax rate—Equity$3.44BtotalStockholderEquityDebt$5.52BshortLongTermDebtTotalCash$2.81BcashAndShortTermInvestmentsInvested capital$6.15BROIC 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 0.58x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 71.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$296.84MpropertyPlantEquipmentInventory$412.24MinventoryTotal assets$991.01MtotalAssetsResult 71.6% | 6.59xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.96BtotalRevenueNet PP&E$296.84MpropertyPlantEquipmentResult 6.59x | 6.10xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$143.67McapitalExpendituresD&A$23.54MdepreciationAndAmortizationResult 6.10x | $1.39Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$991.01MtotalAssetsGoodwill$9.35MgoodWillIntangibles$8.87MintangibleAssetsLiabilities$763.59MtotalLiabTangible book$209.21MShares150,215,000commonStockSharesOutstandingResult $1.39 | -0.67xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$13.20MebitdaCapex$143.67McapitalExpendituresInterest$25.02MinterestExpenseShort-term debt$208.10MshortTermDebtEBITDA − capex-$156.87MPrincipal due is short-term debt.Result -0.67x | -$558.01MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$414.34MtotalCashFromOperatingActivitiesCapex$143.67McapitalExpendituresFree cash flow-$558.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$558.01M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$228.55MoperatingIncomeTax expense-$192.99MincomeTaxExpensePretax income-$254.75MincomeBeforeTaxTax rate—Equity$73.41MtotalStockholderEquityDebt$633.45MshortLongTermDebtTotalCash$78.86McashInvested capital$627.99MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.77xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$228.55MoperatingIncomeNet PP&E$296.84MpropertyPlantEquipmentResult -0.77x |
| 2019 | 69.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$666.89MpropertyPlantEquipmentInventory$762.70MinventoryTotal assets$2.06BtotalAssetsResult 69.5% | 5.91xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$3.94BtotalRevenueNet PP&E$666.89MpropertyPlantEquipmentResult 5.91x | 5.59xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$230.54McapitalExpendituresD&A$41.27MdepreciationAndAmortizationResult 5.59x | $0.75Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.06BtotalAssetsGoodwill$9.35MgoodWillIntangibles$7.23MintangibleAssetsLiabilities$1.87BtotalLiabTangible book$175.35MShares234,235,000commonStockSharesOutstandingResult $0.75 | -0.32xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.21MebitdaCapex$230.54McapitalExpendituresInterest$80.61MinterestExpenseShort-term debt$617.57MshortTermDebtEBITDA − capex-$223.33MPrincipal due is short-term debt.Result -0.32x | -$987.67MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$757.13MtotalCashFromOperatingActivitiesCapex$230.54McapitalExpendituresFree cash flow-$987.67MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$987.67M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$280.30MoperatingIncomeTax expense-$249.98MincomeTaxExpensePretax income-$364.64MincomeBeforeTaxTax rate—Equity$98.11MtotalStockholderEquityDebt$1.62BshortLongTermDebtTotalCash$174.80McashAndShortTermInvestmentsInvested capital$1.54BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.42xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$280.30MoperatingIncomeNet PP&E$666.89MpropertyPlantEquipmentResult -0.42x |
| 2020 | 69.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.07BpropertyPlantAndEquipmentNetInventory$1.04BinventoryTotal assets$3.04BtotalAssetsResult 69.2% | 5.25xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$5.59BtotalRevenueNet PP&E$1.07BpropertyPlantAndEquipmentNetResult 5.25x | 4.88xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$360.00McapitalExpendituresD&A$73.79MdepreciationAndAmortizationResult 4.88x | $2.42Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.04BtotalAssetsGoodwill$9.00MgoodWillIntangibles$6.00MintangibleAssetsLiabilities$2.23BtotalLiabTangible book$786.97MShares324,904,995commonStockSharesOutstandingResult $2.42 | -2.61xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$257.16MebitdaCapex$360.00McapitalExpendituresInterest$131.53MinterestExpenseShort-term debt$105.00MshortTermDebtEBITDA − capex-$617.16MPrincipal due is short-term debt.Result -2.61x | -$968.41MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$608.41MtotalCashFromOperatingActivitiesCapex$360.00McapitalExpendituresFree cash flow-$968.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$968.41M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$332.40MoperatingIncomeTax expense-$255.00KincomeTaxExpensePretax income-$462.48MincomeBeforeTaxTax rate—Equity$387.60MtotalStockholderEquityDebt$1.87BshortLongTermDebtTotalCash$432.00McashAndShortTermInvestmentsInvested capital$1.83BROIC 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-$332.40MoperatingIncomeNet PP&E$1.07BpropertyPlantAndEquipmentNetResult -0.31x |
| 2021 | 72.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.93BpropertyPlantEquipmentInventory$3.15BinventoryTotal assets$7.02BtotalAssetsResult 72.4% | 6.64xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$12.81BtotalRevenueNet PP&E$1.93BpropertyPlantEquipmentResult 6.64x | 5.30xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$557.00McapitalExpendituresD&A$105.00MdepreciationAndAmortizationResult 5.30x | $1.24Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.02BtotalAssetsGoodwill$9.00MgoodWillIntangibles$4.00MintangibleAssetsLiabilities$6.49BtotalLiabTangible book$512.00MShares414,025,000commonStockSharesOutstandingResult $1.24 | -0.24xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$5.00MebitdaCapex$557.00McapitalExpendituresInterest$176.00MinterestExpenseShort-term debt$2.21BshortTermDebtEBITDA − capex-$562.00MPrincipal due is short-term debt.Result -0.24x | -$3.15BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$2.59BtotalCashFromOperatingActivitiesCapex$557.00McapitalExpendituresFree cash flow-$3.15BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.15B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$104.00MoperatingIncomeTax expense$1.00MincomeTaxExpensePretax income-$286.00MincomeBeforeTaxTax rate—Equity$306.00MtotalStockholderEquityDebt$5.77BshortLongTermDebtTotalCash$785.00McashAndShortTermInvestmentsInvested capital$5.30BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.05xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$104.00MoperatingIncomeNet PP&E$1.93BpropertyPlantEquipmentResult -0.05x |
| 2022 | 65.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.78BpropertyPlantEquipmentInventory$1.88BinventoryTotal assets$8.70BtotalAssetsResult 65.0% | 3.60xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$13.60BtotalRevenueNet PP&E$3.78BpropertyPlantEquipmentResult 3.60x | 1.96xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$512.00McapitalExpendituresD&A$261.00MdepreciationAndAmortizationResult 1.96x | -$3.91Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.70BtotalAssetsGoodwill$847.00MgoodWillIntangibles$70.00MintangibleAssetsLiabilities$9.75BtotalLiabTangible book-$1.97BShares504,140,000commonStockSharesOutstandingResult -$3.91 | -1.20xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$2.15BebitdaCapex$512.00McapitalExpendituresInterest$486.00MinterestExpenseShort-term debt$1.74BshortTermDebtEBITDA − capex-$2.66BPrincipal due is short-term debt.Result -1.20x | -$1.84BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$1.32BtotalCashFromOperatingActivitiesCapex$512.00McapitalExpendituresFree cash flow-$1.84BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.84B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.49BoperatingIncomeTax expense$1.00MincomeTaxExpensePretax income-$2.89BincomeBeforeTaxTax rate—Equity-$518.00MtotalStockholderEquityDebt$8.82BshortLongTermDebtTotalCash$755.00McashAndShortTermInvestmentsInvested capital$7.54BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.39xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$1.49BoperatingIncomeNet PP&E$3.78BpropertyPlantEquipmentResult -0.39x |
| 2023 | 64.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.44BpropertyPlantAndEquipmentNetInventory$1.15BinventoryTotal assets$7.07BtotalAssetsResult 64.9% | 3.13xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$10.77BtotalRevenueNet PP&E$3.44BpropertyPlantAndEquipmentNetResult 3.13x | 0.25xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$87.00McapitalExpendituresD&A$352.00MdepreciationAndAmortizationResult 0.25x | -$2.17Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.07BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$52.00MintangibleAssetsLiabilities$7.46BtotalLiabTangible book-$436.00MShares200,578,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$2.17 | 0.72xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.16BebitdaCapex$87.00McapitalExpendituresInterest$632.00MinterestExpenseShort-term debt$857.00MshortTermDebtEBITDA − capex$1.07BPrincipal due is short-term debt.Result 0.72x | $716.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$803.00MtotalCashFromOperatingActivitiesCapex$87.00McapitalExpendituresFree cash flow$716.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $716.00M | -1.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$80.00MoperatingIncomeTax expense$25.00MincomeTaxExpensePretax income$175.00MincomeBeforeTaxTax rate14.3%Equity-$384.00MtotalStockholderEquityDebt$6.71BshortLongTermDebtTotalCash$896.00McashAndShortTermInvestmentsInvested capital$5.43BResult -1.3% | -0.02xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$80.00MoperatingIncomeNet PP&E$3.44BpropertyPlantAndEquipmentNetResult -0.02x |
| 2024 | 56.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.21BpropertyPlantAndEquipmentNetInventory$1.61BinventoryTotal assets$8.48BtotalAssetsResult 56.8% | 4.26xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$13.67BtotalRevenueNet PP&E$3.21BpropertyPlantAndEquipmentNetResult 4.26x | 0.30xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$91.00McapitalExpendituresD&A$305.00MdepreciationAndAmortizationResult 0.30x | $2.03Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.48BtotalAssetsGoodwill$0.00goodWillIntangibles$34.00MintangibleAssetsLiabilities$7.11BtotalLiabTangible book$1.34BShares661,029,995commonStockSharesOutstandingResult $2.03 | 1.23xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.36BebitdaCapex$91.00McapitalExpendituresInterest$651.00MinterestExpenseShort-term debt$376.00MshortTermDebtEBITDA − capex$1.27BPrincipal due is short-term debt.Result 1.23x | $827.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$918.00MtotalCashFromOperatingActivitiesCapex$91.00McapitalExpendituresFree cash flow$827.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $827.00M | 19.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.00BoperatingIncomeTax expense-$4.00MincomeTaxExpensePretax income$400.00MincomeBeforeTaxTax rate0.0%Equity$1.26BtotalStockholderEquityDebt$6.05BshortLongTermDebtTotalCash$2.18BcashAndShortTermInvestmentsInvested capital$5.13BResult 19.5% | 0.31xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.00BoperatingIncomeNet PP&E$3.21BpropertyPlantAndEquipmentNetResult 0.31x |
| 2025 | 42.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.26BpropertyPlantAndEquipmentNetInventory$2.41BinventoryTotal assets$13.20BtotalAssetsResult 42.9% | 6.24xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$20.32BtotalRevenueNet PP&E$3.26BpropertyPlantAndEquipmentNetResult 6.24x | 0.53xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$147.00McapitalExpendituresD&A$275.00MdepreciationAndAmortizationResult 0.53x | $3.70Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.20BtotalAssetsGoodwill$10.00MgoodWillIntangibles$47.00MintangibleAssetsLiabilities$9.00BtotalLiabTangible book$4.15BShares1,121,385,000commonStockSharesOutstandingResult $3.70 | -0.33xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$110.00MebitdaCapex$147.00McapitalExpendituresInterest$505.00MinterestExpenseShort-term debt$285.00MshortTermDebtEBITDA − capex-$257.00MPrincipal due is short-term debt.Result -0.33x | $889.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.04BtotalCashFromOperatingActivitiesCapex$147.00McapitalExpendituresFree cash flow$889.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $889.00M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.88BoperatingIncomeTax expense-$2.79BincomeTaxExpensePretax income-$890.00MincomeBeforeTaxTax rate—Equity$3.44BtotalStockholderEquityDebt$5.52BshortLongTermDebtTotalCash$2.81BcashAndShortTermInvestmentsInvested capital$6.15BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.58xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.88BoperatingIncomeNet PP&E$3.26BpropertyPlantAndEquipmentNetResult 0.58x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $3.26B
Inventory: $2.41B
Total assets: $13.20B
Goodwill: $10.00M
Intangibles: $47.00M
Liabilities: $9.00B
Tangible book: $4.15B
Shares: 1,121,385,000
Revenue: $20.32B
Capex: $147.00M
D&A: $275.00M
EBITDA: -$110.00M
Interest: $505.00M
Short-term debt: $285.00M
Free cash flow: $889.00M
Operating income: $1.88B
Invested capital: $6.15B
Tax rate: —