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.
Dream Office Real Estate Investment Trust
Net PP&E was missing, so the physical footprint could not be scored. Capex is 2.61x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.66x, which is below 1.
Physical asset ratio
—Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$2.27BtotalAssetsResult —
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
—Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$197.35MtotalRevenueNet PP&E—Not reportedResult —
Revenue per dollar of the physical asset base.
Capex / D&A
2.61xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$34.46McapitalExpendituresD&A$13.18MdepreciationAndAmortizationResult 2.61x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$46.45Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.27BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.37BtotalLiabTangible book$900.01MShares19,374,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $46.45
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.34xPrice / tangible bookPrice / tangible book per sharePrice$15.84Latest quoteTangible book / share$46.452025-12-31Result 0.34x
Price $15.84.
Fixed-charge coverage
-0.66xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$81.35MebitdaCapex$34.46McapitalExpendituresInterest$63.41MinterestExpenseShort-term debt$111.16MshortLongTermDebtEBITDA − capex-$115.81MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result -0.66x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-6.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$20.72MfreeCashFlowMarket cap$301.84MMarketCapitalizationResult -6.9%
Latest free cash flow divided by current market cap ($301.84M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$88.54MoperatingIncomeTax expense$476.00KincomeTaxExpensePretax income-$159.63MincomeBeforeTaxTax rate—Equity$900.01MtotalStockholderEquityDebt$1.24BshortLongTermDebtTotalCash$15.17McashInvested capital$2.12BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 88.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.76BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$3.12BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($3.77M, propertyPlantAndEquipmentNet).Result 88.5% | 0.09xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$242.43MtotalRevenueNet PP&E$2.76BpropertyPlantEquipmentResult 0.09x | 1.09xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$18.03McapitalExpendituresD&A$16.59MdepreciationAndAmortizationResult 1.09x | $50.35Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.12BtotalAssetsGoodwill$767.00KgoodWillIntangibles$1.42MintangibleAssetsLiabilities$1.63BtotalLiabTangible book$1.49BShares29,684,639commonStockSharesOutstandingResult $50.35 | 1.37xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$221.01MebitdaCapex$18.03McapitalExpendituresInterest$56.14MinterestExpenseShort-term debt$91.57MshortTermDebtEBITDA − capex$202.98MPrincipal due is short-term debt.Result 1.37x | $28.50MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$46.53MtotalCashFromOperatingActivitiesCapex$18.03McapitalExpendituresFree cash flow$28.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $28.50M | 3.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$114.26MoperatingIncomeTax expense$342.00KincomeTaxExpensePretax income$148.28MincomeBeforeTaxTax rate0.2%Equity$1.50BtotalStockholderEquityDebt$1.41BshortLongTermDebtTotalCash$8.77McashInvested capital$2.89BResult 3.9% | 0.04xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$114.26MoperatingIncomeNet PP&E$2.76BpropertyPlantEquipmentResult 0.04x |
| 2019 | 82.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.41BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$2.91BtotalAssetsUses the property line, which is larger than net PP&E ($2.39M, propertyPlantAndEquipmentNet).Result 82.8% | 0.10xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$229.02MtotalRevenueNet PP&E$2.41BpropertyPlantEquipmentResult 0.10x | 1.53xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$23.23McapitalExpendituresD&A$15.17MdepreciationAndAmortizationResult 1.53x | $46.24Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.91BtotalAssetsGoodwill$546.00KgoodWillIntangibles$840.00KintangibleAssetsLiabilities$1.43BtotalLiabTangible book$1.48BShares31,939,000commonStockSharesOutstandingResult $46.24 | 0.73xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$197.34MebitdaCapex$23.23McapitalExpendituresInterest$55.80MinterestExpenseShort-term debt$182.51MshortTermDebtEBITDA − capex$174.10MPrincipal due is short-term debt.Result 0.73x | $99.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$122.23MtotalCashFromOperatingActivitiesCapex$23.23McapitalExpendituresFree cash flow$99.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $99.00M | 4.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$112.65MoperatingIncomeTax expense$486.00KincomeTaxExpensePretax income$126.37MincomeBeforeTaxTax rate0.4%Equity$1.48BtotalStockholderEquityDebt$1.15BshortLongTermDebtTotalCash$95.41McashInvested capital$2.54BResult 4.4% | 0.05xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$112.65MoperatingIncomeNet PP&E$2.41BpropertyPlantEquipmentResult 0.05x |
| 2020 | 85.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.46BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2.89BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($1.61M, propertyPlantAndEquipmentNet).Result 85.2% | 0.08xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$206.59MtotalRevenueNet PP&E$2.46BpropertyPlantEquipmentResult 0.08x | 2.55xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$34.72McapitalExpendituresD&A$13.61MdepreciationAndAmortizationResult 2.55x | $49.60Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.89BtotalAssetsGoodwill$261.00KgoodWillIntangibles-$522.00KintangibleAssetsLiabilities$1.39BtotalLiabTangible book$1.50BShares30,230,000commonStockSharesOutstandingResult $49.60 | 1.21xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$238.22MebitdaCapex$34.72McapitalExpendituresInterest$48.66MinterestExpenseShort-term debt$119.38MshortTermDebtEBITDA − capex$203.50MPrincipal due is short-term debt.Result 1.21x | $59.58MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$94.29MtotalCashFromOperatingActivitiesCapex$34.72McapitalExpendituresFree cash flow$59.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $59.58M | 3.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$99.44MoperatingIncomeTax expense-$1.31MincomeTaxExpensePretax income$175.94MincomeBeforeTaxTax rate0.0%Equity$1.50BtotalStockholderEquityDebt$1.20BshortLongTermDebtTotalCash$13.08McashInvested capital$2.68BResult 3.7% | 0.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$99.44MoperatingIncomeNet PP&E$2.46BpropertyPlantEquipmentResult 0.04x |
| 2021 | 83.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.56BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$3.07BtotalAssetsUses the property line, which is larger than net PP&E ($712.00K, propertyPlantAndEquipmentNet).Result 83.4% | 0.08xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$197.54MtotalRevenueNet PP&E$2.56BpropertyPlantEquipmentResult 0.08x | 3.29xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$41.12McapitalExpendituresD&A$12.49MdepreciationAndAmortizationResult 3.29x | $64.51Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.07BtotalAssetsGoodwill$933.00KgoodWillIntangibles-$1.87MintangibleAssetsLiabilities$1.52BtotalLiabTangible book$1.55BShares24,017,377commonStockSharesOutstandingResult $64.51 | 1.38xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$214.30MebitdaCapex$41.12McapitalExpendituresInterest$48.68MinterestExpenseShort-term debt$76.54MshortTermDebtEBITDA − capex$173.17MPrincipal due is short-term debt.Result 1.38x | $95.80MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$95.81MtotalCashFromOperatingActivitiesCapex$41.12McapitalExpendituresFree cash flow$95.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $95.80M | 3.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$94.65MoperatingIncomeTax expense-$203.00KincomeTaxExpensePretax income$155.11MincomeBeforeTaxTax rate0.0%Equity$1.55BtotalStockholderEquityDebt$1.29BshortLongTermDebtTotalCash$8.76McashInvested capital$2.83BResult 3.3% | 0.04xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$94.65MoperatingIncomeNet PP&E$2.56BpropertyPlantEquipmentResult 0.04x |
| 2022 | 77.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.37BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$3.07BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($281.00K, propertyPlantAndEquipmentNet).Result 77.3% | 0.08xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$196.27MtotalRevenueNet PP&E$2.37BpropertyPlantEquipmentResult 0.08x | 82.39xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$35.43McapitalExpendituresD&A$430.00KdepreciationAndAmortizationResult 82.39x | $57.66Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.07BtotalAssetsGoodwill$770.00KgoodWillIntangibles-$1.54MintangibleAssetsLiabilities$1.53BtotalLiabTangible book$1.53BShares26,587,500commonStockSharesOutstandingResult $57.66 | 0.26xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$120.29MebitdaCapex$35.43McapitalExpendituresInterest$55.55MinterestExpenseShort-term debt$265.97MshortTermDebtEBITDA − capex$84.87MPrincipal due is short-term debt.Result 0.26x | $41.24MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$76.67MtotalCashFromOperatingActivitiesCapex$35.43McapitalExpendituresFree cash flow$41.24MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $41.24M | 3.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$93.71MoperatingIncomeTax expense$672.00KincomeTaxExpensePretax income$64.31MincomeBeforeTaxTax rate1.0%Equity$1.53BtotalStockholderEquityDebt$1.38BshortLongTermDebtTotalCash$8.02McashInvested capital$2.90BResult 3.2% | 0.04xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$93.71MoperatingIncomeNet PP&E$2.37BpropertyPlantEquipmentResult 0.04x |
| 2023 | 0.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$121.00KpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$2.67BtotalAssetsResult 0.0% | 1,573.95xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$190.45MtotalRevenueNet PP&E$121.00KpropertyPlantAndEquipmentNetResult 1,573.95x | 155.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$25.11McapitalExpendituresD&A$162.00KdepreciationAndAmortizationResult 155.00x | $53.95Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.67BtotalAssetsGoodwill$703.00KgoodWillIntangibles-$1.41MintangibleAssetsLiabilities$1.47BtotalLiabTangible book$1.20BShares22,260,000commonStockSharesOutstandingResult $53.95 | -0.27xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$14.27MebitdaCapex$25.11McapitalExpendituresInterest$62.72MinterestExpenseShort-term debt$85.37MshortTermDebtEBITDA − capex-$39.38MPrincipal due is short-term debt.Result -0.27x | $45.62MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$70.73MtotalCashFromOperatingActivitiesCapex$25.11McapitalExpendituresFree cash flow$45.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $45.62M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$89.78MoperatingIncomeTax expense$47.00KincomeTaxExpensePretax income-$77.15MincomeBeforeTaxTax rate—Equity$1.20BtotalStockholderEquityDebt$1.34BshortLongTermDebtTotalCash$13.27McashInvested capital$2.53BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 741.99xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$89.78MoperatingIncomeNet PP&E$121.00KpropertyPlantAndEquipmentNetResult 741.99x |
| 2024 | 83.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.16BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.58BtotalAssetsInventory was not reported and is treated as zero.Result 83.5% | 0.09xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$196.11MtotalRevenueNet PP&E$2.16BpropertyPlantAndEquipmentNetResult 0.09x | 254.44xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$30.79McapitalExpendituresD&A$121.00KdepreciationAndAmortizationResult 254.44x | $55.51Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.58BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.50BtotalLiabTangible book$1.08BShares19,464,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $55.51 | -0.17xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$40.74MebitdaCapex$30.79McapitalExpendituresInterest$66.36MinterestExpenseShort-term debt$351.54MshortTermDebtEBITDA − capex-$71.53MPrincipal due is short-term debt.Result -0.17x | $41.61MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$72.39MtotalCashFromOperatingActivitiesCapex$30.79McapitalExpendituresFree cash flow$41.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $41.61M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$94.88MoperatingIncomeTax expense-$2.29MincomeTaxExpensePretax income-$107.22MincomeBeforeTaxTax rate—Equity$1.08BtotalStockholderEquityDebt$1.31BshortLongTermDebtTotalCash$18.27McashInvested capital$2.37BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.04xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$94.88MoperatingIncomeNet PP&E$2.16BpropertyPlantAndEquipmentNetResult 0.04x |
| 2025 | —Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$2.27BtotalAssetsResult — | —Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$197.35MtotalRevenueNet PP&E—Not reportedResult — | 2.61xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$34.46McapitalExpendituresD&A$13.18MdepreciationAndAmortizationResult 2.61x | $46.45Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.27BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.37BtotalLiabTangible book$900.01MShares19,374,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $46.45 | -0.66xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$81.35MebitdaCapex$34.46McapitalExpendituresInterest$63.41MinterestExpenseShort-term debt$111.16MshortLongTermDebtEBITDA − capex-$115.81MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result -0.66x | -$20.72MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$13.74MtotalCashFromOperatingActivitiesCapex$34.46McapitalExpendituresFree cash flow-$20.72MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$20.72M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$88.54MoperatingIncomeTax expense$476.00KincomeTaxExpensePretax income-$159.63MincomeBeforeTaxTax rate—Equity$900.01MtotalStockholderEquityDebt$1.24BshortLongTermDebtTotalCash$15.17McashInvested capital$2.12BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$88.54MoperatingIncomeNet PP&E—Not reportedResult — |
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2025)
Net PP&E: —
Inventory: —
Total assets: $2.27B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $1.37B
Tangible book: $900.01M
Shares: 19,374,000
Revenue: $197.35M
Capex: $34.46M
D&A: $13.18M
EBITDA: -$81.35M
Interest: $63.41M
Short-term debt: $111.16M
Free cash flow: -$20.72M
Operating income: $88.54M
Invested capital: $2.12B
Tax rate: —