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.
Devonian Health Group Inc.
Physical assets are 14.1% of total assets, a light footprint. Capex is 0.05x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -37.01x, which is below 1.
Fixed-asset turnover is 10.71x. Compare it with other names in the same basket.
Physical asset ratio
14.1%Physical asset ratio · 2025-07-31(Net PP&E + inventory) / total assetsNet PP&E$2.20MpropertyPlantAndEquipmentNetInventory$34.51KinventoryTotal assets$15.83MtotalAssetsResult 14.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
10.71xFixed asset turnover · 2025-07-31Revenue / net PP&ERevenue$23.59MtotalRevenueNet PP&E$2.20MpropertyPlantAndEquipmentNetResult 10.71x
Revenue per dollar of the physical asset base.
Capex / D&A
0.05xCapex / D&A · 2025-07-31Capital expenditures / depreciation and amortizationCapex$17.35KcapitalExpendituresD&A$345.91KreconciledDepreciationResult 0.05x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.71Tangible book / share · 2025-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.83MtotalAssetsGoodwill$0.00goodWillIntangibles$4.90MintangibleAssetsLiabilities$6.69MtotalLiabTangible book$4.23MShares2,470,375commonStockSharesOutstandingResult $1.71
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.43xPrice / tangible bookPrice / tangible book per sharePrice$5.88Latest quoteTangible book / share$1.712025-07-31Result 3.43x
Price $5.88.
Fixed-charge coverage
-37.01xFixed-charge coverage · 2025-07-31(EBITDA − capex) / interestEBITDA-$5.10MebitdaCapex$17.35KcapitalExpendituresInterest$138.36KinterestExpenseEBITDA − capex-$5.12MShort-term debt was not reported, so the denominator is interest only.Result -37.01x
EBITDA minus capex, divided by interest only.
FCF yield
-7.7%Free cash flow yield · 2025-07-31Latest free cash flow / current market capFree cash flow-$1.27MfreeCashFlowMarket cap$16.34MMarketCapitalizationResult -7.7%
Latest free cash flow divided by current market cap ($16.34M).
ROIC
—ROIC · 2025-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$770.98KoperatingIncomeTax expense$424.37KtaxProvisionPretax income-$5.59MincomeBeforeTaxTax rate—Equity$9.14MtotalStockholderEquityDebt—Not reportedCash$6.98McashInvested capital—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 -0.35x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-07-31(Net PP&E + inventory) / total assetsNet PP&E$3.83MpropertyPlantEquipmentInventory$247.26KinventoryTotal assets—Not reportedResult — | —Fixed asset turnover · 2018-07-31Revenue / net PP&ERevenue—Not reportedNet PP&E$3.83MpropertyPlantEquipmentResult — | 0.00xCapex / D&A · 2018-07-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$640.71KdepreciationDepreciation comes from the cash-flow statement because income-statement D&A was missing.Result 0.00x | —Tangible book / share · 2018-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares—Goodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | —Fixed-charge coverage · 2018-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$2.20MOperating income + D&ACapex$0.00capitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex-$2.20MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Result — | -$2.14MFree cash flow · 2018-07-31Operating cash flow − capexOperating cash flow-$2.14MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$2.14MNot reportedFree cash flow is operating cash flow minus capex because the statement did not report free cash flow.Result -$2.14M | —ROIC · 2018-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.84MebitTax expense-$96.81KincomeTaxExpensePretax income—Not reportedTax rate—Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.74xEBIT / PP&E · 2018-07-31Operating income / net PP&EOperating income-$2.84MebitNet PP&E$3.83MpropertyPlantEquipmentResult -0.74x |
| 2019 | 21.9%Physical asset ratio · 2019-07-31(Net PP&E + inventory) / total assetsNet PP&E$3.56MpropertyPlantEquipmentInventory$188.59KinventoryTotal assets$17.15MtotalAssetsResult 21.9% | 1.67xFixed asset turnover · 2019-07-31Revenue / net PP&ERevenue$5.94MtotalRevenueNet PP&E$3.56MpropertyPlantEquipmentResult 1.67x | 0.07xCapex / D&A · 2019-07-31Capital expenditures / depreciation and amortizationCapex$73.67KcapitalExpendituresD&A$1.02MreconciledDepreciationResult 0.07x | -$0.03Tangible book / share · 2019-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$17.15MtotalAssetsGoodwill$4.67MgoodWillIntangibles$7.77MintangibleAssetsLiabilities$7.07MtotalLiabTangible book-$2.36MShares67,634,579commonStockSharesOutstandingResult -$0.03 | -4.78xFixed-charge coverage · 2019-07-31(EBITDA − capex) / interestEBITDA-$1.81MebitdaCapex$73.67KcapitalExpendituresInterest$392.86KinterestExpenseEBITDA − capex-$1.88MShort-term debt was not reported, so the denominator is interest only.Result -4.78x | -$1.27MFree cash flow · 2019-07-31Reported free cash flowOperating cash flow-$1.16MtotalCashFromOperatingActivitiesCapex$73.67KcapitalExpendituresFree cash flow-$1.27MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.27M | —ROIC · 2019-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$3.19MoperatingIncomeTax expense-$49.99KincomeTaxExpensePretax income-$3.22MincomeBeforeTaxTax rate—Equity$10.08MtotalStockholderEquityDebt$4.44MlongTermDebtCash$244.59KcashInvested capital$14.27MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.90xEBIT / PP&E · 2019-07-31Operating income / net PP&EOperating income-$3.19MoperatingIncomeNet PP&E$3.56MpropertyPlantEquipmentResult -0.90x |
| 2020 | 20.4%Physical asset ratio · 2020-07-31(Net PP&E + inventory) / total assetsNet PP&E$3.32MpropertyPlantEquipmentInventory$86.58KinventoryTotal assets$16.70MtotalAssetsResult 20.4% | 0.65xFixed asset turnover · 2020-07-31Revenue / net PP&ERevenue$2.14MtotalRevenueNet PP&E$3.32MpropertyPlantEquipmentResult 0.65x | 0.03xCapex / D&A · 2020-07-31Capital expenditures / depreciation and amortizationCapex$29.47KcapitalExpendituresD&A$1.04MdepreciationAndAmortizationResult 0.03x | -$0.03Tangible book / share · 2020-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.70MtotalAssetsGoodwill$4.64MgoodWillIntangibles$7.00MintangibleAssetsLiabilities$7.31MtotalLiabTangible book-$2.26MShares72,406,209commonStockSharesOutstandingResult -$0.03 | -3.70xFixed-charge coverage · 2020-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$2.81MebitdaCapex$29.47KcapitalExpendituresInterest$761.58KinterestExpenseShort-term debt$7.26KshortTermDebtEBITDA − capex-$2.84MPrincipal due is short-term debt.Result -3.70x | -$2.06MFree cash flow · 2020-07-31Reported free cash flowOperating cash flow-$2.03MtotalCashFromOperatingActivitiesCapex$29.47KcapitalExpendituresFree cash flow-$2.06MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.06M | —ROIC · 2020-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$4.60MoperatingIncomeTax expense$983.23KincomeTaxExpensePretax income-$4.37MincomeBeforeTaxTax rate—Equity$9.38MtotalStockholderEquityDebt$4.68MshortLongTermDebtTotalCash$913.02KcashInvested capital$13.16MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.39xEBIT / PP&E · 2020-07-31Operating income / net PP&EOperating income-$4.60MoperatingIncomeNet PP&E$3.32MpropertyPlantEquipmentResult -1.39x |
| 2021 | 21.2%Physical asset ratio · 2021-07-31(Net PP&E + inventory) / total assetsNet PP&E$3.07MpropertyPlantEquipmentInventory$28.22KinventoryTotal assets$14.61MtotalAssetsResult 21.2% | 0.48xFixed asset turnover · 2021-07-31Revenue / net PP&ERevenue$1.47MtotalRevenueNet PP&E$3.07MpropertyPlantEquipmentResult 0.48x | 0.01xCapex / D&A · 2021-07-31Capital expenditures / depreciation and amortizationCapex$14.10KcapitalExpendituresD&A$1.03MdepreciationAndAmortizationResult 0.01x | -$0.04Tangible book / share · 2021-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.61MtotalAssetsGoodwill$4.64MgoodWillIntangibles$6.23MintangibleAssetsLiabilities$7.08MtotalLiabTangible book-$3.35MShares88,842,565commonStockSharesOutstandingResult -$0.04 | -1.56xFixed-charge coverage · 2021-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.23MebitdaCapex$14.10KcapitalExpendituresInterest$793.06KinterestExpenseShort-term debt$4.60KshortTermDebtEBITDA − capex-$1.24MPrincipal due is short-term debt.Result -1.56x | -$1.85MFree cash flow · 2021-07-31Reported free cash flowOperating cash flow-$1.83MtotalCashFromOperatingActivitiesCapex$14.10KcapitalExpendituresFree cash flow-$1.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.85M | —ROIC · 2021-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.26MoperatingIncomeTax expense$793.06KincomeTaxExpensePretax income-$3.35MincomeBeforeTaxTax rate—Equity$7.52MtotalStockholderEquityDebt$5.27MshortLongTermDebtTotalCash$344.80KcashInvested capital$12.45MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.74xEBIT / PP&E · 2021-07-31Operating income / net PP&EOperating income-$2.26MoperatingIncomeNet PP&E$3.07MpropertyPlantEquipmentResult -0.74x |
| 2022 | 14.1%Physical asset ratio · 2022-07-31(Net PP&E + inventory) / total assetsNet PP&E$2.88MpropertyPlantEquipmentInventory$154.62KinventoryTotal assets$21.59MtotalAssetsResult 14.1% | 0.80xFixed asset turnover · 2022-07-31Revenue / net PP&ERevenue$2.31MtotalRevenueNet PP&E$2.88MpropertyPlantEquipmentResult 0.80x | 0.09xCapex / D&A · 2022-07-31Capital expenditures / depreciation and amortizationCapex$79.44KcapitalExpendituresD&A$863.87KdepreciationAndAmortizationResult 0.09x | $0.05Tangible book / share · 2022-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.59MtotalAssetsGoodwill$4.64MgoodWillIntangibles$5.64MintangibleAssetsLiabilities$5.31MtotalLiabTangible book$5.99MShares119,027,954commonStockSharesOutstandingResult $0.05 | -2.20xFixed-charge coverage · 2022-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$2.01MebitdaCapex$79.44KcapitalExpendituresInterest$936.97KinterestExpenseShort-term debt$12.06KshortTermDebtEBITDA − capex-$2.09MPrincipal due is short-term debt.Result -2.20x | -$2.95MFree cash flow · 2022-07-31Reported free cash flowOperating cash flow-$2.87MtotalCashFromOperatingActivitiesCapex$79.44KcapitalExpendituresFree cash flow-$2.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.95M | —ROIC · 2022-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.87MoperatingIncomeTax expense$936.97KincomeTaxExpensePretax income-$3.45MincomeBeforeTaxTax rate—Equity$16.27MtotalStockholderEquityDebt$4.28MshortLongTermDebtTotalCash$7.81McashAndShortTermInvestmentsInvested capital$12.75MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.00xEBIT / PP&E · 2022-07-31Operating income / net PP&EOperating income-$2.87MoperatingIncomeNet PP&E$2.88MpropertyPlantEquipmentResult -1.00x |
| 2023 | 14.8%Physical asset ratio · 2023-07-31(Net PP&E + inventory) / total assetsNet PP&E$2.68MpropertyPlantAndEquipmentNetInventory$159.78KinventoryTotal assets$19.18MtotalAssetsResult 14.8% | 0.87xFixed asset turnover · 2023-07-31Revenue / net PP&ERevenue$2.35MtotalRevenueNet PP&E$2.68MpropertyPlantAndEquipmentNetResult 0.87x | 0.00xCapex / D&A · 2023-07-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$423.45KdepreciationAndAmortizationResult 0.00x | $0.03Tangible book / share · 2023-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.18MtotalAssetsGoodwill$4.64MgoodWillIntangibles$5.51MintangibleAssetsLiabilities$4.93MtotalLiabTangible book$4.10MShares135,566,455commonStockSharesOutstandingResult $0.03 | -0.92xFixed-charge coverage · 2023-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$3.72MebitdaCapex$0.00capitalExpendituresInterest$459.67KinterestExpenseShort-term debt$3.58MshortLongTermDebtEBITDA − capex-$3.72MPrincipal due is the current portion of debt.Result -0.92x | -$4.36MFree cash flow · 2023-07-31Reported free cash flowOperating cash flow-$4.36MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$4.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.36M | —ROIC · 2023-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$4.28MoperatingIncomeTax expense$255.56KincomeTaxExpensePretax income-$4.60MincomeBeforeTaxTax rate—Equity$14.25MtotalStockholderEquityDebt$3.67MshortLongTermDebtTotalCash$5.06McashInvested capital$12.86MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.60xEBIT / PP&E · 2023-07-31Operating income / net PP&EOperating income-$4.28MoperatingIncomeNet PP&E$2.68MpropertyPlantAndEquipmentNetResult -1.60x |
| 2024 | 8.3%Physical asset ratio · 2024-07-31(Net PP&E + inventory) / total assetsNet PP&E$2.50MpropertyPlantAndEquipmentNetInventory$60.89KinventoryTotal assets$30.73MtotalAssetsResult 8.3% | 7.14xFixed asset turnover · 2024-07-31Revenue / net PP&ERevenue$17.82MtotalRevenueNet PP&E$2.50MpropertyPlantAndEquipmentNetResult 7.14x | 0.01xCapex / D&A · 2024-07-31Capital expenditures / depreciation and amortizationCapex$4.25KcapitalExpendituresD&A$672.83KdepreciationAndAmortizationResult 0.01x | $0.03Tangible book / share · 2024-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$30.73MtotalAssetsGoodwill$4.64MgoodWillIntangibles$5.13MintangibleAssetsLiabilities$16.27MtotalLiabTangible book$4.68MShares148,222,532commonStockSharesOutstandingResult $0.03 | -0.07xFixed-charge coverage · 2024-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$171.98KebitdaCapex$4.25KcapitalExpendituresInterest$379.83KinterestExpenseShort-term debt$2.08MshortLongTermDebtEBITDA − capex-$176.22KPrincipal due is the current portion of debt.Result -0.07x | $5.63MFree cash flow · 2024-07-31Reported free cash flowOperating cash flow$5.63MtotalCashFromOperatingActivitiesCapex$4.25KcapitalExpendituresFree cash flow$5.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.63M | —ROIC · 2024-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$858.44KoperatingIncomeTax expense$847.20KtaxProvisionPretax income-$1.22MincomeBeforeTaxTax rate—Equity$14.46MtotalStockholderEquityDebt$2.25MshortLongTermDebtTotalCash$9.86McashInvested capital$6.85MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.34xEBIT / PP&E · 2024-07-31Operating income / net PP&EOperating income-$858.44KoperatingIncomeNet PP&E$2.50MpropertyPlantAndEquipmentNetResult -0.34x |
| 2025 | 14.1%Physical asset ratio · 2025-07-31(Net PP&E + inventory) / total assetsNet PP&E$2.20MpropertyPlantAndEquipmentNetInventory$34.51KinventoryTotal assets$15.83MtotalAssetsResult 14.1% | 10.71xFixed asset turnover · 2025-07-31Revenue / net PP&ERevenue$23.59MtotalRevenueNet PP&E$2.20MpropertyPlantAndEquipmentNetResult 10.71x | 0.05xCapex / D&A · 2025-07-31Capital expenditures / depreciation and amortizationCapex$17.35KcapitalExpendituresD&A$345.91KreconciledDepreciationResult 0.05x | $1.71Tangible book / share · 2025-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.83MtotalAssetsGoodwill$0.00goodWillIntangibles$4.90MintangibleAssetsLiabilities$6.69MtotalLiabTangible book$4.23MShares2,470,375commonStockSharesOutstandingResult $1.71 | -37.01xFixed-charge coverage · 2025-07-31(EBITDA − capex) / interestEBITDA-$5.10MebitdaCapex$17.35KcapitalExpendituresInterest$138.36KinterestExpenseEBITDA − capex-$5.12MShort-term debt was not reported, so the denominator is interest only.Result -37.01x | -$1.27MFree cash flow · 2025-07-31Reported free cash flowOperating cash flow-$1.25MtotalCashFromOperatingActivitiesCapex$17.35KcapitalExpendituresFree cash flow-$1.27MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.27M | —ROIC · 2025-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$770.98KoperatingIncomeTax expense$424.37KtaxProvisionPretax income-$5.59MincomeBeforeTaxTax rate—Equity$9.14MtotalStockholderEquityDebt—Not reportedCash$6.98McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.35xEBIT / PP&E · 2025-07-31Operating income / net PP&EOperating income-$770.98KoperatingIncomeNet PP&E$2.20MpropertyPlantAndEquipmentNetResult -0.35x |
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2025)
Net PP&E: $2.20M
Inventory: $34.51K
Total assets: $15.83M
Goodwill: $0.00
Intangibles: $4.90M
Liabilities: $6.69M
Tangible book: $4.23M
Shares: 2,470,375
Revenue: $23.59M
Capex: $17.35K
D&A: $345.91K
EBITDA: -$5.10M
Interest: $138.36K
Short-term debt: —
Free cash flow: -$1.27M
Operating income: -$770.98K
Invested capital: —
Tax rate: —