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.
Encore Capital Group 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 0.91x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 12.71x. Compare it with other names in the same basket.
Physical asset ratio
2.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$138.71MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$5.34BtotalAssetsInventory was not reported and is treated as zero.Result 2.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.71xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.76BtotalRevenueNet PP&E$138.71MpropertyPlantAndEquipmentNetResult 12.71x
Revenue per dollar of the physical asset base.
Capex / D&A
0.91xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$26.27McapitalExpendituresD&A$28.76MdepreciationAndAmortizationResult 0.91x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$4.07Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.34BtotalAssetsGoodwill$536.29MgoodWillIntangibles$536.29MintangibleAssetsLiabilities$4.36BtotalLiabTangible book-$95.83MShares23,534,000commonStockSharesOutstandingResult -$4.07
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$99.96Latest quoteTangible book / share-$4.072025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $99.96.
Fixed-charge coverage
1.49xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$652.55MebitdaCapex$26.27McapitalExpendituresInterest$287.63MinterestExpenseShort-term debt$131.47MshortLongTermDebtTotal − longTermDebtEBITDA − capex$626.28MShort-term debt is total debt minus long-term debt.Result 1.49x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$126.93MfreeCashFlowMarket cap$2.17BMarketCapitalizationResult 5.8%
Latest free cash flow divided by current market cap ($2.17B).
ROIC
9.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$623.56MoperatingIncomeTax expense$79.33MincomeTaxExpensePretax income$336.16MincomeBeforeTaxTax rate23.6%Equity$976.75MtotalStockholderEquityDebt$4.13BshortLongTermDebtTotalCash$156.78McashInvested capital$4.95BResult 9.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 4.50x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -0.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$115.52MpropertyPlantEquipmentInventory-$127.05MinventoryTotal assets$4.63BtotalAssetsResult -0.2% | 11.79xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.36BtotalRevenueNet PP&E$115.52MpropertyPlantEquipmentResult 11.79x | 1.64xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$67.48McapitalExpendituresD&A$41.23MdepreciationAndAmortizationResult 1.64x | -$3.82Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.63BtotalAssetsGoodwill$868.13MgoodWillIntangibles$60.58MintangibleAssetsLiabilities$3.81BtotalLiabTangible book-$109.02MShares28,572,000commonStockSharesOutstandingResult -$3.82 | 1.52xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$435.07MebitdaCapex$67.48McapitalExpendituresInterest$237.36MinterestExpenseShort-term debt$4.88MshortLongTermDebtEBITDA − capex$367.60MPrincipal due is the current portion of debt.Result 1.52x | $119.32MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$186.79MtotalCashFromOperatingActivitiesCapex$67.48McapitalExpendituresFree cash flow$119.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $119.32M | 5.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$405.30MoperatingIncomeTax expense$46.75MincomeTaxExpensePretax income$156.49MincomeBeforeTaxTax rate29.9%Equity$819.69MtotalStockholderEquityDebt$4.71BshortLongTermDebtTotalCash$157.42McashInvested capital$5.37BResult 5.3% | 3.51xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$405.30MoperatingIncomeNet PP&E$115.52MpropertyPlantEquipmentResult 3.51x |
| 2019 | 3.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$195.31MpropertyPlantEquipmentInventory-$2.46MinventoryTotal assets$4.91BtotalAssetsUses the property line, which is larger than net PP&E ($120.05M, propertyPlantAndEquipmentNet).Result 3.9% | 7.16xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.40BtotalRevenueNet PP&E$195.31MpropertyPlantEquipmentResult 7.16x | 0.97xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$39.60McapitalExpendituresD&A$41.03MdepreciationAndAmortizationResult 0.97x | $2.85Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.91BtotalAssetsGoodwill$884.19MgoodWillIntangibles$51.37MintangibleAssetsLiabilities$3.88BtotalLiabTangible book$89.85MShares31,474,000commonStockSharesOutstandingResult $2.85 | 1.85xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$460.04MebitdaCapex$39.60McapitalExpendituresInterest$217.77MinterestExpenseShort-term debt$9.12MshortLongTermDebtEBITDA − capex$420.44MPrincipal due is the current portion of debt.Result 1.85x | $205.13MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$244.73MtotalCashFromOperatingActivitiesCapex$39.60McapitalExpendituresFree cash flow$205.13MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $205.13M | 6.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$446.35MoperatingIncomeTax expense$32.33MincomeTaxExpensePretax income$201.24MincomeBeforeTaxTax rate16.1%Equity$1.03BtotalStockholderEquityDebt$4.76BshortLongTermDebtTotalCash$192.34McashInvested capital$5.59BResult 6.7% | 2.29xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$446.35MoperatingIncomeNet PP&E$195.31MpropertyPlantEquipmentResult 2.29x |
| 2020 | 5.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$199.46MpropertyPlantAndEquipmentNetInventory$42.17MinventoryTotal assets$4.86BtotalAssetsResult 5.0% | 7.53xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.50BtotalRevenueNet PP&E$199.46MpropertyPlantAndEquipmentNetResult 7.53x | 0.81xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$34.60McapitalExpendituresD&A$42.78MdepreciationAndAmortizationResult 0.81x | $8.45Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.86BtotalAssetsGoodwill$906.96MgoodWillIntangibles$45.01MintangibleAssetsLiabilities$3.64BtotalLiabTangible book$268.10MShares31,710,000commonStockSharesOutstandingResult $8.45 | 0.60xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$535.03MebitdaCapex$34.60McapitalExpendituresInterest$209.36MinterestExpenseShort-term debt$627.56MshortTermDebtEBITDA − capex$500.43MPrincipal due is short-term debt.Result 0.60x | $278.26MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$312.86MtotalCashFromOperatingActivitiesCapex$34.60McapitalExpendituresFree cash flow$278.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $278.26M | 9.3%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$533.56MoperatingIncomeTax expense$70.37MincomeTaxExpensePretax income$282.90MincomeBeforeTaxTax rate24.9%Equity$1.22BtotalStockholderEquityDebt$3.28BshortLongTermDebtTotalCash$189.18McashInvested capital$4.31BResult 9.3% | 2.68xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$533.56MoperatingIncomeNet PP&E$199.46MpropertyPlantAndEquipmentNetResult 2.68x |
| 2021 | 4.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$188.67MpropertyPlantAndEquipmentNetInventory-$3.54MinventoryTotal assets$4.61BtotalAssetsResult 4.0% | 8.56xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.61BtotalRevenueNet PP&E$188.67MpropertyPlantAndEquipmentNetResult 8.56x | 0.67xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$33.37McapitalExpendituresD&A$50.08MdepreciationAndAmortizationResult 0.67x | $8.06Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.61BtotalAssetsGoodwill$897.80MgoodWillIntangibles$36.32MintangibleAssetsLiabilities$3.42BtotalLiabTangible book$251.15MShares31,153,000commonStockSharesOutstandingResult $8.06 | 0.91xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$656.27MebitdaCapex$33.37McapitalExpendituresInterest$169.65MinterestExpenseShort-term debt$514.11MshortTermDebtEBITDA − capex$622.90MPrincipal due is short-term debt.Result 0.91x | $269.68MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$303.05MtotalCashFromOperatingActivitiesCapex$33.37McapitalExpendituresFree cash flow$269.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $269.68M | 12.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$633.27MoperatingIncomeTax expense$85.34MincomeTaxExpensePretax income$436.54MincomeBeforeTaxTax rate19.5%Equity$1.19BtotalStockholderEquityDebt$3.00BshortLongTermDebtTotalCash$189.65McashInvested capital$3.99BResult 12.8% | 3.36xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$633.27MoperatingIncomeNet PP&E$188.67MpropertyPlantAndEquipmentNetResult 3.36x |
| 2022 | 2.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$183.97MpropertyPlantAndEquipmentNetInventory-$64.73MinventoryTotal assets$4.51BtotalAssetsResult 2.6% | 7.60xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.40BtotalRevenueNet PP&E$183.97MpropertyPlantAndEquipmentNetResult 7.60x | 1.65xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$76.56McapitalExpendituresD&A$46.42MdepreciationAndAmortizationResult 1.65x | $12.89Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.51BtotalAssetsGoodwill$821.21MgoodWillIntangibles$22.11MintangibleAssetsLiabilities$3.33BtotalLiabTangible book$336.30MShares26,092,000commonStockSharesOutstandingResult $12.89 | 1.96xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$510.72MebitdaCapex$76.56McapitalExpendituresInterest$153.31MinterestExpenseShort-term debt$68.39MshortTermDebtEBITDA − capex$434.15MPrincipal due is short-term debt.Result 1.96x | $134.12MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$210.68MtotalCashFromOperatingActivitiesCapex$76.56McapitalExpendituresFree cash flow$134.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $134.12M | 7.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$462.17MoperatingIncomeTax expense$116.43MincomeTaxExpensePretax income$310.99MincomeBeforeTaxTax rate37.4%Equity$1.18BtotalStockholderEquityDebt$2.90BshortLongTermDebtTotalCash$143.91McashInvested capital$3.93BResult 7.3% | 2.51xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$462.17MoperatingIncomeNet PP&E$183.97MpropertyPlantAndEquipmentNetResult 2.51x |
| 2023 | 3.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$170.98MpropertyPlantAndEquipmentNetInventory-$17.31MinventoryTotal assets$4.63BtotalAssetsResult 3.3% | 7.15xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.22BtotalRevenueNet PP&E$170.98MpropertyPlantAndEquipmentNetResult 7.15x | 1.24xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$51.71McapitalExpendituresD&A$41.74MdepreciationAndAmortizationResult 1.24x | $13.94Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.63BtotalAssetsGoodwill$606.48MgoodWillIntangibles$48.00KintangibleAssetsLiabilities$3.69BtotalLiabTangible book$330.02MShares23,670,000commonStockSharesOutstandingResult $13.94 | 0.05xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$63.35MebitdaCapex$51.71McapitalExpendituresInterest$201.88MinterestExpenseShort-term debt$29.31MshortTermDebtEBITDA − capex$11.64MPrincipal due is short-term debt.Result 0.05x | $101.28MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$152.99MtotalCashFromOperatingActivitiesCapex$51.71McapitalExpendituresFree cash flow$101.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $101.28M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$16.54MoperatingIncomeTax expense$26.23MincomeTaxExpensePretax income-$180.26MincomeBeforeTaxTax rate—Equity$936.54MtotalStockholderEquityDebt$3.32BshortLongTermDebtTotalCash$158.36McashInvested capital$4.10BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.10xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$16.54MoperatingIncomeNet PP&E$170.98MpropertyPlantAndEquipmentNetResult 0.10x |
| 2024 | 2.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$138.69MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$4.79BtotalAssetsInventory was not reported and is treated as zero.Result 2.9% | 9.49xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.32BtotalRevenueNet PP&E$138.69MpropertyPlantAndEquipmentNetResult 9.49x | 0.90xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$29.22McapitalExpendituresD&A$32.43MdepreciationAndAmortizationResult 0.90x | $10.87Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.79BtotalAssetsGoodwill$507.81MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$4.02BtotalLiabTangible book$259.52MShares23,873,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $10.87 | 0.57xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$174.00MebitdaCapex$29.22McapitalExpendituresInterest$252.55MinterestExpenseShort-term debt$1.07MshortLongTermDebtTotal − longTermDebtEBITDA − capex$144.78MShort-term debt is total debt minus long-term debt.Result 0.57x | $126.95MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$156.17MtotalCashFromOperatingActivitiesCapex$29.22McapitalExpendituresFree cash flow$126.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $126.95M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$157.33MoperatingIncomeTax expense$43.03MincomeTaxExpensePretax income-$96.22MincomeBeforeTaxTax rate—Equity$767.33MtotalStockholderEquityDebt$3.67BshortLongTermDebtTotalCash$199.87McashInvested capital$4.24BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 1.13xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$157.33MoperatingIncomeNet PP&E$138.69MpropertyPlantAndEquipmentNetResult 1.13x |
| 2025 | 2.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$138.71MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$5.34BtotalAssetsInventory was not reported and is treated as zero.Result 2.6% | 12.71xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.76BtotalRevenueNet PP&E$138.71MpropertyPlantAndEquipmentNetResult 12.71x | 0.91xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$26.27McapitalExpendituresD&A$28.76MdepreciationAndAmortizationResult 0.91x | -$4.07Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.34BtotalAssetsGoodwill$536.29MgoodWillIntangibles$536.29MintangibleAssetsLiabilities$4.36BtotalLiabTangible book-$95.83MShares23,534,000commonStockSharesOutstandingResult -$4.07 | 1.49xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$652.55MebitdaCapex$26.27McapitalExpendituresInterest$287.63MinterestExpenseShort-term debt$131.47MshortLongTermDebtTotal − longTermDebtEBITDA − capex$626.28MShort-term debt is total debt minus long-term debt.Result 1.49x | $126.93MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$153.20MtotalCashFromOperatingActivitiesCapex$26.27McapitalExpendituresFree cash flow$126.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $126.93M | 9.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$623.56MoperatingIncomeTax expense$79.33MincomeTaxExpensePretax income$336.16MincomeBeforeTaxTax rate23.6%Equity$976.75MtotalStockholderEquityDebt$4.13BshortLongTermDebtTotalCash$156.78McashInvested capital$4.95BResult 9.6% | 4.50xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$623.56MoperatingIncomeNet PP&E$138.71MpropertyPlantAndEquipmentNetResult 4.50x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $138.71M
Inventory: $0.00
Total assets: $5.34B
Goodwill: $536.29M
Intangibles: $536.29M
Liabilities: $4.36B
Tangible book: -$95.83M
Shares: 23,534,000
Revenue: $1.76B
Capex: $26.27M
D&A: $28.76M
EBITDA: $652.55M
Interest: $287.63M
Short-term debt: $131.47M
Free cash flow: $126.93M
Operating income: $623.56M
Invested capital: $4.95B
Tax rate: 23.6%