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.
EquipmentShare.com Inc Class A Common Stock
Physical assets are 73.7% of total assets, a heavy footprint. Capex is 5.66x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -4.72x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 1.09x.
Physical asset ratio
73.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.01BpropertyPlantAndEquipmentNetInventory$401.00MinventoryTotal assets$5.99BtotalAssetsResult 73.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.09xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.38BtotalRevenueNet PP&E$4.01BpropertyPlantAndEquipmentNetResult 1.09x
Revenue per dollar of the physical asset base.
Capex / D&A
5.66xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.07BcapitalExpendituresD&A$365.00MdepreciationAndAmortizationResult 5.66x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.45Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.99BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$141.00MintangibleAssetsLiabilities$5.46BtotalLiabTangible book$387.00MShares266,047,147commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.45
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
12.50xPrice / tangible bookPrice / tangible book per sharePrice$18.18Latest quoteTangible book / share$1.452025-12-31Result 12.50x
Price $18.18.
Fixed-charge coverage
-4.72xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$704.00MebitdaCapex$2.07BcapitalExpendituresInterest$285.00MinterestExpenseShort-term debt$4.00MshortLongTermDebtEBITDA − capex-$1.36BPrincipal due is the current portion of debt.Result -4.72x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-39.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$1.80BfreeCashFlowMarket cap$4.54BMarketCapitalizationResult -39.7%
Latest free cash flow divided by current market cap ($4.54B).
ROIC
5.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$297.00MoperatingIncomeTax expense$14.00MincomeTaxExpensePretax income$54.00MincomeBeforeTaxTax rate25.9%Equity$528.00MtotalStockholderEquityDebt$4.18BshortLongTermDebtTotalCash$306.00McashInvested capital$4.41BResult 5.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.07x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2022 | —Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets—Not reportedResult — | —Fixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.73BtotalRevenueNet PP&E—Not reportedResult — | 6.73xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.42BcapitalExpendituresD&A$211.70MdepreciationAndAmortizationResult 6.73x | —Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares251,282,894commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | -8.57xFixed-charge coverage · 2022-12-31(EBITDA − capex) / interestEBITDA$399.50MebitdaCapex$1.42BcapitalExpendituresInterest$119.50MinterestExpenseEBITDA − capex-$1.02BShort-term debt was not reported, so the denominator is interest only.Result -8.57x | -$1.20BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$228.50MtotalCashFromOperatingActivitiesCapex$1.42BcapitalExpendituresFree cash flow-$1.20BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.20B | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$170.10MoperatingIncomeTax expense$18.70MincomeTaxExpensePretax income$68.30MincomeBeforeTaxTax rate27.4%Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—Result — | —EBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$170.10MoperatingIncomeNet PP&E—Not reportedResult — |
| 2023 | 72.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.32BpropertyPlantAndEquipmentNetInventory$241.30MinventoryTotal assets$4.90BtotalAssetsResult 72.6% | 0.77xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.56BtotalRevenueNet PP&E$3.32BpropertyPlantAndEquipmentNetResult 0.77x | 4.35xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.28BcapitalExpendituresD&A$295.00MdepreciationAndAmortizationResult 4.35x | $3.20Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.90BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$68.20MintangibleAssetsLiabilities$4.03BtotalLiabTangible book$804.70MShares251,282,894commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.20 | -2.87xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$536.90MebitdaCapex$1.28BcapitalExpendituresInterest$220.10MinterestExpenseShort-term debt$39.80MshortLongTermDebtEBITDA − capex-$746.30MPrincipal due is the current portion of debt.Result -2.87x | -$1.00BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$278.80MtotalCashFromOperatingActivitiesCapex$1.28BcapitalExpendituresFree cash flow-$1.00BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.00B | 7.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$250.10MoperatingIncomeTax expense$4.40MincomeTaxExpensePretax income$21.80MincomeBeforeTaxTax rate20.2%Equity$872.70MtotalStockholderEquityDebt$2.26BlongTermDebt + shortLongTermDebtCash$349.40McashAndShortTermInvestmentsInvested capital$2.78BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 7.2% | 0.08xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$250.10MoperatingIncomeNet PP&E$3.32BpropertyPlantAndEquipmentNetResult 0.08x |
| 2024 | 68.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.24BpropertyPlantAndEquipmentNetInventory$331.50MinventoryTotal assets$5.23BtotalAssetsResult 68.3% | 1.16xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$3.76BtotalRevenueNet PP&E$3.24BpropertyPlantAndEquipmentNetResult 1.16x | 5.36xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.78BcapitalExpendituresD&A$332.20MdepreciationAndAmortizationResult 5.36x | $3.10Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.23BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$94.60MintangibleAssetsLiabilities$4.36BtotalLiabTangible book$778.40MShares251,282,894commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.10 | -4.08xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$606.50MebitdaCapex$1.78BcapitalExpendituresInterest$269.10MinterestExpenseShort-term debt$18.70MshortLongTermDebtEBITDA − capex-$1.17BPrincipal due is the current portion of debt.Result -4.08x | -$1.50BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$281.30MtotalCashFromOperatingActivitiesCapex$1.78BcapitalExpendituresFree cash flow-$1.50BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.50B | 4.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$217.80MoperatingIncomeTax expense$2.80MincomeTaxExpensePretax income$5.20MincomeBeforeTaxTax rate40.0%Equity$873.00MtotalStockholderEquityDebt$2.55BlongTermDebt + shortLongTermDebtCash$457.30McashAndShortTermInvestmentsInvested capital$2.96BThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.4% | 0.07xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$217.80MoperatingIncomeNet PP&E$3.24BpropertyPlantAndEquipmentNetResult 0.07x |
| 2025 | 73.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.01BpropertyPlantAndEquipmentNetInventory$401.00MinventoryTotal assets$5.99BtotalAssetsResult 73.7% | 1.09xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.38BtotalRevenueNet PP&E$4.01BpropertyPlantAndEquipmentNetResult 1.09x | 5.66xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.07BcapitalExpendituresD&A$365.00MdepreciationAndAmortizationResult 5.66x | $1.45Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.99BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$141.00MintangibleAssetsLiabilities$5.46BtotalLiabTangible book$387.00MShares266,047,147commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.45 | -4.72xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$704.00MebitdaCapex$2.07BcapitalExpendituresInterest$285.00MinterestExpenseShort-term debt$4.00MshortLongTermDebtEBITDA − capex-$1.36BPrincipal due is the current portion of debt.Result -4.72x | -$1.80BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$264.00MtotalCashFromOperatingActivitiesCapex$2.07BcapitalExpendituresFree cash flow-$1.80BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.80B | 5.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$297.00MoperatingIncomeTax expense$14.00MincomeTaxExpensePretax income$54.00MincomeBeforeTaxTax rate25.9%Equity$528.00MtotalStockholderEquityDebt$4.18BshortLongTermDebtTotalCash$306.00McashInvested capital$4.41BResult 5.0% | 0.07xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$297.00MoperatingIncomeNet PP&E$4.01BpropertyPlantAndEquipmentNetResult 0.07x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $4.01B
Inventory: $401.00M
Total assets: $5.99B
Goodwill: $0.00
Intangibles: $141.00M
Liabilities: $5.46B
Tangible book: $387.00M
Shares: 266,047,147
Revenue: $4.38B
Capex: $2.07B
D&A: $365.00M
EBITDA: $704.00M
Interest: $285.00M
Short-term debt: $4.00M
Free cash flow: -$1.80B
Operating income: $297.00M
Invested capital: $4.41B
Tax rate: 25.9%