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.
Etsy, Inc.
Physical assets are 8.1% of total assets, a light footprint. Capex is 0.54x 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 0.47x, which is below 1.
Fixed-asset turnover is 12.58x. Compare it with other names in the same basket.
Physical asset ratio
8.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$229.20MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.83BtotalAssetsInventory was not reported and is treated as zero.Result 8.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.58xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.88BtotalRevenueNet PP&E$229.20MpropertyPlantAndEquipmentNetResult 12.58x
Revenue per dollar of the physical asset base.
Capex / D&A
0.54xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$54.66McapitalExpendituresD&A$101.85MdepreciationAndAmortizationResult 0.54x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$11.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.83BtotalAssetsGoodwill$38.07MgoodWillIntangibles$297.35MintangibleAssetsLiabilities$3.93BtotalLiabTangible book-$1.43BShares123,541,000commonStockSharesOutstandingResult -$11.60
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$92.35Latest quoteTangible book / share-$11.602025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $92.35.
Fixed-charge coverage
0.47xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$367.02MebitdaCapex$54.66McapitalExpendituresInterest$18.51MinterestExpenseShort-term debt$649.01MshortTermDebtEBITDA − capex$312.36MPrincipal due is short-term debt.Result 0.47x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$638.75MfreeCashFlowMarket cap$8.05BMarketCapitalizationResult 7.9%
Latest free cash flow divided by current market cap ($8.05B).
ROIC
68.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$367.91MoperatingIncomeTax expense$83.68MincomeTaxExpensePretax income$246.67MincomeBeforeTaxTax rate33.9%Equity-$1.10BtotalStockholderEquityDebt$3.08BshortLongTermDebtTotalCash$1.62BcashAndShortTermInvestmentsInvested capital$357.70MResult 68.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.61x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 13.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$120.18MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$901.85MtotalAssetsResult 13.3% | 5.02xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$603.69MtotalRevenueNet PP&E$120.18MpropertyPlantEquipmentResult 5.02x | 0.77xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$20.56McapitalExpendituresD&A$26.74MdepreciationAndAmortizationResult 0.77x | $2.59Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$901.85MtotalAssetsGoodwill$37.48MgoodWillIntangibles$34.59MintangibleAssetsLiabilities$500.95MtotalLiabTangible book$328.83MShares127,084,785commonStockSharesOutstandingResult $2.59 | 3.20xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$104.00MebitdaCapex$20.56McapitalExpendituresInterest$22.18MinterestExpenseShort-term debt$3.88MshortTermDebtEBITDA − capex$83.44MPrincipal due is short-term debt.Result 3.20x | $178.37MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$198.93MtotalCashFromOperatingActivitiesCapex$20.56McapitalExpendituresFree cash flow$178.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $178.37M | 62.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$74.79MoperatingIncomeTax expense-$22.41MincomeTaxExpensePretax income$55.08MincomeBeforeTaxTax rate0.0%Equity$400.90MtotalStockholderEquityDebt$342.46MshortLongTermDebtTotalCash$624.29McashAndShortTermInvestmentsInvested capital$119.07MResult 62.8% | 0.62xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$74.79MoperatingIncomeNet PP&E$120.18MpropertyPlantEquipmentResult 0.62x |
| 2019 | 9.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$144.86MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.54BtotalAssetsInventory was not reported and is treated as zero.Result 9.4% | 5.65xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$818.38MtotalRevenueNet PP&E$144.86MpropertyPlantAndEquipmentNetResult 5.65x | 0.32xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$15.28McapitalExpendituresD&A$48.03MdepreciationAndAmortizationResult 0.32x | $0.55Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.54BtotalAssetsGoodwill$138.73MgoodWillIntangibles$199.24MintangibleAssetsLiabilities$1.14BtotalLiabTangible book$68.67MShares125,720,073commonStockSharesOutstandingResult $0.55 | 3.75xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$153.00MebitdaCapex$15.28McapitalExpendituresInterest$24.32MinterestExpenseShort-term debt$12.41MshortTermDebtEBITDA − capex$137.72MPrincipal due is short-term debt.Result 3.75x | $191.64MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$206.92MtotalCashFromOperatingActivitiesCapex$15.28McapitalExpendituresFree cash flow$191.64MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $191.64M | 20.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$88.76MoperatingIncomeTax expense-$15.25MincomeTaxExpensePretax income$80.65MincomeBeforeTaxTax rate0.0%Equity$406.63MtotalStockholderEquityDebt$847.01MshortLongTermDebtTotalCash$817.25McashAndShortTermInvestmentsInvested capital$436.39MResult 20.3% | 0.61xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$88.76MoperatingIncomeNet PP&E$144.86MpropertyPlantAndEquipmentNetResult 0.61x |
| 2020 | 4.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$112.50MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$2.40BtotalAssetsResult 4.7% | 15.34xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.73BtotalRevenueNet PP&E$112.50MpropertyPlantEquipmentResult 15.34x | 0.12xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$7.11McapitalExpendituresD&A$58.19MdepreciationAndAmortizationResult 0.12x | $3.04Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.40BtotalAssetsGoodwill$140.81MgoodWillIntangibles$187.45MintangibleAssetsLiabilities$1.66BtotalLiabTangible book$414.17MShares136,414,592commonStockSharesOutstandingResult $3.04 | 9.07xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$465.92MebitdaCapex$7.11McapitalExpendituresInterest$42.03MinterestExpenseShort-term debt$8.54MshortTermDebtEBITDA − capex$458.81MPrincipal due is short-term debt.Result 9.07x | $671.85MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$678.96MtotalCashFromOperatingActivitiesCapex$7.11McapitalExpendituresFree cash flow$671.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $671.85M | 214.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$424.01MoperatingIncomeTax expense$16.46MincomeTaxExpensePretax income$365.71MincomeBeforeTaxTax rate4.5%Equity$742.42MtotalStockholderEquityDebt$1.12BshortLongTermDebtTotalCash$1.67BcashAndShortTermInvestmentsInvested capital$189.02MResult 214.2% | 3.77xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$424.01MoperatingIncomeNet PP&E$112.50MpropertyPlantEquipmentResult 3.77x |
| 2021 | 7.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$275.06MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$3.83BtotalAssetsResult 7.2% | 8.47xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$2.33BtotalRevenueNet PP&E$275.06MpropertyPlantEquipmentResult 8.47x | 0.41xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$30.11McapitalExpendituresD&A$74.27MdepreciationAndAmortizationResult 0.41x | -$9.20Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.83BtotalAssetsGoodwill$1.37BgoodWillIntangibles$607.17MintangibleAssetsLiabilities$3.20BtotalLiabTangible book-$1.35BShares146,683,324commonStockSharesOutstandingResult -$9.20 | 32.21xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$555.81MebitdaCapex$30.11McapitalExpendituresInterest$9.89MinterestExpenseShort-term debt$6.44MshortTermDebtEBITDA − capex$525.70MPrincipal due is short-term debt.Result 32.21x | $621.44MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$651.55MtotalCashFromOperatingActivitiesCapex$30.11McapitalExpendituresFree cash flow$621.44MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $621.44M | 22.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$465.73MoperatingIncomeTax expense-$21.85MincomeTaxExpensePretax income$471.65MincomeBeforeTaxTax rate0.0%Equity$628.62MtotalStockholderEquityDebt$2.39BshortLongTermDebtTotalCash$984.61McashAndShortTermInvestmentsInvested capital$2.03BResult 22.9% | 1.69xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$465.73MoperatingIncomeNet PP&E$275.06MpropertyPlantEquipmentResult 1.69x |
| 2022 | 10.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$288.53MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$2.63BtotalAssetsResult 10.9% | 8.89xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$2.57BtotalRevenueNet PP&E$288.53MpropertyPlantEquipmentResult 8.89x | 0.38xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$37.20McapitalExpendituresD&A$96.70MdepreciationAndAmortizationResult 0.38x | -$9.63Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.63BtotalAssetsGoodwill$137.72MgoodWillIntangibles$535.41MintangibleAssetsLiabilities$3.18BtotalLiabTangible book-$1.22BShares126,778,626commonStockSharesOutstandingResult -$9.63 | -25.43xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$551.11MebitdaCapex$37.20McapitalExpendituresInterest$14.17MinterestExpenseShort-term debt$8.96MshortTermDebtEBITDA − capex-$588.31MPrincipal due is short-term debt.Result -25.43x | $646.41MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$683.61MtotalCashFromOperatingActivitiesCapex$37.20McapitalExpendituresFree cash flow$646.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $646.41M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$658.56MoperatingIncomeTax expense$32.31MincomeTaxExpensePretax income-$661.98MincomeBeforeTaxTax rate—Equity-$547.27MtotalStockholderEquityDebt$2.39BshortLongTermDebtTotalCash$1.17BcashAndShortTermInvestmentsInvested capital$671.11MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.28xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$658.56MoperatingIncomeNet PP&E$288.53MpropertyPlantEquipmentResult -2.28x |
| 2023 | 9.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$249.79MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$2.69BtotalAssetsResult 9.3% | 11.00xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.75BtotalRevenueNet PP&E$249.79MpropertyPlantAndEquipmentNetResult 11.00x | 0.44xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$39.91McapitalExpendituresD&A$91.32MdepreciationAndAmortizationResult 0.44x | -$8.13Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.69BtotalAssetsGoodwill$138.38MgoodWillIntangibles$457.14MintangibleAssetsLiabilities$3.23BtotalLiabTangible book-$1.14BShares140,145,406commonStockSharesOutstandingResult -$8.13 | 17.81xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$398.19MebitdaCapex$39.91McapitalExpendituresInterest$14.04MinterestExpenseShort-term debt$6.08MshortTermDebtEBITDA − capex$358.28MPrincipal due is short-term debt.Result 17.81x | $665.61MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$705.51MtotalCashFromOperatingActivitiesCapex$39.91McapitalExpendituresFree cash flow$665.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $665.61M | 40.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$279.84MoperatingIncomeTax expense-$14.75MincomeTaxExpensePretax income$292.82MincomeBeforeTaxTax rate0.0%Equity-$543.72MtotalStockholderEquityDebt$2.39BshortLongTermDebtTotalCash$1.15BcashAndShortTermInvestmentsInvested capital$695.36MResult 40.2% | 1.12xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$279.84MoperatingIncomeNet PP&E$249.79MpropertyPlantAndEquipmentNetResult 1.12x |
| 2024 | 9.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$236.71MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.42BtotalAssetsInventory was not reported and is treated as zero.Result 9.8% | 11.86xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.81BtotalRevenueNet PP&E$236.71MpropertyPlantAndEquipmentNetResult 11.86x | 0.40xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$43.50McapitalExpendituresD&A$108.07MdepreciationAndAmortizationResult 0.40x | -$9.94Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.42BtotalAssetsGoodwill$137.09MgoodWillIntangibles$413.90MintangibleAssetsLiabilities$3.18BtotalLiabTangible book-$1.31BShares131,721,000commonStockSharesOutstandingResult -$9.94 | 24.51xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$532.66MebitdaCapex$43.50McapitalExpendituresInterest$13.81MinterestExpenseShort-term debt$6.15MshortTermDebtEBITDA − capex$489.16MPrincipal due is short-term debt.Result 24.51x | $708.97MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$752.47MtotalCashFromOperatingActivitiesCapex$43.50McapitalExpendituresFree cash flow$708.97MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $708.97M | 47.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$380.21MoperatingIncomeTax expense$107.49MincomeTaxExpensePretax income$410.78MincomeBeforeTaxTax rate26.2%Equity-$758.87MtotalStockholderEquityDebt$2.39BshortLongTermDebtTotalCash$1.04BcashAndShortTermInvestmentsInvested capital$589.35MResult 47.6% | 1.61xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$380.21MoperatingIncomeNet PP&E$236.71MpropertyPlantAndEquipmentNetResult 1.61x |
| 2025 | 8.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$229.20MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.83BtotalAssetsInventory was not reported and is treated as zero.Result 8.1% | 12.58xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.88BtotalRevenueNet PP&E$229.20MpropertyPlantAndEquipmentNetResult 12.58x | 0.54xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$54.66McapitalExpendituresD&A$101.85MdepreciationAndAmortizationResult 0.54x | -$11.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.83BtotalAssetsGoodwill$38.07MgoodWillIntangibles$297.35MintangibleAssetsLiabilities$3.93BtotalLiabTangible book-$1.43BShares123,541,000commonStockSharesOutstandingResult -$11.60 | 0.47xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$367.02MebitdaCapex$54.66McapitalExpendituresInterest$18.51MinterestExpenseShort-term debt$649.01MshortTermDebtEBITDA − capex$312.36MPrincipal due is short-term debt.Result 0.47x | $638.75MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$693.41MtotalCashFromOperatingActivitiesCapex$54.66McapitalExpendituresFree cash flow$638.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $638.75M | 68.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$367.91MoperatingIncomeTax expense$83.68MincomeTaxExpensePretax income$246.67MincomeBeforeTaxTax rate33.9%Equity-$1.10BtotalStockholderEquityDebt$3.08BshortLongTermDebtTotalCash$1.62BcashAndShortTermInvestmentsInvested capital$357.70MResult 68.0% | 1.61xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$367.91MoperatingIncomeNet PP&E$229.20MpropertyPlantAndEquipmentNetResult 1.61x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $229.20M
Inventory: $0.00
Total assets: $2.83B
Goodwill: $38.07M
Intangibles: $297.35M
Liabilities: $3.93B
Tangible book: -$1.43B
Shares: 123,541,000
Revenue: $2.88B
Capex: $54.66M
D&A: $101.85M
EBITDA: $367.02M
Interest: $18.51M
Short-term debt: $649.01M
Free cash flow: $638.75M
Operating income: $367.91M
Invested capital: $357.70M
Tax rate: 33.9%