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.
First Commonwealth Financial
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 2.43x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. EBITDA after capex covers debt service by 0.57x, which is below 1.
Fixed-asset turnover is 6.38x. Compare it with other names in the same basket.
Physical asset ratio
0.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$114.28MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$12.37BtotalAssetsInventory was not reported and is treated as zero.Result 0.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.38xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$729.44MtotalRevenueNet PP&E$114.28MpropertyPlantEquipmentResult 6.38x
Revenue per dollar of the physical asset base.
Capex / D&A
2.43xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$16.09McapitalExpendituresD&A$6.63MdepreciationAndAmortizationResult 2.43x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$11.14Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.37BtotalAssetsGoodwill$378.21MgoodWillIntangibles$22.02MintangibleAssetsLiabilities$10.81BtotalLiabTangible book$1.15BShares103,643,551commonStockSharesOutstandingResult $11.14
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.89xPrice / tangible bookPrice / tangible book per sharePrice$21.00Latest quoteTangible book / share$11.142025-12-31Result 1.89x
Price $21.00.
Fixed-charge coverage
0.57xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$204.99MebitdaCapex$16.09McapitalExpendituresInterest$206.60MinterestExpenseShort-term debt$125.00MshortLongTermDebtEBITDA − capex$188.90MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.57x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$171.36MfreeCashFlowMarket cap$2.04BMarketCapitalizationResult 8.4%
Latest free cash flow divided by current market cap ($2.04B).
ROIC
8.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$198.36MoperatingIncomeTax expense$39.06MincomeTaxExpensePretax income$191.36MincomeBeforeTaxTax rate20.4%Equity$1.55BtotalStockholderEquityDebt$452.34MshortLongTermDebtTotalCash$103.28McashInvested capital$1.90BResult 8.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.74x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$84.41MpropertyPlantEquipmentInventory$3.94MinventoryTotal assets$7.83BtotalAssetsResult 1.1% | 4.51xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$380.89MtotalRevenueNet PP&E$84.41MpropertyPlantEquipmentResult 4.51x | 1.19xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$9.60McapitalExpendituresD&A$8.05MdepreciationAndAmortizationResult 1.19x | $6.91Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.83BtotalAssetsGoodwill$274.20MgoodWillIntangibles$13.04MintangibleAssetsLiabilities$6.85BtotalLiabTangible book$688.15MShares99,535,000commonStockSharesOutstandingResult $6.91 | 0.22xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$140.82MebitdaCapex$9.60McapitalExpendituresInterest$40.04MinterestExpenseShort-term debt$565.00MshortLongTermDebtEBITDA − capex$131.22MPrincipal due is the current portion of debt.Result 0.22x | $125.66MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$135.26MtotalCashFromOperatingActivitiesCapex$9.60McapitalExpendituresFree cash flow$125.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $125.66M | 12.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$132.77MoperatingIncomeTax expense$25.27MincomeTaxExpensePretax income$132.77MincomeBeforeTaxTax rate19.0%Equity$975.39MtotalStockholderEquityDebt$906.88MshortLongTermDebtTotalCash$1.01BcashAndShortTermInvestmentsInvested capital$874.07MResult 12.3% | 1.57xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$132.77MoperatingIncomeNet PP&E$84.41MpropertyPlantEquipmentResult 1.57x |
| 2019 | 1.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$139.50MpropertyPlantEquipmentInventory$2.23MinventoryTotal assets$8.31BtotalAssetsResult 1.7% | 2.94xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$410.75MtotalRevenueNet PP&E$139.50MpropertyPlantEquipmentResult 2.94x | 1.68xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$17.38McapitalExpendituresD&A$10.37MdepreciationAndAmortizationResult 1.68x | $7.47Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.31BtotalAssetsGoodwill$303.33MgoodWillIntangibles$16.37MintangibleAssetsLiabilities$7.25BtotalLiabTangible book$735.97MShares98,588,000commonStockSharesOutstandingResult $7.47 | 0.65xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$141.22MebitdaCapex$17.38McapitalExpendituresInterest$55.40MinterestExpenseShort-term debt$136.20MshortLongTermDebtEBITDA − capex$123.84MPrincipal due is the current portion of debt.Result 0.65x | $90.25MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$107.63MtotalCashFromOperatingActivitiesCapex$17.38McapitalExpendituresFree cash flow$90.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $90.25M | 22.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$130.85MoperatingIncomeTax expense$25.52MincomeTaxExpensePretax income$130.85MincomeBeforeTaxTax rate19.5%Equity$1.06BtotalStockholderEquityDebt$436.04MshortLongTermDebtTotalCash$1.02BcashAndShortTermInvestmentsInvested capital$467.55MResult 22.5% | 0.94xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$130.85MoperatingIncomeNet PP&E$139.50MpropertyPlantEquipmentResult 0.94x |
| 2020 | 1.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$126.73MpropertyPlantEquipmentInventory$1.83MinventoryTotal assets$9.07BtotalAssetsResult 1.4% | 3.12xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$395.69MtotalRevenueNet PP&E$126.73MpropertyPlantEquipmentResult 3.12x | 0.65xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$7.62McapitalExpendituresD&A$11.65MdepreciationAndAmortizationResult 0.65x | $7.69Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.07BtotalAssetsGoodwill$303.33MgoodWillIntangibles$13.49MintangibleAssetsLiabilities$8.00BtotalLiabTangible book$751.80MShares97,759,000commonStockSharesOutstandingResult $7.69 | 0.63xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$101.86MebitdaCapex$7.62McapitalExpendituresInterest$32.94MinterestExpenseShort-term debt$117.37MshortTermDebtEBITDA − capex$94.24MPrincipal due is short-term debt.Result 0.63x | $98.08MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$105.70MtotalCashFromOperatingActivitiesCapex$7.62McapitalExpendituresFree cash flow$98.08MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $98.08M | 31.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$90.20MoperatingIncomeTax expense$16.76MincomeTaxExpensePretax income$90.20MincomeBeforeTaxTax rate18.6%Equity$1.07BtotalStockholderEquityDebt$350.63MshortLongTermDebtTotalCash$1.19BcashAndShortTermInvestmentsInvested capital$231.44MResult 31.7% | 0.71xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$90.20MoperatingIncomeNet PP&E$126.73MpropertyPlantEquipmentResult 0.71x |
| 2021 | 1.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$121.42MpropertyPlantEquipmentInventory$1.04MinventoryTotal assets$9.55BtotalAssetsResult 1.3% | 3.30xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$400.60MtotalRevenueNet PP&E$121.42MpropertyPlantEquipmentResult 3.30x | 0.93xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$10.64McapitalExpendituresD&A$11.44MdepreciationAndAmortizationResult 0.93x | $8.29Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.55BtotalAssetsGoodwill$303.33MgoodWillIntangibles$11.19MintangibleAssetsLiabilities$8.44BtotalLiabTangible book$794.86MShares95,840,000commonStockSharesOutstandingResult $8.29 | 1.13xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$184.26MebitdaCapex$10.64McapitalExpendituresInterest$15.30MinterestExpenseShort-term debt$138.32MshortTermDebtEBITDA − capex$173.62MPrincipal due is short-term debt.Result 1.13x | $154.41MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$165.05MtotalCashFromOperatingActivitiesCapex$10.64McapitalExpendituresFree cash flow$154.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $154.41M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$172.82MoperatingIncomeTax expense$34.56MincomeTaxExpensePretax income$172.82MincomeBeforeTaxTax rate20.0%Equity$1.11BtotalStockholderEquityDebt$320.58MshortLongTermDebtTotalCash$1.44BcashAndShortTermInvestmentsInvested capital—Result — | 1.42xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$172.82MoperatingIncomeNet PP&E$121.42MpropertyPlantEquipmentResult 1.42x |
| 2022 | 1.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$115.11MpropertyPlantEquipmentInventory$534.00KinventoryTotal assets$9.81BtotalAssetsResult 1.2% | 3.72xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$428.66MtotalRevenueNet PP&E$115.11MpropertyPlantEquipmentResult 3.72x | 1.06xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$11.21McapitalExpendituresD&A$10.55MdepreciationAndAmortizationResult 1.06x | $7.88Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.81BtotalAssetsGoodwill$303.33MgoodWillIntangibles$9.21MintangibleAssetsLiabilities$8.75BtotalLiabTangible book$739.54MShares93,887,000commonStockSharesOutstandingResult $7.88 | 0.41xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$170.74MebitdaCapex$11.21McapitalExpendituresInterest$17.73MinterestExpenseShort-term debt$372.69MshortTermDebtEBITDA − capex$159.53MPrincipal due is short-term debt.Result 0.41x | $140.21MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$151.41MtotalCashFromOperatingActivitiesCapex$11.21McapitalExpendituresFree cash flow$140.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $140.21M | 18.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$160.19MoperatingIncomeTax expense$32.00MincomeTaxExpensePretax income$160.19MincomeBeforeTaxTax rate20.0%Equity$1.05BtotalStockholderEquityDebt$553.92MshortLongTermDebtTotalCash$916.91McashAndShortTermInvestmentsInvested capital$689.09MResult 18.6% | 1.39xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$160.19MoperatingIncomeNet PP&E$115.11MpropertyPlantEquipmentResult 1.39x |
| 2023 | 1.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$121.02MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$11.46BtotalAssetsInventory was not reported and is treated as zero.Result 1.1% | 5.18xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$626.61MtotalRevenueNet PP&E$121.02MpropertyPlantEquipmentResult 5.18x | 5.37xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$22.03McapitalExpendituresD&A$4.10MdepreciationAndAmortizationResult 5.37x | $9.11Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.46BtotalAssetsGoodwill$363.72MgoodWillIntangibles$22.82MintangibleAssetsLiabilities$10.15BtotalLiabTangible book$927.74MShares101,822,000commonStockSharesOutstandingResult $9.11 | 0.25xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$201.66MebitdaCapex$22.03McapitalExpendituresInterest$144.32MinterestExpenseShort-term debt$563.00MshortLongTermDebtEBITDA − capex$179.63MPrincipal due is the current portion of debt.Result 0.25x | $128.73MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$150.76MtotalCashFromOperatingActivitiesCapex$22.03McapitalExpendituresFree cash flow$128.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $128.73M | 16.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$197.56MoperatingIncomeTax expense$40.49MincomeTaxExpensePretax income$197.56MincomeBeforeTaxTax rate20.5%Equity$1.31BtotalStockholderEquityDebt$784.59MshortLongTermDebtTotalCash$1.17BcashAndShortTermInvestmentsInvested capital$930.89MResult 16.9% | 1.63xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$197.56MoperatingIncomeNet PP&E$121.02MpropertyPlantEquipmentResult 1.63x |
| 2024 | 1.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$116.11MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$11.58BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 6.03xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$699.69MtotalRevenueNet PP&E$116.11MpropertyPlantEquipmentResult 6.03x | 2.73xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$15.55McapitalExpendituresD&A$5.69MdepreciationAndAmortizationResult 2.73x | $10.00Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.58BtotalAssetsGoodwill$363.72MgoodWillIntangibles$19.64MintangibleAssetsLiabilities$10.18BtotalLiabTangible book$1.02BShares102,205,000commonStockSharesOutstandingResult $10.00 | 0.61xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$184.01MebitdaCapex$15.55McapitalExpendituresInterest$221.57MinterestExpenseShort-term debt$55.00MshortLongTermDebtEBITDA − capex$168.47MPrincipal due is the current portion of debt.Result 0.61x | $113.92MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$129.46MtotalCashFromOperatingActivitiesCapex$15.55McapitalExpendituresFree cash flow$113.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $113.92M | 30.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$178.21MoperatingIncomeTax expense$35.64MincomeTaxExpensePretax income$178.21MincomeBeforeTaxTax rate20.0%Equity$1.41BtotalStockholderEquityDebt$343.12MshortLongTermDebtTotalCash$1.28BcashAndShortTermInvestmentsInvested capital$467.26MResult 30.5% | 1.53xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$178.21MoperatingIncomeNet PP&E$116.11MpropertyPlantEquipmentResult 1.53x |
| 2025 | 0.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$114.28MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$12.37BtotalAssetsInventory was not reported and is treated as zero.Result 0.9% | 6.38xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$729.44MtotalRevenueNet PP&E$114.28MpropertyPlantEquipmentResult 6.38x | 2.43xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$16.09McapitalExpendituresD&A$6.63MdepreciationAndAmortizationResult 2.43x | $11.14Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.37BtotalAssetsGoodwill$378.21MgoodWillIntangibles$22.02MintangibleAssetsLiabilities$10.81BtotalLiabTangible book$1.15BShares103,643,551commonStockSharesOutstandingResult $11.14 | 0.57xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$204.99MebitdaCapex$16.09McapitalExpendituresInterest$206.60MinterestExpenseShort-term debt$125.00MshortLongTermDebtEBITDA − capex$188.90MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.57x | $171.36MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$187.45MtotalCashFromOperatingActivitiesCapex$16.09McapitalExpendituresFree cash flow$171.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $171.36M | 8.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$198.36MoperatingIncomeTax expense$39.06MincomeTaxExpensePretax income$191.36MincomeBeforeTaxTax rate20.4%Equity$1.55BtotalStockholderEquityDebt$452.34MshortLongTermDebtTotalCash$103.28McashInvested capital$1.90BResult 8.3% | 1.74xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$198.36MoperatingIncomeNet PP&E$114.28MpropertyPlantEquipmentResult 1.74x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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: $114.28M
Inventory: $0.00
Total assets: $12.37B
Goodwill: $378.21M
Intangibles: $22.02M
Liabilities: $10.81B
Tangible book: $1.15B
Shares: 103,643,551
Revenue: $729.44M
Capex: $16.09M
D&A: $6.63M
EBITDA: $204.99M
Interest: $206.60M
Short-term debt: $125.00M
Free cash flow: $171.36M
Operating income: $198.36M
Invested capital: $1.90B
Tax rate: 20.4%