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 Capital Real Estate Investment Trust
Physical assets are 3.1% of total assets, a light footprint. Capex is 58.48x 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 0.62x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 131.28x.
Physical asset ratio
3.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.57MpropertyPlantAndEquipmentNetInventory$283.72MinventoryTotal assets$9.23BtotalAssetsResult 3.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
131.28xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$731.24MtotalRevenueNet PP&E$5.57MpropertyPlantAndEquipmentNetResult 131.28x
Revenue per dollar of the physical asset base.
Capex / D&A
58.48xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$146.90McapitalExpendituresD&A$2.51MdepreciationAndAmortizationResult 58.48x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$23.04Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.23BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$4.34BtotalLiabTangible book$4.89BShares212,445,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $23.04
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.00xPrice / tangible bookPrice / tangible book per sharePrice$22.96Latest quoteTangible book / share$23.042025-12-31Result 1.00x
Price $22.96.
Fixed-charge coverage
0.62xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$458.78MebitdaCapex$146.90McapitalExpendituresInterest$158.79MinterestExpenseShort-term debt$347.86MshortTermDebtEBITDA − capex$311.88MPrincipal due is short-term debt.Result 0.62x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$59.81MfreeCashFlowMarket cap$4.88BMarketCapitalizationResult 1.2%
Latest free cash flow divided by current market cap ($4.88B).
ROIC
4.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$398.20MoperatingIncomeTax expense-$763.42MincomeTaxExpensePretax income$297.48MincomeBeforeTaxTax rate0.0%Equity$4.82BtotalStockholderEquityDebt$3.99BshortLongTermDebtTotalCash$57.17McashAndShortTermInvestmentsInvested capital$8.75BResult 4.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 71.49x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 92.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.70BpropertyPlantEquipmentInventory$9.51MinventoryTotal assets$10.45BtotalAssetsUses the property line, which is larger than net PP&E ($13.35M, propertyPlantAndEquipmentNet).Result 92.8% | 0.08xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$784.44MtotalRevenueNet PP&E$9.70BpropertyPlantEquipmentResult 0.08x | 82.34xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$266.36McapitalExpendituresD&A$3.24MdepreciationAndAmortizationResult 82.34x | $19.97Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.45BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.44BtotalLiabTangible book$5.01BShares250,802,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.97 | 0.38xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$472.53MebitdaCapex$266.36McapitalExpendituresInterest$153.24MinterestExpenseShort-term debt$390.32MshortTermDebtEBITDA − capex$206.17MPrincipal due is short-term debt.Result 0.38x | $16.66MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$283.01MtotalCashFromOperatingActivitiesCapex$266.36McapitalExpendituresFree cash flow$16.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $16.66M | 4.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$472.53MoperatingIncomeTax expense$79.15MincomeTaxExpensePretax income$430.99MincomeBeforeTaxTax rate18.4%Equity$4.98BtotalStockholderEquityDebt$4.38BshortLongTermDebtTotalCash$39.10McashAndShortTermInvestmentsInvested capital$9.32BResult 4.1% | 0.05xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$472.53MoperatingIncomeNet PP&E$9.70BpropertyPlantEquipmentResult 0.05x |
| 2019 | 95.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.67BpropertyPlantEquipmentInventory$10.21MinventoryTotal assets$10.16BtotalAssetsUses the property line, which is larger than net PP&E ($11.67M, propertyPlantAndEquipmentNet).Result 95.2% | 0.08xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$777.05MtotalRevenueNet PP&E$9.67BpropertyPlantEquipmentResult 0.08x | 50.59xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$228.19McapitalExpendituresD&A$4.51MdepreciationAndAmortizationResult 50.59x | $19.39Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.16BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.69BtotalLiabTangible book$4.48BShares230,810,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.39 | 0.49xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$452.19MebitdaCapex$228.19McapitalExpendituresInterest$171.83MinterestExpenseShort-term debt$289.93MshortTermDebtEBITDA − capex$224.00MPrincipal due is short-term debt.Result 0.49x | $40.96MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$269.15MtotalCashFromOperatingActivitiesCapex$228.19McapitalExpendituresFree cash flow$40.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $40.96M | 5.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$452.19MoperatingIncomeTax expense-$82.19MincomeTaxExpensePretax income$332.15MincomeBeforeTaxTax rate0.0%Equity$4.43BtotalStockholderEquityDebt$4.73BshortLongTermDebtTotalCash$29.45McashAndShortTermInvestmentsInvested capital$9.13BResult 5.0% | 0.05xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$452.19MoperatingIncomeNet PP&E$9.67BpropertyPlantEquipmentResult 0.05x |
| 2020 | 94.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.43BpropertyPlantEquipmentInventory$74.19MinventoryTotal assets$10.03BtotalAssetsUses the property line, which is larger than net PP&E ($9.96M, propertyPlantAndEquipmentNet).Result 94.7% | 0.07xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$676.22MtotalRevenueNet PP&E$9.43BpropertyPlantEquipmentResult 0.07x | 36.69xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$205.03McapitalExpendituresD&A$5.59MdepreciationAndAmortizationResult 36.69x | $15.75Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.03BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.78BtotalLiabTangible book$4.26BShares270,200,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $15.75 | 0.36xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$380.58MebitdaCapex$205.03McapitalExpendituresInterest$157.71MinterestExpenseShort-term debt$326.77MshortTermDebtEBITDA − capex$175.55MPrincipal due is short-term debt.Result 0.36x | $14.47MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$219.51MtotalCashFromOperatingActivitiesCapex$205.03McapitalExpendituresFree cash flow$14.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.47M | 2.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$380.58MoperatingIncomeTax expense$23.92MincomeTaxExpensePretax income$31.41MincomeBeforeTaxTax rate40.0%Equity$4.23BtotalStockholderEquityDebt$4.79BshortLongTermDebtTotalCash$104.16McashAndShortTermInvestmentsInvested capital$8.92BThe effective tax rate was above 40% and was capped at 40%.Result 2.6% | 0.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$380.58MoperatingIncomeNet PP&E$9.43BpropertyPlantEquipmentResult 0.04x |
| 2021 | 91.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.07BpropertyPlantEquipmentInventory$156.04MinventoryTotal assets$10.11BtotalAssetsUses the property line, which is larger than net PP&E ($7.67M, propertyPlantAndEquipmentNet).Result 91.3% | 0.08xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$683.81MtotalRevenueNet PP&E$9.07BpropertyPlantEquipmentResult 0.08x | 25.51xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$153.52McapitalExpendituresD&A$6.02MdepreciationAndAmortizationResult 25.51x | $21.27Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.11BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.44BtotalLiabTangible book$4.67BShares219,541,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $21.27 | 0.30xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$373.37MebitdaCapex$153.52McapitalExpendituresInterest$152.67MinterestExpenseShort-term debt$570.60MshortTermDebtEBITDA − capex$219.85MPrincipal due is short-term debt.Result 0.30x | $96.09MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$249.61MtotalCashFromOperatingActivitiesCapex$153.52McapitalExpendituresFree cash flow$96.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $96.09M | 3.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$373.37MoperatingIncomeTax expense$25.93MincomeTaxExpensePretax income$499.57MincomeBeforeTaxTax rate5.2%Equity$4.62BtotalStockholderEquityDebt$4.43BshortLongTermDebtTotalCash$74.06McashAndShortTermInvestmentsInvested capital$8.98BResult 3.9% | 0.04xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$373.37MoperatingIncomeNet PP&E$9.07BpropertyPlantEquipmentResult 0.04x |
| 2022 | 1.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.62MpropertyPlantEquipmentInventory$157.88MinventoryTotal assets$9.58BtotalAssetsResult 1.7% | 107.66xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$712.20MtotalRevenueNet PP&E$6.62MpropertyPlantEquipmentResult 107.66x | 22.04xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$125.01McapitalExpendituresD&A$5.67MdepreciationAndAmortizationResult 22.04x | $20.30Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.58BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.25BtotalLiabTangible book$4.34BShares213,518,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $20.30 | 0.40xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$404.62MebitdaCapex$125.01McapitalExpendituresInterest$150.04MinterestExpenseShort-term debt$557.47MshortLongTermDebtEBITDA − capex$279.61MPrincipal due is the current portion of debt.Result 0.40x | $126.21MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$251.22MtotalCashFromOperatingActivitiesCapex$125.01McapitalExpendituresFree cash flow$126.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $126.21M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$404.62MoperatingIncomeTax expense$7.20MincomeTaxExpensePretax income-$152.56MincomeBeforeTaxTax rate—Equity$4.28BtotalStockholderEquityDebt$4.14BshortLongTermDebtTotalCash$36.03McashAndShortTermInvestmentsInvested capital$8.38BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 61.17xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$404.62MoperatingIncomeNet PP&E$6.62MpropertyPlantEquipmentResult 61.17x |
| 2023 | 2.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.18MpropertyPlantAndEquipmentNetInventory$192.13MinventoryTotal assets$9.19BtotalAssetsResult 2.2% | 104.72xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$752.07MtotalRevenueNet PP&E$7.18MpropertyPlantAndEquipmentNetResult 104.72x | 36.70xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$143.02McapitalExpendituresD&A$3.90MdepreciationAndAmortizationResult 36.70x | $18.83Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.19BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.19BtotalLiabTangible book$4.00BShares212,184,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.83 | 0.48xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$441.68MebitdaCapex$143.02McapitalExpendituresInterest$154.10MinterestExpenseShort-term debt$471.35MshortTermDebtEBITDA − capex$298.65MPrincipal due is short-term debt.Result 0.48x | $84.71MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$227.73MtotalCashFromOperatingActivitiesCapex$143.02McapitalExpendituresFree cash flow$84.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $84.71M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$441.68MoperatingIncomeTax expense-$4.80MincomeTaxExpensePretax income-$139.16MincomeBeforeTaxTax rate—Equity$3.93BtotalStockholderEquityDebt$4.09BshortLongTermDebtTotalCash$90.22McashAndShortTermInvestmentsInvested capital$7.93BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 61.50xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$441.68MoperatingIncomeNet PP&E$7.18MpropertyPlantAndEquipmentNetResult 61.50x |
| 2024 | 2.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.99MpropertyPlantAndEquipmentNetInventory$227.30MinventoryTotal assets$9.18BtotalAssetsResult 2.6% | 102.00xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$712.59MtotalRevenueNet PP&E$6.99MpropertyPlantAndEquipmentNetResult 102.00x | 48.22xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$123.77McapitalExpendituresD&A$2.57MdepreciationAndAmortizationResult 48.22x | $18.91Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.18BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.17BtotalLiabTangible book$4.01BShares212,323,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.91 | 0.38xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$389.88MebitdaCapex$123.77McapitalExpendituresInterest$166.16MinterestExpenseShort-term debt$526.62MshortTermDebtEBITDA − capex$266.11MPrincipal due is short-term debt.Result 0.38x | $110.02MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$233.79MtotalCashFromOperatingActivitiesCapex$123.77McapitalExpendituresFree cash flow$110.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $110.02M | 4.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$389.88MoperatingIncomeTax expense$14.29MincomeTaxExpensePretax income$217.54MincomeBeforeTaxTax rate6.6%Equity$3.95BtotalStockholderEquityDebt$4.05BshortLongTermDebtTotalCash$153.54McashAndShortTermInvestmentsInvested capital$7.85BResult 4.6% | 55.81xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$389.88MoperatingIncomeNet PP&E$6.99MpropertyPlantAndEquipmentNetResult 55.81x |
| 2025 | 3.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.57MpropertyPlantAndEquipmentNetInventory$283.72MinventoryTotal assets$9.23BtotalAssetsResult 3.1% | 131.28xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$731.24MtotalRevenueNet PP&E$5.57MpropertyPlantAndEquipmentNetResult 131.28x | 58.48xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$146.90McapitalExpendituresD&A$2.51MdepreciationAndAmortizationResult 58.48x | $23.04Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.23BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$4.34BtotalLiabTangible book$4.89BShares212,445,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $23.04 | 0.62xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$458.78MebitdaCapex$146.90McapitalExpendituresInterest$158.79MinterestExpenseShort-term debt$347.86MshortTermDebtEBITDA − capex$311.88MPrincipal due is short-term debt.Result 0.62x | $59.81MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$206.71MtotalCashFromOperatingActivitiesCapex$146.90McapitalExpendituresFree cash flow$59.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $59.81M | 4.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$398.20MoperatingIncomeTax expense-$763.42MincomeTaxExpensePretax income$297.48MincomeBeforeTaxTax rate0.0%Equity$4.82BtotalStockholderEquityDebt$3.99BshortLongTermDebtTotalCash$57.17McashAndShortTermInvestmentsInvested capital$8.75BResult 4.6% | 71.49xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$398.20MoperatingIncomeNet PP&E$5.57MpropertyPlantAndEquipmentNetResult 71.49x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $5.57M
Inventory: $283.72M
Total assets: $9.23B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $4.34B
Tangible book: $4.89B
Shares: 212,445,000
Revenue: $731.24M
Capex: $146.90M
D&A: $2.51M
EBITDA: $458.78M
Interest: $158.79M
Short-term debt: $347.86M
Free cash flow: $59.81M
Operating income: $398.20M
Invested capital: $8.75B
Tax rate: 0.0%