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.
Flywire Corp
Physical assets are 1.8% of total assets, a light footprint. Capex is 0.05x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 2.6%, below an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 28.16x.
Physical asset ratio
1.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.13MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.25BtotalAssetsInventory was not reported and is treated as zero.Result 1.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
28.16xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$623.03MtotalRevenueNet PP&E$22.13MpropertyPlantAndEquipmentNetResult 28.16x
Revenue per dollar of the physical asset base.
Capex / D&A
0.05xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.35McapitalExpendituresD&A$26.06MdepreciationAndAmortizationResult 0.05x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.88Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.25BtotalAssetsGoodwill$406.51MgoodWillIntangibles$189.05MintangibleAssetsLiabilities$418.14MtotalLiabTangible book$239.61MShares127,747,000commonStockSharesOutstandingResult $1.88
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
10.24xPrice / tangible bookPrice / tangible book per sharePrice$19.20Latest quoteTangible book / share$1.882025-12-31Result 10.24x
Price $19.20.
Fixed-charge coverage
10.20xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$51.02MebitdaCapex$1.35McapitalExpendituresInterest$3.53MinterestExpenseShort-term debt$1.35MshortTermDebtEBITDA − capex$49.67MPrincipal due is short-term debt.Result 10.20x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$98.83MfreeCashFlowMarket cap$2.34BMarketCapitalizationResult 4.2%
Latest free cash flow divided by current market cap ($2.34B).
ROIC
2.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$19.99MoperatingIncomeTax expense$7.94MincomeTaxExpensePretax income$21.44MincomeBeforeTaxTax rate37.0%Equity$835.17MtotalStockholderEquityDebt$1.35MshortLongTermDebtTotalCash$355.00McashAndShortTermInvestmentsInvested capital$481.52MResult 2.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.90x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 3.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.85MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$141.00MtotalAssetsResult 3.4% | 19.57xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$94.92MtotalRevenueNet PP&E$4.85MpropertyPlantEquipmentResult 19.57x | 1.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$3.75McapitalExpendituresD&A$3.73MdepreciationAndAmortizationResult 1.00x | -$1.01Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$141.00MtotalAssetsGoodwill$12.92MgoodWillIntangibles$14.30MintangibleAssetsLiabilities$216.28MtotalLiabTangible book-$102.50MShares101,105,559commonStockSharesOutstandingResult -$1.01 | -2.70xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$13.38MebitdaCapex$3.75McapitalExpendituresInterest$2.46MinterestExpenseShort-term debt$3.90MshortTermDebtEBITDA − capex-$17.13MPrincipal due is short-term debt.Result -2.70x | $325.00KFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$4.07MtotalCashFromOperatingActivitiesCapex$3.75McapitalExpendituresFree cash flow$325.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $325.00K | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$17.46MoperatingIncomeTax expense$550.00KincomeTaxExpensePretax income-$19.57MincomeBeforeTaxTax rate—Equity-$75.28MtotalStockholderEquityDebt$24.63MshortLongTermDebtTotalCash$86.03McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.60xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$17.46MoperatingIncomeNet PP&E$4.85MpropertyPlantEquipmentResult -3.60x |
| 2020 | 3.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.10MpropertyPlantAndEquipmentNetInventory$5.00MinventoryTotal assets$271.44MtotalAssetsResult 3.7% | 25.83xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$131.78MtotalRevenueNet PP&E$5.10MpropertyPlantAndEquipmentNetResult 25.83x | 0.32xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.14McapitalExpendituresD&A$6.79MdepreciationAndAmortizationResult 0.32x | -$1.92Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$271.44MtotalAssetsGoodwill$44.65MgoodWillIntangibles$68.21MintangibleAssetsLiabilities$353.20MtotalLiabTangible book-$194.62MShares101,105,559commonStockSharesOutstandingResult -$1.92 | -0.14xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$8.95MebitdaCapex$2.14McapitalExpendituresInterest$2.53MinterestExpenseShort-term debt$74.98MshortTermDebtEBITDA − capex-$11.09MPrincipal due is short-term debt.Result -0.14x | -$16.36MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$14.22MtotalCashFromOperatingActivitiesCapex$2.14McapitalExpendituresFree cash flow-$16.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$16.36M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$15.82MoperatingIncomeTax expense-$7.17MincomeTaxExpensePretax income-$18.28MincomeBeforeTaxTax rate—Equity-$81.76MtotalStockholderEquityDebt$24.35MshortLongTermDebtTotalCash$104.05McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.10xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$15.82MoperatingIncomeNet PP&E$5.10MpropertyPlantAndEquipmentNetResult -3.10x |
| 2021 | 2.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.44MpropertyPlantEquipmentInventory$4.00MinventoryTotal assets$639.68MtotalAssetsResult 2.1% | 21.30xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$201.15MtotalRevenueNet PP&E$9.44MpropertyPlantEquipmentResult 21.30x | 0.74xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$6.68McapitalExpendituresD&A$9.00MdepreciationAndAmortizationResult 0.74x | $2.85Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$639.68MtotalAssetsGoodwill$86.04MgoodWillIntangibles$93.40MintangibleAssetsLiabilities$157.35MtotalLiabTangible book$302.89MShares106,442,555commonStockSharesOutstandingResult $2.85 | -0.22xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$14.91MebitdaCapex$6.68McapitalExpendituresInterest$2.02MinterestExpenseShort-term debt$94.47MshortTermDebtEBITDA − capex-$21.59MPrincipal due is short-term debt.Result -0.22x | $10.45MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$17.13MtotalCashFromOperatingActivitiesCapex$6.68McapitalExpendituresFree cash flow$10.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.45M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$13.26MoperatingIncomeTax expense$2.16MincomeTaxExpensePretax income-$25.93MincomeBeforeTaxTax rate—Equity$482.33MtotalStockholderEquityDebt$25.94MlongTermDebt + shortLongTermDebtCash$385.36McashInvested capital$122.91MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.40xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$13.26MoperatingIncomeNet PP&E$9.44MpropertyPlantEquipmentResult -1.40x |
| 2022 | 2.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.32MpropertyPlantEquipmentInventory$2.00MinventoryTotal assets$674.29MtotalAssetsResult 2.3% | 21.73xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$289.38MtotalRevenueNet PP&E$13.32MpropertyPlantEquipmentResult 21.73x | 0.58xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$7.09McapitalExpendituresD&A$12.30MdepreciationAndAmortizationResult 0.58x | $2.65Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$674.29MtotalAssetsGoodwill$97.77MgoodWillIntangibles$97.62MintangibleAssetsLiabilities$192.38MtotalLiabTangible book$286.52MShares107,935,514commonStockSharesOutstandingResult $2.65 | -10.25xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$23.84MebitdaCapex$7.09McapitalExpendituresInterest$1.21MinterestExpenseShort-term debt$1.81MshortTermDebtEBITDA − capex-$30.94MPrincipal due is short-term debt.Result -10.25x | -$2.21MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$4.88MtotalCashFromOperatingActivitiesCapex$7.09McapitalExpendituresFree cash flow-$2.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.21M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$30.22MoperatingIncomeTax expense$1.99MincomeTaxExpensePretax income-$37.36MincomeBeforeTaxTax rate—Equity$481.90MtotalStockholderEquityDebt$1.81MshortLongTermDebtTotalCash$349.18McashInvested capital$134.53MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.27xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$30.22MoperatingIncomeNet PP&E$13.32MpropertyPlantEquipmentResult -2.27x |
| 2023 | 1.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.13MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.08BtotalAssetsInventory was not reported and is treated as zero.Result 1.4% | 26.63xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$403.09MtotalRevenueNet PP&E$15.13MpropertyPlantAndEquipmentNetResult 26.63x | 0.34xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$6.01McapitalExpendituresD&A$17.55MdepreciationAndAmortizationResult 0.34x | $4.84Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.08BtotalAssetsGoodwill$121.65MgoodWillIntangibles$108.18MintangibleAssetsLiabilities$293.61MtotalLiabTangible book$556.29MShares114,828,494commonStockSharesOutstandingResult $4.84 | -5.31xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$21.52MebitdaCapex$6.01McapitalExpendituresInterest$3.72MinterestExpenseShort-term debt$1.47MshortTermDebtEBITDA − capex-$27.53MPrincipal due is short-term debt.Result -5.31x | $74.61MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$80.63MtotalCashFromOperatingActivitiesCapex$6.01McapitalExpendituresFree cash flow$74.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $74.61M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$21.52MoperatingIncomeTax expense$4.21MincomeTaxExpensePretax income-$43.52MincomeBeforeTaxTax rate—Equity$786.12MtotalStockholderEquityDebt$1.47MshortLongTermDebtTotalCash$654.61McashInvested capital$132.97MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.42xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$21.52MoperatingIncomeNet PP&E$15.13MpropertyPlantAndEquipmentNetResult -1.42x |
| 2024 | 1.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.16MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.12BtotalAssetsInventory was not reported and is treated as zero.Result 1.5% | 28.68xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$492.14MtotalRevenueNet PP&E$17.16MpropertyPlantAndEquipmentNetResult 28.68x | 0.05xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$924.00KcapitalExpendituresD&A$17.36MdepreciationAndAmortizationResult 0.05x | $4.23Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.12BtotalAssetsGoodwill$149.56MgoodWillIntangibles$118.68MintangibleAssetsLiabilities$307.68MtotalLiabTangible book$546.53MShares129,339,000commonStockSharesOutstandingResult $4.23 | 8.35xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$19.76MebitdaCapex$924.00KcapitalExpendituresInterest$538.00KinterestExpenseShort-term debt$1.72MshortTermDebtEBITDA − capex$18.84MPrincipal due is short-term debt.Result 8.35x | $90.54MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$91.47MtotalCashFromOperatingActivitiesCapex$924.00KcapitalExpendituresFree cash flow$90.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $90.54M | -3.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.26MoperatingIncomeTax expense-$1.04MincomeTaxExpensePretax income$1.86MincomeBeforeTaxTax rate0.0%Equity$814.77MtotalStockholderEquityDebt$1.72MshortLongTermDebtTotalCash$611.09McashAndShortTermInvestmentsInvested capital$205.40MResult -3.5% | -0.42xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$7.26MoperatingIncomeNet PP&E$17.16MpropertyPlantAndEquipmentNetResult -0.42x |
| 2025 | 1.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.13MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.25BtotalAssetsInventory was not reported and is treated as zero.Result 1.8% | 28.16xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$623.03MtotalRevenueNet PP&E$22.13MpropertyPlantAndEquipmentNetResult 28.16x | 0.05xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.35McapitalExpendituresD&A$26.06MdepreciationAndAmortizationResult 0.05x | $1.88Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.25BtotalAssetsGoodwill$406.51MgoodWillIntangibles$189.05MintangibleAssetsLiabilities$418.14MtotalLiabTangible book$239.61MShares127,747,000commonStockSharesOutstandingResult $1.88 | 10.20xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$51.02MebitdaCapex$1.35McapitalExpendituresInterest$3.53MinterestExpenseShort-term debt$1.35MshortTermDebtEBITDA − capex$49.67MPrincipal due is short-term debt.Result 10.20x | $98.83MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$100.18MtotalCashFromOperatingActivitiesCapex$1.35McapitalExpendituresFree cash flow$98.83MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $98.83M | 2.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$19.99MoperatingIncomeTax expense$7.94MincomeTaxExpensePretax income$21.44MincomeBeforeTaxTax rate37.0%Equity$835.17MtotalStockholderEquityDebt$1.35MshortLongTermDebtTotalCash$355.00McashAndShortTermInvestmentsInvested capital$481.52MResult 2.6% | 0.90xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$19.99MoperatingIncomeNet PP&E$22.13MpropertyPlantAndEquipmentNetResult 0.90x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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: $22.13M
Inventory: $0.00
Total assets: $1.25B
Goodwill: $406.51M
Intangibles: $189.05M
Liabilities: $418.14M
Tangible book: $239.61M
Shares: 127,747,000
Revenue: $623.03M
Capex: $1.35M
D&A: $26.06M
EBITDA: $51.02M
Interest: $3.53M
Short-term debt: $1.35M
Free cash flow: $98.83M
Operating income: $19.99M
Invested capital: $481.52M
Tax rate: 37.0%