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.
flyExclusive, Inc.
Physical assets are 71.8% of total assets, a heavy footprint. Capex is 1.31x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.77x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 1.21x.
Physical asset ratio
71.8%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$310.82MpropertyPlantAndEquipmentNetInventory$5.07MinventoryTotal assets$440.00MtotalAssetsResult 71.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.21xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$375.88MtotalRevenueNet PP&E$310.82MpropertyPlantAndEquipmentNetResult 1.21x
Revenue per dollar of the physical asset base.
Capex / D&A
1.31xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$30.94McapitalExpendituresD&A$23.59MdepreciationAndAmortizationResult 1.31x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$3.09Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$440.00MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$524.27MtotalLiabTangible book-$84.27MShares27,237,904commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$3.09
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$1.19Latest quoteTangible book / share-$3.092026-03-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $1.19.
Fixed-charge coverage
-0.77xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$22.10MebitdaCapex$30.94McapitalExpendituresInterest$21.40MinterestExpenseShort-term debt$47.48MshortLongTermDebtEBITDA − capex-$53.04MPrincipal due is the current portion of debt.Result -0.77x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-19.3%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow-$24.25MfreeCashFlowMarket cap$125.56MMarketCapitalizationResult -19.3%
Latest free cash flow divided by current market cap ($125.56M).
ROIC
—ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$49.92MoperatingIncomeTax expense$37.00KincomeTaxExpensePretax income-$67.08MincomeBeforeTaxTax rate—Equity-$298.79MtotalStockholderEquityDebt$157.14MlongTermDebt + shortLongTermDebtCash$29.34McashInvested capital—Reported 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 —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.16x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2021 | —Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets—Not reportedResult — | —Fixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$121.04MtotalRevenueNet PP&E—Not reportedResult — | 2.11xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$33.95McapitalExpendituresD&A$16.11MdepreciationAndAmortizationResult 2.11x | —Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares16,925,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | -1.72xFixed-charge coverage · 2021-03-31(EBITDA − capex) / interestEBITDA$24.77MebitdaCapex$33.95McapitalExpendituresInterest$5.34MinterestExpenseEBITDA − capex-$9.17MShort-term debt was not reported, so the denominator is interest only.Result -1.72x | -$6.56MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$27.39MtotalCashFromOperatingActivitiesCapex$33.95McapitalExpendituresFree cash flow-$6.56MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$6.56M | —ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$739.00KoperatingIncomeTax expense$1.77MincomeTaxExpensePretax income$3.32MincomeBeforeTaxTax rate40.0%Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—The effective tax rate was above 40% and was capped at 40%.Result — | —EBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income-$739.00KoperatingIncomeNet PP&E—Not reportedResult — |
| 2022 | 69.7%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$211.86MpropertyPlantAndEquipmentNetInventory$1.98MinventoryTotal assets$306.66MtotalAssetsResult 69.7% | 0.98xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$208.28MtotalRevenueNet PP&E$211.86MpropertyPlantAndEquipmentNetResult 0.98x | 3.80xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$65.95McapitalExpendituresD&A$17.35MdepreciationAndAmortizationResult 3.80x | $2.78Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$306.66MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.69MintangibleAssetsLiabilities$256.97MtotalLiabTangible book$47.00MShares16,924,976commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.78 | -1.42xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$23.81MebitdaCapex$65.95McapitalExpendituresInterest$4.22MinterestExpenseShort-term debt$25.52MshortLongTermDebtEBITDA − capex-$42.14MPrincipal due is the current portion of debt.Result -1.42x | -$8.74MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$57.21MtotalCashFromOperatingActivitiesCapex$65.95McapitalExpendituresFree cash flow-$8.74MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$8.74M | -2.1%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.70MoperatingIncomeTax expense-$17.35MincomeTaxExpensePretax income$2.24MincomeBeforeTaxTax rate0.0%Equity-$11.72MtotalStockholderEquityDebt$172.18MshortLongTermDebtTotalCash$31.49McashAndShortTermInvestmentsInvested capital$128.98MResult -2.1% | -0.01xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income-$2.70MoperatingIncomeNet PP&E$211.86MpropertyPlantAndEquipmentNetResult -0.01x |
| 2023 | 62.6%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$303.74MpropertyPlantAndEquipmentNetInventory$5.87MinventoryTotal assets$494.22MtotalAssetsResult 62.6% | 1.05xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$320.04MtotalRevenueNet PP&E$303.74MpropertyPlantAndEquipmentNetResult 1.05x | 6.34xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$146.49McapitalExpendituresD&A$23.11MdepreciationAndAmortizationResult 6.34x | $1.60Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$494.22MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.43MintangibleAssetsLiabilities$446.80MtotalLiabTangible book$44.99MShares28,125,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.60 | -3.35xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$27.25MebitdaCapex$146.49McapitalExpendituresInterest$8.29MinterestExpenseShort-term debt$27.29MshortLongTermDebtEBITDA − capex-$119.24MPrincipal due is the current portion of debt.Result -3.35x | -$100.85MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$45.64MtotalCashFromOperatingActivitiesCapex$146.49McapitalExpendituresFree cash flow-$100.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$100.85M | —ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.31MoperatingIncomeTax expense-$10.20MincomeTaxExpensePretax income-$4.15MincomeBeforeTaxTax rate—Equity-$5.12MtotalStockholderEquityDebt$300.46MshortLongTermDebtTotalCash$92.63McashAndShortTermInvestmentsInvested capital$202.71MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.04xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income-$12.31MoperatingIncomeNet PP&E$303.74MpropertyPlantAndEquipmentNetResult -0.04x |
| 2024 | 66.0%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$338.63MpropertyPlantAndEquipmentNetInventory$5.14MinventoryTotal assets$521.03MtotalAssetsResult 66.0% | 0.93xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$315.36MtotalRevenueNet PP&E$338.63MpropertyPlantAndEquipmentNetResult 0.93x | 3.13xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$84.44McapitalExpendituresD&A$26.98MdepreciationAndAmortizationResult 3.13x | $1.99Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$521.03MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.23MintangibleAssetsLiabilities$485.70MtotalLiabTangible book$33.10MShares16,648,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.99 | -1.10xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$5.53MebitdaCapex$84.44McapitalExpendituresInterest$22.22MinterestExpenseShort-term debt$59.81MshortLongTermDebtEBITDA − capex-$89.97MPrincipal due is the current portion of debt.Result -1.10x | -$75.77MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$8.67MtotalCashFromOperatingActivitiesCapex$84.44McapitalExpendituresFree cash flow-$75.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$75.77M | —ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$37.32MoperatingIncomeTax expense-$7.90MincomeTaxExpensePretax income-$54.74MincomeBeforeTaxTax rate—Equity$46.46MtotalStockholderEquityDebt$312.63MshortLongTermDebtTotalCash$82.86McashAndShortTermInvestmentsInvested capital$276.24MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.11xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income-$37.32MoperatingIncomeNet PP&E$338.63MpropertyPlantAndEquipmentNetResult -0.11x |
| 2025 | 62.4%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$330.36MpropertyPlantAndEquipmentNetInventory$5.66MinventoryTotal assets$538.29MtotalAssetsResult 62.4% | 0.99xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$327.27MtotalRevenueNet PP&E$330.36MpropertyPlantAndEquipmentNetResult 0.99x | 2.22xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$57.16McapitalExpendituresD&A$25.71MdepreciationAndAmortizationResult 2.22x | -$0.56Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$538.29MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.60MintangibleAssetsLiabilities$549.96MtotalLiabTangible book-$13.27MShares23,809,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.56 | -0.94xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$54.56MebitdaCapex$57.16McapitalExpendituresInterest$21.18MinterestExpenseShort-term debt$97.52MshortLongTermDebtEBITDA − capex-$111.72MPrincipal due is the current portion of debt.Result -0.94x | -$68.09MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow-$10.93MtotalCashFromOperatingActivitiesCapex$57.16McapitalExpendituresFree cash flow-$68.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$68.09M | —ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$82.78MoperatingIncomeTax expense$41.00KincomeTaxExpensePretax income-$101.45MincomeBeforeTaxTax rate—Equity-$195.74MtotalStockholderEquityDebt$315.66MshortLongTermDebtTotalCash$97.24McashAndShortTermInvestmentsInvested capital$22.69MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.25xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income-$82.78MoperatingIncomeNet PP&E$330.36MpropertyPlantAndEquipmentNetResult -0.25x |
| 2026 | 71.8%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$310.82MpropertyPlantAndEquipmentNetInventory$5.07MinventoryTotal assets$440.00MtotalAssetsResult 71.8% | 1.21xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$375.88MtotalRevenueNet PP&E$310.82MpropertyPlantAndEquipmentNetResult 1.21x | 1.31xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$30.94McapitalExpendituresD&A$23.59MdepreciationAndAmortizationResult 1.31x | -$3.09Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$440.00MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$524.27MtotalLiabTangible book-$84.27MShares27,237,904commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$3.09 | -0.77xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$22.10MebitdaCapex$30.94McapitalExpendituresInterest$21.40MinterestExpenseShort-term debt$47.48MshortLongTermDebtEBITDA − capex-$53.04MPrincipal due is the current portion of debt.Result -0.77x | -$24.25MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$6.69MtotalCashFromOperatingActivitiesCapex$30.94McapitalExpendituresFree cash flow-$24.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$24.25M | —ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$49.92MoperatingIncomeTax expense$37.00KincomeTaxExpensePretax income-$67.08MincomeBeforeTaxTax rate—Equity-$298.79MtotalStockholderEquityDebt$157.14MlongTermDebt + shortLongTermDebtCash$29.34McashInvested capital—Reported 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 — | -0.16xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income-$49.92MoperatingIncomeNet PP&E$310.82MpropertyPlantAndEquipmentNetResult -0.16x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $310.82M
Inventory: $5.07M
Total assets: $440.00M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $524.27M
Tangible book: -$84.27M
Shares: 27,237,904
Revenue: $375.88M
Capex: $30.94M
D&A: $23.59M
EBITDA: -$22.10M
Interest: $21.40M
Short-term debt: $47.48M
Free cash flow: -$24.25M
Operating income: -$49.92M
Invested capital: —
Tax rate: —