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 Bancorp Inc
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 1.46x 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 0.33x, which is below 1.
Fixed-asset turnover is 6.17x. 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$28.77MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.17BtotalAssetsInventory 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
6.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$177.61MtotalRevenueNet PP&E$28.77MpropertyPlantAndEquipmentNetResult 6.17x
Revenue per dollar of the physical asset base.
Capex / D&A
1.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.22McapitalExpendituresD&A$2.21MdepreciationAndAmortizationResult 1.46x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$22.52Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.17BtotalAssetsGoodwill$30.65MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$2.88BtotalLiabTangible book$252.50MShares11,212,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $22.52
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.62xPrice / tangible bookPrice / tangible book per sharePrice$36.56Latest quoteTangible book / share$22.522025-12-31Result 1.62x
Price $36.56.
Fixed-charge coverage
0.33xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$44.15MebitdaCapex$3.22McapitalExpendituresInterest$82.89MinterestExpenseShort-term debt$42.00MshortLongTermDebtEBITDA − capex$40.93MPrincipal due is the current portion of debt.Result 0.33x
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$34.59MfreeCashFlowMarket cap$409.44MMarketCapitalizationResult 8.4%
Latest free cash flow divided by current market cap ($409.44M).
ROIC
19.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$41.94MoperatingIncomeTax expense$7.55MincomeTaxExpensePretax income$41.94MincomeBeforeTaxTax rate18.0%Equity$283.14MtotalStockholderEquityDebt$187.82MshortLongTermDebtTotalCash$296.38McashAndShortTermInvestmentsInvested capital$174.58MResult 19.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.46x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$22.06MpropertyPlantEquipmentInventory$584.00KinventoryTotal assets$1.95BtotalAssetsResult 1.2% | 3.77xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$83.14MtotalRevenueNet PP&E$22.06MpropertyPlantEquipmentResult 3.77x | 0.83xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.48McapitalExpendituresD&A$1.79MdepreciationAndAmortizationResult 0.83x | $14.79Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.95BtotalAssetsGoodwill$29.81MgoodWillIntangibles$1.35MintangibleAssetsLiabilities$1.75BtotalLiabTangible book$160.38MShares10,846,000commonStockSharesOutstandingResult $14.79 | 0.22xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$29.63MebitdaCapex$1.48McapitalExpendituresInterest$20.33MinterestExpenseShort-term debt$105.00MshortLongTermDebtEBITDA − capex$28.15MPrincipal due is the current portion of debt.Result 0.22x | $32.36MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$33.84MtotalCashFromOperatingActivitiesCapex$1.48McapitalExpendituresFree cash flow$32.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $32.36M | 44.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$27.84MoperatingIncomeTax expense$4.31MincomeTaxExpensePretax income$27.84MincomeBeforeTaxTax rate15.5%Equity$191.54MtotalStockholderEquityDebt$210.32MshortLongTermDebtTotalCash$348.63McashAndShortTermInvestmentsInvested capital$53.23MResult 44.2% | 1.26xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$27.84MoperatingIncomeNet PP&E$22.06MpropertyPlantEquipmentResult 1.26x |
| 2019 | -0.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$21.31MpropertyPlantEquipmentInventory-$33.19MinventoryTotal assets$2.07BtotalAssetsResult -0.6% | 4.36xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$92.84MtotalRevenueNet PP&E$21.31MpropertyPlantEquipmentResult 4.36x | 0.81xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.57McapitalExpendituresD&A$1.94MdepreciationAndAmortizationResult 0.81x | $16.64Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.07BtotalAssetsGoodwill$29.81MgoodWillIntangibles$1.55MintangibleAssetsLiabilities$1.86BtotalLiabTangible book$181.16MShares10,889,000commonStockSharesOutstandingResult $16.64 | 0.19xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$32.20MebitdaCapex$1.57McapitalExpendituresInterest$26.16MinterestExpenseShort-term debt$137.73MshortLongTermDebtEBITDA − capex$30.63MPrincipal due is the current portion of debt.Result 0.19x | $24.48MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$26.05MtotalCashFromOperatingActivitiesCapex$1.57McapitalExpendituresFree cash flow$24.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $24.48M | 227.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$30.26MoperatingIncomeTax expense$4.74MincomeTaxExpensePretax income$30.26MincomeBeforeTaxTax rate15.6%Equity$212.51MtotalStockholderEquityDebt$184.96MshortLongTermDebtTotalCash$386.26McashAndShortTermInvestmentsInvested capital$11.20MResult 227.9% | 1.42xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$30.26MoperatingIncomeNet PP&E$21.31MpropertyPlantEquipmentResult 1.42x |
| 2020 | -2.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.25MpropertyPlantEquipmentInventory-$92.57MinventoryTotal assets$2.36BtotalAssetsResult -2.8% | 3.49xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$95.24MtotalRevenueNet PP&E$27.25MpropertyPlantEquipmentResult 3.49x | 1.14xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.54McapitalExpendituresD&A$2.22MdepreciationAndAmortizationResult 1.14x | $17.48Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.36BtotalAssetsGoodwill$30.65MgoodWillIntangibles$1.96MintangibleAssetsLiabilities$2.14BtotalLiabTangible book$191.12MShares10,933,000commonStockSharesOutstandingResult $17.48 | 0.14xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$34.47MebitdaCapex$2.54McapitalExpendituresInterest$17.29MinterestExpenseShort-term debt$206.94MshortTermDebtEBITDA − capex$31.93MPrincipal due is short-term debt.Result 0.14x | $20.16MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$22.70MtotalCashFromOperatingActivitiesCapex$2.54McapitalExpendituresFree cash flow$20.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $20.16M | 30.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$32.25MoperatingIncomeTax expense$5.12MincomeTaxExpensePretax income$32.25MincomeBeforeTaxTax rate15.9%Equity$223.73MtotalStockholderEquityDebt$262.04MshortLongTermDebtTotalCash$395.74McashAndShortTermInvestmentsInvested capital$90.03MResult 30.1% | 1.18xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$32.25MoperatingIncomeNet PP&E$27.25MpropertyPlantEquipmentResult 1.18x |
| 2021 | -2.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.95MpropertyPlantEquipmentInventory-$94.86MinventoryTotal assets$2.53BtotalAssetsResult -2.6% | 3.33xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$96.46MtotalRevenueNet PP&E$28.95MpropertyPlantEquipmentResult 3.33x | 1.84xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.76McapitalExpendituresD&A$2.04MdepreciationAndAmortizationResult 1.84x | $19.33Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.53BtotalAssetsGoodwill$30.65MgoodWillIntangibles$2.67MintangibleAssetsLiabilities$2.28BtotalLiabTangible book$212.34MShares10,987,000commonStockSharesOutstandingResult $19.33 | 0.46xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$45.95MebitdaCapex$3.76McapitalExpendituresInterest$10.78MinterestExpenseShort-term debt$81.25MshortTermDebtEBITDA − capex$42.20MPrincipal due is short-term debt.Result 0.46x | $52.94MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$56.69MtotalCashFromOperatingActivitiesCapex$3.76McapitalExpendituresFree cash flow$52.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $52.94M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$43.91MoperatingIncomeTax expense$7.64MincomeTaxExpensePretax income$43.91MincomeBeforeTaxTax rate17.4%Equity$245.66MtotalStockholderEquityDebt$136.34MshortLongTermDebtTotalCash$407.88McashAndShortTermInvestmentsInvested capital—Result — | 1.52xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$43.91MoperatingIncomeNet PP&E$28.95MpropertyPlantEquipmentResult 1.52x |
| 2022 | -0.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.28MpropertyPlantEquipmentInventory-$36.25MinventoryTotal assets$2.74BtotalAssetsResult -0.3% | 3.89xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$109.91MtotalRevenueNet PP&E$28.28MpropertyPlantEquipmentResult 3.89x | 0.71xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.40McapitalExpendituresD&A$1.98MdepreciationAndAmortizationResult 0.71x | $17.75Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.74BtotalAssetsGoodwill$30.65MgoodWillIntangibles$2.49MintangibleAssetsLiabilities$2.51BtotalLiabTangible book$195.78MShares11,030,658commonStockSharesOutstandingResult $17.75 | 0.86xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$49.37MebitdaCapex$1.40McapitalExpendituresInterest$16.87MinterestExpenseShort-term debt$38.99MshortLongTermDebtEBITDA − capex$47.97MPrincipal due is the current portion of debt.Result 0.86x | $39.81MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$41.21MtotalCashFromOperatingActivitiesCapex$1.40McapitalExpendituresFree cash flow$39.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $39.81M | 180.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$47.39MoperatingIncomeTax expense$8.40MincomeTaxExpensePretax income$47.39MincomeBeforeTaxTax rate17.7%Equity$228.92MtotalStockholderEquityDebt$103.58MshortLongTermDebtTotalCash$310.93McashAndShortTermInvestmentsInvested capital$21.57MResult 180.7% | 1.68xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$47.39MoperatingIncomeNet PP&E$28.28MpropertyPlantEquipmentResult 1.68x |
| 2023 | 1.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.68MpropertyPlantAndEquipmentNetInventory$18.86MinventoryTotal assets$2.95BtotalAssetsResult 1.6% | 4.47xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$128.17MtotalRevenueNet PP&E$28.68MpropertyPlantAndEquipmentNetResult 4.47x | 101.35xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.64McapitalExpendituresD&A$26.00KdepreciationAndAmortizationResult 101.35x | $18.97Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.95BtotalAssetsGoodwill$30.65MgoodWillIntangibles$2.18MintangibleAssetsLiabilities$2.70BtotalLiabTangible book$210.26MShares11,082,000commonStockSharesOutstandingResult $18.97 | 0.00xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.70MebitdaCapex$2.64McapitalExpendituresInterest$62.97MinterestExpenseShort-term debt$20.08MshortLongTermDebtEBITDA − capex$64.00KPrincipal due is the current portion of debt.Result 0.00x | $34.28MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$36.92MtotalCashFromOperatingActivitiesCapex$2.64McapitalExpendituresFree cash flow$34.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $34.28M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.70MoperatingIncomeTax expense$6.18MincomeTaxExpensePretax income$35.70MincomeBeforeTaxTax rate17.3%Equity$243.08MtotalStockholderEquityDebt$20.08MlongTermDebt + shortLongTermDebtCash$317.48McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.09xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.70MoperatingIncomeNet PP&E$28.68MpropertyPlantAndEquipmentNetResult 0.09x |
| 2024 | 0.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.86MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.16BtotalAssetsInventory was not reported and is treated as zero.Result 0.9% | 5.94xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$165.43MtotalRevenueNet PP&E$27.86MpropertyPlantAndEquipmentNetResult 5.94x | 0.67xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.48McapitalExpendituresD&A$2.21MdepreciationAndAmortizationResult 0.67x | $19.92Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.16BtotalAssetsGoodwill$30.65MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$2.90BtotalLiabTangible book$221.85MShares11,139,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $19.92 | 0.24xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$34.79MebitdaCapex$1.48McapitalExpendituresInterest$84.92MinterestExpenseShort-term debt$51.28MshortTermDebtEBITDA − capex$33.32MPrincipal due is short-term debt.Result 0.24x | $24.57MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$26.05MtotalCashFromOperatingActivitiesCapex$1.48McapitalExpendituresFree cash flow$24.57MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $24.57M | 117.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$32.58MoperatingIncomeTax expense$5.54MincomeTaxExpensePretax income$32.58MincomeBeforeTaxTax rate17.0%Equity$252.49MtotalStockholderEquityDebt$95.00MlongTermDebt + shortLongTermDebtCash$324.42McashAndShortTermInvestmentsInvested capital$23.08MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 117.2% | 1.17xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$32.58MoperatingIncomeNet PP&E$27.86MpropertyPlantAndEquipmentNetResult 1.17x |
| 2025 | 0.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.77MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.17BtotalAssetsInventory was not reported and is treated as zero.Result 0.9% | 6.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$177.61MtotalRevenueNet PP&E$28.77MpropertyPlantAndEquipmentNetResult 6.17x | 1.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.22McapitalExpendituresD&A$2.21MdepreciationAndAmortizationResult 1.46x | $22.52Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.17BtotalAssetsGoodwill$30.65MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$2.88BtotalLiabTangible book$252.50MShares11,212,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $22.52 | 0.33xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$44.15MebitdaCapex$3.22McapitalExpendituresInterest$82.89MinterestExpenseShort-term debt$42.00MshortLongTermDebtEBITDA − capex$40.93MPrincipal due is the current portion of debt.Result 0.33x | $34.59MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$37.81MtotalCashFromOperatingActivitiesCapex$3.22McapitalExpendituresFree cash flow$34.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $34.59M | 19.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$41.94MoperatingIncomeTax expense$7.55MincomeTaxExpensePretax income$41.94MincomeBeforeTaxTax rate18.0%Equity$283.14MtotalStockholderEquityDebt$187.82MshortLongTermDebtTotalCash$296.38McashAndShortTermInvestmentsInvested capital$174.58MResult 19.7% | 1.46xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$41.94MoperatingIncomeNet PP&E$28.77MpropertyPlantAndEquipmentNetResult 1.46x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $28.77M
Inventory: $0.00
Total assets: $3.17B
Goodwill: $30.65M
Intangibles: $0.00
Liabilities: $2.88B
Tangible book: $252.50M
Shares: 11,212,000
Revenue: $177.61M
Capex: $3.22M
D&A: $2.21M
EBITDA: $44.15M
Interest: $82.89M
Short-term debt: $42.00M
Free cash flow: $34.59M
Operating income: $41.94M
Invested capital: $174.58M
Tax rate: 18.0%