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.
FSROF
Physical assets are 2.2% of total assets, a light footprint. Capex is 0.78x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. That coverage ratio uses interest only, because short-term debt was not on the balance sheet.
Fixed-asset turnover is 25.16x. Compare it with other names in the same basket.
Physical asset ratio
2.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.79MpropertyPlantAndEquipmentNetInventory$20.00KinventoryTotal assets$261.11MtotalAssetsResult 2.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
25.16xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$145.74MtotalRevenueNet PP&E$5.79MpropertyPlantAndEquipmentNetResult 25.16x
Revenue per dollar of the physical asset base.
Capex / D&A
0.78xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$12.78McapitalExpendituresD&A$16.45MreconciledDepreciationResult 0.78x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$0.86Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$261.11MtotalAssetsGoodwill$87.03MgoodWillIntangibles$119.44MintangibleAssetsLiabilities$205.09MtotalLiabTangible book-$150.46MShares174,707,070commonStockSharesOutstandingResult -$0.86
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$1.57Latest quoteTangible book / share-$0.862025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $1.57.
Fixed-charge coverage
5.21xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDA$51.41MebitdaCapex$12.78McapitalExpendituresInterest$7.42MinterestExpenseEBITDA − capex$38.64MShort-term debt was not reported, so the denominator is interest only.Result 5.21x
EBITDA minus capex, divided by interest only.
FCF yield
11.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$30.79MfreeCashFlowMarket cap$274.36MMarketCapitalizationResult 11.2%
Latest free cash flow divided by current market cap ($274.36M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$35.54MoperatingIncomeTax expense$5.18MtaxProvisionPretax income$27.55MincomeBeforeTaxTax rate18.8%Equity$56.02MtotalStockholderEquityDebt—Not reportedCash$10.77McashInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 6.14x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 1.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$280.00KpropertyPlantAndEquipmentNetInventory$107.00KinventoryTotal assets$33.19MtotalAssetsResult 1.2% | 338.73xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$94.84MtotalRevenueNet PP&E$280.00KpropertyPlantAndEquipmentNetResult 338.73x | 1.30xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$3.11McapitalExpendituresD&A$2.39MreconciledDepreciationResult 1.30x | -$0.02Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$33.19MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.71MintangibleAssetsLiabilities$31.22MtotalLiabTangible book-$3.74MShares174,526,944commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.02 | 1,007.11xFixed-charge coverage · 2019-12-31(EBITDA − capex) / interestEBITDA$39.37MOperating income + D&ACapex$3.11McapitalExpendituresInterest$36.00KinterestExpenseEBITDA − capex$36.26MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Short-term debt was not reported, so the denominator is interest only.Result 1,007.11x | $28.87MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$31.99MtotalCashFromOperatingActivitiesCapex$3.11McapitalExpendituresFree cash flow$28.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $28.87M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$36.97MoperatingIncomeTax expense$8.11MtaxProvisionPretax income$36.76MincomeBeforeTaxTax rate22.1%Equity$1.97MtotalStockholderEquityDebt—Not reportedCash—Not reportedInvested capital—Result — | 132.05xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$36.97MoperatingIncomeNet PP&E$280.00KpropertyPlantAndEquipmentNetResult 132.05x |
| 2020 | 38.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.06MpropertyPlantEquipmentInventory$74.00KinventoryTotal assets$37.00MtotalAssetsUses the property line, which is larger than net PP&E ($294.00K, propertyPlantAndEquipmentNet).Result 38.2% | 7.12xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$100.11MtotalRevenueNet PP&E$14.06MpropertyPlantEquipmentResult 7.12x | 4.54xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$8.14McapitalExpendituresD&A$1.79MreconciledDepreciationResult 4.54x | $0.02Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$37.00MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.57MintangibleAssetsLiabilities$27.94MtotalLiabTangible book$3.49MShares174,526,944commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.02 | 1,126.71xFixed-charge coverage · 2020-12-31(EBITDA − capex) / interestEBITDA$46.45MOperating income + D&ACapex$8.14McapitalExpendituresInterest$34.00KinterestExpenseEBITDA − capex$38.31MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Short-term debt was not reported, so the denominator is interest only.Result 1,126.71x | $32.78MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$46.68MtotalCashFromOperatingActivitiesCapex$8.14McapitalExpendituresFree cash flow$32.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $32.78M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$44.65MoperatingIncomeTax expense$3.58MincomeTaxExpensePretax income$43.68MincomeBeforeTaxTax rate8.2%Equity$9.05MtotalStockholderEquityDebt—Not reportedCash—Not reportedInvested capital—Result — | 3.18xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$44.65MoperatingIncomeNet PP&E$14.06MpropertyPlantEquipmentResult 3.18x |
| 2021 | 0.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$278.00KpropertyPlantEquipmentInventory$51.00KinventoryTotal assets$38.95MtotalAssetsResult 0.8% | 382.37xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$106.30MtotalRevenueNet PP&E$278.00KpropertyPlantEquipmentResult 382.37x | 1.09xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.67McapitalExpendituresD&A$1.52MreconciledDepreciationResult 1.09x | $0.02Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$38.95MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.91MintangibleAssetsLiabilities$29.40MtotalLiabTangible book$3.64MShares174,526,944commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.02 | 133.27xFixed-charge coverage · 2021-12-31(EBITDA − capex) / interestEBITDA$41.65MOperating income + D&ACapex$1.67McapitalExpendituresInterest$300.00KinterestExpenseEBITDA − capex$39.98MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Short-term debt was not reported, so the denominator is interest only.Result 133.27x | $34.46MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$36.13MtotalCashFromOperatingActivitiesCapex$1.67McapitalExpendituresFree cash flow$34.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $34.46M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$40.12MoperatingIncomeTax expense$9.15MincomeTaxExpensePretax income$40.40MincomeBeforeTaxTax rate22.6%Equity$9.55MtotalStockholderEquityDebt—Not reportedCash—Not reportedInvested capital—Result — | 144.33xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$40.12MoperatingIncomeNet PP&E$278.00KpropertyPlantEquipmentResult 144.33x |
| 2022 | 3.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.99MpropertyPlantAndEquipmentNetInventory$41.00KinventoryTotal assets$62.67MtotalAssetsResult 3.2% | 55.82xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$111.02MtotalRevenueNet PP&E$1.99MpropertyPlantAndEquipmentNetResult 55.82x | 2.35xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$4.64McapitalExpendituresD&A$1.98MreconciledDepreciationResult 2.35x | $0.09Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62.67MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$9.06MintangibleAssetsLiabilities$37.86MtotalLiabTangible book$15.74MShares174,526,944commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.09 | 143.92xFixed-charge coverage · 2022-12-31(EBITDA − capex) / interestEBITDA$40.62MebitdaCapex$4.64McapitalExpendituresInterest$250.00KinterestExpenseEBITDA − capex$35.98MShort-term debt was not reported, so the denominator is interest only.Result 143.92x | $31.75MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$36.38MtotalCashFromOperatingActivitiesCapex$4.64McapitalExpendituresFree cash flow$31.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $31.75M | 410.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$38.58MoperatingIncomeTax expense$8.40MincomeTaxExpensePretax income$38.56MincomeBeforeTaxTax rate21.8%Equity$24.80MtotalStockholderEquityDebt$5.50MlongTermDebtCash$22.95McashInvested capital$7.35MResult 410.6% | 19.40xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$38.58MoperatingIncomeNet PP&E$1.99MpropertyPlantAndEquipmentNetResult 19.40x |
| 2023 | 0.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.62MpropertyPlantAndEquipmentNetInventory$35.00KinventoryTotal assets$275.27MtotalAssetsResult 0.6% | 80.63xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$130.37MtotalRevenueNet PP&E$1.62MpropertyPlantAndEquipmentNetResult 80.63x | 0.97xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$7.92McapitalExpendituresD&A$8.20MreconciledDepreciationResult 0.97x | -$1.03Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$275.27MtotalAssetsGoodwill$88.36MgoodWillIntangibles$125.18MintangibleAssetsLiabilities$242.18MtotalLiabTangible book-$180.45MShares174,673,165commonStockSharesOutstandingResult -$1.03 | 4.85xFixed-charge coverage · 2023-12-31(EBITDA − capex) / interestEBITDA$43.15MebitdaCapex$7.92McapitalExpendituresInterest$7.27MinterestExpenseEBITDA − capex$35.23MShort-term debt was not reported, so the denominator is interest only.Result 4.85x | $22.19MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$30.11MtotalCashFromOperatingActivitiesCapex$7.92McapitalExpendituresFree cash flow$22.19MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $22.19M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$29.50MoperatingIncomeTax expense$5.32MtaxProvisionPretax income$27.68MincomeBeforeTaxTax rate19.2%Equity$33.09MtotalStockholderEquityDebt—Not reportedCash$15.87McashInvested capital—Result — | 18.24xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$29.50MoperatingIncomeNet PP&E$1.62MpropertyPlantAndEquipmentNetResult 18.24x |
| 2024 | 0.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.53MpropertyPlantAndEquipmentNetInventory$29.00KinventoryTotal assets$270.56MtotalAssetsResult 0.6% | 95.84xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$146.26MtotalRevenueNet PP&E$1.53MpropertyPlantAndEquipmentNetResult 95.84x | 0.82xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$11.11McapitalExpendituresD&A$13.62MreconciledDepreciationResult 0.82x | -$0.96Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$270.56MtotalAssetsGoodwill$89.78MgoodWillIntangibles$125.74MintangibleAssetsLiabilities$223.54MtotalLiabTangible book-$168.50MShares174,673,165commonStockSharesOutstandingResult -$0.96 | 3.58xFixed-charge coverage · 2024-12-31(EBITDA − capex) / interestEBITDA$52.07MebitdaCapex$11.11McapitalExpendituresInterest$11.44MinterestExpenseEBITDA − capex$40.96MShort-term debt was not reported, so the denominator is interest only.Result 3.58x | $27.71MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$38.82MtotalCashFromOperatingActivitiesCapex$11.11McapitalExpendituresFree cash flow$27.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $27.71M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$38.42MoperatingIncomeTax expense$5.94MtaxProvisionPretax income$27.01MincomeBeforeTaxTax rate22.0%Equity$47.02MtotalStockholderEquityDebt—Not reportedCash$8.10McashInvested capital—Result — | 25.18xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$38.42MoperatingIncomeNet PP&E$1.53MpropertyPlantAndEquipmentNetResult 25.18x |
| 2025 | 2.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.79MpropertyPlantAndEquipmentNetInventory$20.00KinventoryTotal assets$261.11MtotalAssetsResult 2.2% | 25.16xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$145.74MtotalRevenueNet PP&E$5.79MpropertyPlantAndEquipmentNetResult 25.16x | 0.78xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$12.78McapitalExpendituresD&A$16.45MreconciledDepreciationResult 0.78x | -$0.86Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$261.11MtotalAssetsGoodwill$87.03MgoodWillIntangibles$119.44MintangibleAssetsLiabilities$205.09MtotalLiabTangible book-$150.46MShares174,707,070commonStockSharesOutstandingResult -$0.86 | 5.21xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDA$51.41MebitdaCapex$12.78McapitalExpendituresInterest$7.42MinterestExpenseEBITDA − capex$38.64MShort-term debt was not reported, so the denominator is interest only.Result 5.21x | $30.79MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$43.57MtotalCashFromOperatingActivitiesCapex$12.78McapitalExpendituresFree cash flow$30.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $30.79M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$35.54MoperatingIncomeTax expense$5.18MtaxProvisionPretax income$27.55MincomeBeforeTaxTax rate18.8%Equity$56.02MtotalStockholderEquityDebt—Not reportedCash$10.77McashInvested capital—Result — | 6.14xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$35.54MoperatingIncomeNet PP&E$5.79MpropertyPlantAndEquipmentNetResult 6.14x |
- 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.
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2025)
Net PP&E: $5.79M
Inventory: $20.00K
Total assets: $261.11M
Goodwill: $87.03M
Intangibles: $119.44M
Liabilities: $205.09M
Tangible book: -$150.46M
Shares: 174,707,070
Revenue: $145.74M
Capex: $12.78M
D&A: $16.45M
EBITDA: $51.41M
Interest: $7.42M
Short-term debt: —
Free cash flow: $30.79M
Operating income: $35.54M
Invested capital: —
Tax rate: 18.8%