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.
Fuel Tech Inc
Physical assets are 12.0% of total assets, a light footprint. Capex is 0.96x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 5.06x.
Physical asset ratio
12.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.28MpropertyPlantAndEquipmentNetInventory$373.00KinventoryTotal assets$47.18MtotalAssetsResult 12.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.06xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$26.68MtotalRevenueNet PP&E$5.28MpropertyPlantAndEquipmentNetResult 5.06x
Revenue per dollar of the physical asset base.
Capex / D&A
0.96xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$674.00KcapitalExpendituresD&A$699.00KdepreciationAndAmortizationResult 0.96x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.20Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47.18MtotalAssetsGoodwill$2.12MgoodWillIntangibles$646.00KintangibleAssetsLiabilities$7.25MtotalLiabTangible book$37.17MShares30,937,000commonStockSharesOutstandingResult $1.20
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.21xPrice / tangible bookPrice / tangible book per sharePrice$1.45Latest quoteTangible book / share$1.202025-12-31Result 1.21x
Price $1.45.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.61MebitdaCapex$674.00KcapitalExpendituresInterest—Not reportedShort-term debt$89.00KshortTermDebtEBITDA − capex-$2.28MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$2.34MfreeCashFlowMarket cap$46.20MMarketCapitalizationResult 5.1%
Latest free cash flow divided by current market cap ($46.20M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$3.68MoperatingIncomeTax expense$15.00KincomeTaxExpensePretax income-$2.31MincomeBeforeTaxTax rate—Equity$39.93MtotalStockholderEquityDebt$580.00KshortLongTermDebtTotalCash$24.88McashAndShortTermInvestmentsInvested capital$15.63MROIC 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 -0.70x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 13.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.98MpropertyPlantEquipmentInventory$957.00KinventoryTotal assets$51.72MtotalAssetsResult 13.4% | 9.46xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$56.54MtotalRevenueNet PP&E$5.98MpropertyPlantEquipmentResult 9.46x | 0.67xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$570.00KcapitalExpendituresD&A$847.00KdepreciationAndAmortizationResult 0.67x | $1.27Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.72MtotalAssetsGoodwill$2.12MgoodWillIntangibles$1.16MintangibleAssetsLiabilities$17.67MtotalLiabTangible book$30.77MShares24,164,000commonStockSharesOutstandingResult $1.27 | 0.57xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.27MebitdaCapex$570.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$1.23MshortTermDebtEBITDA − capex$704.00KPrincipal due is short-term debt.Result 0.57x | $4.36MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$4.93MtotalCashFromOperatingActivitiesCapex$570.00KcapitalExpendituresFree cash flow$4.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.36M | 0.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$110.00KoperatingIncomeTax expense$33.00KincomeTaxExpensePretax income$118.00KincomeBeforeTaxTax rate28.0%Equity$34.05MtotalStockholderEquityDebt$76.00KshortLongTermDebtTotalCash$12.04McashInvested capital$22.09MResult 0.4% | 0.02xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$110.00KoperatingIncomeNet PP&E$5.98MpropertyPlantEquipmentResult 0.02x |
| 2019 | 19.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.02MpropertyPlantAndEquipmentNetInventory$264.00KinventoryTotal assets$31.66MtotalAssetsResult 19.9% | 5.06xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$30.47MtotalRevenueNet PP&E$6.02MpropertyPlantAndEquipmentNetResult 5.06x | 0.55xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$550.00KcapitalExpendituresD&A$996.00KdepreciationAndAmortizationResult 0.55x | $0.95Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$31.66MtotalAssetsGoodwill$2.12MgoodWillIntangibles$906.00KintangibleAssetsLiabilities$5.56MtotalLiabTangible book$23.08MShares24,202,000commonStockSharesOutstandingResult $0.95 | -7.70xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$6.49MebitdaCapex$550.00KcapitalExpendituresInterest$732.00KinterestExpenseShort-term debt$182.00KshortTermDebtEBITDA − capex-$7.04MPrincipal due is short-term debt.Result -7.70x | -$3.94MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$3.39MtotalCashFromOperatingActivitiesCapex$550.00KcapitalExpendituresFree cash flow-$3.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.94M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$8.24MoperatingIncomeTax expense$14.00KincomeTaxExpensePretax income-$7.84MincomeBeforeTaxTax rate—Equity$26.10MtotalStockholderEquityDebt$438.00KshortLongTermDebtTotalCash$12.99McashInvested capital$13.54MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.37xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$8.24MoperatingIncomeNet PP&E$6.02MpropertyPlantAndEquipmentNetResult -1.37x |
| 2020 | 19.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.61MpropertyPlantEquipmentInventory$97.00KinventoryTotal assets$30.09MtotalAssetsResult 19.0% | 4.02xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$22.55MtotalRevenueNet PP&E$5.61MpropertyPlantEquipmentResult 4.02x | 0.29xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$247.00KcapitalExpendituresD&A$848.00KdepreciationAndAmortizationResult 0.29x | $0.80Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$30.09MtotalAssetsGoodwill$2.12MgoodWillIntangibles$553.00KintangibleAssetsLiabilities$7.77MtotalLiabTangible book$19.65MShares24,691,000commonStockSharesOutstandingResult $0.80 | -23.63xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$3.37MebitdaCapex$247.00KcapitalExpendituresInterest$4.00KinterestExpenseShort-term debt$149.00KshortTermDebtEBITDA − capex-$3.62MPrincipal due is short-term debt.Result -23.63x | -$2.95MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$2.71MtotalCashFromOperatingActivitiesCapex$247.00KcapitalExpendituresFree cash flow-$2.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.95M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$4.34MoperatingIncomeTax expense$57.00KincomeTaxExpensePretax income-$4.22MincomeBeforeTaxTax rate—Equity$22.32MtotalStockholderEquityDebt$1.94MshortLongTermDebtTotalCash$10.64McashInvested capital$13.62MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.77xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$4.34MoperatingIncomeNet PP&E$5.61MpropertyPlantEquipmentResult -0.77x |
| 2021 | 10.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.85MpropertyPlantEquipmentInventory$348.00KinventoryTotal assets$49.97MtotalAssetsResult 10.4% | 5.00xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$24.26MtotalRevenueNet PP&E$4.85MpropertyPlantEquipmentResult 5.00x | 0.11xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$84.00KcapitalExpendituresD&A$741.00KdepreciationAndAmortizationResult 0.11x | $1.47Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$49.97MtotalAssetsGoodwill$2.12MgoodWillIntangibles$448.00KintangibleAssetsLiabilities$3.77MtotalLiabTangible book$43.64MShares29,694,000commonStockSharesOutstandingResult $1.47 | 5.64xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$828.00KebitdaCapex$84.00KcapitalExpendituresInterest$19.00KinterestExpenseShort-term debt$113.00KshortTermDebtEBITDA − capex$744.00KPrincipal due is short-term debt.Result 5.64x | $677.00KFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$761.00KtotalCashFromOperatingActivitiesCapex$84.00KcapitalExpendituresFree cash flow$677.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $677.00K | -11.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.49MoperatingIncomeTax expense$14.00KincomeTaxExpensePretax income$68.00KincomeBeforeTaxTax rate20.6%Equity$46.20MtotalStockholderEquityDebt$235.00KshortLongTermDebtTotalCash$35.89McashInvested capital$10.54MResult -11.2% | -0.31xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$1.49MoperatingIncomeNet PP&E$4.85MpropertyPlantEquipmentResult -0.31x |
| 2022 | 10.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.63MpropertyPlantEquipmentInventory$392.00KinventoryTotal assets$50.12MtotalAssetsResult 10.0% | 5.82xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$26.94MtotalRevenueNet PP&E$4.63MpropertyPlantEquipmentResult 5.82x | 0.47xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$206.00KcapitalExpendituresD&A$440.00KdepreciationAndAmortizationResult 0.47x | $1.40Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$50.12MtotalAssetsGoodwill$2.12MgoodWillIntangibles$397.00KintangibleAssetsLiabilities$5.28MtotalLiabTangible book$42.33MShares30,289,000commonStockSharesOutstandingResult $1.40 | -8.01xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$931.00KebitdaCapex$206.00KcapitalExpendituresInterest$17.00KinterestExpenseShort-term debt$125.00KshortTermDebtEBITDA − capex-$1.14MPrincipal due is short-term debt.Result -8.01x | -$4.35MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$4.14MtotalCashFromOperatingActivitiesCapex$206.00KcapitalExpendituresFree cash flow-$4.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.35M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.53MoperatingIncomeTax expense$54.00KincomeTaxExpensePretax income-$1.39MincomeBeforeTaxTax rate—Equity$44.84MtotalStockholderEquityDebt$191.00KshortLongTermDebtTotalCash$26.31McashAndShortTermInvestmentsInvested capital$18.72MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.33xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$1.53MoperatingIncomeNet PP&E$4.63MpropertyPlantEquipmentResult -0.33x |
| 2023 | 11.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.15MpropertyPlantAndEquipmentNetInventory$439.00KinventoryTotal assets$50.39MtotalAssetsResult 11.1% | 5.26xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$27.08MtotalRevenueNet PP&E$5.15MpropertyPlantAndEquipmentNetResult 5.26x | 1.22xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$418.00KcapitalExpendituresD&A$342.00KdepreciationAndAmortizationResult 1.22x | $1.36Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$50.39MtotalAssetsGoodwill$2.12MgoodWillIntangibles$358.00KintangibleAssetsLiabilities$6.67MtotalLiabTangible book$41.24MShares30,348,000commonStockSharesOutstandingResult $1.36 | -14.94xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.11MebitdaCapex$418.00KcapitalExpendituresInterest$21.00KinterestExpenseShort-term debt$81.00KshortTermDebtEBITDA − capex-$1.52MPrincipal due is short-term debt.Result -14.94x | $278.00KFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$696.00KtotalCashFromOperatingActivitiesCapex$418.00KcapitalExpendituresFree cash flow$278.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $278.00K | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.66MoperatingIncomeTax expense$69.00KincomeTaxExpensePretax income-$1.47MincomeBeforeTaxTax rate—Equity$43.71MtotalStockholderEquityDebt$614.00KshortLongTermDebtTotalCash$29.71McashAndShortTermInvestmentsInvested capital$14.61MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.52xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$2.66MoperatingIncomeNet PP&E$5.15MpropertyPlantAndEquipmentNetResult -0.52x |
| 2024 | 12.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.67MpropertyPlantAndEquipmentNetInventory$397.00KinventoryTotal assets$48.80MtotalAssetsResult 12.4% | 4.43xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$25.13MtotalRevenueNet PP&E$5.67MpropertyPlantAndEquipmentNetResult 4.43x | 0.82xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$378.00KcapitalExpendituresD&A$460.00KdepreciationAndAmortizationResult 0.82x | $1.29Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$48.80MtotalAssetsGoodwill$2.12MgoodWillIntangibles$327.00KintangibleAssetsLiabilities$6.84MtotalLiabTangible book$39.51MShares30,572,000commonStockSharesOutstandingResult $1.29 | -23.17xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.41MebitdaCapex$378.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$77.00KshortTermDebtEBITDA − capex-$1.78MPrincipal due is short-term debt.Result -23.17x | -$3.81MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$3.43MtotalCashFromOperatingActivitiesCapex$378.00KcapitalExpendituresFree cash flow-$3.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.81M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$4.70MoperatingIncomeTax expense$77.00KincomeTaxExpensePretax income-$1.87MincomeBeforeTaxTax rate—Equity$41.96MtotalStockholderEquityDebt$625.00KshortLongTermDebtTotalCash$18.69McashAndShortTermInvestmentsInvested capital$23.89MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.83xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$4.70MoperatingIncomeNet PP&E$5.67MpropertyPlantAndEquipmentNetResult -0.83x |
| 2025 | 12.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.28MpropertyPlantAndEquipmentNetInventory$373.00KinventoryTotal assets$47.18MtotalAssetsResult 12.0% | 5.06xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$26.68MtotalRevenueNet PP&E$5.28MpropertyPlantAndEquipmentNetResult 5.06x | 0.96xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$674.00KcapitalExpendituresD&A$699.00KdepreciationAndAmortizationResult 0.96x | $1.20Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47.18MtotalAssetsGoodwill$2.12MgoodWillIntangibles$646.00KintangibleAssetsLiabilities$7.25MtotalLiabTangible book$37.17MShares30,937,000commonStockSharesOutstandingResult $1.20 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.61MebitdaCapex$674.00KcapitalExpendituresInterest—Not reportedShort-term debt$89.00KshortTermDebtEBITDA − capex-$2.28MPrincipal due is short-term debt.Result — | $2.34MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$3.02MtotalCashFromOperatingActivitiesCapex$674.00KcapitalExpendituresFree cash flow$2.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.34M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$3.68MoperatingIncomeTax expense$15.00KincomeTaxExpensePretax income-$2.31MincomeBeforeTaxTax rate—Equity$39.93MtotalStockholderEquityDebt$580.00KshortLongTermDebtTotalCash$24.88McashAndShortTermInvestmentsInvested capital$15.63MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.70xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$3.68MoperatingIncomeNet PP&E$5.28MpropertyPlantAndEquipmentNetResult -0.70x |
- 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: $5.28M
Inventory: $373.00K
Total assets: $47.18M
Goodwill: $2.12M
Intangibles: $646.00K
Liabilities: $7.25M
Tangible book: $37.17M
Shares: 30,937,000
Revenue: $26.68M
Capex: $674.00K
D&A: $699.00K
EBITDA: -$1.61M
Interest: —
Short-term debt: $89.00K
Free cash flow: $2.34M
Operating income: -$3.68M
Invested capital: $15.63M
Tax rate: —