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.
Fulton Financial Corporation
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 0.40x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.41x, which is below 1.
Fixed-asset turnover is 10.79x. Compare it with other names in the same basket.
Physical asset ratio
0.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$175.24MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$32.12BtotalAssetsInventory was not reported and is treated as zero.Result 0.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
10.79xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.89BtotalRevenueNet PP&E$175.24MpropertyPlantAndEquipmentNetResult 10.79x
Revenue per dollar of the physical asset base.
Capex / D&A
0.40xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$20.15McapitalExpendituresD&A$50.74MdepreciationAndAmortizationResult 0.40x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$15.70Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$32.12BtotalAssetsGoodwill$553.35MgoodWillIntangibles$59.65MintangibleAssetsLiabilities$28.63BtotalLiabTangible book$2.88BShares183,289,000commonStockSharesOutstandingResult $15.70
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.49xPrice / tangible bookPrice / tangible book per sharePrice$23.44Latest quoteTangible book / share$15.702025-12-31Result 1.49x
Price $23.44.
Fixed-charge coverage
0.41xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$536.32MebitdaCapex$20.15McapitalExpendituresInterest$580.53MinterestExpenseShort-term debt$678.82MshortTermDebtEBITDA − capex$516.18MPrincipal due is short-term debt.Result 0.41x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$284.34MfreeCashFlowMarket cap$4.52BMarketCapitalizationResult 6.3%
Latest free cash flow divided by current market cap ($4.52B).
ROIC
55.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$485.59MoperatingIncomeTax expense$93.98MincomeTaxExpensePretax income$485.59MincomeBeforeTaxTax rate19.4%Equity$3.49BtotalStockholderEquityDebt$618.55MlongTermDebt + shortLongTermDebtCash$3.41BcashAndShortTermInvestmentsInvested capital$702.31MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 55.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.77x.
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$234.53MpropertyPlantEquipmentInventory$23.87MinventoryTotal assets$20.68BtotalAssetsResult 1.2% | 4.07xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$954.04MtotalRevenueNet PP&E$234.53MpropertyPlantEquipmentResult 4.07x | 1.42xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$39.88McapitalExpendituresD&A$28.16MdepreciationAndAmortizationResult 1.42x | $9.51Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$20.68BtotalAssetsGoodwill$530.60MgoodWillIntangibles$38.57MintangibleAssetsLiabilities$18.43BtotalLiabTangible book$1.68BShares176,543,000commonStockSharesOutstandingResult $9.51 | 0.26xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$261.13MebitdaCapex$39.88McapitalExpendituresInterest$128.06MinterestExpenseShort-term debt$711.28MshortLongTermDebtEBITDA − capex$221.24MPrincipal due is the current portion of debt.Result 0.26x | $256.94MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$296.82MtotalCashFromOperatingActivitiesCapex$39.88McapitalExpendituresFree cash flow$256.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $256.94M | 12.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$232.97MoperatingIncomeTax expense$24.58MincomeTaxExpensePretax income$232.97MincomeBeforeTaxTax rate10.5%Equity$2.25BtotalStockholderEquityDebt$1.75BshortLongTermDebtTotalCash$2.32BcashAndShortTermInvestmentsInvested capital$1.67BResult 12.5% | 0.99xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$232.97MoperatingIncomeNet PP&E$234.53MpropertyPlantEquipmentResult 0.99x |
| 2019 | -1.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$240.05MpropertyPlantEquipmentInventory-$585.52MinventoryTotal assets$21.90BtotalAssetsResult -1.6% | 4.34xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.04BtotalRevenueNet PP&E$240.05MpropertyPlantEquipmentResult 4.34x | 1.14xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$33.72McapitalExpendituresD&A$29.63MdepreciationAndAmortizationResult 1.14x | $10.57Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.90BtotalAssetsGoodwill$535.30MgoodWillIntangibles$39.27MintangibleAssetsLiabilities$19.55BtotalLiabTangible book$1.77BShares167,792,000commonStockSharesOutstandingResult $10.57 | 0.26xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$293.62MebitdaCapex$33.72McapitalExpendituresInterest$176.92MinterestExpenseShort-term debt$826.53MshortLongTermDebtEBITDA − capex$259.90MPrincipal due is the current portion of debt.Result 0.26x | $94.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$127.71MtotalCashFromOperatingActivitiesCapex$33.72McapitalExpendituresFree cash flow$94.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $94.00M | 19.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$263.99MoperatingIncomeTax expense$37.65MincomeTaxExpensePretax income$263.99MincomeBeforeTaxTax rate14.3%Equity$2.35BtotalStockholderEquityDebt$1.82BshortLongTermDebtTotalCash$3.02BcashAndShortTermInvestmentsInvested capital$1.15BResult 19.6% | 1.10xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$263.99MoperatingIncomeNet PP&E$240.05MpropertyPlantEquipmentResult 1.10x |
| 2020 | -6.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$231.48MpropertyPlantEquipmentInventory-$1.92BinventoryTotal assets$25.91BtotalAssetsResult -6.5% | 4.20xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$972.27MtotalRevenueNet PP&E$231.48MpropertyPlantEquipmentResult 4.20x | 0.69xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$20.24McapitalExpendituresD&A$29.33MdepreciationAndAmortizationResult 0.69x | $12.75Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$25.91BtotalAssetsGoodwill$533.40MgoodWillIntangibles$3.30MintangibleAssetsLiabilities$23.29BtotalLiabTangible book$2.08BShares163,090,000commonStockSharesOutstandingResult $12.75 | 0.28xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$231.57MebitdaCapex$20.24McapitalExpendituresInterest$113.67MinterestExpenseShort-term debt$630.07MshortTermDebtEBITDA − capex$211.33MPrincipal due is short-term debt.Result 0.28x | $134.25MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$154.49MtotalCashFromOperatingActivitiesCapex$20.24McapitalExpendituresFree cash flow$134.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $134.25M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$202.24MoperatingIncomeTax expense$24.20MincomeTaxExpensePretax income$202.24MincomeBeforeTaxTax rate12.0%Equity$2.62BtotalStockholderEquityDebt$1.93BshortLongTermDebtTotalCash$4.91BcashAndShortTermInvestmentsInvested capital—Result — | 0.87xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$202.24MoperatingIncomeNet PP&E$231.48MpropertyPlantEquipmentResult 0.87x |
| 2021 | -5.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$302.79MpropertyPlantAndEquipmentNetInventory-$1.70BinventoryTotal assets$25.80BtotalAssetsResult -5.4% | 3.29xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$997.16MtotalRevenueNet PP&E$302.79MpropertyPlantAndEquipmentNetResult 3.29x | 0.60xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$17.68McapitalExpendituresD&A$29.39MdepreciationAndAmortizationResult 0.60x | $13.32Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$25.80BtotalAssetsGoodwill$534.27MgoodWillIntangibles$3.79MintangibleAssetsLiabilities$23.08BtotalLiabTangible book$2.17BShares163,307,000commonStockSharesOutstandingResult $13.32 | 0.73xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$363.64MebitdaCapex$17.68McapitalExpendituresInterest$59.68MinterestExpenseShort-term debt$416.76MshortLongTermDebtEBITDA − capex$345.96MPrincipal due is the current portion of debt.Result 0.73x | $324.59MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$342.27MtotalCashFromOperatingActivitiesCapex$17.68McapitalExpendituresFree cash flow$324.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $324.59M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$334.25MoperatingIncomeTax expense$58.75MincomeTaxExpensePretax income$334.25MincomeBeforeTaxTax rate17.6%Equity$2.71BtotalStockholderEquityDebt$1.45BshortLongTermDebtTotalCash$4.83BcashAndShortTermInvestmentsInvested capital—Result — | 1.10xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$334.25MoperatingIncomeNet PP&E$302.79MpropertyPlantAndEquipmentNetResult 1.10x |
| 2022 | -2.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$225.14MpropertyPlantEquipmentInventory-$779.29MinventoryTotal assets$26.93BtotalAssetsResult -2.1% | 4.85xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.09BtotalRevenueNet PP&E$225.14MpropertyPlantEquipmentResult 4.85x | 0.67xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$21.25McapitalExpendituresD&A$31.93MdepreciationAndAmortizationResult 0.67x | $12.20Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.93BtotalAssetsGoodwill$550.54MgoodWillIntangibles$10.29MintangibleAssetsLiabilities$24.35BtotalLiabTangible book$2.02BShares165,472,000commonStockSharesOutstandingResult $12.20 | 0.30xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$378.95MebitdaCapex$21.25McapitalExpendituresInterest$83.20MinterestExpenseShort-term debt$1.10BshortTermDebtEBITDA − capex$357.70MPrincipal due is short-term debt.Result 0.30x | $577.02MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$598.27MtotalCashFromOperatingActivitiesCapex$21.25McapitalExpendituresFree cash flow$577.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $577.02M | 4.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$347.02MoperatingIncomeTax expense$60.03MincomeTaxExpensePretax income$347.02MincomeBeforeTaxTax rate17.3%Equity$2.58BtotalStockholderEquityDebt$3.97BshortLongTermDebtTotalCash$126.90McashInvested capital$6.43BResult 4.5% | 1.54xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$347.02MoperatingIncomeNet PP&E$225.14MpropertyPlantEquipmentResult 1.54x |
| 2023 | -0.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$222.88MpropertyPlantAndEquipmentNetInventory-$408.32MinventoryTotal assets$27.57BtotalAssetsResult -0.7% | 6.73xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.50BtotalRevenueNet PP&E$222.88MpropertyPlantAndEquipmentNetResult 6.73x | 1.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$32.96McapitalExpendituresD&A$33.00MdepreciationAndAmortizationResult 1.00x | $13.19Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.57BtotalAssetsGoodwill$553.35MgoodWillIntangibles$7.34MintangibleAssetsLiabilities$24.81BtotalLiabTangible book$2.20BShares166,769,000commonStockSharesOutstandingResult $13.19 | 0.27xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$381.72MebitdaCapex$32.96McapitalExpendituresInterest$418.95MinterestExpenseShort-term debt$851.30MshortTermDebtEBITDA − capex$348.76MPrincipal due is short-term debt.Result 0.27x | $330.03MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$362.98MtotalCashFromOperatingActivitiesCapex$32.96McapitalExpendituresFree cash flow$330.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $330.03M | 19.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$348.72MoperatingIncomeTax expense$64.44MincomeTaxExpensePretax income$348.72MincomeBeforeTaxTax rate18.5%Equity$2.76BtotalStockholderEquityDebt$1.64BlongTermDebt + shortLongTermDebtCash$2.93BcashAndShortTermInvestmentsInvested capital$1.47BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 19.4% | 1.56xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$348.72MoperatingIncomeNet PP&E$222.88MpropertyPlantAndEquipmentNetResult 1.56x |
| 2024 | 0.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$195.53MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$32.07BtotalAssetsInventory was not reported and is treated as zero.Result 0.6% | 9.21xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.80BtotalRevenueNet PP&E$195.53MpropertyPlantAndEquipmentNetResult 9.21x | 0.74xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$42.45McapitalExpendituresD&A$56.99MdepreciationAndAmortizationResult 0.74x | $14.46Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$32.07BtotalAssetsGoodwill$553.35MgoodWillIntangibles$82.11MintangibleAssetsLiabilities$28.87BtotalLiabTangible book$2.56BShares177,223,000commonStockSharesOutstandingResult $14.46 | 0.30xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$401.62MebitdaCapex$42.45McapitalExpendituresInterest$621.87MinterestExpenseShort-term debt$563.83MshortTermDebtEBITDA − capex$359.17MPrincipal due is short-term debt.Result 0.30x | $374.11MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$416.57MtotalCashFromOperatingActivitiesCapex$42.45McapitalExpendituresFree cash flow$374.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $374.11M | 18.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$344.63MoperatingIncomeTax expense$55.89MincomeTaxExpensePretax income$344.63MincomeBeforeTaxTax rate16.2%Equity$3.20BtotalStockholderEquityDebt$1.78BshortLongTermDebtTotalCash$3.37BcashAndShortTermInvestmentsInvested capital$1.61BResult 18.0% | 1.76xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$344.63MoperatingIncomeNet PP&E$195.53MpropertyPlantAndEquipmentNetResult 1.76x |
| 2025 | 0.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$175.24MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$32.12BtotalAssetsInventory was not reported and is treated as zero.Result 0.5% | 10.79xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.89BtotalRevenueNet PP&E$175.24MpropertyPlantAndEquipmentNetResult 10.79x | 0.40xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$20.15McapitalExpendituresD&A$50.74MdepreciationAndAmortizationResult 0.40x | $15.70Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$32.12BtotalAssetsGoodwill$553.35MgoodWillIntangibles$59.65MintangibleAssetsLiabilities$28.63BtotalLiabTangible book$2.88BShares183,289,000commonStockSharesOutstandingResult $15.70 | 0.41xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$536.32MebitdaCapex$20.15McapitalExpendituresInterest$580.53MinterestExpenseShort-term debt$678.82MshortTermDebtEBITDA − capex$516.18MPrincipal due is short-term debt.Result 0.41x | $284.34MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$304.48MtotalCashFromOperatingActivitiesCapex$20.15McapitalExpendituresFree cash flow$284.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $284.34M | 55.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$485.59MoperatingIncomeTax expense$93.98MincomeTaxExpensePretax income$485.59MincomeBeforeTaxTax rate19.4%Equity$3.49BtotalStockholderEquityDebt$618.55MlongTermDebt + shortLongTermDebtCash$3.41BcashAndShortTermInvestmentsInvested capital$702.31MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 55.8% | 2.77xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$485.59MoperatingIncomeNet PP&E$175.24MpropertyPlantAndEquipmentNetResult 2.77x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $175.24M
Inventory: $0.00
Total assets: $32.12B
Goodwill: $553.35M
Intangibles: $59.65M
Liabilities: $28.63B
Tangible book: $2.88B
Shares: 183,289,000
Revenue: $1.89B
Capex: $20.15M
D&A: $50.74M
EBITDA: $536.32M
Interest: $580.53M
Short-term debt: $678.82M
Free cash flow: $284.34M
Operating income: $485.59M
Invested capital: $702.31M
Tax rate: 19.4%