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.
Green Brick Partners Inc
Physical assets are 83.3% of total assets, a heavy footprint. Capex is 0.94x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 16.0%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 147.92x. Compare it with other names in the same basket.
Physical asset ratio
83.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.79MpropertyPlantAndEquipmentNetInventory$2.10BinventoryTotal assets$2.54BtotalAssetsResult 83.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
147.92xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.04BtotalRevenueNet PP&E$13.79MpropertyPlantAndEquipmentNetResult 147.92x
Revenue per dollar of the physical asset base.
Capex / D&A
0.94xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.80McapitalExpendituresD&A$5.11MdepreciationAndAmortizationResult 0.94x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$43.99Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.54BtotalAssetsGoodwill$680.00KgoodWillIntangibles$197.00KintangibleAssetsLiabilities$603.90MtotalLiabTangible book$1.93BShares43,924,000commonStockSharesOutstandingResult $43.99
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.41xPrice / tangible bookPrice / tangible book per sharePrice$62.07Latest quoteTangible book / share$43.992025-12-31Result 1.41x
Price $62.07.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$443.29MebitdaCapex$4.80McapitalExpendituresInterest—Not reportedShort-term debt$2.14MshortTermDebtEBITDA − capex$438.49MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$208.45MfreeCashFlowMarket cap$2.71BMarketCapitalizationResult 7.7%
Latest free cash flow divided by current market cap ($2.71B).
ROIC
16.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$409.44MoperatingIncomeTax expense$94.67MincomeTaxExpensePretax income$438.18MincomeBeforeTaxTax rate21.6%Equity$1.86BtotalStockholderEquityDebt$335.41MshortLongTermDebtTotalCash$190.99McashInvested capital$2.00BResult 16.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 29.69x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 85.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.69MpropertyPlantEquipmentInventory$668.96MinventoryTotal assets$784.03MtotalAssetsResult 85.9% | 132.97xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$623.65MtotalRevenueNet PP&E$4.69MpropertyPlantEquipmentResult 132.97x | 1.09xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$3.21McapitalExpendituresD&A$2.94MdepreciationAndAmortizationResult 1.09x | $9.54Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$784.03MtotalAssetsGoodwill$680.00KgoodWillIntangibles$856.00KintangibleAssetsLiabilities$298.39MtotalLiabTangible book$484.10MShares50,751,000commonStockSharesOutstandingResult $9.54 | 0.41xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$84.61MebitdaCapex$3.21McapitalExpendituresInterest$0.00interestExpenseShort-term debt$200.39MshortTermDebtEBITDA − capex$81.40MPrincipal due is short-term debt.Result 0.41x | -$42.69MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$39.48MtotalCashFromOperatingActivitiesCapex$3.21McapitalExpendituresFree cash flow-$42.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$42.69M | 9.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$71.81MoperatingIncomeTax expense$17.14MincomeTaxExpensePretax income$81.67MincomeBeforeTaxTax rate21.0%Equity$468.35MtotalStockholderEquityDebt$200.39MshortLongTermDebtTotalCash$38.32McashInvested capital$630.42MResult 9.0% | 15.31xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$71.81MoperatingIncomeNet PP&E$4.69MpropertyPlantEquipmentResult 15.31x |
| 2019 | 87.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.77MpropertyPlantAndEquipmentNetInventory$753.57MinventoryTotal assets$875.54MtotalAssetsResult 87.0% | 101.87xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$791.66MtotalRevenueNet PP&E$7.77MpropertyPlantAndEquipmentNetResult 101.87x | 0.83xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.57McapitalExpendituresD&A$3.08MdepreciationAndAmortizationResult 0.83x | $10.83Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$875.54MtotalAssetsGoodwill$680.00KgoodWillIntangibles$707.00KintangibleAssetsLiabilities$325.53MtotalLiabTangible book$548.62MShares50,636,000commonStockSharesOutstandingResult $10.83 | 9.28xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$74.49MebitdaCapex$2.57McapitalExpendituresInterest$6.43MinterestExpenseShort-term debt$1.32MshortTermDebtEBITDA − capex$71.92MPrincipal due is short-term debt.Result 9.28x | -$24.63MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$22.06MtotalCashFromOperatingActivitiesCapex$2.57McapitalExpendituresFree cash flow-$24.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$24.63M | 10.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$74.31MoperatingIncomeTax expense$20.03MincomeTaxExpensePretax income$84.33MincomeBeforeTaxTax rate23.7%Equity$523.17MtotalStockholderEquityDebt$73.41MlongTermDebt + shortLongTermDebtCash$33.27McashInvested capital$563.31MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 10.1% | 9.56xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$74.31MoperatingIncomeNet PP&E$7.77MpropertyPlantAndEquipmentNetResult 9.56x |
| 2020 | 86.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.13MpropertyPlantAndEquipmentNetInventory$844.64MinventoryTotal assets$988.85MtotalAssetsResult 86.0% | 159.14xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$976.02MtotalRevenueNet PP&E$6.13MpropertyPlantAndEquipmentNetResult 159.14x | 0.79xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.90McapitalExpendituresD&A$3.67MdepreciationAndAmortizationResult 0.79x | $13.03Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$988.85MtotalAssetsGoodwill$680.00KgoodWillIntangibles$622.00KintangibleAssetsLiabilities$325.90MtotalLiabTangible book$661.65MShares50,795,000commonStockSharesOutstandingResult $13.03 | 5.69xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$126.14MebitdaCapex$2.90McapitalExpendituresInterest$19.54MinterestExpenseShort-term debt$2.13MshortLongTermDebtEBITDA − capex$123.23MPrincipal due is the current portion of debt.Result 5.69x | $32.23MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$35.14MtotalCashFromOperatingActivitiesCapex$2.90McapitalExpendituresFree cash flow$32.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $32.23M | 14.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$126.07MoperatingIncomeTax expense$25.02MincomeTaxExpensePretax income$142.81MincomeBeforeTaxTax rate17.5%Equity$640.24MtotalStockholderEquityDebt$115.31MlongTermDebt + shortLongTermDebtCash$19.48McashInvested capital$736.07MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 14.1% | 20.56xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$126.07MoperatingIncomeNet PP&E$6.13MpropertyPlantAndEquipmentNetResult 20.56x |
| 2021 | 85.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.41MpropertyPlantAndEquipmentNetInventory$1.20BinventoryTotal assets$1.42BtotalAssetsResult 85.2% | 189.37xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.40BtotalRevenueNet PP&E$7.41MpropertyPlantAndEquipmentNetResult 189.37x | 0.74xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$2.03McapitalExpendituresD&A$2.74MdepreciationAndAmortizationResult 0.74x | $17.81Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.42BtotalAssetsGoodwill$680.00KgoodWillIntangibles$537.00KintangibleAssetsLiabilities$511.31MtotalLiabTangible book$909.34MShares51,060,000commonStockSharesOutstandingResult $17.81 | 12.35xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$230.53MebitdaCapex$2.03McapitalExpendituresInterest$17.77MinterestExpenseShort-term debt$738.00KshortTermDebtEBITDA − capex$228.51MPrincipal due is short-term debt.Result 12.35x | -$94.41MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$92.38MtotalCashFromOperatingActivitiesCapex$2.03McapitalExpendituresFree cash flow-$94.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$94.41M | 15.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$230.49MoperatingIncomeTax expense$52.61MincomeTaxExpensePretax income$256.99MincomeBeforeTaxTax rate20.5%Equity$910.56MtotalStockholderEquityDebt$339.66MshortLongTermDebtTotalCash$78.70McashInvested capital$1.17BResult 15.6% | 31.11xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$230.49MoperatingIncomeNet PP&E$7.41MpropertyPlantAndEquipmentNetResult 31.11x |
| 2022 | 86.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.38MpropertyPlantEquipmentInventory$1.42BinventoryTotal assets$1.66BtotalAssetsResult 86.3% | 275.65xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.76BtotalRevenueNet PP&E$6.38MpropertyPlantEquipmentResult 275.65x | 0.85xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$2.01McapitalExpendituresD&A$2.37MdepreciationAndAmortizationResult 0.85x | $23.15Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.66BtotalAssetsGoodwill$680.00KgoodWillIntangibles$452.00KintangibleAssetsLiabilities$543.62MtotalLiabTangible book$1.11BShares47,987,000commonStockSharesOutstandingResult $23.15 | 11.32xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$398.83MebitdaCapex$2.01McapitalExpendituresInterest$17.65MinterestExpenseShort-term debt$17.40MshortTermDebtEBITDA − capex$396.82MPrincipal due is short-term debt.Result 11.32x | $88.66MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$90.68MtotalCashFromOperatingActivitiesCapex$2.01McapitalExpendituresFree cash flow$88.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $88.66M | 21.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$359.08MoperatingIncomeTax expense$82.47MincomeTaxExpensePretax income$396.47MincomeBeforeTaxTax rate20.8%Equity$1.06BtotalStockholderEquityDebt$371.42MshortLongTermDebtTotalCash$76.59McashInvested capital$1.36BResult 21.0% | 56.31xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$359.08MoperatingIncomeNet PP&E$6.38MpropertyPlantEquipmentResult 56.31x |
| 2023 | 81.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.31MpropertyPlantAndEquipmentNetInventory$1.53BinventoryTotal assets$1.90BtotalAssetsResult 81.2% | 124.24xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.78BtotalRevenueNet PP&E$14.31MpropertyPlantAndEquipmentNetResult 124.24x | 2.20xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$7.80McapitalExpendituresD&A$3.55MdepreciationAndAmortizationResult 2.20x | $29.47Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.90BtotalAssetsGoodwill$680.00KgoodWillIntangibles$367.00KintangibleAssetsLiabilities$550.56MtotalLiabTangible book$1.35BShares45,917,000commonStockSharesOutstandingResult $29.47 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$394.86MebitdaCapex$7.80McapitalExpendituresInterest—Not reportedShort-term debt$1.22MshortTermDebtEBITDA − capex$387.06MPrincipal due is short-term debt.Result — | $205.54MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$213.34MtotalCashFromOperatingActivitiesCapex$7.80McapitalExpendituresFree cash flow$205.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $205.54M | 18.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$355.21MoperatingIncomeTax expense$84.64MincomeTaxExpensePretax income$391.31MincomeBeforeTaxTax rate21.6%Equity$1.35BtotalStockholderEquityDebt$354.76MshortLongTermDebtTotalCash$199.46McashInvested capital$1.51BResult 18.4% | 24.82xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$355.21MoperatingIncomeNet PP&E$14.31MpropertyPlantAndEquipmentNetResult 24.82x |
| 2024 | 86.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.79MpropertyPlantAndEquipmentNetInventory$1.94BinventoryTotal assets$2.25BtotalAssetsResult 86.7% | 152.17xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.10BtotalRevenueNet PP&E$13.79MpropertyPlantAndEquipmentNetResult 152.17x | 0.89xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.37McapitalExpendituresD&A$4.88MdepreciationAndAmortizationResult 0.89x | $37.85Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.25BtotalAssetsGoodwill$680.00KgoodWillIntangibles$282.00KintangibleAssetsLiabilities$551.83MtotalLiabTangible book$1.70BShares44,839,000commonStockSharesOutstandingResult $37.85 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$516.76MebitdaCapex$4.37McapitalExpendituresInterest—Not reportedShort-term debt$22.65MshortTermDebtEBITDA − capex$512.39MPrincipal due is short-term debt.Result — | $21.55MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$25.91MtotalCashFromOperatingActivitiesCapex$4.37McapitalExpendituresFree cash flow$21.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.55M | 21.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$476.96MoperatingIncomeTax expense$94.73MincomeTaxExpensePretax income$511.88MincomeBeforeTaxTax rate18.5%Equity$1.63BtotalStockholderEquityDebt$344.95MshortLongTermDebtTotalCash$141.54McashInvested capital$1.83BResult 21.3% | 34.58xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$476.96MoperatingIncomeNet PP&E$13.79MpropertyPlantAndEquipmentNetResult 34.58x |
| 2025 | 83.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.79MpropertyPlantAndEquipmentNetInventory$2.10BinventoryTotal assets$2.54BtotalAssetsResult 83.3% | 147.92xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.04BtotalRevenueNet PP&E$13.79MpropertyPlantAndEquipmentNetResult 147.92x | 0.94xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.80McapitalExpendituresD&A$5.11MdepreciationAndAmortizationResult 0.94x | $43.99Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.54BtotalAssetsGoodwill$680.00KgoodWillIntangibles$197.00KintangibleAssetsLiabilities$603.90MtotalLiabTangible book$1.93BShares43,924,000commonStockSharesOutstandingResult $43.99 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$443.29MebitdaCapex$4.80McapitalExpendituresInterest—Not reportedShort-term debt$2.14MshortTermDebtEBITDA − capex$438.49MPrincipal due is short-term debt.Result — | $208.45MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$213.24MtotalCashFromOperatingActivitiesCapex$4.80McapitalExpendituresFree cash flow$208.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $208.45M | 16.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$409.44MoperatingIncomeTax expense$94.67MincomeTaxExpensePretax income$438.18MincomeBeforeTaxTax rate21.6%Equity$1.86BtotalStockholderEquityDebt$335.41MshortLongTermDebtTotalCash$190.99McashInvested capital$2.00BResult 16.0% | 29.69xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$409.44MoperatingIncomeNet PP&E$13.79MpropertyPlantAndEquipmentNetResult 29.69x |
- 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: $13.79M
Inventory: $2.10B
Total assets: $2.54B
Goodwill: $680.00K
Intangibles: $197.00K
Liabilities: $603.90M
Tangible book: $1.93B
Shares: 43,924,000
Revenue: $2.04B
Capex: $4.80M
D&A: $5.11M
EBITDA: $443.29M
Interest: —
Short-term debt: $2.14M
Free cash flow: $208.45M
Operating income: $409.44M
Invested capital: $2.00B
Tax rate: 21.6%