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.
Gold Royalty Corp.
Physical assets are 95.6% of total assets, a heavy footprint. Capex is 26.67x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -7.93x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.02x.
Physical asset ratio
95.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$786.74MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$822.76MtotalAssetsInventory was not reported and is treated as zero.Result 95.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.02xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$15.61MtotalRevenueNet PP&E$786.74MpropertyPlantAndEquipmentNetResult 0.02x
Revenue per dollar of the physical asset base.
Capex / D&A
26.67xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$72.96McapitalExpendituresD&A$2.74MdepreciationAndAmortizationResult 26.67x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.00Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$822.76MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$123.56MtotalLiabTangible book$699.20MShares174,986,972commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.00
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.67xPrice / tangible bookPrice / tangible book per sharePrice$2.66Latest quoteTangible book / share$4.002025-12-31Result 0.67x
Price $2.66.
Fixed-charge coverage
-7.93xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.67MebitdaCapex$72.96McapitalExpendituresInterest$8.27MinterestExpenseShort-term debt$96.00KshortTermDebtEBITDA − capex-$66.29MPrincipal due is short-term debt.Result -7.93x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-10.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$66.79MfreeCashFlowMarket cap$653.34MMarketCapitalizationResult -10.2%
Latest free cash flow divided by current market cap ($653.34M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.69MoperatingIncomeTax expense-$205.00KincomeTaxExpensePretax income-$4.34MincomeBeforeTaxTax rate—Equity$699.20MtotalStockholderEquityDebt$197.00KshortLongTermDebtTotalCash$13.96McashAndShortTermInvestmentsInvested capital$685.44MROIC 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 0.00x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2020 | 2.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.59KpropertyPlantEquipmentInventory$1.00inventoryTotal assets$55.46KtotalAssetsResult 2.9% | 0.00xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$1.59KpropertyPlantEquipmentResult 0.00x | 480.71xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$21.63KcapitalExpendituresD&A$45.00depreciationAndAmortizationResult 480.71x | -$0.01Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$55.46KtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$196.38KtotalLiabTangible book-$140.93KShares22,825,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.01 | -1.34xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$140.59KebitdaCapex$21.63KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$120.93KshortTermDebtEBITDA − capex-$162.22KPrincipal due is short-term debt.Result -1.34x | -$21.30KFree cash flow · 2020-12-31Operating cash flow − capexOperating cash flow$331.00totalCashFromOperatingActivitiesCapex$21.63KcapitalExpendituresFree cash flow-$21.30KNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$21.30K | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$140.63KoperatingIncomeTax expense$5.00incomeTaxExpensePretax income-$140.63KincomeBeforeTaxTax rate—Equity-$140.93KtotalStockholderEquityDebt—Not reportedCash$37.54KcashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -88.61xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$140.63KoperatingIncomeNet PP&E$1.59KpropertyPlantEquipmentResult -88.61x |
| 2021 | 94.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$264.54MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$279.50MtotalAssetsInventory was not reported and is treated as zero.Result 94.6% | 0.00xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$191.99KtotalRevenueNet PP&E$264.54MpropertyPlantAndEquipmentNetResult 0.00x | 65.09xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$10.98McapitalExpendituresD&A$168.66KdepreciationAndAmortizationResult 65.09x | $6.71Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$279.50MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$54.18MtotalLiabTangible book$225.32MShares33,555,265commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $6.71 | -644.18xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$12.41MebitdaCapex$10.98McapitalExpendituresInterest$0.00interestExpenseShort-term debt$36.31KshortTermDebtEBITDA − capex-$23.39MPrincipal due is short-term debt.Result -644.18x | -$22.93MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$11.95MtotalCashFromOperatingActivitiesCapex$10.98McapitalExpendituresFree cash flow-$22.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$22.93M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.58MoperatingIncomeTax expense$2.42MincomeTaxExpensePretax income-$15.01MincomeBeforeTaxTax rate—Equity$225.32MtotalStockholderEquityDebt$11.00KshortLongTermDebtTotalCash$11.02McashAndShortTermInvestmentsInvested capital$214.31MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.05xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$12.58MoperatingIncomeNet PP&E$264.54MpropertyPlantAndEquipmentNetResult -0.05x |
| 2022 | 97.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$668.29MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$688.61MtotalAssetsResult 97.0% | 0.01xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$3.94MtotalRevenueNet PP&E$668.29MpropertyPlantEquipmentResult 0.01x | 10.78xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$19.71McapitalExpendituresD&A$1.83MdepreciationAndAmortizationResult 10.78x | $4.18Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$688.61MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$152.40MtotalLiabTangible book$536.22MShares128,232,364commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.18 | -39.73xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$15.61MebitdaCapex$19.71McapitalExpendituresInterest$633.00KinterestExpenseShort-term debt$256.00KshortTermDebtEBITDA − capex-$35.32MPrincipal due is short-term debt.Result -39.73x | -$38.97MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$19.26MtotalCashFromOperatingActivitiesCapex$19.71McapitalExpendituresFree cash flow-$38.97MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$38.97M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$17.44MoperatingIncomeTax expense-$15.00KincomeTaxExpensePretax income-$17.36MincomeBeforeTaxTax rate—Equity$536.22MtotalStockholderEquityDebt$9.92MshortLongTermDebtTotalCash$14.25McashAndShortTermInvestmentsInvested capital$531.89MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.03xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$17.44MoperatingIncomeNet PP&E$668.29MpropertyPlantEquipmentResult -0.03x |
| 2023 | 97.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$671.72MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$690.99MtotalAssetsInventory was not reported and is treated as zero.Result 97.2% | 0.00xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$3.05MtotalRevenueNet PP&E$671.72MpropertyPlantAndEquipmentNetResult 0.00x | 28.33xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$28.70McapitalExpendituresD&A$1.01MdepreciationAndAmortizationResult 28.33x | $3.60Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$690.99MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$170.04MtotalLiabTangible book$520.95MShares144,729,662commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $3.60 | -28.17xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$30.04MebitdaCapex$28.70McapitalExpendituresInterest$1.84MinterestExpenseShort-term debt$246.00KshortTermDebtEBITDA − capex-$58.74MPrincipal due is short-term debt.Result -28.17x | -$35.58MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$6.88MtotalCashFromOperatingActivitiesCapex$28.70McapitalExpendituresFree cash flow-$35.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$35.58M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$8.78MoperatingIncomeTax expense-$6.13MincomeTaxExpensePretax income-$32.89MincomeBeforeTaxTax rate—Equity$520.95MtotalStockholderEquityDebt$33.06MshortLongTermDebtTotalCash$1.79McashAndShortTermInvestmentsInvested capital$552.22MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.01xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$8.78MoperatingIncomeNet PP&E$671.72MpropertyPlantAndEquipmentNetResult -0.01x |
| 2024 | 97.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$717.78MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$737.52MtotalAssetsInventory was not reported and is treated as zero.Result 97.3% | 0.01xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$10.10MtotalRevenueNet PP&E$717.78MpropertyPlantAndEquipmentNetResult 0.01x | 14.04xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$46.10McapitalExpendituresD&A$3.28MdepreciationAndAmortizationResult 14.04x | $3.50Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$737.52MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$179.21MtotalLiabTangible book$558.30MShares159,516,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $3.50 | -5.47xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.94MebitdaCapex$46.10McapitalExpendituresInterest$8.04MinterestExpenseShort-term debt$24.57KshortTermDebtEBITDA − capex-$44.16MPrincipal due is short-term debt.Result -5.47x | -$43.56MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$2.54MtotalCashFromOperatingActivitiesCapex$46.10McapitalExpendituresFree cash flow-$43.56MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$43.56M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$4.07MoperatingIncomeTax expense-$5.97MincomeTaxExpensePretax income-$9.39MincomeBeforeTaxTax rate—Equity$558.30MtotalStockholderEquityDebt$50.00MshortLongTermDebtTotalCash$2.48McashAndShortTermInvestmentsInvested capital$605.82MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.01xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$4.07MoperatingIncomeNet PP&E$717.78MpropertyPlantAndEquipmentNetResult -0.01x |
| 2025 | 95.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$786.74MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$822.76MtotalAssetsInventory was not reported and is treated as zero.Result 95.6% | 0.02xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$15.61MtotalRevenueNet PP&E$786.74MpropertyPlantAndEquipmentNetResult 0.02x | 26.67xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$72.96McapitalExpendituresD&A$2.74MdepreciationAndAmortizationResult 26.67x | $4.00Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$822.76MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$123.56MtotalLiabTangible book$699.20MShares174,986,972commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.00 | -7.93xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.67MebitdaCapex$72.96McapitalExpendituresInterest$8.27MinterestExpenseShort-term debt$96.00KshortTermDebtEBITDA − capex-$66.29MPrincipal due is short-term debt.Result -7.93x | -$66.79MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$6.17MtotalCashFromOperatingActivitiesCapex$72.96McapitalExpendituresFree cash flow-$66.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$66.79M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.69MoperatingIncomeTax expense-$205.00KincomeTaxExpensePretax income-$4.34MincomeBeforeTaxTax rate—Equity$699.20MtotalStockholderEquityDebt$197.00KshortLongTermDebtTotalCash$13.96McashAndShortTermInvestmentsInvested capital$685.44MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.69MoperatingIncomeNet PP&E$786.74MpropertyPlantAndEquipmentNetResult 0.00x |
- 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: $786.74M
Inventory: $0.00
Total assets: $822.76M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $123.56M
Tangible book: $699.20M
Shares: 174,986,972
Revenue: $15.61M
Capex: $72.96M
D&A: $2.74M
EBITDA: $6.67M
Interest: $8.27M
Short-term debt: $96.00K
Free cash flow: -$66.79M
Operating income: $1.69M
Invested capital: $685.44M
Tax rate: —