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.
Granite Real Estate Investment Trust
Physical assets are 0.0% of total assets, a light footprint. Capex is 0.10x 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 0.96x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 182.83x.
Physical asset ratio
0.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.38MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$9.73BtotalAssetsInventory was not reported and is treated as zero.Result 0.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
182.83xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$618.70MtotalRevenueNet PP&E$3.38MpropertyPlantAndEquipmentNetResult 182.83x
Revenue per dollar of the physical asset base.
Capex / D&A
0.10xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$117.00KcapitalExpendituresD&A$1.19MdepreciationAndAmortizationResult 0.10x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$89.87Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.73BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$4.22BtotalLiabTangible book$5.52BShares61,400,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $89.87
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.93xPrice / tangible bookPrice / tangible book per sharePrice$83.70Latest quoteTangible book / share$89.872025-12-31Result 0.93x
Price $83.70.
Fixed-charge coverage
0.96xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$459.39MebitdaCapex$117.00KcapitalExpendituresInterest$96.89MinterestExpenseShort-term debt$379.96MshortLongTermDebtEBITDA − capex$459.27MPrincipal due is the current portion of debt.Result 0.96x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$387.55MfreeCashFlowMarket cap$5.20BMarketCapitalizationResult 7.5%
Latest free cash flow divided by current market cap ($5.20B).
ROIC
5.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$463.52MoperatingIncomeTax expense$18.50MincomeTaxExpensePretax income$361.30MincomeBeforeTaxTax rate5.1%Equity$5.51BtotalStockholderEquityDebt$3.34BshortLongTermDebtTotalCash$139.59McashAndShortTermInvestmentsInvested capital$8.71BResult 5.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 136.98x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 81.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.42BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$4.19BtotalAssetsUses the property line, which is larger than net PP&E ($771.00K, propertyPlantAndEquipmentNet).Result 81.7% | 0.07xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$247.48MtotalRevenueNet PP&E$3.42BpropertyPlantEquipmentResult 0.07x | 110.96xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$33.29McapitalExpendituresD&A$300.00KdepreciationAndAmortizationResult 110.96x | $54.66Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.19BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.69BtotalLiabTangible book$2.50BShares45,685,229commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $54.66 | 13.23xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$536.85MebitdaCapex$33.29McapitalExpendituresInterest$18.54MinterestExpenseShort-term debt$19.52MshortTermDebtEBITDA − capex$503.56MPrincipal due is short-term debt.Result 13.23x | $124.60MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$157.89MtotalCashFromOperatingActivitiesCapex$33.29McapitalExpendituresFree cash flow$124.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $124.60M | 6.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$216.54MoperatingIncomeTax expense$52.65MincomeTaxExpensePretax income$518.01MincomeBeforeTaxTax rate10.2%Equity$2.50BtotalStockholderEquityDebt$1.20BshortLongTermDebtTotalCash$658.25McashInvested capital$3.04BResult 6.4% | 0.06xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$216.54MoperatingIncomeNet PP&E$3.42BpropertyPlantEquipmentResult 0.06x |
| 2019 | 92.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.43BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$4.80BtotalAssetsUses the property line, which is larger than net PP&E ($2.12M, propertyPlantAndEquipmentNet).Result 92.2% | 0.06xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$273.68MtotalRevenueNet PP&E$4.43BpropertyPlantEquipmentResult 0.06x | 33.63xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$30.47McapitalExpendituresD&A$906.00KdepreciationAndAmortizationResult 33.63x | $64.59Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.80BtotalAssetsGoodwill$4.06MgoodWillIntangibles-$20.94MintangibleAssetsLiabilities$1.66BtotalLiabTangible book$3.16BShares49,000,000commonStockSharesOutstandingResult $64.59 | 14.90xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$453.62MebitdaCapex$30.47McapitalExpendituresInterest$27.77MinterestExpenseShort-term debt$619.00KshortTermDebtEBITDA − capex$423.15MPrincipal due is short-term debt.Result 14.90x | $152.96MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$183.43MtotalCashFromOperatingActivitiesCapex$30.47McapitalExpendituresFree cash flow$152.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $152.96M | 5.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$238.31MoperatingIncomeTax expense$42.67MincomeTaxExpensePretax income$424.94MincomeBeforeTaxTax rate10.0%Equity$3.15BtotalStockholderEquityDebt$1.22BshortLongTermDebtTotalCash$298.68McashInvested capital$4.07BResult 5.3% | 0.05xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$238.31MoperatingIncomeNet PP&E$4.43BpropertyPlantEquipmentResult 0.05x |
| 2020 | 86.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.82BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$6.75BtotalAssetsUses the property line, which is larger than net PP&E ($3.29M, propertyPlantAndEquipmentNet).Result 86.3% | 0.06xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$340.20MtotalRevenueNet PP&E$5.82BpropertyPlantEquipmentResult 0.06x | 56.72xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$65.29McapitalExpendituresD&A$1.15MdepreciationAndAmortizationResult 56.72x | $69.68Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.75BtotalAssetsGoodwill$4.73MgoodWillIntangibles-$33.41MintangibleAssetsLiabilities$2.83BtotalLiabTangible book$3.95BShares56,700,000commonStockSharesOutstandingResult $69.68 | 1.65xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$533.78MebitdaCapex$65.29McapitalExpendituresInterest$33.61MinterestExpenseShort-term debt$249.87MshortLongTermDebtEBITDA − capex$468.49MPrincipal due is the current portion of debt.Result 1.65x | $179.03MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$244.32MtotalCashFromOperatingActivitiesCapex$65.29McapitalExpendituresFree cash flow$179.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $179.03M | 4.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$259.82MoperatingIncomeTax expense$69.09MincomeTaxExpensePretax income$499.02MincomeBeforeTaxTax rate13.8%Equity$3.92BtotalStockholderEquityDebt$2.21BshortLongTermDebtTotalCash$831.28McashInvested capital$5.30BResult 4.2% | 0.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$259.82MoperatingIncomeNet PP&E$5.82BpropertyPlantEquipmentResult 0.04x |
| 2021 | 92.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.89BpropertyPlantEquipmentInventory$64.61MinventoryTotal assets$8.57BtotalAssetsUses the property line, which is larger than net PP&E ($2.49M, propertyPlantAndEquipmentNet).Result 92.9% | 0.05xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$393.49MtotalRevenueNet PP&E$7.89BpropertyPlantEquipmentResult 0.05x | 0.45xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$589.00KcapitalExpendituresD&A$1.32MdepreciationAndAmortizationResult 0.45x | $84.13Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.57BtotalAssetsGoodwill$4.45MgoodWillIntangibles-$67.22MintangibleAssetsLiabilities$3.25BtotalLiabTangible book$5.38BShares64,000,000commonStockSharesOutstandingResult $84.13 | 39.88xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.59BebitdaCapex$589.00KcapitalExpendituresInterest$39.39MinterestExpenseShort-term debt$505.00KshortTermDebtEBITDA − capex$1.59BPrincipal due is short-term debt.Result 39.88x | $261.68MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$262.26MtotalCashFromOperatingActivitiesCapex$589.00KcapitalExpendituresFree cash flow$261.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $261.68M | 3.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$292.20MoperatingIncomeTax expense$240.57MincomeTaxExpensePretax income$1.55BincomeBeforeTaxTax rate15.5%Equity$5.32BtotalStockholderEquityDebt$2.46BshortLongTermDebtTotalCash$402.51McashInvested capital$7.37BResult 3.3% | 0.04xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$292.20MoperatingIncomeNet PP&E$7.89BpropertyPlantEquipmentResult 0.04x |
| 2022 | 94.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.76BpropertyPlantEquipmentInventory$41.18MinventoryTotal assets$9.28BtotalAssetsUses the property line, which is larger than net PP&E ($4.04M, propertyPlantAndEquipmentNet).Result 94.9% | 0.05xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$455.58MtotalRevenueNet PP&E$8.76BpropertyPlantEquipmentResult 0.05x | 0.51xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$807.00KcapitalExpendituresD&A$1.60MdepreciationAndAmortizationResult 0.51x | $86.25Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.28BtotalAssetsGoodwill$629.00KgoodWillIntangibles-$152.48MintangibleAssetsLiabilities$3.80BtotalLiabTangible book$5.63BShares65,300,000commonStockSharesOutstandingResult $86.25 | 0.28xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$138.94MebitdaCapex$807.00KcapitalExpendituresInterest$45.18MinterestExpenseShort-term debt$451.08MshortLongTermDebtEBITDA − capex$138.13MPrincipal due is the current portion of debt.Result 0.28x | $276.69MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$277.50MtotalCashFromOperatingActivitiesCapex$807.00KcapitalExpendituresFree cash flow$276.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $276.69M | 4.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$345.14MoperatingIncomeTax expense-$63.67MincomeTaxExpensePretax income$92.16MincomeBeforeTaxTax rate0.0%Equity$5.48BtotalStockholderEquityDebt$3.07BshortLongTermDebtTotalCash$135.08McashInvested capital$8.41BResult 4.1% | 0.04xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$345.14MoperatingIncomeNet PP&E$8.76BpropertyPlantEquipmentResult 0.04x |
| 2023 | 0.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.15MpropertyPlantAndEquipmentNetInventory$9.04MinventoryTotal assets$9.07BtotalAssetsResult 0.1% | 165.69xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$521.25MtotalRevenueNet PP&E$3.15MpropertyPlantAndEquipmentNetResult 165.69x | 0.22xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$285.00KcapitalExpendituresD&A$1.27MdepreciationAndAmortizationResult 0.22x | $85.12Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.07BtotalAssetsGoodwill$639.00KgoodWillIntangibles-$109.88MintangibleAssetsLiabilities$3.78BtotalLiabTangible book$5.39BShares63,355,771commonStockSharesOutstandingResult $85.12 | 0.64xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$203.14MebitdaCapex$285.00KcapitalExpendituresInterest$72.86MinterestExpenseShort-term debt$244.13MshortLongTermDebtEBITDA − capex$202.86MPrincipal due is the current portion of debt.Result 0.64x | $312.90MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$313.18MtotalCashFromOperatingActivitiesCapex$285.00KcapitalExpendituresFree cash flow$312.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $312.90M | 4.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$394.79MoperatingIncomeTax expense-$9.49MincomeTaxExpensePretax income$129.01MincomeBeforeTaxTax rate0.0%Equity$5.28BtotalStockholderEquityDebt$3.10BshortLongTermDebtTotalCash$116.13McashInvested capital$8.26BResult 4.8% | 125.49xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$394.79MoperatingIncomeNet PP&E$3.15MpropertyPlantAndEquipmentNetResult 125.49x |
| 2024 | 0.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.91MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$9.62BtotalAssetsInventory was not reported and is treated as zero.Result 0.0% | 145.41xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$569.14MtotalRevenueNet PP&E$3.91MpropertyPlantAndEquipmentNetResult 145.41x | 0.10xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$125.00KcapitalExpendituresD&A$1.29MdepreciationAndAmortizationResult 0.10x | $91.46Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.62BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$3.88BtotalLiabTangible book$5.74BShares62,725,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $91.46 | 5.50xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$480.48MebitdaCapex$125.00KcapitalExpendituresInterest$86.44MinterestExpenseShort-term debt$945.00KshortTermDebtEBITDA − capex$480.36MPrincipal due is short-term debt.Result 5.50x | $338.48MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$338.61MtotalCashFromOperatingActivitiesCapex$125.00KcapitalExpendituresFree cash flow$338.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $338.48M | 4.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$435.26MoperatingIncomeTax expense$30.87MincomeTaxExpensePretax income$392.76MincomeBeforeTaxTax rate7.9%Equity$5.73BtotalStockholderEquityDebt$3.11BshortLongTermDebtTotalCash$126.18McashInvested capital$8.71BResult 4.6% | 111.21xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$435.26MoperatingIncomeNet PP&E$3.91MpropertyPlantAndEquipmentNetResult 111.21x |
| 2025 | 0.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.38MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$9.73BtotalAssetsInventory was not reported and is treated as zero.Result 0.0% | 182.83xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$618.70MtotalRevenueNet PP&E$3.38MpropertyPlantAndEquipmentNetResult 182.83x | 0.10xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$117.00KcapitalExpendituresD&A$1.19MdepreciationAndAmortizationResult 0.10x | $89.87Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.73BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$4.22BtotalLiabTangible book$5.52BShares61,400,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $89.87 | 0.96xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$459.39MebitdaCapex$117.00KcapitalExpendituresInterest$96.89MinterestExpenseShort-term debt$379.96MshortLongTermDebtEBITDA − capex$459.27MPrincipal due is the current portion of debt.Result 0.96x | $387.55MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$387.67MtotalCashFromOperatingActivitiesCapex$117.00KcapitalExpendituresFree cash flow$387.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $387.55M | 5.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$463.52MoperatingIncomeTax expense$18.50MincomeTaxExpensePretax income$361.30MincomeBeforeTaxTax rate5.1%Equity$5.51BtotalStockholderEquityDebt$3.34BshortLongTermDebtTotalCash$139.59McashAndShortTermInvestmentsInvested capital$8.71BResult 5.0% | 136.98xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$463.52MoperatingIncomeNet PP&E$3.38MpropertyPlantAndEquipmentNetResult 136.98x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $3.38M
Inventory: $0.00
Total assets: $9.73B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $4.22B
Tangible book: $5.52B
Shares: 61,400,000
Revenue: $618.70M
Capex: $117.00K
D&A: $1.19M
EBITDA: $459.39M
Interest: $96.89M
Short-term debt: $379.96M
Free cash flow: $387.55M
Operating income: $463.52M
Invested capital: $8.71B
Tax rate: 5.1%