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.
Hannon Armstrong Sustainable Infrastructure Capital Inc
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 0.00x 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 -0.05x, which is below 1.
Physical asset ratio
—Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$76.29MinventoryTotal assets$8.19BtotalAssetsResult —
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
—Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$400.50MtotalRevenueNet PP&E—Not reportedResult —
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$780.00KdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$19.23Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.19BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.53BtotalLiabTangible book$2.66BShares138,183,870commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.23
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.91xPrice / tangible bookPrice / tangible book per sharePrice$36.82Latest quoteTangible book / share$19.232025-12-31Result 1.91x
Price $36.82.
Fixed-charge coverage
-0.05xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$26.40MebitdaCapex$0.00capitalExpendituresInterest$292.40MinterestExpenseShort-term debt$271.40MshortLongTermDebtEBITDA − capex-$26.40MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result -0.05x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$167.32MfreeCashFlowMarket cap$4.65BMarketCapitalizationResult 3.6%
Latest free cash flow divided by current market cap ($4.65B).
ROIC
-0.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$27.18MoperatingIncomeTax expense$85.25MincomeTaxExpensePretax income$273.48MincomeBeforeTaxTax rate31.2%Equity$2.57BtotalStockholderEquityDebt$5.08BshortLongTermDebtTotalCash$145.22McashInvested capital$7.51BResult -0.2%
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 61.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$269.37MpropertyPlantEquipmentInventory$1.05BinventoryTotal assets$2.15BtotalAssetsResult 61.4% | 0.60xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$161.56MtotalRevenueNet PP&E$269.37MpropertyPlantEquipmentResult 0.60x | 6.09xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$27.55McapitalExpendituresD&A$4.53MdepreciationAndAmortizationResult 6.09x | $13.42Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.15BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$96.00MintangibleAssetsLiabilities$1.35BtotalLiabTangible book$708.52MShares52,780,449commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $13.42 | 0.24xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$48.47MebitdaCapex$27.55McapitalExpendituresInterest$76.87MinterestExpenseShort-term debt$11.00MshortLongTermDebtEBITDA − capex$20.92MPrincipal due is the current portion of debt.Result 0.24x | $31.24MFree cash flow · 2018-12-31Operating cash flow − capexOperating cash flow$58.79MtotalCashFromOperatingActivitiesCapex$27.55McapitalExpendituresFree cash flow$31.24MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $31.24M | 4.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$43.94MoperatingIncomeTax expense$2.14MincomeTaxExpensePretax income$43.94MincomeBeforeTaxTax rate4.9%Equity$801.10MtotalStockholderEquityDebt$159.45MlongTermDebt + shortLongTermDebtCash$21.42McashInvested capital$939.13MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.5% | 0.16xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$43.94MoperatingIncomeNet PP&E$269.37MpropertyPlantEquipmentResult 0.16x |
| 2019 | 69.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$269.27MpropertyPlantEquipmentInventory$1.39BinventoryTotal assets$2.39BtotalAssetsResult 69.5% | 0.76xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$205.76MtotalRevenueNet PP&E$269.27MpropertyPlantEquipmentResult 0.76x | 0.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$3.59MdepreciationAndAmortizationResult 0.00x | $13.08Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.39BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$93.00MintangibleAssetsLiabilities$1.45BtotalLiabTangible book$846.91MShares64,771,491commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $13.08 | 1.46xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$93.61MebitdaCapex$0.00capitalExpendituresInterest$64.24MinterestExpenseShort-term debt$88.00KshortTermDebtEBITDA − capex$93.61MPrincipal due is short-term debt.Result 1.46x | $29.49MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$29.49MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$29.49MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $29.49M | 3.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$90.02MoperatingIncomeTax expense$8.10MincomeTaxExpensePretax income$90.02MincomeBeforeTaxTax rate9.0%Equity$939.91MtotalStockholderEquityDebt$1.39BshortLongTermDebtTotalCash$6.21McashInvested capital$2.33BResult 3.5% | 0.33xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$90.02MoperatingIncomeNet PP&E$269.27MpropertyPlantEquipmentResult 0.33x |
| 2020 | 59.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$359.18MpropertyPlantEquipmentInventory$1.69BinventoryTotal assets$3.46BtotalAssetsUses the property line, which is larger than net PP&E ($269.18M, propertyPlantAndEquipmentNet).Result 59.2% | 0.65xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$234.87MtotalRevenueNet PP&E$359.18MpropertyPlantEquipmentResult 0.65x | 0.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$3.58MdepreciationAndAmortizationResult 0.00x | $15.06Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.46BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$90.00MintangibleAssetsLiabilities$2.25BtotalLiabTangible book$1.12BShares74,373,169commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $15.06 | 0.69xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$83.56MebitdaCapex$0.00capitalExpendituresInterest$92.18MinterestExpenseShort-term debt$29.00MshortTermDebtEBITDA − capex$83.56MPrincipal due is short-term debt.Result 0.69x | $73.28MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$73.28MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$73.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $73.28M | 2.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$79.98MoperatingIncomeTax expense-$2.78MincomeTaxExpensePretax income$79.98MincomeBeforeTaxTax rate0.0%Equity$1.20BtotalStockholderEquityDebt$2.19BshortLongTermDebtTotalCash$286.25McashInvested capital$3.11BResult 2.6% | 0.22xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$79.98MoperatingIncomeNet PP&E$359.18MpropertyPlantEquipmentResult 0.22x |
| 2021 | 54.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$356.09MpropertyPlantEquipmentInventory$1.91BinventoryTotal assets$4.15BtotalAssetsUses the property line, which is larger than net PP&E ($269.09M, propertyPlantAndEquipmentNet).Result 54.6% | 0.95xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$339.59MtotalRevenueNet PP&E$356.09MpropertyPlantEquipmentResult 0.95x | 0.00xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$3.80MdepreciationAndAmortizationResult 0.00x | $16.88Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.15BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$87.00MintangibleAssetsLiabilities$2.58BtotalLiabTangible book$1.48BShares87,671,641commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $16.88 | 0.86xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$148.31MebitdaCapex$0.00capitalExpendituresInterest$121.71MinterestExpenseShort-term debt$50.09MshortTermDebtEBITDA − capex$148.31MPrincipal due is short-term debt.Result 0.86x | $13.31MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$13.31MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$13.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $13.31M | 3.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$144.50MoperatingIncomeTax expense$17.16MincomeTaxExpensePretax income$144.50MincomeBeforeTaxTax rate11.9%Equity$1.54BtotalStockholderEquityDebt$2.49BshortLongTermDebtTotalCash$226.20McashInvested capital$3.81BResult 3.3% | 0.41xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$144.50MoperatingIncomeNet PP&E$356.09MpropertyPlantEquipmentResult 0.41x |
| 2022 | 42,932.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$269.00MpropertyPlantEquipmentInventory$2,043.39BinventoryTotal assets$4.76BtotalAssetsResult 42,932.8% | 1.01xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$271.03MtotalRevenueNet PP&E$269.00MpropertyPlantEquipmentResult 1.01x | 0.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$3.99MdepreciationAndAmortizationResult 0.00x | $17.45Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.76BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$84.00MintangibleAssetsLiabilities$3.10BtotalLiabTangible book$1.58BShares90,609,329commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $17.45 | 0.46xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$53.29MebitdaCapex$0.00capitalExpendituresInterest$115.56MinterestExpenseShort-term debt$192.00KshortTermDebtEBITDA − capex$53.29MPrincipal due is short-term debt.Result 0.46x | $230.00KFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$230.00KtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$230.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $230.00K | 0.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$49.29MoperatingIncomeTax expense$7.38MincomeTaxExpensePretax income$49.29MincomeBeforeTaxTax rate15.0%Equity$1.63BtotalStockholderEquityDebt$2.98BshortLongTermDebtTotalCash$155.71McashInvested capital$4.45BResult 0.9% | 0.18xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$49.29MoperatingIncomeNet PP&E$269.00MpropertyPlantEquipmentResult 0.18x |
| 2023 | 3.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$97.04MpropertyPlantAndEquipmentNetInventory$111.04MinventoryTotal assets$6.55BtotalAssetsResult 3.2% | 4.75xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$460.85MtotalRevenueNet PP&E$97.04MpropertyPlantAndEquipmentNetResult 4.75x | 0.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$3.13MdepreciationAndAmortizationResult 0.00x | $19.44Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.55BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$14.00MintangibleAssetsLiabilities$4.41BtotalLiabTangible book$2.13BShares109,467,554commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $19.44 | 0.14xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$185.51MebitdaCapex$0.00capitalExpendituresInterest$171.01MinterestExpenseShort-term debt$1.16BshortLongTermDebtEBITDA − capex$185.51MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.14x | $99.69MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$99.69MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$99.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $99.69M | 2.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$182.38MoperatingIncomeTax expense$31.62MincomeTaxExpensePretax income$182.38MincomeBeforeTaxTax rate17.3%Equity$2.14BtotalStockholderEquityDebt$4.23BshortLongTermDebtTotalCash$62.63McashInvested capital$6.31BResult 2.4% | 1.88xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$182.38MoperatingIncomeNet PP&E$97.04MpropertyPlantAndEquipmentNetResult 1.88x |
| 2024 | 0.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.98MpropertyPlantAndEquipmentNetInventory$9.80MinventoryTotal assets$7.08BtotalAssetsResult 0.2% | 211.62xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$631.47MtotalRevenueNet PP&E$2.98MpropertyPlantAndEquipmentNetResult 211.62x | 0.00xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$1.00MdepreciationAndAmortizationResult 0.00x | $18.43Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.08BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$4.68BtotalLiabTangible book$2.41BShares130,501,005commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.43 | 1.07xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$274.83MebitdaCapex$0.00capitalExpendituresInterest$242.36MinterestExpenseShort-term debt$15.00MshortTermDebtEBITDA − capex$274.83MPrincipal due is short-term debt.Result 1.07x | $5.85MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$5.85MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$5.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.85M | 3.1%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$273.83MoperatingIncomeTax expense$70.20MincomeTaxExpensePretax income$273.83MincomeBeforeTaxTax rate25.6%Equity$2.34BtotalStockholderEquityDebt$4.40BshortLongTermDebtTotalCash$129.76McashInvested capital$6.61BResult 3.1% | 91.76xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$273.83MoperatingIncomeNet PP&E$2.98MpropertyPlantAndEquipmentNetResult 91.76x |
| 2025 | —Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$76.29MinventoryTotal assets$8.19BtotalAssetsResult — | —Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$400.50MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$780.00KdepreciationAndAmortizationResult 0.00x | $19.23Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.19BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.53BtotalLiabTangible book$2.66BShares138,183,870commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.23 | -0.05xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$26.40MebitdaCapex$0.00capitalExpendituresInterest$292.40MinterestExpenseShort-term debt$271.40MshortLongTermDebtEBITDA − capex-$26.40MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result -0.05x | $167.32MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$167.32MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$167.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $167.32M | -0.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$27.18MoperatingIncomeTax expense$85.25MincomeTaxExpensePretax income$273.48MincomeBeforeTaxTax rate31.2%Equity$2.57BtotalStockholderEquityDebt$5.08BshortLongTermDebtTotalCash$145.22McashInvested capital$7.51BResult -0.2% | —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$27.18MoperatingIncomeNet PP&E—Not reportedResult — |
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2025)
Net PP&E: —
Inventory: $76.29M
Total assets: $8.19B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $5.53B
Tangible book: $2.66B
Shares: 138,183,870
Revenue: $400.50M
Capex: $0.00
D&A: $780.00K
EBITDA: -$26.40M
Interest: $292.40M
Short-term debt: $271.40M
Free cash flow: $167.32M
Operating income: -$27.18M
Invested capital: $7.51B
Tax rate: 31.2%