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.
Hims Hers Health Inc
Physical assets are 26.2% of total assets, a light footprint. Capex is 4.15x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 9.7%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 5.23x. Compare it with other names in the same basket.
Physical asset ratio
26.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$448.98MpropertyPlantAndEquipmentNetInventory$115.73MinventoryTotal assets$2.15BtotalAssetsResult 26.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.23xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.35BtotalRevenueNet PP&E$448.98MpropertyPlantAndEquipmentNetResult 5.23x
Revenue per dollar of the physical asset base.
Capex / D&A
4.15xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$226.05McapitalExpendituresD&A$54.50MdepreciationAndAmortizationResult 4.15x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.26Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.15BtotalAssetsGoodwill$278.33MgoodWillIntangibles$196.12MintangibleAssetsLiabilities$1.61BtotalLiabTangible book$66.49MShares258,230,547commonStockSharesOutstandingResult $0.26
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
107.51xPrice / tangible bookPrice / tangible book per sharePrice$27.68Latest quoteTangible book / share$0.262025-12-31Result 107.51x
Price $27.68.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$178.43MebitdaCapex$226.05McapitalExpendituresInterest—Not reportedShort-term debt$4.84MshortTermDebtEBITDA − capex-$47.62MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$73.96MfreeCashFlowMarket cap$6.92BMarketCapitalizationResult 1.1%
Latest free cash flow divided by current market cap ($6.92B).
ROIC
9.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$105.61MoperatingIncomeTax expense-$4.44MincomeTaxExpensePretax income$123.92MincomeBeforeTaxTax rate0.0%Equity$540.93MtotalStockholderEquityDebt$1.12BshortLongTermDebtTotalCash$577.49McashAndShortTermInvestmentsInvested capital$1.08BResult 9.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.24x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$3.70MinventoryTotal assets$47.53MtotalAssetsResult — | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$26.68MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$8.00KcapitalExpendituresD&A$75.77MdepreciationAndAmortizationResult 0.00x | $0.34Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$47.53MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$24.73MtotalLiabTangible book$22.79MShares67,292,586commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $0.34 | 0.00xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$0.00Operating income + D&ACapex$8.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$7.78MshortTermDebtEBITDA − capex-$8.00KEBITDA is operating income plus D&A because the income statement did not report EBITDA.Principal due is short-term debt.Result 0.00x | -$57.33MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$57.32MtotalCashFromOperatingActivitiesCapex$8.00KcapitalExpendituresFree cash flow-$57.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$57.33M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$75.77MoperatingIncomeTax expense$37.00KincomeTaxExpensePretax income-$75.21MincomeBeforeTaxTax rate—Equity$22.79MtotalStockholderEquityDebt$8.40MshortLongTermDebtTotalCash$41.50McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$75.77MoperatingIncomeNet PP&E—Not reportedResult — |
| 2019 | 6.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$200.00KpropertyPlantEquipmentInventory$4.22MinventoryTotal assets$72.07MtotalAssetsResult 6.1% | 412.79xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$82.56MtotalRevenueNet PP&E$200.00KpropertyPlantEquipmentResult 412.79x | 6.87xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.79McapitalExpendituresD&A$260.00KdepreciationAndAmortizationResult 6.87x | -$3.93Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$72.07MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.30MintangibleAssetsLiabilities$207.36MtotalLiabTangible book-$136.59MShares34,758,817commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$3.93 | -38.82xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$71.35MebitdaCapex$1.79McapitalExpendituresInterest$369.00KinterestExpenseShort-term debt$1.52MshortTermDebtEBITDA − capex-$73.13MPrincipal due is short-term debt.Result -38.82x | -$76.65MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$74.87MtotalCashFromOperatingActivitiesCapex$1.79McapitalExpendituresFree cash flow-$76.65MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$76.65M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$74.41MoperatingIncomeTax expense$90.00KincomeTaxExpensePretax income-$71.97MincomeBeforeTaxTax rate—Equity-$135.29MtotalStockholderEquityDebt$1.52MshortLongTermDebtTotalCash$60.37McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -372.07xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$74.41MoperatingIncomeNet PP&E$200.00KpropertyPlantEquipmentResult -372.07x |
| 2020 | 4.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.70MpropertyPlantEquipmentInventory$3.54MinventoryTotal assets$118.70MtotalAssetsResult 4.4% | 87.50xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$148.76MtotalRevenueNet PP&E$1.70MpropertyPlantEquipmentResult 87.50x | 4.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$4.23McapitalExpendituresD&A$1.06MdepreciationAndAmortizationResult 4.00x | -$4.16Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$118.70MtotalAssetsGoodwill$0.00goodWillIntangibles$59.00KintangibleAssetsLiabilities$265.57MtotalLiabTangible book-$146.93MShares35,353,809commonStockSharesOutstandingResult -$4.16 | -4.23xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$14.09MebitdaCapex$4.23McapitalExpendituresInterest$10.00KinterestExpenseShort-term debt$4.32MshortTermDebtEBITDA − capex-$18.32MPrincipal due is short-term debt.Result -4.23x | -$6.71MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$2.48MtotalCashFromOperatingActivitiesCapex$4.23McapitalExpendituresFree cash flow-$6.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$6.71M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$15.14MoperatingIncomeTax expense$127.00KincomeTaxExpensePretax income-$17.99MincomeBeforeTaxTax rate—Equity-$146.87MtotalStockholderEquityDebt—Not reportedCash$100.21McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -8.91xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$15.14MoperatingIncomeNet PP&E$1.70MpropertyPlantEquipmentResult -8.91x |
| 2021 | 4.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.11MpropertyPlantEquipmentInventory$13.56MinventoryTotal assets$420.59MtotalAssetsResult 4.4% | 53.19xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$271.88MtotalRevenueNet PP&E$5.11MpropertyPlantEquipmentResult 53.19x | 1.23xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$5.01McapitalExpendituresD&A$4.08MdepreciationAndAmortizationResult 1.23x | $1.06Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$420.59MtotalAssetsGoodwill$110.88MgoodWillIntangibles$25.89MintangibleAssetsLiabilities$85.97MtotalLiabTangible book$197.85MShares186,781,537commonStockSharesOutstandingResult $1.06 | -21.62xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$106.72MebitdaCapex$5.01McapitalExpendituresInterest$3.80MinterestExpenseShort-term debt$1.37MshortTermDebtEBITDA − capex-$111.73MPrincipal due is short-term debt.Result -21.62x | -$39.42MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$34.41MtotalCashFromOperatingActivitiesCapex$5.01McapitalExpendituresFree cash flow-$39.42MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$39.42M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$115.04MoperatingIncomeTax expense-$3.14MincomeTaxExpensePretax income-$110.80MincomeBeforeTaxTax rate—Equity$334.62MtotalStockholderEquityDebt$5.48MshortLongTermDebtTotalCash$247.27McashAndShortTermInvestmentsInvested capital$92.83MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -22.51xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$115.04MoperatingIncomeNet PP&E$5.11MpropertyPlantEquipmentResult -22.51x |
| 2022 | 10.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$16.14MpropertyPlantAndEquipmentNetInventory$21.56MinventoryTotal assets$366.34MtotalAssetsResult 10.3% | 32.66xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$526.92MtotalRevenueNet PP&E$16.14MpropertyPlantAndEquipmentNetResult 32.66x | 0.97xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$7.25McapitalExpendituresD&A$7.47MdepreciationAndAmortizationResult 0.97x | $0.88Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$366.34MtotalAssetsGoodwill$110.88MgoodWillIntangibles$21.84MintangibleAssetsLiabilities$54.60MtotalLiabTangible book$179.02MShares204,516,120commonStockSharesOutstandingResult $0.88 | -14.09xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$58.24MebitdaCapex$7.25McapitalExpendituresInterest$2.99MinterestExpenseShort-term debt$1.66MshortTermDebtEBITDA − capex-$65.48MPrincipal due is short-term debt.Result -14.09x | -$33.78MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$26.53MtotalCashFromOperatingActivitiesCapex$7.25McapitalExpendituresFree cash flow-$33.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$33.78M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$68.70MoperatingIncomeTax expense-$31.00KincomeTaxExpensePretax income-$65.71MincomeBeforeTaxTax rate—Equity$311.74MtotalStockholderEquityDebt$5.31MshortLongTermDebtTotalCash$179.63McashAndShortTermInvestmentsInvested capital$137.42MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.26xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$68.70MoperatingIncomeNet PP&E$16.14MpropertyPlantAndEquipmentNetResult -4.26x |
| 2023 | 15.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$45.73MpropertyPlantAndEquipmentNetInventory$22.46MinventoryTotal assets$441.19MtotalAssetsResult 15.5% | 19.07xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$872.00MtotalRevenueNet PP&E$45.73MpropertyPlantAndEquipmentNetResult 19.07x | 2.78xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$26.49McapitalExpendituresD&A$9.52MdepreciationAndAmortizationResult 2.78x | $1.02Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$441.19MtotalAssetsGoodwill$110.88MgoodWillIntangibles$18.57MintangibleAssetsLiabilities$97.16MtotalLiabTangible book$214.57MShares209,344,712commonStockSharesOutstandingResult $1.02 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$12.06MebitdaCapex$26.49McapitalExpendituresInterest—Not reportedShort-term debt$1.28MshortTermDebtEBITDA − capex-$38.55MPrincipal due is short-term debt.Result — | $46.99MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$73.48MtotalCashFromOperatingActivitiesCapex$26.49McapitalExpendituresFree cash flow$46.99MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $46.99M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$29.45MoperatingIncomeTax expense$1.98MincomeTaxExpensePretax income-$21.57MincomeBeforeTaxTax rate—Equity$344.03MtotalStockholderEquityDebt$9.95MshortLongTermDebtTotalCash$220.98McashAndShortTermInvestmentsInvested capital$133.00MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.64xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$29.45MoperatingIncomeNet PP&E$45.73MpropertyPlantAndEquipmentNetResult -0.64x |
| 2024 | 22.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$92.96MpropertyPlantAndEquipmentNetInventory$64.43MinventoryTotal assets$707.54MtotalAssetsResult 22.2% | 15.88xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.48BtotalRevenueNet PP&E$92.96MpropertyPlantAndEquipmentNetResult 15.88x | 3.09xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$52.75McapitalExpendituresD&A$17.09MdepreciationAndAmortizationResult 3.09x | $1.35Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$707.54MtotalAssetsGoodwill$112.73MgoodWillIntangibles$43.41MintangibleAssetsLiabilities$230.82MtotalLiabTangible book$320.58MShares236,808,876commonStockSharesOutstandingResult $1.35 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$88.80MebitdaCapex$52.75McapitalExpendituresInterest—Not reportedShort-term debt$1.89MshortTermDebtEBITDA − capex$36.05MPrincipal due is short-term debt.Result — | $198.33MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$251.08MtotalCashFromOperatingActivitiesCapex$52.75McapitalExpendituresFree cash flow$198.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $198.33M | 33.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$61.90MoperatingIncomeTax expense-$54.33MincomeTaxExpensePretax income$71.71MincomeBeforeTaxTax rate0.0%Equity$476.72MtotalStockholderEquityDebt$11.35MshortLongTermDebtTotalCash$300.25McashAndShortTermInvestmentsInvested capital$187.81MResult 33.0% | 0.67xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$61.90MoperatingIncomeNet PP&E$92.96MpropertyPlantAndEquipmentNetResult 0.67x |
| 2025 | 26.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$448.98MpropertyPlantAndEquipmentNetInventory$115.73MinventoryTotal assets$2.15BtotalAssetsResult 26.2% | 5.23xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.35BtotalRevenueNet PP&E$448.98MpropertyPlantAndEquipmentNetResult 5.23x | 4.15xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$226.05McapitalExpendituresD&A$54.50MdepreciationAndAmortizationResult 4.15x | $0.26Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.15BtotalAssetsGoodwill$278.33MgoodWillIntangibles$196.12MintangibleAssetsLiabilities$1.61BtotalLiabTangible book$66.49MShares258,230,547commonStockSharesOutstandingResult $0.26 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$178.43MebitdaCapex$226.05McapitalExpendituresInterest—Not reportedShort-term debt$4.84MshortTermDebtEBITDA − capex-$47.62MPrincipal due is short-term debt.Result — | $73.96MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$300.01MtotalCashFromOperatingActivitiesCapex$226.05McapitalExpendituresFree cash flow$73.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $73.96M | 9.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$105.61MoperatingIncomeTax expense-$4.44MincomeTaxExpensePretax income$123.92MincomeBeforeTaxTax rate0.0%Equity$540.93MtotalStockholderEquityDebt$1.12BshortLongTermDebtTotalCash$577.49McashAndShortTermInvestmentsInvested capital$1.08BResult 9.7% | 0.24xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$105.61MoperatingIncomeNet PP&E$448.98MpropertyPlantAndEquipmentNetResult 0.24x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $448.98M
Inventory: $115.73M
Total assets: $2.15B
Goodwill: $278.33M
Intangibles: $196.12M
Liabilities: $1.61B
Tangible book: $66.49M
Shares: 258,230,547
Revenue: $2.35B
Capex: $226.05M
D&A: $54.50M
EBITDA: $178.43M
Interest: —
Short-term debt: $4.84M
Free cash flow: $73.96M
Operating income: $105.61M
Invested capital: $1.08B
Tax rate: 0.0%