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.
Hanover Bancorp 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 0.21x 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 0.16x, which is below 1.
Fixed-asset turnover is 10.01x. Compare it with other names in the same basket.
Physical asset ratio
0.6%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$14.31MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.38BtotalAssetsInventory was not reported and is treated as zero.Result 0.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
10.01xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$143.32MtotalRevenueNet PP&E$14.31MpropertyPlantAndEquipmentNetResult 10.01x
Revenue per dollar of the physical asset base.
Capex / D&A
0.21xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$869.00KcapitalExpendituresD&A$4.15MdepreciationAndAmortizationResult 0.21x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$23.35Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.38BtotalAssetsGoodwill$19.17MgoodWillIntangibles$6.52MintangibleAssetsLiabilities$2.18BtotalLiabTangible book$174.58MShares7,477,358commonStockSharesOutstandingResult $23.35
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.00xPrice / tangible bookPrice / tangible book per sharePrice$23.34Latest quoteTangible book / share$23.352025-09-30Result 1.00x
Price $23.34.
Fixed-charge coverage
0.16xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$14.10MebitdaCapex$869.00KcapitalExpendituresInterest$70.00MinterestExpenseShort-term debt$10.57MshortLongTermDebtTotal − longTermDebtEBITDA − capex$13.23MShort-term debt is total debt minus long-term debt.Result 0.16x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.1%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow$12.18MfreeCashFlowMarket cap$171.32MMarketCapitalizationResult 7.1%
Latest free cash flow divided by current market cap ($171.32M).
ROIC
8.3%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.95MoperatingIncomeTax expense$2.47MincomeTaxExpensePretax income$9.95MincomeBeforeTaxTax rate24.8%Equity$200.27MtotalStockholderEquityDebt$136.04MshortLongTermDebtTotalCash$245.83McashAndShortTermInvestmentsInvested capital$90.47MResult 8.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.70x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 2.1%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E$13.84MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$649.96MtotalAssetsInventory was not reported and is treated as zero.Result 2.1% | 1.40xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$19.34MtotalRevenueNet PP&E$13.84MpropertyPlantEquipmentResult 1.40x | 0.20xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$1.52McapitalExpendituresD&A$7.46MdepreciationAndAmortizationResult 0.20x | $155.32Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$649.96MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$124.50MtotalLiabTangible book$525.47MShares3,383,088commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $155.32 | —Fixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$17.20MebitdaCapex$1.52McapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex$15.68MResult — | $6.44MFree cash flow · 2018-09-30Operating cash flow − capexOperating cash flow$7.96MtotalCashFromOperatingActivitiesCapex$1.52McapitalExpendituresFree cash flow$6.44MNot reportedFree cash flow is operating cash flow minus capex because the statement did not report free cash flow.Result $6.44M | 4.3%ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.46MoperatingIncomeTax expense$1.93MincomeTaxExpensePretax income$6.53MincomeBeforeTaxTax rate29.5%Equity$54.23MtotalStockholderEquityDebt$124.50MshortLongTermDebtTotalCash$57.10McashInvested capital$121.63MResult 4.3% | 0.54xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income$7.46MoperatingIncomeNet PP&E$13.84MpropertyPlantEquipmentResult 0.54x |
| 2019 | 1.7%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$14.41MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$848.84MtotalAssetsInventory was not reported and is treated as zero.Result 1.7% | 2.73xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$39.27MtotalRevenueNet PP&E$14.41MpropertyPlantEquipmentResult 2.73x | 2.17xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$1.52McapitalExpendituresD&A$700.00KdepreciationAndAmortizationResult 2.17x | $16.84Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$848.84MtotalAssetsGoodwill$1.48MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$776.89MtotalLiabTangible book$70.47MShares4,185,533commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $16.84 | 3.35xFixed-charge coverage · 2019-09-30(EBITDA − capex) / interestEBITDA$11.03MebitdaCapex$1.52McapitalExpendituresInterest$2.84MinterestExpenseEBITDA − capex$9.51MShort-term debt was not reported, so the denominator is interest only.Result 3.35x | $6.44MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$7.96MtotalCashFromOperatingActivitiesCapex$1.52McapitalExpendituresFree cash flow$6.44MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.44M | 8.9%ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.39MoperatingIncomeTax expense$2.24MincomeTaxExpensePretax income$10.33MincomeBeforeTaxTax rate21.7%Equity$71.95MtotalStockholderEquityDebt$115.73MshortLongTermDebtTotalCash$87.83McashInvested capital$99.85MResult 8.9% | 0.79xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$11.39MoperatingIncomeNet PP&E$14.41MpropertyPlantEquipmentResult 0.79x |
| 2020 | -9.1%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$14.16MpropertyPlantEquipmentInventory-$91.64MinventoryTotal assets$851.61MtotalAssetsResult -9.1% | 2.93xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$41.50MtotalRevenueNet PP&E$14.16MpropertyPlantEquipmentResult 2.93x | 0.81xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$1.09McapitalExpendituresD&A$1.35MdepreciationAndAmortizationResult 0.81x | $18.15Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$851.61MtotalAssetsGoodwill$1.90MgoodWillIntangibles$177.00KintangibleAssetsLiabilities$773.56MtotalLiabTangible book$75.97MShares4,185,533commonStockSharesOutstandingResult $18.15 | 0.50xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$7.56MebitdaCapex$1.09McapitalExpendituresInterest$13.01MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$6.47MShort-term debt is total debt minus long-term debt.Result 0.50x | -$527.00KFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$566.00KtotalCashFromOperatingActivitiesCapex$1.09McapitalExpendituresFree cash flow-$527.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$527.00K | 5.4%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.21MoperatingIncomeTax expense$1.24MincomeTaxExpensePretax income$6.21MincomeBeforeTaxTax rate20.0%Equity$78.04MtotalStockholderEquityDebt$100.14MshortLongTermDebtTotalCash$86.24McashAndShortTermInvestmentsInvested capital$91.94MResult 5.4% | 0.44xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$6.21MoperatingIncomeNet PP&E$14.16MpropertyPlantEquipmentResult 0.44x |
| 2021 | -11.1%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$15.00MpropertyPlantEquipmentInventory-$180.14MinventoryTotal assets$1.48BtotalAssetsResult -11.1% | 3.47xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$52.02MtotalRevenueNet PP&E$15.00MpropertyPlantEquipmentResult 3.47x | 1.41xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$2.08McapitalExpendituresD&A$1.48MdepreciationAndAmortizationResult 1.41x | $20.84Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.48BtotalAssetsGoodwill$19.17MgoodWillIntangibles$4.17MintangibleAssetsLiabilities$1.36BtotalLiabTangible book$99.19MShares4,758,669commonStockSharesOutstandingResult $20.84 | 0.61xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$15.53MebitdaCapex$2.08McapitalExpendituresInterest$6.97MinterestExpenseShort-term debt$14.98MshortTermDebtEBITDA − capex$13.45MPrincipal due is short-term debt.Result 0.61x | $11.11MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow$13.19MtotalCashFromOperatingActivitiesCapex$2.08McapitalExpendituresFree cash flow$11.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $11.11M | 7.3%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$14.05MoperatingIncomeTax expense$3.20MincomeTaxExpensePretax income$14.05MincomeBeforeTaxTax rate22.8%Equity$122.53MtotalStockholderEquityDebt$184.16MshortLongTermDebtTotalCash$159.00McashAndShortTermInvestmentsInvested capital$147.69MResult 7.3% | 0.94xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$14.05MoperatingIncomeNet PP&E$15.00MpropertyPlantEquipmentResult 0.94x |
| 2022 | 0.8%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$14.46MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$1.84BtotalAssetsInventory was not reported and is treated as zero.Result 0.8% | 4.89xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$70.70MtotalRevenueNet PP&E$14.46MpropertyPlantEquipmentResult 4.89x | 0.64xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$1.12McapitalExpendituresD&A$1.74MdepreciationAndAmortizationResult 0.64x | $24.14Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.84BtotalAssetsGoodwill$19.17MgoodWillIntangibles$4.75MintangibleAssetsLiabilities$1.67BtotalLiabTangible book$148.66MShares6,158,046commonStockSharesOutstandingResult $24.14 | 0.52xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$39.41MebitdaCapex$1.12McapitalExpendituresInterest$7.18MinterestExpenseShort-term debt$66.86MshortTermDebtEBITDA − capex$38.29MPrincipal due is short-term debt.Result 0.52x | $23.93MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow$25.05MtotalCashFromOperatingActivitiesCapex$1.12McapitalExpendituresFree cash flow$23.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $23.93M | 21.2%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$37.67MoperatingIncomeTax expense$6.94MincomeTaxExpensePretax income$30.50MincomeBeforeTaxTax rate22.8%Equity$172.58MtotalStockholderEquityDebt$126.32MshortLongTermDebtTotalCash$161.78McashAndShortTermInvestmentsInvested capital$137.13MResult 21.2% | 2.60xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income$37.67MoperatingIncomeNet PP&E$14.46MpropertyPlantEquipmentResult 2.60x |
| 2023 | -8.9%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$15.89MpropertyPlantAndEquipmentNetInventory-$217.43MinventoryTotal assets$2.27BtotalAssetsResult -8.9% | 3.99xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$63.34MtotalRevenueNet PP&E$15.89MpropertyPlantAndEquipmentNetResult 3.99x | 0.98xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$3.41McapitalExpendituresD&A$3.49MdepreciationAndAmortizationResult 0.98x | $22.56Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.27BtotalAssetsGoodwill$19.17MgoodWillIntangibles$4.98MintangibleAssetsLiabilities$2.09BtotalLiabTangible book$160.68MShares7,120,947commonStockSharesOutstandingResult $22.56 | -0.01xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.77MebitdaCapex$3.41McapitalExpendituresInterest$50.55MinterestExpenseShort-term debt$70.01MshortTermDebtEBITDA − capex-$1.64MPrincipal due is short-term debt.Result -0.01x | $12.99MFree cash flow · 2023-09-30Operating cash flow − capexOperating cash flow$16.40MtotalCashFromOperatingActivitiesCapex$3.41McapitalExpendituresFree cash flow$12.99MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $12.99M | 1.2%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.77MoperatingIncomeTax expense$5.02MincomeTaxExpensePretax income$20.19MincomeBeforeTaxTax rate24.9%Equity$184.83MtotalStockholderEquityDebt$164.05MshortLongTermDebtTotalCash$238.10McashAndShortTermInvestmentsInvested capital$110.77MResult 1.2% | 0.11xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income$1.77MoperatingIncomeNet PP&E$15.89MpropertyPlantAndEquipmentNetResult 0.11x |
| 2024 | 0.7%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$15.34MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.31BtotalAssetsInventory was not reported and is treated as zero.Result 0.7% | 9.67xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$148.36MtotalRevenueNet PP&E$15.34MpropertyPlantAndEquipmentNetResult 9.67x | 0.33xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$1.29McapitalExpendituresD&A$3.87MdepreciationAndAmortizationResult 0.33x | $23.03Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.31BtotalAssetsGoodwill$19.17MgoodWillIntangibles$6.27MintangibleAssetsLiabilities$2.12BtotalLiabTangible book$171.20MShares7,432,741commonStockSharesOutstandingResult $23.03 | 0.21xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$20.25MebitdaCapex$1.29McapitalExpendituresInterest$79.93MinterestExpenseShort-term debt$9.03MshortLongTermDebtTotal − longTermDebtEBITDA − capex$18.96MShort-term debt is total debt minus long-term debt.Result 0.21x | $4.15MFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$5.44MtotalCashFromOperatingActivitiesCapex$1.29McapitalExpendituresFree cash flow$4.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.15M | 13.5%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$16.38MoperatingIncomeTax expense$4.03MincomeTaxExpensePretax income$16.38MincomeBeforeTaxTax rate24.6%Equity$196.64MtotalStockholderEquityDebt$141.52MshortLongTermDebtTotalCash$246.61McashAndShortTermInvestmentsInvested capital$91.55MResult 13.5% | 1.07xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$16.38MoperatingIncomeNet PP&E$15.34MpropertyPlantAndEquipmentNetResult 1.07x |
| 2025 | 0.6%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$14.31MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.38BtotalAssetsInventory was not reported and is treated as zero.Result 0.6% | 10.01xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$143.32MtotalRevenueNet PP&E$14.31MpropertyPlantAndEquipmentNetResult 10.01x | 0.21xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$869.00KcapitalExpendituresD&A$4.15MdepreciationAndAmortizationResult 0.21x | $23.35Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.38BtotalAssetsGoodwill$19.17MgoodWillIntangibles$6.52MintangibleAssetsLiabilities$2.18BtotalLiabTangible book$174.58MShares7,477,358commonStockSharesOutstandingResult $23.35 | 0.16xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$14.10MebitdaCapex$869.00KcapitalExpendituresInterest$70.00MinterestExpenseShort-term debt$10.57MshortLongTermDebtTotal − longTermDebtEBITDA − capex$13.23MShort-term debt is total debt minus long-term debt.Result 0.16x | $12.18MFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$13.05MtotalCashFromOperatingActivitiesCapex$869.00KcapitalExpendituresFree cash flow$12.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $12.18M | 8.3%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.95MoperatingIncomeTax expense$2.47MincomeTaxExpensePretax income$9.95MincomeBeforeTaxTax rate24.8%Equity$200.27MtotalStockholderEquityDebt$136.04MshortLongTermDebtTotalCash$245.83McashAndShortTermInvestmentsInvested capital$90.47MResult 8.3% | 0.70xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$9.95MoperatingIncomeNet PP&E$14.31MpropertyPlantAndEquipmentNetResult 0.70x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $14.31M
Inventory: $0.00
Total assets: $2.38B
Goodwill: $19.17M
Intangibles: $6.52M
Liabilities: $2.18B
Tangible book: $174.58M
Shares: 7,477,358
Revenue: $143.32M
Capex: $869.00K
D&A: $4.15M
EBITDA: $14.10M
Interest: $70.00M
Short-term debt: $10.57M
Free cash flow: $12.18M
Operating income: $9.95M
Invested capital: $90.47M
Tax rate: 24.8%