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.
H&R Real Estate Investment Trust
Net PP&E was missing, so the physical footprint could not be scored. EBITDA after capex covers debt service by -0.85x, which is below 1.
Physical asset ratio
—Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$9.11BtotalAssetsResult —
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$815.13MtotalRevenueNet PP&E—Not reportedResult —
Revenue per dollar of the physical asset base.
Capex / D&A
—Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$42.00McapitalExpendituresD&A—Not reportedResult —
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$15.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.11BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$4.97BtotalLiabTangible book$4.14BShares262,559,666commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $15.75
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.59xPrice / tangible bookPrice / tangible book per sharePrice$9.37Latest quoteTangible book / share$15.752025-12-31Result 0.59x
Price $9.37.
Fixed-charge coverage
-0.85xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$826.55MebitdaCapex$42.00McapitalExpendituresInterest$147.63MinterestExpenseShort-term debt$876.05MshortTermDebtEBITDA − capex-$868.55MPrincipal due is short-term debt.Result -0.85x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$146.44MfreeCashFlowMarket cap$2.48BMarketCapitalizationResult 5.9%
Latest free cash flow divided by current market cap ($2.48B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$489.43MoperatingIncomeTax expense-$182.62MincomeTaxExpensePretax income-$974.18MincomeBeforeTaxTax rate—Equity$4.14BtotalStockholderEquityDebt$3.50BshortLongTermDebtTotalCash$52.14McashInvested capital$7.59BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
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 | 86.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.68BpropertyPlantEquipmentInventory-$5.45MinventoryTotal assets$14.69BtotalAssetsResult 86.3% | 0.09xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.18BtotalRevenueNet PP&E$12.68BpropertyPlantEquipmentResult 0.09x | 29.09xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$57.83McapitalExpendituresD&A$1.99MdepreciationAndAmortizationResult 29.09x | $25.08Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.69BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$7.49BtotalLiabTangible book$7.20BShares287,060,425commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $25.08 | 2.28xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$625.16MebitdaCapex$57.83McapitalExpendituresInterest$245.04MinterestExpenseShort-term debt$3.52MshortTermDebtEBITDA − capex$567.34MPrincipal due is short-term debt.Result 2.28x | $404.30MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$462.12MtotalCashFromOperatingActivitiesCapex$57.83McapitalExpendituresFree cash flow$404.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $404.30M | 4.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$715.66MoperatingIncomeTax expense$40.22MincomeTaxExpensePretax income$378.14MincomeBeforeTaxTax rate10.6%Equity$7.20BtotalStockholderEquityDebt$6.55BshortLongTermDebtTotalCash$53.07McashInvested capital$13.69BResult 4.7% | 0.06xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$715.66MoperatingIncomeNet PP&E$12.68BpropertyPlantEquipmentResult 0.06x |
| 2019 | 83.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.02BpropertyPlantEquipmentInventory-$752.00KinventoryTotal assets$14.48BtotalAssetsResult 83.0% | 0.10xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.15BtotalRevenueNet PP&E$12.02BpropertyPlantEquipmentResult 0.10x | 27.29xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$64.23McapitalExpendituresD&A$2.35MdepreciationAndAmortizationResult 27.29x | $24.72Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.48BtotalAssetsGoodwill$26.81MgoodWillIntangibles-$53.61MintangibleAssetsLiabilities$7.44BtotalLiabTangible book$7.07BShares286,057,254commonStockSharesOutstandingResult $24.72 | 2.18xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$612.65MebitdaCapex$64.23McapitalExpendituresInterest$234.62MinterestExpenseShort-term debt$16.59MshortTermDebtEBITDA − capex$548.41MPrincipal due is short-term debt.Result 2.18x | $353.81MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$418.04MtotalCashFromOperatingActivitiesCapex$64.23McapitalExpendituresFree cash flow$353.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $353.81M | 3.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$442.22MoperatingIncomeTax expense$35.38MincomeTaxExpensePretax income$375.67MincomeBeforeTaxTax rate9.4%Equity$7.04BtotalStockholderEquityDebt$6.41BshortLongTermDebtTotalCash$48.64McashInvested capital$13.40BResult 3.0% | 0.04xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$442.22MoperatingIncomeNet PP&E$12.02BpropertyPlantEquipmentResult 0.04x |
| 2020 | 83.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.18BpropertyPlantEquipmentInventory-$2.46MinventoryTotal assets$13.36BtotalAssetsResult 83.7% | 0.10xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.10BtotalRevenueNet PP&E$11.18BpropertyPlantEquipmentResult 0.10x | 19.91xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$52.98McapitalExpendituresD&A$2.66MdepreciationAndAmortizationResult 19.91x | $21.44Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.36BtotalAssetsGoodwill$76.82MgoodWillIntangibles-$153.63MintangibleAssetsLiabilities$7.28BtotalLiabTangible book$6.15BShares286,804,156commonStockSharesOutstandingResult $21.44 | -2.00xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$460.74MebitdaCapex$52.98McapitalExpendituresInterest$214.90MinterestExpenseShort-term debt$41.82MshortTermDebtEBITDA − capex-$513.72MPrincipal due is short-term debt.Result -2.00x | $373.95MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$426.93MtotalCashFromOperatingActivitiesCapex$52.98McapitalExpendituresFree cash flow$373.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $373.95M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$453.90MoperatingIncomeTax expense-$53.74MincomeTaxExpensePretax income-$678.30MincomeBeforeTaxTax rate—Equity$6.07BtotalStockholderEquityDebt$6.40BshortLongTermDebtTotalCash$62.86McashInvested capital$12.41BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$453.90MoperatingIncomeNet PP&E$11.18BpropertyPlantEquipmentResult 0.04x |
| 2021 | 82.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.61BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$10.50BtotalAssetsInventory was not reported and is treated as zero.Result 82.0% | 0.12xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.07BtotalRevenueNet PP&E$8.61BpropertyPlantEquipmentResult 0.12x | 10.33xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$47.09McapitalExpendituresD&A$4.56MdepreciationAndAmortizationResult 10.33x | $16.87Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.50BtotalAssetsGoodwill$77.56MgoodWillIntangibles-$155.11MintangibleAssetsLiabilities$5.73BtotalLiabTangible book$4.85BShares287,659,788commonStockSharesOutstandingResult $16.87 | 3.39xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$824.85MebitdaCapex$47.09McapitalExpendituresInterest$216.85MinterestExpenseShort-term debt$12.50MshortLongTermDebtEBITDA − capex$777.76MPrincipal due is the current portion of debt.Result 3.39x | $405.02MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$452.11MtotalCashFromOperatingActivitiesCapex$47.09McapitalExpendituresFree cash flow$405.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $405.02M | 4.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$414.00MoperatingIncomeTax expense$5.54MincomeTaxExpensePretax income$603.45MincomeBeforeTaxTax rate0.9%Equity$4.77BtotalStockholderEquityDebt$3.92BshortLongTermDebtTotalCash$124.14McashInvested capital$8.57BResult 4.8% | 0.05xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$414.00MoperatingIncomeNet PP&E$8.61BpropertyPlantEquipmentResult 0.05x |
| 2022 | 77.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.83BpropertyPlantEquipmentInventory-$38.16MinventoryTotal assets$11.41BtotalAssetsResult 77.0% | 0.09xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$834.64MtotalRevenueNet PP&E$8.83BpropertyPlantEquipmentResult 0.09x | 7.59xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$35.58McapitalExpendituresD&A$4.69MdepreciationAndAmortizationResult 7.59x | $20.44Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.41BtotalAssetsGoodwill$85.81MgoodWillIntangibles-$171.61MintangibleAssetsLiabilities$5.93BtotalLiabTangible book$5.57BShares272,671,167commonStockSharesOutstandingResult $20.44 | 0.59xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$555.87MebitdaCapex$35.58McapitalExpendituresInterest$152.18MinterestExpenseShort-term debt$723.76MshortTermDebtEBITDA − capex$520.29MPrincipal due is short-term debt.Result 0.59x | $219.47MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$255.05MtotalCashFromOperatingActivitiesCapex$35.58McapitalExpendituresFree cash flow$219.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $219.47M | -0.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$78.93MoperatingIncomeTax expense$101.44MincomeTaxExpensePretax income$946.26MincomeBeforeTaxTax rate10.7%Equity$5.49BtotalStockholderEquityDebt$3.95BshortLongTermDebtTotalCash$76.89McashInvested capital$9.36BResult -0.8% | -0.01xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$78.93MoperatingIncomeNet PP&E$8.83BpropertyPlantEquipmentResult -0.01x |
| 2023 | 79.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.84BpropertyPlantAndEquipmentNetInventory$752.41MinventoryTotal assets$10.78BtotalAssetsResult 79.7% | 0.12xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$903.63MtotalRevenueNet PP&E$7.84BpropertyPlantAndEquipmentNetResult 0.12x | 0.85xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$41.17McapitalExpendituresD&A$48.33MdepreciationAndAmortizationResult 0.85x | $49.40Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.78BtotalAssetsGoodwill$96.35MgoodWillIntangibles-$7.94BintangibleAssetsLiabilities$5.59BtotalLiabTangible book$13.03BShares263,840,995commonStockSharesOutstandingResult $49.40 | 1.28xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$627.04MebitdaCapex$41.17McapitalExpendituresInterest$151.22MinterestExpenseShort-term debt$304.71MshortLongTermDebtEBITDA − capex$585.87MPrincipal due is the current portion of debt.Result 1.28x | $253.46MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$294.63MtotalCashFromOperatingActivitiesCapex$41.17McapitalExpendituresFree cash flow$253.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $253.46M | 6.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$578.71MoperatingIncomeTax expense-$30.54MincomeTaxExpensePretax income$31.15MincomeBeforeTaxTax rate0.0%Equity$5.19BtotalStockholderEquityDebt$3.72BshortLongTermDebtTotalCash$64.11McashInvested capital$8.84BResult 6.5% | 0.07xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$578.71MoperatingIncomeNet PP&E$7.84BpropertyPlantAndEquipmentNetResult 0.07x |
| 2024 | —Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$10.62BtotalAssetsResult — | —Fixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$816.99MtotalRevenueNet PP&E—Not reportedResult — | 0.79xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$39.59McapitalExpendituresD&A$50.14MdepreciationAndAmortizationResult 0.79x | $20.15Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.62BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.34BtotalLiabTangible book$5.28BShares262,015,592commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $20.15 | -0.05xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$15.07MebitdaCapex$39.59McapitalExpendituresInterest$143.86MinterestExpenseShort-term debt$337.83MshortTermDebtEBITDA − capex-$24.52MPrincipal due is short-term debt.Result -0.05x | $234.48MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$274.07MtotalCashFromOperatingActivitiesCapex$39.59McapitalExpendituresFree cash flow$234.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $234.48M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$471.23MoperatingIncomeTax expense-$59.21MincomeTaxExpensePretax income-$178.93MincomeBeforeTaxTax rate—Equity$5.28BtotalStockholderEquityDebt$3.54BshortLongTermDebtTotalCash$100.35McashInvested capital$8.72BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$471.23MoperatingIncomeNet PP&E—Not reportedResult — |
| 2025 | —Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$9.11BtotalAssetsResult — | —Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$815.13MtotalRevenueNet PP&E—Not reportedResult — | —Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$42.00McapitalExpendituresD&A—Not reportedResult — | $15.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.11BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$4.97BtotalLiabTangible book$4.14BShares262,559,666commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $15.75 | -0.85xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$826.55MebitdaCapex$42.00McapitalExpendituresInterest$147.63MinterestExpenseShort-term debt$876.05MshortTermDebtEBITDA − capex-$868.55MPrincipal due is short-term debt.Result -0.85x | $146.44MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$188.43MtotalCashFromOperatingActivitiesCapex$42.00McapitalExpendituresFree cash flow$146.44MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $146.44M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$489.43MoperatingIncomeTax expense-$182.62MincomeTaxExpensePretax income-$974.18MincomeBeforeTaxTax rate—Equity$4.14BtotalStockholderEquityDebt$3.50BshortLongTermDebtTotalCash$52.14McashInvested capital$7.59BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$489.43MoperatingIncomeNet PP&E—Not reportedResult — |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: —
Inventory: —
Total assets: $9.11B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $4.97B
Tangible book: $4.14B
Shares: 262,559,666
Revenue: $815.13M
Capex: $42.00M
D&A: —
EBITDA: -$826.55M
Interest: $147.63M
Short-term debt: $876.05M
Free cash flow: $146.44M
Operating income: $489.43M
Invested capital: $7.59B
Tax rate: —