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.
IAC Inc.
Physical assets are 4.0% of total assets, a light footprint. Capex is 0.05x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 8.33x.
Physical asset ratio
4.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$287.39MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$7.13BtotalAssetsInventory was not reported and is treated as zero.Result 4.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.33xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.39BtotalRevenueNet PP&E$287.39MpropertyPlantAndEquipmentNetResult 8.33x
Revenue per dollar of the physical asset base.
Capex / D&A
0.05xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$19.20McapitalExpendituresD&A$354.02MdepreciationAndAmortizationResult 0.05x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$32.64Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.13BtotalAssetsGoodwill$1.79BgoodWillIntangibles$465.86MintangibleAssetsLiabilities$2.34BtotalLiabTangible book$2.53BShares77,575,758commonStockSharesOutstandingResult $32.64
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$32.642025-12-31A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
2.27xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$285.90MebitdaCapex$19.20McapitalExpendituresInterest$93.12MinterestExpenseShort-term debt$24.50MshortTermDebtEBITDA − capex$266.70MPrincipal due is short-term debt.Result 2.27x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$44.83MfreeCashFlowMarket cap$3.14BMarketCapitalizationResult 1.4%
Latest free cash flow divided by current market cap ($3.14B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$97.10MoperatingIncomeTax expense-$43.45MincomeTaxExpensePretax income-$161.24MincomeBeforeTaxTax rate—Equity$4.73BtotalStockholderEquityDebt$1.43BshortLongTermDebtTotalCash$960.21McashInvested capital$5.20BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.34x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 6.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$318.80MpropertyPlantEquipmentInventory$158.77MinventoryTotal assets$6.87BtotalAssetsResult 6.9% | 7.95xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$2.53BtotalRevenueNet PP&E$318.80MpropertyPlantEquipmentResult 7.95x | 0.37xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$54.68McapitalExpendituresD&A$149.47MdepreciationAndAmortizationResult 0.37x | $3.04Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.87BtotalAssetsGoodwill$2.73BgoodWillIntangibles$631.42MintangibleAssetsLiabilities$3.26BtotalLiabTangible book$259.21MShares85,132,000commonStockSharesOutstandingResult $3.04 | 5.07xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$190.61MebitdaCapex$54.68McapitalExpendituresInterest$13.06MinterestExpenseShort-term debt$13.75MshortTermDebtEBITDA − capex$135.93MPrincipal due is short-term debt.Result 5.07x | $314.76MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$369.44MtotalCashFromOperatingActivitiesCapex$54.68McapitalExpendituresFree cash flow$314.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $314.76M | 1.2%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$35.84MoperatingIncomeTax expense$13.20MincomeTaxExpensePretax income$305.57MincomeBeforeTaxTax rate4.3%Equity$2.84BtotalStockholderEquityDebt$2.26BshortLongTermDebtTotalCash$2.26BcashAndShortTermInvestmentsInvested capital$2.85BResult 1.2% | 0.11xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$35.84MoperatingIncomeNet PP&E$318.80MpropertyPlantEquipmentResult 0.11x |
| 2019 | 15.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$444.02MpropertyPlantEquipmentInventory$191.14MinventoryTotal assets$4.10BtotalAssetsUses the property line, which is larger than net PP&E ($305.41M, propertyPlantAndEquipmentNet).Result 15.5% | 5.65xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$2.51BtotalRevenueNet PP&E$444.02MpropertyPlantEquipmentResult 5.65x | 0.73xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$95.10McapitalExpendituresD&A$129.69MdepreciationAndAmortizationResult 0.73x | $12.71Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.10BtotalAssetsGoodwill$1.62BgoodWillIntangibles$350.15MintangibleAssetsLiabilities$1.05BtotalLiabTangible book$1.08BShares85,132,267commonStockSharesOutstandingResult $12.71 | 3.15xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$175.91MebitdaCapex$95.10McapitalExpendituresInterest$11.90MinterestExpenseShort-term debt$13.75MshortTermDebtEBITDA − capex$80.81MPrincipal due is short-term debt.Result 3.15x | $156.70MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$251.80MtotalCashFromOperatingActivitiesCapex$95.10McapitalExpendituresFree cash flow$156.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $156.70M | 0.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.73MoperatingIncomeTax expense-$47.35MincomeTaxExpensePretax income$34.32MincomeBeforeTaxTax rate0.0%Equity$2.54BtotalStockholderEquityDebt$245.70MshortLongTermDebtTotalCash$839.80McashInvested capital$1.94BResult 0.3% | 0.01xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$5.73MoperatingIncomeNet PP&E$444.02MpropertyPlantEquipmentResult 0.01x |
| 2020 | 5.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$274.93MpropertyPlantAndEquipmentNetInventory$248.09MinventoryTotal assets$9.16BtotalAssetsResult 5.7% | 10.06xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$2.76BtotalRevenueNet PP&E$274.93MpropertyPlantAndEquipmentNetResult 10.06x | 0.31xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$60.73McapitalExpendituresD&A$195.66MdepreciationAndAmortizationResult 0.31x | $58.58Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.16BtotalAssetsGoodwill$1.66BgoodWillIntangibles$394.99MintangibleAssetsLiabilities$1.78BtotalLiabTangible book$5.33BShares90,948,000commonStockSharesOutstandingResult $58.58 | 1.11xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$455.99MebitdaCapex$60.73McapitalExpendituresInterest$16.17MinterestExpenseShort-term debt$340.41MshortTermDebtEBITDA − capex$395.26MPrincipal due is short-term debt.Result 1.11x | $93.86MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$154.58MtotalCashFromOperatingActivitiesCapex$60.73McapitalExpendituresFree cash flow$93.86MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $93.86M | -7.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$537.66MoperatingIncomeTax expense-$45.71MincomeTaxExpensePretax income$244.16MincomeBeforeTaxTax rate0.0%Equity$7.38BtotalStockholderEquityDebt$3.88BshortLongTermDebtTotalCash$3.59BcashAndShortTermInvestmentsInvested capital$7.67BResult -7.0% | -1.96xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$537.66MoperatingIncomeNet PP&E$274.93MpropertyPlantAndEquipmentNetResult -1.96x |
| 2021 | 4.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$570.53MpropertyPlantAndEquipmentNetInventory$30.71MinventoryTotal assets$12.61BtotalAssetsResult 4.8% | 6.48xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$3.70BtotalRevenueNet PP&E$570.53MpropertyPlantAndEquipmentNetResult 6.48x | 0.60xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$90.21McapitalExpendituresD&A$149.85MdepreciationAndAmortizationResult 0.60x | $30.97Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.61BtotalAssetsGoodwill$3.51BgoodWillIntangibles$1.41BintangibleAssetsLiabilities$4.84BtotalLiabTangible book$2.84BShares91,828,000commonStockSharesOutstandingResult $30.97 | 12.82xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$913.92MebitdaCapex$90.21McapitalExpendituresInterest$34.26MinterestExpenseShort-term debt$30.00MshortTermDebtEBITDA − capex$823.71MPrincipal due is short-term debt.Result 12.82x | $46.74MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$136.95MtotalCashFromOperatingActivitiesCapex$90.21McapitalExpendituresFree cash flow$46.74MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $46.74M | -1.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$137.07MoperatingIncomeTax expense$138.99MincomeTaxExpensePretax income$729.81MincomeBeforeTaxTax rate19.0%Equity$7.77BtotalStockholderEquityDebt$3.86BshortLongTermDebtTotalCash$2.14BcashAndShortTermInvestmentsInvested capital$9.49BResult -1.2% | -0.24xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$137.07MoperatingIncomeNet PP&E$570.53MpropertyPlantAndEquipmentNetResult -0.24x |
| 2022 | 4.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$510.61MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$10.39BtotalAssetsInventory was not reported and is treated as zero.Result 4.9% | 10.25xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$5.24BtotalRevenueNet PP&E$510.61MpropertyPlantAndEquipmentNetResult 10.25x | 0.32xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$139.75McapitalExpendituresD&A$438.70MdepreciationAndAmortizationResult 0.32x | $27.79Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.39BtotalAssetsGoodwill$3.03BgoodWillIntangibles$1.17BintangibleAssetsLiabilities$3.79BtotalLiabTangible book$2.40BShares86,350,000commonStockSharesOutstandingResult $27.79 | -7.97xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$977.37MebitdaCapex$139.75McapitalExpendituresInterest$110.17MinterestExpenseShort-term debt$30.00MshortTermDebtEBITDA − capex-$1.12BPrincipal due is short-term debt.Result -7.97x | -$222.54MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$82.79MtotalCashFromOperatingActivitiesCapex$139.75McapitalExpendituresFree cash flow-$222.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$222.54M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$474.77MoperatingIncomeTax expense-$331.09MincomeTaxExpensePretax income-$1.53BincomeBeforeTaxTax rate—Equity$6.60BtotalStockholderEquityDebt$2.05BlongTermDebt + shortLongTermDebtCash$1.66BcashAndShortTermInvestmentsInvested capital$6.99BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.93xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$474.77MoperatingIncomeNet PP&E$510.61MpropertyPlantAndEquipmentNetResult -0.93x |
| 2023 | 4.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$455.28MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$10.37BtotalAssetsInventory was not reported and is treated as zero.Result 4.4% | 9.59xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$4.37BtotalRevenueNet PP&E$455.28MpropertyPlantAndEquipmentNetResult 9.59x | 0.25xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$141.36McapitalExpendituresD&A$572.76MdepreciationAndAmortizationResult 0.25x | $33.42Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.37BtotalAssetsGoodwill$3.02BgoodWillIntangibles$874.71MintangibleAssetsLiabilities$3.58BtotalLiabTangible book$2.89BShares86,464,000commonStockSharesOutstandingResult $33.42 | 5.10xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.10BebitdaCapex$141.36McapitalExpendituresInterest$157.63MinterestExpenseShort-term debt$30.00MshortTermDebtEBITDA − capex$956.16MPrincipal due is short-term debt.Result 5.10x | $48.16MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$189.53MtotalCashFromOperatingActivitiesCapex$141.36McapitalExpendituresFree cash flow$48.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $48.16M | -2.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$260.76MoperatingIncomeTax expense$108.82MincomeTaxExpensePretax income$367.14MincomeBeforeTaxTax rate29.6%Equity$6.08BtotalStockholderEquityDebt$2.02BshortLongTermDebtTotalCash$1.45BcashAndShortTermInvestmentsInvested capital$6.65BResult -2.8% | -0.57xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$260.76MoperatingIncomeNet PP&E$455.28MpropertyPlantAndEquipmentNetResult -0.57x |
| 2024 | 4.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$392.76MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$9.55BtotalAssetsInventory was not reported and is treated as zero.Result 4.1% | 9.69xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$3.81BtotalRevenueNet PP&E$392.76MpropertyPlantAndEquipmentNetResult 9.69x | 0.24xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$65.51McapitalExpendituresD&A$271.40MdepreciationAndAmortizationResult 0.24x | $32.52Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.55BtotalAssetsGoodwill$2.88BgoodWillIntangibles$722.14MintangibleAssetsLiabilities$3.24BtotalLiabTangible book$2.71BShares83,189,060commonStockSharesOutstandingResult $32.52 | -1.73xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$265.12MebitdaCapex$65.51McapitalExpendituresInterest$155.89MinterestExpenseShort-term debt$35.00MshortTermDebtEBITDA − capex-$330.62MPrincipal due is short-term debt.Result -1.73x | $289.01MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$354.52MtotalCashFromOperatingActivitiesCapex$65.51McapitalExpendituresFree cash flow$289.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $289.01M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$4.23MoperatingIncomeTax expense-$159.07MincomeTaxExpensePretax income-$692.40MincomeBeforeTaxTax rate—Equity$5.58BtotalStockholderEquityDebt$1.97BshortLongTermDebtTotalCash$1.80BcashInvested capital$5.75BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.01xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$4.23MoperatingIncomeNet PP&E$392.76MpropertyPlantAndEquipmentNetResult -0.01x |
| 2025 | 4.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$287.39MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$7.13BtotalAssetsInventory was not reported and is treated as zero.Result 4.0% | 8.33xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.39BtotalRevenueNet PP&E$287.39MpropertyPlantAndEquipmentNetResult 8.33x | 0.05xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$19.20McapitalExpendituresD&A$354.02MdepreciationAndAmortizationResult 0.05x | $32.64Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.13BtotalAssetsGoodwill$1.79BgoodWillIntangibles$465.86MintangibleAssetsLiabilities$2.34BtotalLiabTangible book$2.53BShares77,575,758commonStockSharesOutstandingResult $32.64 | 2.27xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$285.90MebitdaCapex$19.20McapitalExpendituresInterest$93.12MinterestExpenseShort-term debt$24.50MshortTermDebtEBITDA − capex$266.70MPrincipal due is short-term debt.Result 2.27x | $44.83MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$64.04MtotalCashFromOperatingActivitiesCapex$19.20McapitalExpendituresFree cash flow$44.83MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $44.83M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$97.10MoperatingIncomeTax expense-$43.45MincomeTaxExpensePretax income-$161.24MincomeBeforeTaxTax rate—Equity$4.73BtotalStockholderEquityDebt$1.43BshortLongTermDebtTotalCash$960.21McashInvested capital$5.20BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.34xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$97.10MoperatingIncomeNet PP&E$287.39MpropertyPlantAndEquipmentNetResult -0.34x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $287.39M
Inventory: $0.00
Total assets: $7.13B
Goodwill: $1.79B
Intangibles: $465.86M
Liabilities: $2.34B
Tangible book: $2.53B
Shares: 77,575,758
Revenue: $2.39B
Capex: $19.20M
D&A: $354.02M
EBITDA: $285.90M
Interest: $93.12M
Short-term debt: $24.50M
Free cash flow: $44.83M
Operating income: -$97.10M
Invested capital: $5.20B
Tax rate: —