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.
Integral Ad Science Holding LLC
Physical assets are 1.9% of total assets, a light footprint. Capex is 0.63x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 4.3%, below an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 24.21x.
Physical asset ratio
1.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$21.89MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.15BtotalAssetsInventory was not reported and is treated as zero.Result 1.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
24.21xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$530.10MtotalRevenueNet PP&E$21.89MpropertyPlantAndEquipmentNetResult 24.21x
Revenue per dollar of the physical asset base.
Capex / D&A
0.63xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$40.54McapitalExpendituresD&A$63.97MdepreciationAndAmortizationResult 0.63x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.85Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.15BtotalAssetsGoodwill$673.03MgoodWillIntangibles$194.58MintangibleAssetsLiabilities$143.56MtotalLiabTangible book$140.41MShares165,465,836commonStockSharesOutstandingResult $0.85
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$0.852024-12-31A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
5.39xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$124.35MebitdaCapex$40.54McapitalExpendituresInterest$5.36MinterestExpenseShort-term debt$10.18MshortTermDebtEBITDA − capex$83.81MPrincipal due is short-term debt.Result 5.39x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.5%Free cash flow yield · 2024-12-31Latest free cash flow / current market capFree cash flow$77.35MfreeCashFlowMarket cap$1.74BMarketCapitalizationResult 4.5%
Latest free cash flow divided by current market cap ($1.74B).
ROIC
4.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$60.39MoperatingIncomeTax expense$17.23MincomeTaxExpensePretax income$55.03MincomeBeforeTaxTax rate31.3%Equity$1.01BtotalStockholderEquityDebt$34.19MlongTermDebt + shortLongTermDebtCash$84.47McashInvested capital$957.73MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.76x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 0.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.32MpropertyPlantEquipmentInventory$1.45MinventoryTotal assets$875.23MtotalAssetsResult 0.7% | 49.38xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$213.49MtotalRevenueNet PP&E$4.32MpropertyPlantEquipmentResult 49.38x | 0.11xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$7.46McapitalExpendituresD&A$70.33MdepreciationAndAmortizationResult 0.11x | -$2.03Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$875.23MtotalAssetsGoodwill$457.65MgoodWillIntangibles$308.41MintangibleAssetsLiabilities$415.56MtotalLiabTangible book-$306.38MShares151,207,021commonStockSharesOutstandingResult -$2.03 | 0.84xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$36.54MebitdaCapex$7.46McapitalExpendituresInterest$32.99MinterestExpenseShort-term debt$1.43MshortTermDebtEBITDA − capex$29.08MPrincipal due is short-term debt.Result 0.84x | -$9.31MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$1.85MtotalCashFromOperatingActivitiesCapex$7.46McapitalExpendituresFree cash flow-$9.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$9.31M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$33.79MoperatingIncomeTax expense-$15.43MincomeTaxExpensePretax income-$66.78MincomeBeforeTaxTax rate—Equity$459.67MtotalStockholderEquityDebt$346.97MshortLongTermDebtTotalCash$26.28McashInvested capital$780.36MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -7.82xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$33.79MoperatingIncomeNet PP&E$4.32MpropertyPlantEquipmentResult -7.82x |
| 2020 | 0.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.24MpropertyPlantEquipmentInventory$187.00KinventoryTotal assets$849.58MtotalAssetsResult 0.3% | 107.28xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$240.63MtotalRevenueNet PP&E$2.24MpropertyPlantEquipmentResult 107.28x | 0.01xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$638.00KcapitalExpendituresD&A$65.71MdepreciationAndAmortizationResult 0.01x | -$1.87Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$849.58MtotalAssetsGoodwill$458.59MgoodWillIntangibles$255.67MintangibleAssetsLiabilities$418.10MtotalLiabTangible book-$282.78MShares151,207,021commonStockSharesOutstandingResult -$1.87 | 1.60xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$51.83MebitdaCapex$638.00KcapitalExpendituresInterest$31.57MinterestExpenseShort-term debt$325.00KshortTermDebtEBITDA − capex$51.19MPrincipal due is short-term debt.Result 1.60x | $33.30MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$33.94MtotalCashFromOperatingActivitiesCapex$638.00KcapitalExpendituresFree cash flow$33.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $33.30M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$13.88MoperatingIncomeTax expense-$13.08MincomeTaxExpensePretax income-$45.45MincomeBeforeTaxTax rate—Equity$431.48MtotalStockholderEquityDebt$351.40MshortLongTermDebtTotalCash$51.73McashInvested capital$731.14MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -6.19xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$13.88MoperatingIncomeNet PP&E$2.24MpropertyPlantEquipmentResult -6.19x |
| 2021 | 0.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.41MpropertyPlantEquipmentInventory$70.00KinventoryTotal assets$1.13BtotalAssetsResult 0.1% | 228.95xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$323.51MtotalRevenueNet PP&E$1.41MpropertyPlantEquipmentResult 228.95x | 0.22xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$13.66McapitalExpendituresD&A$62.29MdepreciationAndAmortizationResult 0.22x | -$1.29Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.13BtotalAssetsGoodwill$676.51MgoodWillIntangibles$276.42MintangibleAssetsLiabilities$362.35MtotalLiabTangible book-$185.74MShares143,535,546commonStockSharesOutstandingResult -$1.29 | 0.56xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$25.56MebitdaCapex$13.66McapitalExpendituresInterest$19.24MinterestExpenseShort-term debt$1.98MshortTermDebtEBITDA − capex$11.90MPrincipal due is short-term debt.Result 0.56x | $49.94MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$63.60MtotalCashFromOperatingActivitiesCapex$13.66McapitalExpendituresFree cash flow$49.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $49.94M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$33.01MoperatingIncomeTax expense-$3.54MincomeTaxExpensePretax income-$55.98MincomeBeforeTaxTax rate—Equity$767.19MtotalStockholderEquityDebt$244.77MshortLongTermDebtTotalCash$73.21McashInvested capital$938.75MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -23.36xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$33.01MoperatingIncomeNet PP&E$1.41MpropertyPlantEquipmentResult -23.36x |
| 2022 | 2.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.20MpropertyPlantAndEquipmentNetInventory$45.00KinventoryTotal assets$1.17BtotalAssetsResult 2.2% | 16.20xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$408.35MtotalRevenueNet PP&E$25.20MpropertyPlantAndEquipmentNetResult 16.20x | 0.33xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$16.69McapitalExpendituresD&A$50.40MdepreciationAndAmortizationResult 0.33x | -$0.68Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.17BtotalAssetsGoodwill$674.09MgoodWillIntangibles$241.20MintangibleAssetsLiabilities$360.47MtotalLiabTangible book-$107.08MShares157,258,083commonStockSharesOutstandingResult -$0.68 | 3.53xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$72.53MebitdaCapex$16.69McapitalExpendituresInterest$9.05MinterestExpenseShort-term debt$6.75MshortTermDebtEBITDA − capex$55.85MPrincipal due is short-term debt.Result 3.53x | $55.78MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$72.47MtotalCashFromOperatingActivitiesCapex$16.69McapitalExpendituresFree cash flow$55.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $55.78M | 1.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.16MoperatingIncomeTax expense-$2.29MincomeTaxExpensePretax income$13.09MincomeBeforeTaxTax rate0.0%Equity$808.22MtotalStockholderEquityDebt$252.89MshortLongTermDebtTotalCash$86.88McashInvested capital$974.23MResult 1.6% | 0.60xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$15.16MoperatingIncomeNet PP&E$25.20MpropertyPlantAndEquipmentNetResult 0.60x |
| 2023 | 2.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.44MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.19BtotalAssetsInventory was not reported and is treated as zero.Result 2.1% | 18.65xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$474.37MtotalRevenueNet PP&E$25.44MpropertyPlantAndEquipmentNetResult 18.65x | 0.61xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$33.75McapitalExpendituresD&A$54.97MdepreciationAndAmortizationResult 0.61x | $0.09Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.19BtotalAssetsGoodwill$675.28MgoodWillIntangibles$219.21MintangibleAssetsLiabilities$282.27MtotalLiabTangible book$14.97MShares161,723,131commonStockSharesOutstandingResult $0.09 | 1.77xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$72.06MebitdaCapex$33.75McapitalExpendituresInterest$12.24MinterestExpenseShort-term debt$9.44MshortTermDebtEBITDA − capex$38.31MPrincipal due is short-term debt.Result 1.77x | $97.87MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$131.62MtotalCashFromOperatingActivitiesCapex$33.75McapitalExpendituresFree cash flow$97.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $97.87M | 1.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.09MoperatingIncomeTax expense-$2.38MincomeTaxExpensePretax income$4.86MincomeBeforeTaxTax rate0.0%Equity$909.46MtotalStockholderEquityDebt$182.68MshortLongTermDebtTotalCash$124.76McashInvested capital$967.38MResult 1.8% | 0.67xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$17.09MoperatingIncomeNet PP&E$25.44MpropertyPlantAndEquipmentNetResult 0.67x |
| 2024 | 1.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$21.89MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.15BtotalAssetsInventory was not reported and is treated as zero.Result 1.9% | 24.21xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$530.10MtotalRevenueNet PP&E$21.89MpropertyPlantAndEquipmentNetResult 24.21x | 0.63xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$40.54McapitalExpendituresD&A$63.97MdepreciationAndAmortizationResult 0.63x | $0.85Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.15BtotalAssetsGoodwill$673.03MgoodWillIntangibles$194.58MintangibleAssetsLiabilities$143.56MtotalLiabTangible book$140.41MShares165,465,836commonStockSharesOutstandingResult $0.85 | 5.39xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$124.35MebitdaCapex$40.54McapitalExpendituresInterest$5.36MinterestExpenseShort-term debt$10.18MshortTermDebtEBITDA − capex$83.81MPrincipal due is short-term debt.Result 5.39x | $77.35MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$117.90MtotalCashFromOperatingActivitiesCapex$40.54McapitalExpendituresFree cash flow$77.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $77.35M | 4.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$60.39MoperatingIncomeTax expense$17.23MincomeTaxExpensePretax income$55.03MincomeBeforeTaxTax rate31.3%Equity$1.01BtotalStockholderEquityDebt$34.19MlongTermDebt + shortLongTermDebtCash$84.47McashInvested capital$957.73MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.3% | 2.76xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$60.39MoperatingIncomeNet PP&E$21.89MpropertyPlantAndEquipmentNetResult 2.76x |
- 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 (2024)
Net PP&E: $21.89M
Inventory: $0.00
Total assets: $1.15B
Goodwill: $673.03M
Intangibles: $194.58M
Liabilities: $143.56M
Tangible book: $140.41M
Shares: 165,465,836
Revenue: $530.10M
Capex: $40.54M
D&A: $63.97M
EBITDA: $124.35M
Interest: $5.36M
Short-term debt: $10.18M
Free cash flow: $77.35M
Operating income: $60.39M
Invested capital: $957.73M
Tax rate: 31.3%