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.
Argosy Property Limited
Physical assets are 0.0% of total assets, a light footprint. Capex is 6.59x 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. EBITDA after capex covers debt service by 0.91x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 563.07x.
Physical asset ratio
0.0%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$283.82KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.37BtotalAssetsInventory was not reported and is treated as zero.Result 0.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
563.07xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$159.81MtotalRevenueNet PP&E$283.82KpropertyPlantAndEquipmentNetResult 563.07x
Revenue per dollar of the physical asset base.
Capex / D&A
6.59xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$53.85McapitalExpendituresD&A$8.17MreconciledDepreciationResult 6.59x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.85Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.37BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$955.42MtotalLiabTangible book$1.41BShares495,823,179commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.85
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.26xPrice / tangible bookPrice / tangible book per sharePrice$0.75Latest quoteTangible book / share$2.852026-03-31Result 0.26x
Price $0.75.
Fixed-charge coverage
0.91xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$181.32MebitdaCapex$53.85McapitalExpendituresInterest$39.51MinterestExpenseShort-term debt$100.00MshortLongTermDebtEBITDA − capex$127.46MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.91x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.6%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$10.72MfreeCashFlowMarket cap$655.48MMarketCapitalizationResult 1.6%
Latest free cash flow divided by current market cap ($655.48M).
ROIC
4.3%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$109.37MoperatingIncomeTax expense$12.67MincomeTaxExpensePretax income$140.40MincomeBeforeTaxTax rate9.0%Equity$1.41BtotalStockholderEquityDebt$904.18MshortLongTermDebtTotalCash$3.42McashInvested capital$2.31BResult 4.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 385.37x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 99.6%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$1.67BpropertyPlantEquipmentInventory$703.00KinventoryTotal assets$1.68BtotalAssetsUses the property line, which is larger than net PP&E ($397.00K, propertyPlantAndEquipmentNet).Result 99.6% | 0.08xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$125.86MtotalRevenueNet PP&E$1.67BpropertyPlantEquipmentResult 0.08x | 0.00xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$88.88MdepreciationAndAmortizationResult 0.00x | $1.22Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.68BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$666.09MtotalLiabTangible book$1.01BShares827,030,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.22 | 6.91xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$167.51MebitdaCapex$0.00capitalExpendituresInterest$24.26MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$167.51MShort-term debt is total debt minus long-term debt.Result 6.91x | $66.95MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$66.95MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$66.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $66.95M | 9.8%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$167.51MoperatingIncomeTax expense$9.59MincomeTaxExpensePretax income$143.25MincomeBeforeTaxTax rate6.7%Equity$1.01BtotalStockholderEquityDebt$593.54MshortLongTermDebtTotalCash$2.19McashInvested capital$1.60BResult 9.8% | 0.10xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$167.51MoperatingIncomeNet PP&E$1.67BpropertyPlantEquipmentResult 0.10x |
| 2020 | 99.1%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$1.82BpropertyPlantEquipmentInventory$88.35MinventoryTotal assets$1.93BtotalAssetsUses the property line, which is larger than net PP&E ($352.00K, propertyPlantAndEquipmentNet).Result 99.1% | 0.07xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$120.92MtotalRevenueNet PP&E$1.82BpropertyPlantEquipmentResult 0.07x | 0.00xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$85.74MdepreciationAndAmortizationResult 0.00x | $1.30Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.93BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$853.83MtotalLiabTangible book$1.08BShares827,158,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.30 | 6.88xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$144.65MebitdaCapex$0.00capitalExpendituresInterest$20.80MinterestExpenseShort-term debt$210.00KshortTermDebtEBITDA − capex$144.65MPrincipal due is short-term debt.Result 6.88x | $59.75MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$59.75MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$59.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $59.75M | 7.7%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$147.65MoperatingIncomeTax expense$4.73MincomeTaxExpensePretax income$123.85MincomeBeforeTaxTax rate3.8%Equity$1.08BtotalStockholderEquityDebt$770.97MshortLongTermDebtTotalCash$1.86McashInvested capital$1.84BResult 7.7% | 0.08xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$147.65MoperatingIncomeNet PP&E$1.82BpropertyPlantEquipmentResult 0.08x |
| 2021 | 99.5%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.05BpropertyPlantEquipmentInventory$93.31MinventoryTotal assets$2.16BtotalAssetsUses the property line, which is larger than net PP&E ($262.00K, propertyPlantAndEquipmentNet).Result 99.5% | 0.06xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$131.41MtotalRevenueNet PP&E$2.05BpropertyPlantEquipmentResult 0.06x | 0.00xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$93.57MdepreciationAndAmortizationResult 0.00x | $1.54Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.16BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$876.14MtotalLiabTangible book$1.28BShares832,263,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.54 | 10.34xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$274.85MebitdaCapex$0.00capitalExpendituresInterest$26.47MinterestExpenseShort-term debt$116.00KshortTermDebtEBITDA − capex$274.85MPrincipal due is short-term debt.Result 10.34x | $88.38MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$88.38MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$88.38MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $88.38M | 5.7%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$120.54MoperatingIncomeTax expense$6.73MincomeTaxExpensePretax income$248.38MincomeBeforeTaxTax rate2.7%Equity$1.28BtotalStockholderEquityDebt$796.21MshortLongTermDebtTotalCash$1.76McashInvested capital$2.08BResult 5.7% | 0.06xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$120.54MoperatingIncomeNet PP&E$2.05BpropertyPlantEquipmentResult 0.06x |
| 2022 | 99.2%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.25BpropertyPlantEquipmentInventory$25.04MinventoryTotal assets$2.29BtotalAssetsUses the property line, which is larger than net PP&E ($246.00K, propertyPlantAndEquipmentNet).Result 99.2% | 0.06xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$131.57MtotalRevenueNet PP&E$2.25BpropertyPlantEquipmentResult 0.06x | 0.00xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$40.00KcapitalExpendituresD&A$93.33MdepreciationAndAmortizationResult 0.00x | $1.75Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.29BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$819.42MtotalLiabTangible book$1.47BShares843,207,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.75 | 11.10xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$264.82MebitdaCapex$40.00KcapitalExpendituresInterest$23.63MinterestExpenseShort-term debt$232.00KshortTermDebtEBITDA − capex$264.78MPrincipal due is short-term debt.Result 11.10x | $68.29MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$68.33MtotalCashFromOperatingActivitiesCapex$40.00KcapitalExpendituresFree cash flow$68.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $68.29M | 5.3%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$119.76MoperatingIncomeTax expense$5.04MincomeTaxExpensePretax income$241.19MincomeBeforeTaxTax rate2.1%Equity$1.47BtotalStockholderEquityDebt$736.67MshortLongTermDebtTotalCash$1.66McashInvested capital$2.21BResult 5.3% | 0.05xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$119.76MoperatingIncomeNet PP&E$2.25BpropertyPlantEquipmentResult 0.05x |
| 2023 | 0.2%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$183.00KpropertyPlantAndEquipmentNetInventory$5.13MinventoryTotal assets$2.21BtotalAssetsResult 0.2% | 789.81xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$144.54MtotalRevenueNet PP&E$183.00KpropertyPlantAndEquipmentNetResult 789.81x | 3.46xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$33.18McapitalExpendituresD&A$9.60MdepreciationAndAmortizationResult 3.46x | $1.58Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.21BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$876.94MtotalLiabTangible book$1.34BShares846,697,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.58 | -1.73xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$26.93MebitdaCapex$33.18McapitalExpendituresInterest$34.41MinterestExpenseShort-term debt$242.00KshortTermDebtEBITDA − capex-$60.11MPrincipal due is short-term debt.Result -1.73x | $30.34MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$63.52MtotalCashFromOperatingActivitiesCapex$33.18McapitalExpendituresFree cash flow$30.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $30.34M | —ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$133.74MoperatingIncomeTax expense$9.90MincomeTaxExpensePretax income-$70.94MincomeBeforeTaxTax rate—Equity$1.34BtotalStockholderEquityDebt$800.07MshortLongTermDebtTotalCash$2.06McashInvested capital$2.13BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 730.84xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$133.74MoperatingIncomeNet PP&E$183.00KpropertyPlantAndEquipmentNetResult 730.84x |
| 2024 | 2.2%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$283.00KpropertyPlantAndEquipmentNetInventory$45.62MinventoryTotal assets$2.07BtotalAssetsResult 2.2% | 541.17xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$153.15MtotalRevenueNet PP&E$283.00KpropertyPlantAndEquipmentNetResult 541.17x | 0.00xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$12.00KcapitalExpendituresD&A$9.36MdepreciationAndAmortizationResult 0.00x | $1.45Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.07BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$844.61MtotalLiabTangible book$1.22BShares847,110,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.45 | 0.01xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$517.00KebitdaCapex$12.00KcapitalExpendituresInterest$41.96MinterestExpenseShort-term debt$254.00KshortTermDebtEBITDA − capex$505.00KPrincipal due is short-term debt.Result 0.01x | $60.17MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$60.19MtotalCashFromOperatingActivitiesCapex$12.00KcapitalExpendituresFree cash flow$60.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $60.17M | —ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$95.53MoperatingIncomeTax expense$4.47MincomeTaxExpensePretax income-$50.80MincomeBeforeTaxTax rate—Equity$1.22BtotalStockholderEquityDebt$778.01MshortLongTermDebtTotalCash$1.83McashInvested capital$2.00BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 337.57xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$95.53MoperatingIncomeNet PP&E$283.00KpropertyPlantAndEquipmentNetResult 337.57x |
| 2025 | 0.0%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$232.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.16BtotalAssetsInventory was not reported and is treated as zero.Result 0.0% | 671.24xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$155.73MtotalRevenueNet PP&E$232.00KpropertyPlantAndEquipmentNetResult 671.24x | 0.46xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$2.93McapitalExpendituresD&A$6.44MdepreciationAndAmortizationResult 0.46x | $1.54Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.16BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$854.45MtotalLiabTangible book$1.31BShares848,491,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.54 | 1.30xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$184.18MebitdaCapex$2.93McapitalExpendituresInterest$39.60MinterestExpenseShort-term debt$100.00MshortLongTermDebtEBITDA − capex$181.25MPrincipal due is the current portion of debt.Result 1.30x | $56.04MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$58.96MtotalCashFromOperatingActivitiesCapex$2.93McapitalExpendituresFree cash flow$56.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $56.04M | 4.3%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$99.04MoperatingIncomeTax expense$12.28MincomeTaxExpensePretax income$138.14MincomeBeforeTaxTax rate8.9%Equity$1.31BtotalStockholderEquityDebt$795.81MshortLongTermDebtTotalCash$1.44McashInvested capital$2.10BResult 4.3% | 426.88xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$99.04MoperatingIncomeNet PP&E$232.00KpropertyPlantAndEquipmentNetResult 426.88x |
| 2026 | 0.0%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$283.82KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.37BtotalAssetsInventory was not reported and is treated as zero.Result 0.0% | 563.07xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$159.81MtotalRevenueNet PP&E$283.82KpropertyPlantAndEquipmentNetResult 563.07x | 6.59xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$53.85McapitalExpendituresD&A$8.17MreconciledDepreciationResult 6.59x | $2.85Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.37BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$955.42MtotalLiabTangible book$1.41BShares495,823,179commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.85 | 0.91xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$181.32MebitdaCapex$53.85McapitalExpendituresInterest$39.51MinterestExpenseShort-term debt$100.00MshortLongTermDebtEBITDA − capex$127.46MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.91x | $10.72MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$64.57MtotalCashFromOperatingActivitiesCapex$53.85McapitalExpendituresFree cash flow$10.72MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.72M | 4.3%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$109.37MoperatingIncomeTax expense$12.67MincomeTaxExpensePretax income$140.40MincomeBeforeTaxTax rate9.0%Equity$1.41BtotalStockholderEquityDebt$904.18MshortLongTermDebtTotalCash$3.42McashInvested capital$2.31BResult 4.3% | 385.37xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$109.37MoperatingIncomeNet PP&E$283.82KpropertyPlantAndEquipmentNetResult 385.37x |
- 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.
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2026)
Net PP&E: $283.82K
Inventory: $0.00
Total assets: $2.37B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $955.42M
Tangible book: $1.41B
Shares: 495,823,179
Revenue: $159.81M
Capex: $53.85M
D&A: $8.17M
EBITDA: $181.32M
Interest: $39.51M
Short-term debt: $100.00M
Free cash flow: $10.72M
Operating income: $109.37M
Invested capital: $2.31B
Tax rate: 9.0%