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.
Independent Bank
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 0.29x 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 0.82x, which is below 1.
Fixed-asset turnover is 5.35x. Compare it with other names in the same basket.
Physical asset ratio
0.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$218.19MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$24.91BtotalAssetsInventory was not reported and is treated as zero.Result 0.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.35xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.17BtotalRevenueNet PP&E$218.19MpropertyPlantAndEquipmentNetResult 5.35x
Revenue per dollar of the physical asset base.
Capex / D&A
0.29xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$12.14McapitalExpendituresD&A$42.14MdepreciationAndAmortizationResult 0.29x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$47.33Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.91BtotalAssetsGoodwill$1.09BgoodWillIntangibles$133.58MintangibleAssetsLiabilities$21.35BtotalLiabTangible book$2.34BShares49,476,340commonStockSharesOutstandingResult $47.33
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.75xPrice / tangible bookPrice / tangible book per sharePrice$82.74Latest quoteTangible book / share$47.332025-12-31Result 1.75x
Price $82.74.
Fixed-charge coverage
0.82xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$309.06MebitdaCapex$12.14McapitalExpendituresInterest$313.57MinterestExpenseShort-term debt$49.95MshortLongTermDebtEBITDA − capex$296.93MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.82x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$239.50MfreeCashFlowMarket cap$3.92BMarketCapitalizationResult 6.1%
Latest free cash flow divided by current market cap ($3.92B).
ROIC
4.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$266.92MoperatingIncomeTax expense$57.05MincomeTaxExpensePretax income$262.17MincomeBeforeTaxTax rate21.8%Equity$3.57BtotalStockholderEquityDebt$901.25MshortLongTermDebtTotalCash$234.49McashAndShortTermInvestmentsInvested capital$4.23BResult 4.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.22x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$97.58MpropertyPlantEquipmentInventory$6.43MinventoryTotal assets$8.85BtotalAssetsResult 1.2% | 4.22xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$412.21MtotalRevenueNet PP&E$97.58MpropertyPlantEquipmentResult 4.22x | 0.71xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$11.11McapitalExpendituresD&A$15.63MdepreciationAndAmortizationResult 0.71x | $29.01Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.85BtotalAssetsGoodwill$256.11MgoodWillIntangibles$15.25MintangibleAssetsLiabilities$7.78BtotalLiabTangible book$802.14MShares27,654,000commonStockSharesOutstandingResult $29.01 | 0.93xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$171.56MebitdaCapex$11.11McapitalExpendituresInterest$25.54MinterestExpenseShort-term debt$147.81MshortTermDebtEBITDA − capex$160.45MPrincipal due is short-term debt.Result 0.93x | $130.73MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$141.84MtotalCashFromOperatingActivitiesCapex$11.11McapitalExpendituresFree cash flow$130.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $130.73M | 19.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$155.93MoperatingIncomeTax expense$34.30MincomeTaxExpensePretax income$155.93MincomeBeforeTaxTax rate22.0%Equity$1.07BtotalStockholderEquityDebt$258.71MlongTermDebt + shortLongTermDebtCash$693.21McashAndShortTermInvestmentsInvested capital$638.99MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 19.0% | 1.60xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$155.93MoperatingIncomeNet PP&E$97.58MpropertyPlantEquipmentResult 1.60x |
| 2019 | 1.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$123.67MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$11.40BtotalAssetsInventory was not reported and is treated as zero.Result 1.1% | 4.50xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$556.63MtotalRevenueNet PP&E$123.67MpropertyPlantEquipmentResult 4.50x | 0.85xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$16.58McapitalExpendituresD&A$19.44MdepreciationAndAmortizationResult 0.85x | $321.30Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.40BtotalAssetsGoodwill$506.21MgoodWillIntangibles$29.29MintangibleAssetsLiabilities$303.10MtotalLiabTangible book$10.56BShares32,856,234commonStockSharesOutstandingResult $321.30 | 1.39xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$237.55MebitdaCapex$16.58McapitalExpendituresInterest$53.88MinterestExpenseShort-term debt$104.98MshortLongTermDebtEBITDA − capex$220.96MPrincipal due is the current portion of debt.Result 1.39x | $199.94MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$216.52MtotalCashFromOperatingActivitiesCapex$16.58McapitalExpendituresFree cash flow$199.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $199.94M | 1.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$218.11MoperatingIncomeTax expense$52.93MincomeTaxExpensePretax income$218.11MincomeBeforeTaxTax rate24.3%Equity$11.09BtotalStockholderEquityDebt$304.08MshortLongTermDebtTotalCash$577.40McashAndShortTermInvestmentsInvested capital$10.82BResult 1.5% | 1.76xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$218.11MoperatingIncomeNet PP&E$123.67MpropertyPlantEquipmentResult 1.76x |
| 2020 | 0.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$116.39MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$13.20BtotalAssetsInventory was not reported and is treated as zero.Result 0.9% | 4.36xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$507.42MtotalRevenueNet PP&E$116.39MpropertyPlantEquipmentResult 4.36x | 0.46xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$12.59McapitalExpendituresD&A$27.26MdepreciationAndAmortizationResult 0.46x | $35.25Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.20BtotalAssetsGoodwill$506.21MgoodWillIntangibles$23.11MintangibleAssetsLiabilities$11.50BtotalLiabTangible book$1.17BShares33,285,000commonStockSharesOutstandingResult $35.25 | 1.96xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$180.10MebitdaCapex$12.59McapitalExpendituresInterest$34.34MinterestExpenseShort-term debt$51.13MshortTermDebtEBITDA − capex$167.51MPrincipal due is short-term debt.Result 1.96x | $52.05MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$64.64MtotalCashFromOperatingActivitiesCapex$12.59McapitalExpendituresFree cash flow$52.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $52.05M | 69.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$152.84MoperatingIncomeTax expense$31.67MincomeTaxExpensePretax income$152.84MincomeBeforeTaxTax rate20.7%Equity$1.70BtotalStockholderEquityDebt$181.06MshortLongTermDebtTotalCash$1.71BcashAndShortTermInvestmentsInvested capital$174.25MResult 69.5% | 1.31xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$152.84MoperatingIncomeNet PP&E$116.39MpropertyPlantEquipmentResult 1.31x |
| 2021 | 1.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$195.59MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$20.42BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 2.64xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$515.98MtotalRevenueNet PP&E$195.59MpropertyPlantEquipmentResult 2.64x | 0.77xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$25.20McapitalExpendituresD&A$32.82MdepreciationAndAmortizationResult 0.77x | $57.34Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$20.42BtotalAssetsGoodwill$985.07MgoodWillIntangibles$32.77MintangibleAssetsLiabilities$17.40BtotalLiabTangible book$2.00BShares34,889,000commonStockSharesOutstandingResult $57.34 | 2.99xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$189.50MebitdaCapex$25.20McapitalExpendituresInterest$13.72MinterestExpenseShort-term debt$41.29MshortTermDebtEBITDA − capex$164.30MPrincipal due is short-term debt.Result 2.99x | $165.02MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$190.22MtotalCashFromOperatingActivitiesCapex$25.20McapitalExpendituresFree cash flow$165.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $165.02M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$156.68MoperatingIncomeTax expense$35.68MincomeTaxExpensePretax income$156.68MincomeBeforeTaxTax rate22.8%Equity$3.02BtotalStockholderEquityDebt$152.37MshortLongTermDebtTotalCash$3.81BcashAndShortTermInvestmentsInvested capital—Result — | 0.80xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$156.68MoperatingIncomeNet PP&E$195.59MpropertyPlantEquipmentResult 0.80x |
| 2022 | 1.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$255.40MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$19.29BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($196.50M, propertyPlantAndEquipmentNet).Result 1.3% | 2.94xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$749.84MtotalRevenueNet PP&E$255.40MpropertyPlantEquipmentResult 2.94x | 0.57xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$22.07McapitalExpendituresD&A$38.80MdepreciationAndAmortizationResult 0.57x | $40.45Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.29BtotalAssetsGoodwill$985.07MgoodWillIntangibles$25.07MintangibleAssetsLiabilities$16.41BtotalLiabTangible book$1.88BShares46,390,000commonStockSharesOutstandingResult $40.45 | 8.42xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$386.55MebitdaCapex$22.07McapitalExpendituresInterest$29.59MinterestExpenseShort-term debt$13.71MshortTermDebtEBITDA − capex$364.48MPrincipal due is short-term debt.Result 8.42x | $399.13MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$421.20MtotalCashFromOperatingActivitiesCapex$22.07McapitalExpendituresFree cash flow$399.13MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $399.13M | 21.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$347.75MoperatingIncomeTax expense$83.94MincomeTaxExpensePretax income$347.75MincomeBeforeTaxTax rate24.1%Equity$2.89BtotalStockholderEquityDebt$113.38MshortLongTermDebtTotalCash$1.75BcashAndShortTermInvestmentsInvested capital$1.25BResult 21.1% | 1.36xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$347.75MoperatingIncomeNet PP&E$255.40MpropertyPlantEquipmentResult 1.36x |
| 2023 | 1.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$193.05MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$19.35BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 4.12xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$795.73MtotalRevenueNet PP&E$193.05MpropertyPlantAndEquipmentNetResult 4.12x | 0.61xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$15.84McapitalExpendituresD&A$25.78MdepreciationAndAmortizationResult 0.61x | $42.81Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.35BtotalAssetsGoodwill$985.07MgoodWillIntangibles$18.19MintangibleAssetsLiabilities$16.45BtotalLiabTangible book$1.89BShares44,194,000commonStockSharesOutstandingResult $42.81 | 0.23xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$315.13MebitdaCapex$15.84McapitalExpendituresInterest$189.21MinterestExpenseShort-term debt$1.12BshortTermDebtEBITDA − capex$299.29MPrincipal due is short-term debt.Result 0.23x | $261.15MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$276.99MtotalCashFromOperatingActivitiesCapex$15.84McapitalExpendituresFree cash flow$261.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $261.15M | 9.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$315.13MoperatingIncomeTax expense$75.63MincomeTaxExpensePretax income$315.13MincomeBeforeTaxTax rate24.0%Equity$2.90BtotalStockholderEquityDebt$1.22BshortLongTermDebtTotalCash$1.56BcashAndShortTermInvestmentsInvested capital$2.56BResult 9.4% | 1.63xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$315.13MoperatingIncomeNet PP&E$193.05MpropertyPlantAndEquipmentNetResult 1.63x |
| 2024 | 1.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$193.32MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$19.37BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 5.04xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$974.14MtotalRevenueNet PP&E$193.32MpropertyPlantAndEquipmentNetResult 5.04x | 0.50xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$20.44McapitalExpendituresD&A$40.89MdepreciationAndAmortizationResult 0.50x | $46.95Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.37BtotalAssetsGoodwill$985.07MgoodWillIntangibles$12.28MintangibleAssetsLiabilities$16.38BtotalLiabTangible book$2.00BShares42,512,000commonStockSharesOutstandingResult $46.95 | 0.28xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$288.02MebitdaCapex$20.44McapitalExpendituresInterest$291.02MinterestExpenseShort-term debt$651.90MshortTermDebtEBITDA − capex$267.58MPrincipal due is short-term debt.Result 0.28x | $209.49MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$229.92MtotalCashFromOperatingActivitiesCapex$20.44McapitalExpendituresFree cash flow$209.49MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $209.49M | 5.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$247.13MoperatingIncomeTax expense$55.05MincomeTaxExpensePretax income$247.13MincomeBeforeTaxTax rate22.3%Equity$2.99BtotalStockholderEquityDebt$701.37MshortLongTermDebtTotalCash$367.16McashAndShortTermInvestmentsInvested capital$3.33BResult 5.8% | 1.28xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$247.13MoperatingIncomeNet PP&E$193.32MpropertyPlantAndEquipmentNetResult 1.28x |
| 2025 | 0.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$218.19MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$24.91BtotalAssetsInventory was not reported and is treated as zero.Result 0.9% | 5.35xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.17BtotalRevenueNet PP&E$218.19MpropertyPlantAndEquipmentNetResult 5.35x | 0.29xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$12.14McapitalExpendituresD&A$42.14MdepreciationAndAmortizationResult 0.29x | $47.33Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.91BtotalAssetsGoodwill$1.09BgoodWillIntangibles$133.58MintangibleAssetsLiabilities$21.35BtotalLiabTangible book$2.34BShares49,476,340commonStockSharesOutstandingResult $47.33 | 0.82xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$309.06MebitdaCapex$12.14McapitalExpendituresInterest$313.57MinterestExpenseShort-term debt$49.95MshortLongTermDebtEBITDA − capex$296.93MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.82x | $239.50MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$251.16MtotalCashFromOperatingActivitiesCapex$12.14McapitalExpendituresFree cash flow$239.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $239.50M | 4.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$266.92MoperatingIncomeTax expense$57.05MincomeTaxExpensePretax income$262.17MincomeBeforeTaxTax rate21.8%Equity$3.57BtotalStockholderEquityDebt$901.25MshortLongTermDebtTotalCash$234.49McashAndShortTermInvestmentsInvested capital$4.23BResult 4.9% | 1.22xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$266.92MoperatingIncomeNet PP&E$218.19MpropertyPlantAndEquipmentNetResult 1.22x |
- Inventory was missing and treated as zero in the physical asset ratio.
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2025)
Net PP&E: $218.19M
Inventory: $0.00
Total assets: $24.91B
Goodwill: $1.09B
Intangibles: $133.58M
Liabilities: $21.35B
Tangible book: $2.34B
Shares: 49,476,340
Revenue: $1.17B
Capex: $12.14M
D&A: $42.14M
EBITDA: $309.06M
Interest: $313.57M
Short-term debt: $49.95M
Free cash flow: $239.50M
Operating income: $266.92M
Invested capital: $4.23B
Tax rate: 21.8%