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.
Heritage Distilling Holding Company, Inc.
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 0.05x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -33.70x, which is below 1.
Fixed-asset turnover is 3.01x. Compare it with other names in the same basket.
Physical asset ratio
4.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.36MpropertyPlantAndEquipmentNetInventory$1.64MinventoryTotal assets$108.76MtotalAssetsResult 4.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.01xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$10.12MtotalRevenueNet PP&E$3.36MpropertyPlantAndEquipmentNetResult 3.01x
Revenue per dollar of the physical asset base.
Capex / D&A
0.05xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$74.75KcapitalExpendituresD&A$1.49MdepreciationAndAmortizationResult 0.05x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$15.12Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$108.76MtotalAssetsGoodwill$0.00goodWillIntangibles$91.70MintangibleAssetsLiabilities$10.54MtotalLiabTangible book$6.51MShares430,997commonStockSharesOutstandingResult $15.12
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.17xPrice / tangible bookPrice / tangible book per sharePrice$2.61Latest quoteTangible book / share$15.122025-12-31Result 0.17x
Price $2.61.
Fixed-charge coverage
-33.70xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$134.59MebitdaCapex$74.75KcapitalExpendituresInterest$1.64MinterestExpenseShort-term debt$2.35MshortLongTermDebtEBITDA − capex-$134.67MPrincipal due is the current portion of debt.Result -33.70x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-811.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$15.40MfreeCashFlowMarket cap$1.90MMarketCapitalizationResult -811.7%
Latest free cash flow divided by current market cap ($1.90M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.35MoperatingIncomeTax expense-$8.49KincomeTaxExpensePretax income-$137.72MincomeBeforeTaxTax rate—Equity$98.22MtotalStockholderEquityDebt$2.57MlongTermDebt + shortLongTermDebtCash$245.28KcashInvested capital$100.55MReported 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 —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -3.67x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2021 | 50.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.20MpropertyPlantAndEquipmentNetInventory$4.33MinventoryTotal assets$24.90MtotalAssetsResult 50.3% | 1.01xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$8.29MtotalRevenueNet PP&E$8.20MpropertyPlantAndEquipmentNetResult 1.01x | 0.95xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.19McapitalExpendituresD&A$1.25MdepreciationAndAmortizationResult 0.95x | $22.45Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.90MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$19.69MtotalLiabTangible book$5.21MShares232,040commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $22.45 | -0.79xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$3.30MebitdaCapex$1.19McapitalExpendituresInterest$2.66MinterestExpenseShort-term debt$2.99MshortLongTermDebtEBITDA − capex-$4.49MPrincipal due is the current portion of debt.Result -0.79x | -$8.88MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$7.69MtotalCashFromOperatingActivitiesCapex$1.19McapitalExpendituresFree cash flow-$8.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$8.88M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.93MoperatingIncomeTax expense$9.03KincomeTaxExpensePretax income-$7.21MincomeBeforeTaxTax rate—Equity$5.21MtotalStockholderEquityDebt$14.27MshortLongTermDebtTotalCash$205.28KcashInvested capital$19.28MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.97xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$7.93MoperatingIncomeNet PP&E$8.20MpropertyPlantAndEquipmentNetResult -0.97x |
| 2022 | 54.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$11.52MpropertyPlantAndEquipmentNetInventory$3.64MinventoryTotal assets$27.96MtotalAssetsResult 54.2% | 0.72xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$8.31MtotalRevenueNet PP&E$11.52MpropertyPlantAndEquipmentNetResult 0.72x | 0.34xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$639.38KcapitalExpendituresD&A$1.89MdepreciationAndAmortizationResult 0.34x | -$28.58Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.96MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$34.59MtotalLiabTangible book-$6.63MShares232,040commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$28.58 | -0.51xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$7.76MebitdaCapex$639.38KcapitalExpendituresInterest$2.61MinterestExpenseShort-term debt$13.88MshortLongTermDebtEBITDA − capex-$8.40MPrincipal due is the current portion of debt.Result -0.51x | -$9.94MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$9.30MtotalCashFromOperatingActivitiesCapex$639.38KcapitalExpendituresFree cash flow-$9.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$9.94M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.83MoperatingIncomeTax expense$8.10KincomeTaxExpensePretax income-$12.26MincomeBeforeTaxTax rate—Equity-$6.63MtotalStockholderEquityDebt$26.66MshortLongTermDebtTotalCash$223.03KcashInvested capital$19.81MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.03xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$11.83MoperatingIncomeNet PP&E$11.52MpropertyPlantAndEquipmentNetResult -1.03x |
| 2023 | 48.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.09MpropertyPlantAndEquipmentNetInventory$2.76MinventoryTotal assets$26.27MtotalAssetsResult 48.9% | 0.79xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$7.97MtotalRevenueNet PP&E$10.09MpropertyPlantAndEquipmentNetResult 0.79x | 0.01xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$26.51KcapitalExpendituresD&A$1.92MdepreciationAndAmortizationResult 0.01x | -$187.13Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.27MtotalAssetsGoodwill$0.00goodWillIntangibles$0.00Not reported, treated as 0Liabilities$69.69MtotalLiabTangible book-$43.42MShares232,040commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result -$187.13 | -0.61xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$32.34MebitdaCapex$26.51KcapitalExpendituresInterest$2.53MinterestExpenseShort-term debt$50.55MshortLongTermDebtEBITDA − capex-$32.37MPrincipal due is the current portion of debt.Result -0.61x | -$8.51MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$8.48MtotalCashFromOperatingActivitiesCapex$26.51KcapitalExpendituresFree cash flow-$8.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$8.51M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.26MoperatingIncomeTax expense$7.00KincomeTaxExpensePretax income-$36.79MincomeBeforeTaxTax rate—Equity-$43.42MtotalStockholderEquityDebt$56.38MshortLongTermDebtTotalCash$76.88KcashInvested capital$12.88MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.12xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$11.26MoperatingIncomeNet PP&E$10.09MpropertyPlantAndEquipmentNetResult -1.12x |
| 2024 | 40.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.75MpropertyPlantAndEquipmentNetInventory$2.47MinventoryTotal assets$28.00MtotalAssetsResult 40.1% | 0.96xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$8.40MtotalRevenueNet PP&E$8.75MpropertyPlantAndEquipmentNetResult 0.96x | 0.06xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$106.42KcapitalExpendituresD&A$1.79MdepreciationAndAmortizationResult 0.06x | -$0.83Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$28.00MtotalAssetsGoodwill$589.87KgoodWillIntangibles$421.15KintangibleAssetsLiabilities$27.21MtotalLiabTangible book-$219.25KShares263,680commonStockSharesOutstandingResult -$0.83 | 0.79xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.05MebitdaCapex$106.42KcapitalExpendituresInterest$2.54MinterestExpenseShort-term debt$3.76MshortLongTermDebtEBITDA − capex$4.94MPrincipal due is the current portion of debt.Result 0.79x | -$11.32MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$11.22MtotalCashFromOperatingActivitiesCapex$106.42KcapitalExpendituresFree cash flow-$11.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$11.32M | -84.1%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$14.92MoperatingIncomeTax expense$9.15KincomeTaxExpensePretax income$719.61KincomeBeforeTaxTax rate1.3%Equity$791.77KtotalStockholderEquityDebt$17.18MshortLongTermDebtTotalCash$453.16KcashInvested capital$17.52MResult -84.1% | -1.70xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$14.92MoperatingIncomeNet PP&E$8.75MpropertyPlantAndEquipmentNetResult -1.70x |
| 2025 | 4.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.36MpropertyPlantAndEquipmentNetInventory$1.64MinventoryTotal assets$108.76MtotalAssetsResult 4.6% | 3.01xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$10.12MtotalRevenueNet PP&E$3.36MpropertyPlantAndEquipmentNetResult 3.01x | 0.05xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$74.75KcapitalExpendituresD&A$1.49MdepreciationAndAmortizationResult 0.05x | $15.12Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$108.76MtotalAssetsGoodwill$0.00goodWillIntangibles$91.70MintangibleAssetsLiabilities$10.54MtotalLiabTangible book$6.51MShares430,997commonStockSharesOutstandingResult $15.12 | -33.70xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$134.59MebitdaCapex$74.75KcapitalExpendituresInterest$1.64MinterestExpenseShort-term debt$2.35MshortLongTermDebtEBITDA − capex-$134.67MPrincipal due is the current portion of debt.Result -33.70x | -$15.40MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$15.33MtotalCashFromOperatingActivitiesCapex$74.75KcapitalExpendituresFree cash flow-$15.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$15.40M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.35MoperatingIncomeTax expense-$8.49KincomeTaxExpensePretax income-$137.72MincomeBeforeTaxTax rate—Equity$98.22MtotalStockholderEquityDebt$2.57MlongTermDebt + shortLongTermDebtCash$245.28KcashInvested capital$100.55MReported 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 — | -3.67xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$12.35MoperatingIncomeNet PP&E$3.36MpropertyPlantAndEquipmentNetResult -3.67x |
- Principal due is the current portion of debt.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2025)
Net PP&E: $3.36M
Inventory: $1.64M
Total assets: $108.76M
Goodwill: $0.00
Intangibles: $91.70M
Liabilities: $10.54M
Tangible book: $6.51M
Shares: 430,997
Revenue: $10.12M
Capex: $74.75K
D&A: $1.49M
EBITDA: -$134.59M
Interest: $1.64M
Short-term debt: $2.35M
Free cash flow: -$15.40M
Operating income: -$12.35M
Invested capital: $100.55M
Tax rate: —