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.
Innovative Solutions and Support
Physical assets are 43.7% of total assets, a mixed footprint. Capex is 1.74x 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. ROIC is 18.3%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 4.35x.
Physical asset ratio
43.7%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$19.37MpropertyPlantAndEquipmentNetInventory$25.80MinventoryTotal assets$103.36MtotalAssetsResult 43.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.35xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$84.30MtotalRevenueNet PP&E$19.37MpropertyPlantAndEquipmentNetResult 4.35x
Revenue per dollar of the physical asset base.
Capex / D&A
1.74xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$6.51McapitalExpendituresD&A$3.73MdepreciationAndAmortizationResult 1.74x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.92Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$103.36MtotalAssetsGoodwill$6.70MgoodWillIntangibles$23.58MintangibleAssetsLiabilities$38.76MtotalLiabTangible book$34.32MShares17,829,033commonStockSharesOutstandingResult $1.92
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$1.922025-09-30A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
4.54xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$25.41MebitdaCapex$6.51McapitalExpendituresInterest$1.73MinterestExpenseShort-term debt$2.44MshortTermDebtEBITDA − capex$18.90MPrincipal due is short-term debt.Result 4.54x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.5%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow$6.79MfreeCashFlowMarket cap$443.54MMarketCapitalizationResult 1.5%
Latest free cash flow divided by current market cap ($443.54M).
ROIC
18.3%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$20.07MoperatingIncomeTax expense$4.32MincomeTaxExpensePretax income$19.95MincomeBeforeTaxTax rate21.7%Equity$64.60MtotalStockholderEquityDebt$24.14MshortLongTermDebtTotalCash$2.69McashInvested capital$86.05MResult 18.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 34.7%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E$8.79MpropertyPlantEquipmentInventory$4.28MinventoryTotal assets$37.63MtotalAssetsResult 34.7% | 1.58xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$13.85MtotalRevenueNet PP&E$8.79MpropertyPlantEquipmentResult 1.58x | 5.84xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$2.55McapitalExpendituresD&A$436.21KdepreciationAndAmortizationResult 5.84x | $2.03Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$37.63MtotalAssetsGoodwill$0.00goodWillIntangibles$68.60KintangibleAssetsLiabilities$3.48MtotalLiabTangible book$34.09MShares16,805,991commonStockSharesOutstandingResult $2.03 | -40.67xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA-$3.28MebitdaCapex$2.55McapitalExpendituresInterest$0.00interestExpenseShort-term debt$143.18KshortTermDebtEBITDA − capex-$5.82MPrincipal due is short-term debt.Result -40.67x | -$4.29MFree cash flow · 2018-09-30Reported free cash flowOperating cash flow-$1.74MtotalCashFromOperatingActivitiesCapex$2.55McapitalExpendituresFree cash flow-$4.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.29M | —ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$3.71MoperatingIncomeTax expense$63.65KincomeTaxExpensePretax income-$3.59MincomeBeforeTaxTax rate—Equity$34.15MtotalStockholderEquityDebt$0.00longTermDebtCash$20.39McashInvested capital$13.76MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.42xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income-$3.71MoperatingIncomeNet PP&E$8.79MpropertyPlantEquipmentResult -0.42x |
| 2019 | 33.5%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$8.44MpropertyPlantEquipmentInventory$4.47MinventoryTotal assets$38.56MtotalAssetsResult 33.5% | 2.08xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$17.57MtotalRevenueNet PP&E$8.44MpropertyPlantEquipmentResult 2.08x | 0.18xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$81.28KcapitalExpendituresD&A$451.28KdepreciationAndAmortizationResult 0.18x | $2.13Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$38.56MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$49.20KintangibleAssetsLiabilities$2.35MtotalLiabTangible book$36.16MShares16,942,447commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.13 | 2.45xFixed-charge coverage · 2019-09-30(EBITDA − capex) / interestEBITDA$1.98MebitdaCapex$81.28KcapitalExpendituresInterest$774.64KinterestExpenseEBITDA − capex$1.90MShort-term debt was not reported, so the denominator is interest only.Result 2.45x | $2.03MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$2.11MtotalCashFromOperatingActivitiesCapex$81.28KcapitalExpendituresFree cash flow$2.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.03M | —ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.53MoperatingIncomeTax expense$1.81KincomeTaxExpensePretax income$1.85MincomeBeforeTaxTax rate0.1%Equity$36.21MtotalStockholderEquityDebt—Not reportedCash$22.42McashInvested capital—Result — | 0.18xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$1.53MoperatingIncomeNet PP&E$8.44MpropertyPlantEquipmentResult 0.18x |
| 2020 | 30.1%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$8.22MpropertyPlantAndEquipmentNetInventory$4.29MinventoryTotal assets$41.55MtotalAssetsResult 30.1% | 2.63xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$21.60MtotalRevenueNet PP&E$8.22MpropertyPlantAndEquipmentNetResult 2.63x | 0.27xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$118.80KcapitalExpendituresD&A$433.51KdepreciationAndAmortizationResult 0.27x | $1.62Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.55MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$112.85KintangibleAssetsLiabilities$13.78MtotalLiabTangible book$27.66MShares17,114,191commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.62 | 4.41xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$3.18MebitdaCapex$118.80KcapitalExpendituresInterest$648.96KinterestExpenseShort-term debt$45.13KshortTermDebtEBITDA − capex$3.06MPrincipal due is short-term debt.Result 4.41x | $2.07MFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$2.19MtotalCashFromOperatingActivitiesCapex$118.80KcapitalExpendituresFree cash flow$2.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.07M | 18.1%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.75MoperatingIncomeTax expense-$308.88KincomeTaxExpensePretax income$2.96MincomeBeforeTaxTax rate0.0%Equity$27.77MtotalStockholderEquityDebt$45.13KshortLongTermDebtTotalCash$12.60McashInvested capital$15.21MResult 18.1% | 0.33xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$2.75MoperatingIncomeNet PP&E$8.22MpropertyPlantAndEquipmentNetResult 0.33x |
| 2021 | 47.0%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$8.19MpropertyPlantAndEquipmentNetInventory$4.55MinventoryTotal assets$27.09MtotalAssetsResult 47.0% | 2.81xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$23.04MtotalRevenueNet PP&E$8.19MpropertyPlantAndEquipmentNetResult 2.81x | 0.79xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$340.68KcapitalExpendituresD&A$432.18KdepreciationAndAmortizationResult 0.79x | $1.42Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.09MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$62.47KintangibleAssetsLiabilities$2.50MtotalLiabTangible book$24.52MShares17,226,620commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.42 | 7.64xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$4.33MebitdaCapex$340.68KcapitalExpendituresInterest$508.32KinterestExpenseShort-term debt$14.30KshortTermDebtEBITDA − capex$3.99MPrincipal due is short-term debt.Result 7.64x | $4.25MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow$4.59MtotalCashFromOperatingActivitiesCapex$340.68KcapitalExpendituresFree cash flow$4.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.25M | 23.8%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.90MoperatingIncomeTax expense-$1.09MincomeTaxExpensePretax income$3.98MincomeBeforeTaxTax rate0.0%Equity$24.59MtotalStockholderEquityDebt$42.98KshortLongTermDebtTotalCash$8.27McashInvested capital$16.36MResult 23.8% | 0.48xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$3.90MoperatingIncomeNet PP&E$8.19MpropertyPlantAndEquipmentNetResult 0.48x |
| 2022 | 33.6%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$6.32MpropertyPlantAndEquipmentNetInventory$5.35MinventoryTotal assets$34.71MtotalAssetsResult 33.6% | 4.39xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$27.74MtotalRevenueNet PP&E$6.32MpropertyPlantAndEquipmentNetResult 4.39x | 0.44xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$161.23KcapitalExpendituresD&A$368.50KdepreciationAndAmortizationResult 0.44x | $1.78Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$34.71MtotalAssetsGoodwill$0.00goodWillIntangibles$60.35KintangibleAssetsLiabilities$3.96MtotalLiabTangible book$30.69MShares17,257,871commonStockSharesOutstandingResult $1.78 | 53.96xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$7.71MebitdaCapex$161.23KcapitalExpendituresInterest$126.28KinterestExpenseShort-term debt$13.62KshortTermDebtEBITDA − capex$7.55MPrincipal due is short-term debt.Result 53.96x | $5.93MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow$6.09MtotalCashFromOperatingActivitiesCapex$161.23KcapitalExpendituresFree cash flow$5.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.93M | 40.1%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.22MoperatingIncomeTax expense$1.82MincomeTaxExpensePretax income$7.34MincomeBeforeTaxTax rate24.8%Equity$30.75MtotalStockholderEquityDebt$28.68KshortLongTermDebtTotalCash$17.25McashInvested capital$13.53MResult 40.1% | 1.14xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income$7.22MoperatingIncomeNet PP&E$6.32MpropertyPlantAndEquipmentNetResult 1.14x |
| 2023 | 22.3%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$7.91MpropertyPlantAndEquipmentNetInventory$6.14MinventoryTotal assets$62.96MtotalAssetsResult 22.3% | 4.40xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$34.81MtotalRevenueNet PP&E$7.91MpropertyPlantAndEquipmentNetResult 4.40x | 0.43xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$298.37KcapitalExpendituresD&A$697.94KdepreciationAndAmortizationResult 0.43x | $1.08Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62.96MtotalAssetsGoodwill$3.56MgoodWillIntangibles$16.19MintangibleAssetsLiabilities$24.32MtotalLiabTangible book$18.89MShares17,419,185commonStockSharesOutstandingResult $1.08 | 3.52xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$8.73MebitdaCapex$298.37KcapitalExpendituresInterest$393.28KinterestExpenseShort-term debt$2.00MshortLongTermDebtEBITDA − capex$8.43MPrincipal due is the current portion of debt.Result 3.52x | $1.80MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow$2.10MtotalCashFromOperatingActivitiesCapex$298.37KcapitalExpendituresFree cash flow$1.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.80M | 10.6%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.36MoperatingIncomeTax expense$1.61MincomeTaxExpensePretax income$7.64MincomeBeforeTaxTax rate21.1%Equity$38.64MtotalStockholderEquityDebt$19.51MshortLongTermDebtTotalCash$3.10McashInvested capital$55.05MResult 10.6% | 0.93xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income$7.36MoperatingIncomeNet PP&E$7.91MpropertyPlantAndEquipmentNetResult 0.93x |
| 2024 | 31.7%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$13.37MpropertyPlantAndEquipmentNetInventory$12.73MinventoryTotal assets$82.38MtotalAssetsResult 31.7% | 3.53xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$47.20MtotalRevenueNet PP&E$13.37MpropertyPlantAndEquipmentNetResult 3.53x | 0.31xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$657.79KcapitalExpendituresD&A$2.10MdepreciationAndAmortizationResult 0.31x | $0.82Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$82.38MtotalAssetsGoodwill$5.21MgoodWillIntangibles$27.01MintangibleAssetsLiabilities$35.74MtotalLiabTangible book$14.41MShares17,480,247commonStockSharesOutstandingResult $0.82 | 11.95xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$11.89MebitdaCapex$657.79KcapitalExpendituresInterest$937.31KinterestExpenseShort-term debt$2.10KshortTermDebtEBITDA − capex$11.23MPrincipal due is short-term debt.Result 11.95x | $5.14MFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$5.80MtotalCashFromOperatingActivitiesCapex$657.79KcapitalExpendituresFree cash flow$5.14MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.14M | 10.3%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.66MoperatingIncomeTax expense$1.85MincomeTaxExpensePretax income$8.85MincomeBeforeTaxTax rate20.9%Equity$46.64MtotalStockholderEquityDebt$28.03MshortLongTermDebtTotalCash$538.98KcashInvested capital$74.13MResult 10.3% | 0.72xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$9.66MoperatingIncomeNet PP&E$13.37MpropertyPlantAndEquipmentNetResult 0.72x |
| 2025 | 43.7%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$19.37MpropertyPlantAndEquipmentNetInventory$25.80MinventoryTotal assets$103.36MtotalAssetsResult 43.7% | 4.35xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$84.30MtotalRevenueNet PP&E$19.37MpropertyPlantAndEquipmentNetResult 4.35x | 1.74xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$6.51McapitalExpendituresD&A$3.73MdepreciationAndAmortizationResult 1.74x | $1.92Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$103.36MtotalAssetsGoodwill$6.70MgoodWillIntangibles$23.58MintangibleAssetsLiabilities$38.76MtotalLiabTangible book$34.32MShares17,829,033commonStockSharesOutstandingResult $1.92 | 4.54xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$25.41MebitdaCapex$6.51McapitalExpendituresInterest$1.73MinterestExpenseShort-term debt$2.44MshortTermDebtEBITDA − capex$18.90MPrincipal due is short-term debt.Result 4.54x | $6.79MFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$13.30MtotalCashFromOperatingActivitiesCapex$6.51McapitalExpendituresFree cash flow$6.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.79M | 18.3%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$20.07MoperatingIncomeTax expense$4.32MincomeTaxExpensePretax income$19.95MincomeBeforeTaxTax rate21.7%Equity$64.60MtotalStockholderEquityDebt$24.14MshortLongTermDebtTotalCash$2.69McashInvested capital$86.05MResult 18.3% | 1.04xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$20.07MoperatingIncomeNet PP&E$19.37MpropertyPlantAndEquipmentNetResult 1.04x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $19.37M
Inventory: $25.80M
Total assets: $103.36M
Goodwill: $6.70M
Intangibles: $23.58M
Liabilities: $38.76M
Tangible book: $34.32M
Shares: 17,829,033
Revenue: $84.30M
Capex: $6.51M
D&A: $3.73M
EBITDA: $25.41M
Interest: $1.73M
Short-term debt: $2.44M
Free cash flow: $6.79M
Operating income: $20.07M
Invested capital: $86.05M
Tax rate: 21.7%