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.
Lapidoth
Physical assets are 22.9% of total assets, a light footprint. Capex is 0.64x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by 0.47x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 19.66x.
Physical asset ratio
22.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 407.94MpropertyPlantAndEquipmentNetInventoryILA 1.79BinventoryTotal assetsILA 9.60BtotalAssetsResult 22.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
19.66xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueILA 8.02BtotalRevenueNet PP&EILA 407.94MpropertyPlantAndEquipmentNetResult 19.66x
Revenue per dollar of the physical asset base.
Capex / D&A
0.64xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexILA 83.44McapitalExpendituresD&AILA 131.36MdepreciationAndAmortizationResult 0.64x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
ILA 67.02Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 9.60BtotalAssetsGoodwillILA 0.00Not reported, treated as 0IntangiblesILA 56.31MintangibleAssetsLiabilitiesILA 5.47BtotalLiabTangible bookILA 4.07BShares60,778,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result ILA 67.02
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
112.81xPrice / tangible bookPrice / tangible book per sharePriceILA 7.56KLatest quoteTangible book / shareILA 67.022025-12-31Result 112.81x
Price ILA 7.56K.
Fixed-charge coverage
0.47xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 734.90MebitdaCapexILA 83.44McapitalExpendituresInterestILA 90.18MinterestExpenseShort-term debtILA 1.30BshortLongTermDebtEBITDA − capexILA 651.46MPrincipal due is the current portion of debt.Result 0.47x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-9.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-ILA 411.65MfreeCashFlowMarket capILA 4.51BMarketCapitalizationResult -9.1%
Latest free cash flow divided by current market cap (ILA 4.51B).
ROIC
8.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 371.97MoperatingIncomeTax expenseILA 92.82MincomeTaxExpensePretax incomeILA 518.34MincomeBeforeTaxTax rate17.9%EquityILA 2.60BtotalStockholderEquityDebtILA 2.31BshortLongTermDebtTotalCashILA 1.48BcashAndShortTermInvestmentsInvested capitalILA 3.43BResult 8.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.91x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 24.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 54.10MpropertyPlantEquipmentInventoryILA 173.57MinventoryTotal assetsILA 914.82MtotalAssetsResult 24.9% | 27.01xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueILA 1.46BtotalRevenueNet PP&EILA 54.10MpropertyPlantEquipmentResult 27.01x | 0.21xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexILA 4.30McapitalExpendituresD&AILA 20.29MdepreciationAndAmortizationResult 0.21x | ILA 14.54Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 914.82MtotalAssetsGoodwillILA 0.00Not reported, treated as 0IntangiblesILA 26.29MintangibleAssetsLiabilitiesILA 290.21MtotalLiabTangible bookILA 598.33MShares41,145,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result ILA 14.54 | 3.73xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 126.71MebitdaCapexILA 4.30McapitalExpendituresInterestILA 22.74MinterestExpenseShort-term debtILA 10.08MshortLongTermDebtEBITDA − capexILA 122.42MPrincipal due is the current portion of debt.Result 3.73x | ILA 102.80MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowILA 107.09MtotalCashFromOperatingActivitiesCapexILA 4.30McapitalExpendituresFree cash flowILA 102.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 102.80M | 38.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 105.24MoperatingIncomeTax expenseILA 31.70MincomeTaxExpensePretax incomeILA 143.25MincomeBeforeTaxTax rate22.1%EquityILA 399.95MtotalStockholderEquityDebtILA 172.62MshortLongTermDebtTotalCashILA 361.17McashAndShortTermInvestmentsInvested capitalILA 211.40MResult 38.8% | 1.95xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeILA 105.24MoperatingIncomeNet PP&EILA 54.10MpropertyPlantEquipmentResult 1.95x |
| 2019 | 19.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 45.74MpropertyPlantEquipmentInventoryILA 169.41MinventoryTotal assetsILA 1.10BtotalAssetsResult 19.5% | 30.54xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueILA 1.40BtotalRevenueNet PP&EILA 45.74MpropertyPlantEquipmentResult 30.54x | 0.06xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexILA 1.27McapitalExpendituresD&AILA 20.89MdepreciationAndAmortizationResult 0.06x | ILA 15.01Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 1.10BtotalAssetsGoodwillILA 0.00Not reported, treated as 0IntangiblesILA 16.13MintangibleAssetsLiabilitiesILA 465.33MtotalLiabTangible bookILA 623.14MShares41,512,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result ILA 15.01 | 2.77xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 82.58MebitdaCapexILA 1.27McapitalExpendituresInterestILA 18.64MinterestExpenseShort-term debtILA 10.77MshortLongTermDebtEBITDA − capexILA 81.31MPrincipal due is the current portion of debt.Result 2.77x | ILA 8.71MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowILA 9.98MtotalCashFromOperatingActivitiesCapexILA 1.27McapitalExpendituresFree cash flowILA 8.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 8.71M | 17.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 60.31MoperatingIncomeTax expenseILA 11.88MincomeTaxExpensePretax incomeILA 36.51MincomeBeforeTaxTax rate32.5%EquityILA 428.59MtotalStockholderEquityDebtILA 364.24MshortLongTermDebtTotalCashILA 561.16McashAndShortTermInvestmentsInvested capitalILA 231.67MResult 17.6% | 1.32xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeILA 60.31MoperatingIncomeNet PP&EILA 45.74MpropertyPlantEquipmentResult 1.32x |
| 2020 | 19.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 159.82MpropertyPlantEquipmentInventoryILA 1.23BinventoryTotal assetsILA 6.98BtotalAssetsResult 19.9% | 35.07xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueILA 5.60BtotalRevenueNet PP&EILA 159.82MpropertyPlantEquipmentResult 35.07x | 0.24xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexILA 19.00McapitalExpendituresD&AILA 80.01MdepreciationAndAmortizationResult 0.24x | ILA 31.09Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 6.98BtotalAssetsGoodwillILA 0.00Not reported, treated as 0IntangiblesILA 83.81MintangibleAssetsLiabilitiesILA 5.38BtotalLiabTangible bookILA 1.52BShares48,778,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result ILA 31.09 | 0.25xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 339.42MebitdaCapexILA 19.00McapitalExpendituresInterestILA 72.36MinterestExpenseShort-term debtILA 1.22BshortLongTermDebtEBITDA − capexILA 320.42MPrincipal due is the current portion of debt.Result 0.25x | ILA 135.99MFree cash flow · 2020-12-31Reported free cash flowOperating cash flowILA 154.99MtotalCashFromOperatingActivitiesCapexILA 19.00McapitalExpendituresFree cash flowILA 135.99MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 135.99M | 9.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 304.96MoperatingIncomeTax expenseILA 37.30MincomeTaxExpensePretax incomeILA 307.77MincomeBeforeTaxTax rate12.1%EquityILA 733.72MtotalStockholderEquityDebtILA 3.06BshortLongTermDebtTotalCashILA 1.01BcashAndShortTermInvestmentsInvested capitalILA 2.78BResult 9.6% | 1.91xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeILA 304.96MoperatingIncomeNet PP&EILA 159.82MpropertyPlantEquipmentResult 1.91x |
| 2021 | 20.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 233.33MpropertyPlantEquipmentInventoryILA 1.33BinventoryTotal assetsILA 7.69BtotalAssetsResult 20.3% | 27.12xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueILA 6.33BtotalRevenueNet PP&EILA 233.33MpropertyPlantEquipmentResult 27.12x | 0.50xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexILA 35.72McapitalExpendituresD&AILA 71.79MdepreciationAndAmortizationResult 0.50x | ILA 46.16Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 7.69BtotalAssetsGoodwillILA 0.00Not reported, treated as 0IntangiblesILA 76.04MintangibleAssetsLiabilitiesILA 5.24BtotalLiabTangible bookILA 2.37BShares51,316,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result ILA 46.16 | 0.46xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 641.97MebitdaCapexILA 35.72McapitalExpendituresInterestILA 92.04MinterestExpenseShort-term debtILA 1.24BshortLongTermDebtEBITDA − capexILA 606.25MPrincipal due is the current portion of debt.Result 0.46x | ILA 636.85MFree cash flow · 2021-12-31Reported free cash flowOperating cash flowILA 672.57MtotalCashFromOperatingActivitiesCapexILA 35.72McapitalExpendituresFree cash flowILA 636.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 636.85M | 15.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 531.88MoperatingIncomeTax expenseILA 103.59MincomeTaxExpensePretax incomeILA 485.74MincomeBeforeTaxTax rate21.3%EquityILA 1.25BtotalStockholderEquityDebtILA 2.81BshortLongTermDebtTotalCashILA 1.37BcashAndShortTermInvestmentsInvested capitalILA 2.70BResult 15.5% | 2.28xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeILA 531.88MoperatingIncomeNet PP&EILA 233.33MpropertyPlantEquipmentResult 2.28x |
| 2022 | 20.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 271.19MpropertyPlantEquipmentInventoryILA 1.29BinventoryTotal assetsILA 7.63BtotalAssetsResult 20.5% | 24.50xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueILA 6.64BtotalRevenueNet PP&EILA 271.19MpropertyPlantEquipmentResult 24.50x | 0.76xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexILA 68.40McapitalExpendituresD&AILA 90.26MdepreciationAndAmortizationResult 0.76x | ILA 53.97Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 7.63BtotalAssetsGoodwillILA 0.00Not reported, treated as 0IntangiblesILA 67.82MintangibleAssetsLiabilitiesILA 4.79BtotalLiabTangible bookILA 2.77BShares51,316,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result ILA 53.97 | 0.61xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 724.01MebitdaCapexILA 68.40McapitalExpendituresInterestILA 72.38MinterestExpenseShort-term debtILA 1.01BshortLongTermDebtEBITDA − capexILA 655.61MPrincipal due is the current portion of debt.Result 0.61x | ILA 954.78MFree cash flow · 2022-12-31Reported free cash flowOperating cash flowILA 1.02BtotalCashFromOperatingActivitiesCapexILA 68.40McapitalExpendituresFree cash flowILA 954.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 954.78M | 19.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 643.07MoperatingIncomeTax expenseILA 116.39MincomeTaxExpensePretax incomeILA 562.79MincomeBeforeTaxTax rate20.7%EquityILA 1.81BtotalStockholderEquityDebtILA 2.17BshortLongTermDebtTotalCashILA 1.39BcashAndShortTermInvestmentsInvested capitalILA 2.59BResult 19.7% | 2.37xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeILA 643.07MoperatingIncomeNet PP&EILA 271.19MpropertyPlantEquipmentResult 2.37x |
| 2023 | 16.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 291.77MpropertyPlantAndEquipmentNetInventoryILA 999.17MinventoryTotal assetsILA 7.64BtotalAssetsResult 16.9% | 24.66xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueILA 7.20BtotalRevenueNet PP&EILA 291.77MpropertyPlantAndEquipmentNetResult 24.66x | 0.46xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexILA 46.80McapitalExpendituresD&AILA 100.96MdepreciationAndAmortizationResult 0.46x | ILA 48.56Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 7.64BtotalAssetsGoodwillILA 0.00Not reported, treated as 0IntangiblesILA 60.23MintangibleAssetsLiabilitiesILA 4.57BtotalLiabTangible bookILA 3.01BShares61,901,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result ILA 48.56 | 0.62xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 658.16MebitdaCapexILA 46.80McapitalExpendituresInterestILA 71.36MinterestExpenseShort-term debtILA 920.04MshortLongTermDebtEBITDA − capexILA 611.36MPrincipal due is the current portion of debt.Result 0.62x | ILA 156.41MFree cash flow · 2023-12-31Reported free cash flowOperating cash flowILA 203.20MtotalCashFromOperatingActivitiesCapexILA 46.80McapitalExpendituresFree cash flowILA 156.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 156.41M | 15.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 483.11MoperatingIncomeTax expenseILA 104.30MincomeTaxExpensePretax incomeILA 485.58MincomeBeforeTaxTax rate21.5%EquityILA 2.01BtotalStockholderEquityDebtILA 1.95BshortLongTermDebtTotalCashILA 1.44BcashAndShortTermInvestmentsInvested capitalILA 2.52BResult 15.0% | 1.66xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeILA 483.11MoperatingIncomeNet PP&EILA 291.77MpropertyPlantAndEquipmentNetResult 1.66x |
| 2024 | 21.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 344.71MpropertyPlantAndEquipmentNetInventoryILA 1.48BinventoryTotal assetsILA 8.53BtotalAssetsResult 21.4% | 22.25xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueILA 7.67BtotalRevenueNet PP&EILA 344.71MpropertyPlantAndEquipmentNetResult 22.25x | 0.63xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexILA 70.14McapitalExpendituresD&AILA 111.71MdepreciationAndAmortizationResult 0.63x | ILA 57.79Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 8.53BtotalAssetsGoodwillILA 0.00Not reported, treated as 0IntangiblesILA 55.44MintangibleAssetsLiabilitiesILA 4.84BtotalLiabTangible bookILA 3.63BShares62,898,851commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result ILA 57.79 | 0.57xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 756.16MebitdaCapexILA 70.14McapitalExpendituresInterestILA 87.90MinterestExpenseShort-term debtILA 1.12BshortLongTermDebtEBITDA − capexILA 686.02MPrincipal due is the current portion of debt.Result 0.57x | -ILA 40.93MFree cash flow · 2024-12-31Reported free cash flowOperating cash flowILA 29.21MtotalCashFromOperatingActivitiesCapexILA 70.14McapitalExpendituresFree cash flow-ILA 40.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -ILA 40.93M | 10.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 384.70MoperatingIncomeTax expenseILA 101.08MincomeTaxExpensePretax incomeILA 556.55MincomeBeforeTaxTax rate18.2%EquityILA 2.34BtotalStockholderEquityDebtILA 1.98BshortLongTermDebtTotalCashILA 1.42BcashAndShortTermInvestmentsInvested capitalILA 2.90BResult 10.8% | 1.12xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeILA 384.70MoperatingIncomeNet PP&EILA 344.71MpropertyPlantAndEquipmentNetResult 1.12x |
| 2025 | 22.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 407.94MpropertyPlantAndEquipmentNetInventoryILA 1.79BinventoryTotal assetsILA 9.60BtotalAssetsResult 22.9% | 19.66xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueILA 8.02BtotalRevenueNet PP&EILA 407.94MpropertyPlantAndEquipmentNetResult 19.66x | 0.64xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexILA 83.44McapitalExpendituresD&AILA 131.36MdepreciationAndAmortizationResult 0.64x | ILA 67.02Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 9.60BtotalAssetsGoodwillILA 0.00Not reported, treated as 0IntangiblesILA 56.31MintangibleAssetsLiabilitiesILA 5.47BtotalLiabTangible bookILA 4.07BShares60,778,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result ILA 67.02 | 0.47xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 734.90MebitdaCapexILA 83.44McapitalExpendituresInterestILA 90.18MinterestExpenseShort-term debtILA 1.30BshortLongTermDebtEBITDA − capexILA 651.46MPrincipal due is the current portion of debt.Result 0.47x | -ILA 411.65MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-ILA 328.21MtotalCashFromOperatingActivitiesCapexILA 83.44McapitalExpendituresFree cash flow-ILA 411.65MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -ILA 411.65M | 8.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 371.97MoperatingIncomeTax expenseILA 92.82MincomeTaxExpensePretax incomeILA 518.34MincomeBeforeTaxTax rate17.9%EquityILA 2.60BtotalStockholderEquityDebtILA 2.31BshortLongTermDebtTotalCashILA 1.48BcashAndShortTermInvestmentsInvested capitalILA 3.43BResult 8.9% | 0.91xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeILA 371.97MoperatingIncomeNet PP&EILA 407.94MpropertyPlantAndEquipmentNetResult 0.91x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: ILA 407.94M
Inventory: ILA 1.79B
Total assets: ILA 9.60B
Goodwill: ILA 0.00
Intangibles: ILA 56.31M
Liabilities: ILA 5.47B
Tangible book: ILA 4.07B
Shares: 60,778,000
Revenue: ILA 8.02B
Capex: ILA 83.44M
D&A: ILA 131.36M
EBITDA: ILA 734.90M
Interest: ILA 90.18M
Short-term debt: ILA 1.30B
Free cash flow: -ILA 411.65M
Operating income: ILA 371.97M
Invested capital: ILA 3.43B
Tax rate: 17.9%