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.
Neutron Holdings, Inc. Common Stock
Physical assets are 38.4% of total assets, a mixed footprint. Capex is 0.89x 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 -0.02x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 3.12x.
Physical asset ratio
38.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$284.47MpropertyPlantAndEquipmentNetInventory$20.87MinventoryTotal assets$794.29MtotalAssetsResult 38.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.12xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$886.72MtotalRevenueNet PP&E$284.47MpropertyPlantAndEquipmentNetResult 3.12x
Revenue per dollar of the physical asset base.
Capex / D&A
0.89xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$111.05McapitalExpendituresD&A$124.67MreconciledDepreciationResult 0.89x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$8.14Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$794.29MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.32BtotalLiabTangible book-$521.38MShares64,025,936commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$8.14
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$24.52Latest quoteTangible book / share-$8.142025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $24.52.
Fixed-charge coverage
-0.02xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$96.07MebitdaCapex$111.05McapitalExpendituresInterest$20.63MinterestExpenseShort-term debt$774.19MshortLongTermDebtEBITDA − capex-$14.98MPrincipal due is the current portion of debt.Result -0.02x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$103.79MfreeCashFlowMarket cap$1.56BMarketCapitalizationResult 6.6%
Latest free cash flow divided by current market cap ($1.56B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$70.40MoperatingIncomeTax expense$10.08MtaxProvisionPretax income-$49.23MincomeBeforeTaxTax rate—Equity-$521.38MtotalStockholderEquityDebt$982.08MlongTermDebt + shortLongTermDebtCash$339.83McashInvested capital$120.87MROIC 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 0.25x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2023 | 46.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$240.67MpropertyPlantAndEquipmentNetInventory$35.83MinventoryTotal assets$598.65MtotalAssetsResult 46.2% | 2.17xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$521.98MtotalRevenueNet PP&E$240.67MpropertyPlantAndEquipmentNetResult 2.17x | 0.75xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$80.13McapitalExpendituresD&A$106.34MreconciledDepreciationResult 0.75x | -$7.32Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$598.65MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.07BtotalLiabTangible book-$468.94MShares64,025,936commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$7.32 | -2.89xFixed-charge coverage · 2023-12-31(EBITDA − capex) / interestEBITDA$13.21MebitdaCapex$80.13McapitalExpendituresInterest$23.14MinterestExpenseEBITDA − capex-$66.92MShort-term debt was not reported, so the denominator is interest only.Result -2.89x | $1.07MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$81.20MtotalCashFromOperatingActivitiesCapex$80.13McapitalExpendituresFree cash flow$1.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.07M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$24.62MoperatingIncomeTax expense$6.08MtaxProvisionPretax income-$116.28MincomeBeforeTaxTax rate—Equity-$468.94MtotalStockholderEquityDebt$796.98MlongTermDebtCash$244.29McashInvested capital$83.75MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.10xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$24.62MoperatingIncomeNet PP&E$240.67MpropertyPlantAndEquipmentNetResult -0.10x |
| 2024 | 46.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$291.52MpropertyPlantAndEquipmentNetInventory$22.54MinventoryTotal assets$677.99MtotalAssetsResult 46.3% | 2.36xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$686.63MtotalRevenueNet PP&E$291.52MpropertyPlantAndEquipmentNetResult 2.36x | 1.36xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$121.65McapitalExpendituresD&A$89.55MreconciledDepreciationResult 1.36x | -$7.70Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$677.99MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.17BtotalLiabTangible book-$493.09MShares64,025,936commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$7.70 | -2.04xFixed-charge coverage · 2024-12-31(EBITDA − capex) / interestEBITDA$80.31MebitdaCapex$121.65McapitalExpendituresInterest$20.28MinterestExpenseEBITDA − capex-$41.34MShort-term debt was not reported, so the denominator is interest only.Result -2.04x | $47.30MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$168.95MtotalCashFromOperatingActivitiesCapex$121.65McapitalExpendituresFree cash flow$47.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $47.30M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$46.97MoperatingIncomeTax expense$4.40MtaxProvisionPretax income-$29.52MincomeBeforeTaxTax rate—Equity-$493.09MtotalStockholderEquityDebt$857.31MlongTermDebtCash$242.65McashInvested capital$121.57MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.16xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$46.97MoperatingIncomeNet PP&E$291.52MpropertyPlantAndEquipmentNetResult 0.16x |
| 2025 | 38.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$284.47MpropertyPlantAndEquipmentNetInventory$20.87MinventoryTotal assets$794.29MtotalAssetsResult 38.4% | 3.12xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$886.72MtotalRevenueNet PP&E$284.47MpropertyPlantAndEquipmentNetResult 3.12x | 0.89xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$111.05McapitalExpendituresD&A$124.67MreconciledDepreciationResult 0.89x | -$8.14Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$794.29MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.32BtotalLiabTangible book-$521.38MShares64,025,936commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$8.14 | -0.02xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$96.07MebitdaCapex$111.05McapitalExpendituresInterest$20.63MinterestExpenseShort-term debt$774.19MshortLongTermDebtEBITDA − capex-$14.98MPrincipal due is the current portion of debt.Result -0.02x | $103.79MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$214.84MtotalCashFromOperatingActivitiesCapex$111.05McapitalExpendituresFree cash flow$103.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $103.79M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$70.40MoperatingIncomeTax expense$10.08MtaxProvisionPretax income-$49.23MincomeBeforeTaxTax rate—Equity-$521.38MtotalStockholderEquityDebt$982.08MlongTermDebt + shortLongTermDebtCash$339.83McashInvested capital$120.87MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.25xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$70.40MoperatingIncomeNet PP&E$284.47MpropertyPlantAndEquipmentNetResult 0.25x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $284.47M
Inventory: $20.87M
Total assets: $794.29M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $1.32B
Tangible book: -$521.38M
Shares: 64,025,936
Revenue: $886.72M
Capex: $111.05M
D&A: $124.67M
EBITDA: $96.07M
Interest: $20.63M
Short-term debt: $774.19M
Free cash flow: $103.79M
Operating income: $70.40M
Invested capital: $120.87M
Tax rate: —