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.
Live Oak Bancshares, 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 0.49x 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 0.38x, which is below 1.
Fixed-asset turnover is 4.33x. Compare it with other names in the same basket.
Physical asset ratio
1.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$240.20MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$15.13BtotalAssetsInventory was not reported and is treated as zero.Result 1.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.33xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.04BtotalRevenueNet PP&E$240.20MpropertyPlantEquipmentResult 4.33x
Revenue per dollar of the physical asset base.
Capex / D&A
0.49xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$14.76McapitalExpendituresD&A$30.40MdepreciationAndAmortizationResult 0.49x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$25.72Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.13BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$63.16MintangibleAssetsLiabilities$13.88BtotalLiabTangible book$1.19BShares46,298,408commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $25.72
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.34xPrice / tangible bookPrice / tangible book per sharePrice$34.47Latest quoteTangible book / share$25.722025-12-31Result 1.34x
Price $34.47.
Fixed-charge coverage
0.38xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$191.38MebitdaCapex$14.76McapitalExpendituresInterest$460.11MinterestExpenseShort-term debt$542.00KshortTermDebtEBITDA − capex$176.63MPrincipal due is short-term debt.Result 0.38x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$143.49MfreeCashFlowMarket cap$1.63BMarketCapitalizationResult 8.8%
Latest free cash flow divided by current market cap ($1.63B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$160.98MoperatingIncomeTax expense$57.35MincomeTaxExpensePretax income$160.98MincomeBeforeTaxTax rate35.6%Equity$1.25BtotalStockholderEquityDebt$102.40MshortLongTermDebtTotalCash$1.73BcashAndShortTermInvestmentsInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.67x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 7.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$262.52MpropertyPlantAndEquipmentNetInventory$1.09MinventoryTotal assets$3.67BtotalAssetsResult 7.2% | 0.96xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$253.33MtotalRevenueNet PP&E$262.52MpropertyPlantAndEquipmentNetResult 0.96x | 6.79xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$111.32McapitalExpendituresD&A$16.39MdepreciationAndAmortizationResult 6.79x | $11.02Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.67BtotalAssetsGoodwill$32.16MgoodWillIntangibles$4.71MintangibleAssetsLiabilities$3.18BtotalLiabTangible book$456.69MShares41,447,000commonStockSharesOutstandingResult $11.02 | -0.87xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$62.43MebitdaCapex$111.32McapitalExpendituresInterest$54.60MinterestExpenseShort-term debt$1.44MshortTermDebtEBITDA − capex-$48.89MPrincipal due is short-term debt.Result -0.87x | -$105.03MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$6.29MtotalCashFromOperatingActivitiesCapex$111.32McapitalExpendituresFree cash flow-$105.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$105.03M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$46.05MoperatingIncomeTax expense-$5.40MincomeTaxExpensePretax income$46.05MincomeBeforeTaxTax rate0.0%Equity$493.56MtotalStockholderEquityDebt$1.46MlongTermDebt + shortLongTermDebtCash$704.56McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.18xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$46.05MoperatingIncomeNet PP&E$262.52MpropertyPlantAndEquipmentNetResult 0.18x |
| 2019 | 6.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$281.53MpropertyPlantAndEquipmentNetInventory$5.61MinventoryTotal assets$4.81BtotalAssetsResult 6.0% | 1.03xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$289.51MtotalRevenueNet PP&E$281.53MpropertyPlantAndEquipmentNetResult 1.03x | 1.86xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$37.20McapitalExpendituresD&A$19.97MdepreciationAndAmortizationResult 1.86x | $11.85Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.81BtotalAssetsGoodwill$32.16MgoodWillIntangibles$3.85MintangibleAssetsLiabilities$4.29BtotalLiabTangible book$486.37MShares41,053,514commonStockSharesOutstandingResult $11.85 | 0.07xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$43.43MebitdaCapex$37.20McapitalExpendituresInterest$87.90MinterestExpenseShort-term debt$2.63MshortLongTermDebtTotal − longTermDebtEBITDA − capex$6.24MShort-term debt is total debt minus long-term debt.Result 0.07x | -$531.12MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$493.93MtotalCashFromOperatingActivitiesCapex$37.20McapitalExpendituresFree cash flow-$531.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$531.12M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$23.47MoperatingIncomeTax expense$5.43MincomeTaxExpensePretax income$23.47MincomeBeforeTaxTax rate23.1%Equity$522.38MtotalStockholderEquityDebt$14.00KlongTermDebt + shortLongTermDebtCash$674.05McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.08xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$23.47MoperatingIncomeNet PP&E$281.53MpropertyPlantAndEquipmentNetResult 0.08x |
| 2020 | 3.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$259.27MpropertyPlantEquipmentInventory$5.09MinventoryTotal assets$7.87BtotalAssetsResult 3.4% | 1.46xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$378.31MtotalRevenueNet PP&E$259.27MpropertyPlantEquipmentResult 1.46x | 0.97xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$20.99McapitalExpendituresD&A$21.69MdepreciationAndAmortizationResult 0.97x | $12.75Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.87BtotalAssetsGoodwill$32.16MgoodWillIntangibles$3.00MintangibleAssetsLiabilities$7.30BtotalLiabTangible book$532.69MShares41,771,250commonStockSharesOutstandingResult $12.75 | 0.44xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$69.08MebitdaCapex$20.99McapitalExpendituresInterest$93.69MinterestExpenseShort-term debt$14.49MshortLongTermDebtEBITDA − capex$48.09MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.44x | -$293.98MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$272.99MtotalCashFromOperatingActivitiesCapex$20.99McapitalExpendituresFree cash flow-$293.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$293.98M | 4.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$47.39MoperatingIncomeTax expense-$12.15MincomeTaxExpensePretax income$47.39MincomeBeforeTaxTax rate0.0%Equity$567.85MtotalStockholderEquityDebt$1.56BshortLongTermDebtTotalCash$1.05BcashAndShortTermInvestmentsInvested capital$1.07BResult 4.4% | 0.18xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$47.39MoperatingIncomeNet PP&E$259.27MpropertyPlantEquipmentResult 0.18x |
| 2021 | 2.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$240.20MpropertyPlantEquipmentInventory$620.00KinventoryTotal assets$8.21BtotalAssetsResult 2.9% | 2.11xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$506.41MtotalRevenueNet PP&E$240.20MpropertyPlantEquipmentResult 2.11x | 0.14xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.08McapitalExpendituresD&A$21.37MdepreciationAndAmortizationResult 0.14x | $15.10Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.21BtotalAssetsGoodwill$32.16MgoodWillIntangibles$2.31MintangibleAssetsLiabilities$7.50BtotalLiabTangible book$680.66MShares45,071,304commonStockSharesOutstandingResult $15.10 | 3.16xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$232.15MebitdaCapex$3.08McapitalExpendituresInterest$64.43MinterestExpenseShort-term debt$8.00MshortLongTermDebtEBITDA − capex$229.07MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 3.16x | -$122.80MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$119.72MtotalCashFromOperatingActivitiesCapex$3.08McapitalExpendituresFree cash flow-$122.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$122.80M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$210.79MoperatingIncomeTax expense$43.79MincomeTaxExpensePretax income$210.79MincomeBeforeTaxTax rate20.8%Equity$715.13MtotalStockholderEquityDebt$326.29MshortLongTermDebtTotalCash$1.10BcashAndShortTermInvestmentsInvested capital—Result — | 0.88xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$210.79MoperatingIncomeNet PP&E$240.20MpropertyPlantEquipmentResult 0.88x |
| 2022 | 2.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$263.29MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$9.86BtotalAssetsInventory was not reported and is treated as zero.Result 2.7% | 1.93xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$508.83MtotalRevenueNet PP&E$263.29MpropertyPlantEquipmentResult 1.93x | 2.11xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$43.75McapitalExpendituresD&A$20.78MdepreciationAndAmortizationResult 2.11x | $17.30Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.86BtotalAssetsGoodwill$32.16MgoodWillIntangibles$1.86MintangibleAssetsLiabilities$9.04BtotalLiabTangible book$777.01MShares44,906,000commonStockSharesOutstandingResult $17.30 | 1.12xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$231.10MebitdaCapex$43.75McapitalExpendituresInterest$116.97MinterestExpenseShort-term debt$50.00MshortTermDebtEBITDA − capex$187.35MPrincipal due is short-term debt.Result 1.12x | $80.73MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$124.49MtotalCashFromOperatingActivitiesCapex$43.75McapitalExpendituresFree cash flow$80.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $80.73M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$210.32MoperatingIncomeTax expense$34.12MincomeTaxExpensePretax income$210.32MincomeBeforeTaxTax rate16.2%Equity$811.03MtotalStockholderEquityDebt$83.20MshortLongTermDebtTotalCash$1.30BcashAndShortTermInvestmentsInvested capital—Result — | 0.80xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$210.32MoperatingIncomeNet PP&E$263.29MpropertyPlantEquipmentResult 0.80x |
| 2023 | 2.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$260.68MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$11.27BtotalAssetsInventory was not reported and is treated as zero.Result 2.3% | 2.98xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$776.55MtotalRevenueNet PP&E$260.68MpropertyPlantEquipmentResult 2.98x | 2.20xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$46.84McapitalExpendituresD&A$21.27MdepreciationAndAmortizationResult 2.20x | $12.26Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.27BtotalAssetsGoodwill$32.16MgoodWillIntangibles$1.42MintangibleAssetsLiabilities$10.68BtotalLiabTangible book$552.98MShares45,094,879commonStockSharesOutstandingResult $12.26 | 0.17xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$104.10MebitdaCapex$46.84McapitalExpendituresInterest$342.97MinterestExpenseShort-term debt$718.00KshortTermDebtEBITDA − capex$57.26MPrincipal due is short-term debt.Result 0.17x | $573.23MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$620.07MtotalCashFromOperatingActivitiesCapex$46.84McapitalExpendituresFree cash flow$573.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $573.23M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$82.83MoperatingIncomeTax expense$8.93MincomeTaxExpensePretax income$82.83MincomeBeforeTaxTax rate10.8%Equity$586.56MtotalStockholderEquityDebt$23.35MshortLongTermDebtTotalCash$1.71BcashAndShortTermInvestmentsInvested capital—Result — | 0.32xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$82.83MoperatingIncomeNet PP&E$260.68MpropertyPlantEquipmentResult 0.32x |
| 2024 | 2.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$266.30MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$12.94BtotalAssetsInventory was not reported and is treated as zero.Result 2.1% | 3.49xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$929.29MtotalRevenueNet PP&E$266.30MpropertyPlantEquipmentResult 3.49x | 2.12xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$49.31McapitalExpendituresD&A$23.28MdepreciationAndAmortizationResult 2.12x | $21.12Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.94BtotalAssetsGoodwill$32.16MgoodWillIntangibles$994.00KintangibleAssetsLiabilities$11.94BtotalLiabTangible book$970.34MShares45,954,000commonStockSharesOutstandingResult $21.12 | 0.14xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$112.52MebitdaCapex$49.31McapitalExpendituresInterest$436.47MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$63.21MShort-term debt is total debt minus long-term debt.Result 0.14x | $487.16MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$536.47MtotalCashFromOperatingActivitiesCapex$49.31McapitalExpendituresFree cash flow$487.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $487.16M | 16.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$89.24MoperatingIncomeTax expense$11.82MincomeTaxExpensePretax income$89.24MincomeBeforeTaxTax rate13.2%Equity$999.03MtotalStockholderEquityDebt$112.82MshortLongTermDebtTotalCash$634.39McashAndShortTermInvestmentsInvested capital$477.46MResult 16.2% | 0.34xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$89.24MoperatingIncomeNet PP&E$266.30MpropertyPlantEquipmentResult 0.34x |
| 2025 | 1.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$240.20MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$15.13BtotalAssetsInventory was not reported and is treated as zero.Result 1.6% | 4.33xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.04BtotalRevenueNet PP&E$240.20MpropertyPlantEquipmentResult 4.33x | 0.49xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$14.76McapitalExpendituresD&A$30.40MdepreciationAndAmortizationResult 0.49x | $25.72Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.13BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$63.16MintangibleAssetsLiabilities$13.88BtotalLiabTangible book$1.19BShares46,298,408commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $25.72 | 0.38xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$191.38MebitdaCapex$14.76McapitalExpendituresInterest$460.11MinterestExpenseShort-term debt$542.00KshortTermDebtEBITDA − capex$176.63MPrincipal due is short-term debt.Result 0.38x | $143.49MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$158.24MtotalCashFromOperatingActivitiesCapex$14.76McapitalExpendituresFree cash flow$143.49MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $143.49M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$160.98MoperatingIncomeTax expense$57.35MincomeTaxExpensePretax income$160.98MincomeBeforeTaxTax rate35.6%Equity$1.25BtotalStockholderEquityDebt$102.40MshortLongTermDebtTotalCash$1.73BcashAndShortTermInvestmentsInvested capital—Result — | 0.67xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$160.98MoperatingIncomeNet PP&E$240.20MpropertyPlantEquipmentResult 0.67x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $240.20M
Inventory: $0.00
Total assets: $15.13B
Goodwill: $0.00
Intangibles: $63.16M
Liabilities: $13.88B
Tangible book: $1.19B
Shares: 46,298,408
Revenue: $1.04B
Capex: $14.76M
D&A: $30.40M
EBITDA: $191.38M
Interest: $460.11M
Short-term debt: $542.00K
Free cash flow: $143.49M
Operating income: $160.98M
Invested capital: —
Tax rate: 35.6%