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.
Open Lending Corp
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 0.02x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by 0.46x, which is below 1.
Fixed-asset turnover is 26.47x. Compare it with other names in the same basket.
Physical asset ratio
1.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.52MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$236.68MtotalAssetsInventory was not reported and is treated as zero.Result 1.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
26.47xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$93.22MtotalRevenueNet PP&E$3.52MpropertyPlantAndEquipmentNetResult 26.47x
Revenue per dollar of the physical asset base.
Capex / D&A
0.02xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$56.00KcapitalExpendituresD&A$2.41MdepreciationAndAmortizationResult 0.02x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$236.68MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.05MintangibleAssetsLiabilities$161.72MtotalLiabTangible book$70.91MShares118,603,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.60
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$0.602025-12-31A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
0.46xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.40MebitdaCapex$56.00KcapitalExpendituresInterest$9.66MinterestExpenseShort-term debt$8.40MshortTermDebtEBITDA − capex$8.35MPrincipal due is short-term debt.Result 0.46x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-0.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$3.25MfreeCashFlowMarket cap$371.53MMarketCapitalizationResult -0.9%
Latest free cash flow divided by current market cap ($371.53M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.99MoperatingIncomeTax expense-$1.13MincomeTaxExpensePretax income-$5.37MincomeBeforeTaxTax rate—Equity$74.96MtotalStockholderEquityDebt$88.05MshortLongTermDebtTotalCash$176.61McashInvested capital—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 1.70x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$305.00KpropertyPlantEquipmentInventory$1.00inventoryTotal assets$279.51MtotalAssetsResult 0.1% | 171.12xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$52.19MtotalRevenueNet PP&E$305.00KpropertyPlantEquipmentResult 171.12x | 1.33xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$106.00KcapitalExpendituresD&A$80.00KdepreciationAndAmortizationResult 1.33x | $2.93Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$279.51MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$9.99MtotalLiabTangible book$269.52MShares91,849,909commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.93 | 10.13xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.74MebitdaCapex$106.00KcapitalExpendituresInterest$341.00KinterestExpenseShort-term debt$2.48MshortTermDebtEBITDA − capex$28.63MPrincipal due is short-term debt.Result 10.13x | $28.50MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$28.60MtotalCashFromOperatingActivitiesCapex$106.00KcapitalExpendituresFree cash flow$28.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $28.50M | 10.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$28.47MoperatingIncomeTax expense$37.00KincomeTaxExpensePretax income$28.32MincomeBeforeTaxTax rate0.1%Equity$269.52MtotalStockholderEquityDebt$5.80MshortLongTermDebtTotalCash$1.18McashInvested capital$274.14MResult 10.4% | 93.36xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$28.47MoperatingIncomeNet PP&E$305.00KpropertyPlantEquipmentResult 93.36x |
| 2019 | 5.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$299.00KpropertyPlantEquipmentInventory$3.78MinventoryTotal assets$79.19MtotalAssetsResult 5.2% | 310.53xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$92.85MtotalRevenueNet PP&E$299.00KpropertyPlantEquipmentResult 310.53x | 0.94xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$99.00KcapitalExpendituresD&A$105.00KdepreciationAndAmortizationResult 0.94x | -$6.24Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$79.19MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$313.97MtotalLiabTangible book-$234.78MShares37,631,052commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$6.24 | 22.40xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$62.94MebitdaCapex$99.00KcapitalExpendituresInterest$322.00KinterestExpenseShort-term debt$2.48MshortTermDebtEBITDA − capex$62.84MPrincipal due is short-term debt.Result 22.40x | $41.66MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$41.76MtotalCashFromOperatingActivitiesCapex$99.00KcapitalExpendituresFree cash flow$41.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $41.66M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$62.62MoperatingIncomeTax expense-$30.00KincomeTaxExpensePretax income$62.51MincomeBeforeTaxTax rate0.0%Equity-$234.78MtotalStockholderEquityDebt$3.31MshortLongTermDebtTotalCash$7.68McashInvested capital—Result — | 209.41xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$62.62MoperatingIncomeNet PP&E$299.00KpropertyPlantEquipmentResult 209.41x |
| 2020 | 3.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.93MpropertyPlantEquipmentInventory$4.51MinventoryTotal assets$294.01MtotalAssetsResult 3.9% | 15.70xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$108.89MtotalRevenueNet PP&E$6.93MpropertyPlantEquipmentResult 15.70x | 0.68xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.20McapitalExpendituresD&A$1.77MdepreciationAndAmortizationResult 0.68x | $0.32Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$294.01MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$267.39MtotalLiabTangible book$26.62MShares82,908,772commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $0.32 | -4.78xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$77.62MebitdaCapex$1.20McapitalExpendituresInterest$11.60MinterestExpenseShort-term debt$4.89MshortLongTermDebtEBITDA − capex-$78.82MPrincipal due is the current portion of debt.Result -4.78x | $23.44MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$24.64MtotalCashFromOperatingActivitiesCapex$1.20McapitalExpendituresFree cash flow$23.44MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $23.44M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$56.72MoperatingIncomeTax expense$6.57MincomeTaxExpensePretax income-$90.99MincomeBeforeTaxTax rate—Equity$26.62MtotalStockholderEquityDebt$163.25MshortLongTermDebtTotalCash$101.51McashInvested capital$88.36MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 8.18xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$56.72MoperatingIncomeNet PP&E$6.93MpropertyPlantEquipmentResult 8.18x |
| 2021 | 4.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.85MpropertyPlantEquipmentInventory$5.53MinventoryTotal assets$318.83MtotalAssetsResult 4.2% | 27.46xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$215.66MtotalRevenueNet PP&E$7.85MpropertyPlantEquipmentResult 27.46x | 3.78xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.99McapitalExpendituresD&A$525.00KdepreciationAndAmortizationResult 3.78x | $1.26Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$318.83MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$159.84MtotalLiabTangible book$158.98MShares126,390,435commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.26 | 21.77xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$197.55MebitdaCapex$1.99McapitalExpendituresInterest$5.86MinterestExpenseShort-term debt$3.13MshortLongTermDebtEBITDA − capex$195.57MPrincipal due is the current portion of debt.Result 21.77x | $93.17MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$95.16MtotalCashFromOperatingActivitiesCapex$1.99McapitalExpendituresFree cash flow$93.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $93.17M | 59.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$150.29MoperatingIncomeTax expense$45.09MincomeTaxExpensePretax income$191.17MincomeBeforeTaxTax rate23.6%Equity$158.98MtotalStockholderEquityDebt$151.40MshortLongTermDebtTotalCash$116.45McashInvested capital$193.93MResult 59.2% | 19.14xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$150.29MoperatingIncomeNet PP&E$7.85MpropertyPlantEquipmentResult 19.14x |
| 2022 | 3.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.18MpropertyPlantEquipmentInventory$4.07MinventoryTotal assets$379.63MtotalAssetsResult 3.0% | 25.00xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$179.59MtotalRevenueNet PP&E$7.18MpropertyPlantEquipmentResult 25.00x | 0.68xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$624.00KcapitalExpendituresD&A$915.00KdepreciationAndAmortizationResult 0.68x | $1.69Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$379.63MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$166.81MtotalLiabTangible book$212.82MShares126,261,614commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.69 | 10.40xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$100.29MebitdaCapex$624.00KcapitalExpendituresInterest$5.83MinterestExpenseShort-term debt$3.75MshortLongTermDebtEBITDA − capex$99.66MPrincipal due is the current portion of debt.Result 10.40x | $106.81MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$107.43MtotalCashFromOperatingActivitiesCapex$624.00KcapitalExpendituresFree cash flow$106.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $106.81M | 43.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$97.62MoperatingIncomeTax expense$26.92MincomeTaxExpensePretax income$93.54MincomeBeforeTaxTax rate28.8%Equity$212.82MtotalStockholderEquityDebt$152.08MshortLongTermDebtTotalCash$204.45McashInvested capital$160.45MResult 43.3% | 13.59xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$97.62MoperatingIncomeNet PP&E$7.18MpropertyPlantEquipmentResult 13.59x |
| 2023 | 2.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.90MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$374.04MtotalAssetsResult 2.1% | 14.86xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$117.46MtotalRevenueNet PP&E$7.90MpropertyPlantAndEquipmentNetResult 14.86x | 1.22xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.18McapitalExpendituresD&A$1.78MdepreciationAndAmortizationResult 1.22x | $1.67Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$374.04MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$3.09MintangibleAssetsLiabilities$168.46MtotalLiabTangible book$202.49MShares121,474,880commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.67 | 2.55xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$41.30MebitdaCapex$2.18McapitalExpendituresInterest$10.66MinterestExpenseShort-term debt$4.69MshortLongTermDebtEBITDA − capex$39.12MPrincipal due is the current portion of debt.Result 2.55x | $80.48MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$82.66MtotalCashFromOperatingActivitiesCapex$2.18McapitalExpendituresFree cash flow$80.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $80.48M | 19.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$29.08MoperatingIncomeTax expense$6.79MincomeTaxExpensePretax income$28.86MincomeBeforeTaxTax rate23.5%Equity$205.58MtotalStockholderEquityDebt$148.13MshortLongTermDebtTotalCash$240.21McashInvested capital$113.50MResult 19.6% | 3.68xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$29.08MoperatingIncomeNet PP&E$7.90MpropertyPlantAndEquipmentNetResult 3.68x |
| 2024 | 1.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.61MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$296.37MtotalAssetsInventory was not reported and is treated as zero.Result 1.6% | 5.21xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$24.02MtotalRevenueNet PP&E$4.61MpropertyPlantAndEquipmentNetResult 5.21x | 0.10xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$165.00KcapitalExpendituresD&A$1.67MdepreciationAndAmortizationResult 0.10x | $0.61Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$296.37MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.39MintangibleAssetsLiabilities$218.28MtotalLiabTangible book$72.70MShares119,180,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.61 | -2.64xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$51.61MebitdaCapex$165.00KcapitalExpendituresInterest$11.32MinterestExpenseShort-term debt$8.28MshortTermDebtEBITDA − capex-$51.78MPrincipal due is short-term debt.Result -2.64x | $17.43MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$17.60MtotalCashFromOperatingActivitiesCapex$165.00KcapitalExpendituresFree cash flow$17.43MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $17.43M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$65.38MoperatingIncomeTax expense$70.41MincomeTaxExpensePretax income-$64.61MincomeBeforeTaxTax rate—Equity$78.09MtotalStockholderEquityDebt$143.77MshortLongTermDebtTotalCash$243.16McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -14.19xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$65.38MoperatingIncomeNet PP&E$4.61MpropertyPlantAndEquipmentNetResult -14.19x |
| 2025 | 1.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.52MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$236.68MtotalAssetsInventory was not reported and is treated as zero.Result 1.5% | 26.47xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$93.22MtotalRevenueNet PP&E$3.52MpropertyPlantAndEquipmentNetResult 26.47x | 0.02xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$56.00KcapitalExpendituresD&A$2.41MdepreciationAndAmortizationResult 0.02x | $0.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$236.68MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.05MintangibleAssetsLiabilities$161.72MtotalLiabTangible book$70.91MShares118,603,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.60 | 0.46xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.40MebitdaCapex$56.00KcapitalExpendituresInterest$9.66MinterestExpenseShort-term debt$8.40MshortTermDebtEBITDA − capex$8.35MPrincipal due is short-term debt.Result 0.46x | -$3.25MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$3.19MtotalCashFromOperatingActivitiesCapex$56.00KcapitalExpendituresFree cash flow-$3.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.25M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.99MoperatingIncomeTax expense-$1.13MincomeTaxExpensePretax income-$5.37MincomeBeforeTaxTax rate—Equity$74.96MtotalStockholderEquityDebt$88.05MshortLongTermDebtTotalCash$176.61McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 1.70xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$5.99MoperatingIncomeNet PP&E$3.52MpropertyPlantAndEquipmentNetResult 1.70x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $3.52M
Inventory: $0.00
Total assets: $236.68M
Goodwill: $0.00
Intangibles: $4.05M
Liabilities: $161.72M
Tangible book: $70.91M
Shares: 118,603,000
Revenue: $93.22M
Capex: $56.00K
D&A: $2.41M
EBITDA: $8.40M
Interest: $9.66M
Short-term debt: $8.40M
Free cash flow: -$3.25M
Operating income: $5.99M
Invested capital: —
Tax rate: —