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.
Mapletree Industrial Trust
Physical assets are 0.0% of total assets, a light footprint. Capex is 4.09x 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. EBITDA after capex covers debt service by 0.73x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 4,065.89x.
Physical asset ratio
0.0%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$167.11KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$7.94BtotalAssetsInventory was not reported and is treated as zero.Result 0.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4,065.89xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$679.45MtotalRevenueNet PP&E$167.11KpropertyPlantAndEquipmentNetResult 4,065.89x
Revenue per dollar of the physical asset base.
Capex / D&A
4.09xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$192.13KcapitalExpendituresD&A$47.03KdepreciationAndAmortizationResult 4.09x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.10Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.94BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$3.30BtotalLiabTangible book$4.65BShares2,217,059,681commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.10
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$2.102026-03-31A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
0.73xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$347.20MebitdaCapex$192.13KcapitalExpendituresInterest$84.85MinterestExpenseShort-term debt$393.21MshortLongTermDebtEBITDA − capex$347.01MPrincipal due is the current portion of debt.Result 0.73x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.9%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$377.13MfreeCashFlowMarket cap$4.25BMarketCapitalizationResult 8.9%
Latest free cash flow divided by current market cap ($4.25B).
ROIC
5.0%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$446.25MoperatingIncomeTax expense$40.57MincomeTaxExpensePretax income$262.31MincomeBeforeTaxTax rate15.5%Equity$4.65BtotalStockholderEquityDebt$2.96BshortLongTermDebtTotalCash$95.28McashInvested capital$7.51BResult 5.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2,670.43x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 94.1%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$4.34BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$4.61BtotalAssetsUses the property line, which is larger than net PP&E ($183.00K, propertyPlantAndEquipmentNet).Result 94.1% | 0.08xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$350.29MtotalRevenueNet PP&E$4.34BpropertyPlantEquipmentResult 0.08x | 3.50xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$140.00KcapitalExpendituresD&A$40.00KdepreciationAndAmortizationResult 3.50x | $1.60Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.61BtotalAssetsGoodwill$0.00goodWillIntangibles$0.00intangibleAssetsLiabilities$1.56BtotalLiabTangible book$3.05BShares1,909,029,339commonStockSharesOutstandingResult $1.60 | 2.75xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$310.07MebitdaCapex$140.00KcapitalExpendituresInterest$37.90MinterestExpenseShort-term debt$74.98MshortTermDebtEBITDA − capex$309.93MPrincipal due is short-term debt.Result 2.75x | $244.81MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$244.95MtotalCashFromOperatingActivitiesCapex$140.00KcapitalExpendituresFree cash flow$244.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $244.81M | 7.0%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$310.03MoperatingIncomeTax expense-$131.86KincomeTaxExpensePretax income$271.13MincomeBeforeTaxTax rate0.0%Equity$3.05BtotalStockholderEquityDebt$1.40BshortLongTermDebtTotalCash$40.01McashInvested capital$4.40BResult 7.0% | 0.07xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$310.03MoperatingIncomeNet PP&E$4.34BpropertyPlantEquipmentResult 0.07x |
| 2020 | 86.2%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$4.47BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$5.19BtotalAssetsUses the property line, which is larger than net PP&E ($165.00K, propertyPlantAndEquipmentNet).Result 86.2% | 0.08xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$379.13MtotalRevenueNet PP&E$4.47BpropertyPlantEquipmentResult 0.08x | 0.67xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$37.00KcapitalExpendituresD&A$55.00KdepreciationAndAmortizationResult 0.67x | $1.68Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.19BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.63BtotalLiabTangible book$3.56BShares2,114,207,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.68 | 9.36xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$410.81MebitdaCapex$37.00KcapitalExpendituresInterest$42.61MinterestExpenseShort-term debt$1.28MshortTermDebtEBITDA − capex$410.77MPrincipal due is short-term debt.Result 9.36x | $286.85MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$286.89MtotalCashFromOperatingActivitiesCapex$37.00KcapitalExpendituresFree cash flow$286.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $286.85M | 8.3%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$410.76MoperatingIncomeTax expense$56.00KincomeTaxExpensePretax income$367.20MincomeBeforeTaxTax rate0.0%Equity$3.56BtotalStockholderEquityDebt$1.46BshortLongTermDebtTotalCash$53.44McashInvested capital$4.96BResult 8.3% | 0.09xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$410.76MoperatingIncomeNet PP&E$4.47BpropertyPlantEquipmentResult 0.09x |
| 2021 | 90.9%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$5.69BpropertyPlantEquipmentInventory$119.80MinventoryTotal assets$6.39BtotalAssetsUses the property line, which is larger than net PP&E ($183.00K, propertyPlantAndEquipmentNet).Result 90.9% | 0.08xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$447.20MtotalRevenueNet PP&E$5.69BpropertyPlantEquipmentResult 0.08x | 1.26xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$88.00KcapitalExpendituresD&A$70.00KdepreciationAndAmortizationResult 1.26x | $1.68Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.39BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.50BtotalLiabTangible book$3.90BShares2,312,511,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.68 | 0.58xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$231.67MebitdaCapex$88.00KcapitalExpendituresInterest$33.73MinterestExpenseShort-term debt$367.85MshortLongTermDebtEBITDA − capex$231.58MPrincipal due is the current portion of debt.Result 0.58x | $236.71MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$236.80MtotalCashFromOperatingActivitiesCapex$88.00KcapitalExpendituresFree cash flow$236.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $236.71M | 3.6%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$264.13MoperatingIncomeTax expense$33.37MincomeTaxExpensePretax income$197.87MincomeBeforeTaxTax rate16.9%Equity$3.90BtotalStockholderEquityDebt$2.27BshortLongTermDebtTotalCash$60.46McashInvested capital$6.10BResult 3.6% | 0.05xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$264.13MoperatingIncomeNet PP&E$5.69BpropertyPlantEquipmentResult 0.05x |
| 2022 | 90.5%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$7.66BpropertyPlantEquipmentInventory$13.61MinventoryTotal assets$8.48BtotalAssetsUses the property line, which is larger than net PP&E ($154.00K, propertyPlantAndEquipmentNet).Result 90.5% | 0.07xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$553.70MtotalRevenueNet PP&E$7.66BpropertyPlantEquipmentResult 0.07x | 0.57xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$38.00KcapitalExpendituresD&A$67.00KdepreciationAndAmortizationResult 0.57x | $2.03Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.48BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$3.20BtotalLiabTangible book$5.28BShares2,603,327,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.03 | 1.19xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$513.73MebitdaCapex$38.00KcapitalExpendituresInterest$44.28MinterestExpenseShort-term debt$385.91MshortLongTermDebtEBITDA − capex$513.69MPrincipal due is the current portion of debt.Result 1.19x | $497.04MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$497.08MtotalCashFromOperatingActivitiesCapex$38.00KcapitalExpendituresFree cash flow$497.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $497.04M | 6.2%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$536.97MoperatingIncomeTax expense$30.17MincomeTaxExpensePretax income$469.38MincomeBeforeTaxTax rate6.4%Equity$5.28BtotalStockholderEquityDebt$2.94BshortLongTermDebtTotalCash$149.64McashInvested capital$8.07BResult 6.2% | 0.07xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$536.97MoperatingIncomeNet PP&E$7.66BpropertyPlantEquipmentResult 0.07x |
| 2023 | 0.0%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$95.00KpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$8.55BtotalAssetsResult 0.0% | 6,433.54xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$611.19MtotalRevenueNet PP&E$95.00KpropertyPlantAndEquipmentNetResult 6,433.54x | 0.00xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$59.00KdepreciationAndAmortizationResult 0.00x | $1.99Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.55BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$3.17BtotalLiabTangible book$5.38BShares2,701,594,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.99 | 1.41xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$406.67MebitdaCapex$0.00capitalExpendituresInterest$112.99MinterestExpenseShort-term debt$174.96MshortLongTermDebtEBITDA − capex$406.67MPrincipal due is the current portion of debt.Result 1.41x | $448.06MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$448.06MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$448.06MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $448.06M | 4.6%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$406.61MoperatingIncomeTax expense$23.95MincomeTaxExpensePretax income$315.06MincomeBeforeTaxTax rate7.6%Equity$5.38BtotalStockholderEquityDebt$2.88BshortLongTermDebtTotalCash$146.61McashInvested capital$8.11BResult 4.6% | 4,280.08xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$406.61MoperatingIncomeNet PP&E$95.00KpropertyPlantAndEquipmentNetResult 4,280.08x |
| 2024 | 90.4%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$7.85BpropertyPlantAndEquipmentNetInventory-$14.42MinventoryTotal assets$8.66BtotalAssetsResult 90.4% | 0.09xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$697.33MtotalRevenueNet PP&E$7.85BpropertyPlantAndEquipmentNetResult 0.09x | 0.00xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$42.00KdepreciationAndAmortizationResult 0.00x | $1.88Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.66BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$3.38BtotalLiabTangible book$5.29BShares2,816,874,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.88 | 1.25xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$306.26MebitdaCapex$0.00capitalExpendituresInterest$169.58MinterestExpenseShort-term debt$74.66MshortLongTermDebtEBITDA − capex$306.26MPrincipal due is the current portion of debt.Result 1.25x | $432.78MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$432.78MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$432.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $432.78M | 4.9%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$454.65MoperatingIncomeTax expense$16.01MincomeTaxExpensePretax income$136.64MincomeBeforeTaxTax rate11.7%Equity$5.29BtotalStockholderEquityDebt$3.08BshortLongTermDebtTotalCash$119.90McashInvested capital$8.25BResult 4.9% | 0.06xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$454.65MoperatingIncomeNet PP&E$7.85BpropertyPlantAndEquipmentNetResult 0.06x |
| 2025 | 0.0%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$22.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$8.80BtotalAssetsInventory was not reported and is treated as zero.Result 0.0% | 30,957.36xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$681.06MtotalRevenueNet PP&E$22.00KpropertyPlantAndEquipmentNetResult 30,957.36x | 0.00xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$31.00KdepreciationAndAmortizationResult 0.00x | $1.83Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.80BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$3.61BtotalLiabTangible book$5.19BShares2,844,503,132commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $1.83 | 0.69xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$480.25MebitdaCapex$0.00capitalExpendituresInterest$105.14MinterestExpenseShort-term debt$593.81MshortLongTermDebtEBITDA − capex$480.25MPrincipal due is the current portion of debt.Result 0.69x | $488.26MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$488.26MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$488.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $488.26M | 5.1%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$465.00MoperatingIncomeTax expense$29.63MincomeTaxExpensePretax income$375.07MincomeBeforeTaxTax rate7.9%Equity$5.19BtotalStockholderEquityDebt$3.27BshortLongTermDebtTotalCash$107.63McashInvested capital$8.35BResult 5.1% | 21,136.14xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$465.00MoperatingIncomeNet PP&E$22.00KpropertyPlantAndEquipmentNetResult 21,136.14x |
| 2026 | 0.0%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$167.11KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$7.94BtotalAssetsInventory was not reported and is treated as zero.Result 0.0% | 4,065.89xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$679.45MtotalRevenueNet PP&E$167.11KpropertyPlantAndEquipmentNetResult 4,065.89x | 4.09xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$192.13KcapitalExpendituresD&A$47.03KdepreciationAndAmortizationResult 4.09x | $2.10Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.94BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$3.30BtotalLiabTangible book$4.65BShares2,217,059,681commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.10 | 0.73xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$347.20MebitdaCapex$192.13KcapitalExpendituresInterest$84.85MinterestExpenseShort-term debt$393.21MshortLongTermDebtEBITDA − capex$347.01MPrincipal due is the current portion of debt.Result 0.73x | $377.13MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$377.32MtotalCashFromOperatingActivitiesCapex$192.13KcapitalExpendituresFree cash flow$377.13MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $377.13M | 5.0%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$446.25MoperatingIncomeTax expense$40.57MincomeTaxExpensePretax income$262.31MincomeBeforeTaxTax rate15.5%Equity$4.65BtotalStockholderEquityDebt$2.96BshortLongTermDebtTotalCash$95.28McashInvested capital$7.51BResult 5.0% | 2,670.43xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$446.25MoperatingIncomeNet PP&E$167.11KpropertyPlantAndEquipmentNetResult 2,670.43x |
- 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 the current portion of debt.
Latest year inputs (2026)
Net PP&E: $167.11K
Inventory: $0.00
Total assets: $7.94B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $3.30B
Tangible book: $4.65B
Shares: 2,217,059,681
Revenue: $679.45M
Capex: $192.13K
D&A: $47.03K
EBITDA: $347.20M
Interest: $84.85M
Short-term debt: $393.21M
Free cash flow: $377.13M
Operating income: $446.25M
Invested capital: $7.51B
Tax rate: 15.5%