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.
MarketAxess Holdings 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 0.10x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 7.55x. Compare it with other names in the same basket.
Physical asset ratio
6.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$112.43MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.81BtotalAssetsInventory was not reported and is treated as zero.Result 6.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.55xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$849.20MtotalRevenueNet PP&E$112.43MpropertyPlantAndEquipmentNetResult 7.55x
Revenue per dollar of the physical asset base.
Capex / D&A
0.10xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$8.20McapitalExpendituresD&A$84.22MdepreciationAndAmortizationResult 0.10x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$20.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.81BtotalAssetsGoodwill$283.67MgoodWillIntangibles$110.63MintangibleAssetsLiabilities$650.35MtotalLiabTangible book$763.96MShares36,812,749commonStockSharesOutstandingResult $20.75
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
7.94xPrice / tangible bookPrice / tangible book per sharePrice$164.82Latest quoteTangible book / share$20.752025-12-31Result 7.94x
Price $164.82.
Fixed-charge coverage
2.01xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$452.70MebitdaCapex$8.20McapitalExpendituresInterest$1.49MinterestExpenseShort-term debt$220.00MshortTermDebtEBITDA − capex$444.50MPrincipal due is short-term debt.Result 2.01x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$373.94MfreeCashFlowMarket cap$5.80BMarketCapitalizationResult 6.4%
Latest free cash flow divided by current market cap ($5.80B).
ROIC
27.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$349.96MoperatingIncomeTax expense$120.08MincomeTaxExpensePretax income$367.00MincomeBeforeTaxTax rate32.7%Equity$1.15BtotalStockholderEquityDebt$284.94MshortLongTermDebtTotalCash$568.46McashAndShortTermInvestmentsInvested capital$862.15MResult 27.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 3.11x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 5.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$63.01MpropertyPlantEquipmentInventory-$22.47MinventoryTotal assets$695.54MtotalAssetsResult 5.8% | 6.91xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$435.57MtotalRevenueNet PP&E$63.01MpropertyPlantEquipmentResult 6.91x | 2.06xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$47.59McapitalExpendituresD&A$23.08MdepreciationAndAmortizationResult 2.06x | $14.40Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$695.54MtotalAssetsGoodwill$59.71MgoodWillIntangibles$2.96MintangibleAssetsLiabilities$87.66MtotalLiabTangible book$545.20MShares37,855,000commonStockSharesOutstandingResult $14.40 | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$241.17MebitdaCapex$47.59McapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex$193.57MResult — | $176.32MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$223.92MtotalCashFromOperatingActivitiesCapex$47.59McapitalExpendituresFree cash flow$176.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $176.32M | 43.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$212.58MoperatingIncomeTax expense$45.23MincomeTaxExpensePretax income$218.09MincomeBeforeTaxTax rate20.7%Equity$607.88MtotalStockholderEquityDebt$22.47MshortLongTermDebtTotalCash$246.32McashInvested capital$384.02MResult 43.9% | 3.37xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$212.58MoperatingIncomeNet PP&E$63.01MpropertyPlantEquipmentResult 3.37x |
| 2019 | 7.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$153.19MpropertyPlantAndEquipmentNetInventory-$86.43MinventoryTotal assets$954.93MtotalAssetsResult 7.0% | 3.34xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$511.35MtotalRevenueNet PP&E$153.19MpropertyPlantAndEquipmentNetResult 3.34x | 1.06xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$34.70McapitalExpendituresD&A$32.65MdepreciationAndAmortizationResult 1.06x | $14.81Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$954.93MtotalAssetsGoodwill$146.86MgoodWillIntangibles$60.99MintangibleAssetsLiabilities$184.84MtotalLiabTangible book$562.24MShares37,956,000commonStockSharesOutstandingResult $14.81 | 2.27xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$290.08MebitdaCapex$34.70McapitalExpendituresInterest$14.61MinterestExpenseShort-term debt$97.99MshortTermDebtEBITDA − capex$255.38MPrincipal due is short-term debt.Result 2.27x | $231.24MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$265.94MtotalCashFromOperatingActivitiesCapex$34.70McapitalExpendituresFree cash flow$231.24MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $231.24M | 41.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$250.88MoperatingIncomeTax expense$52.52MincomeTaxExpensePretax income$257.42MincomeBeforeTaxTax rate20.4%Equity$770.09MtotalStockholderEquityDebt$97.99MshortLongTermDebtTotalCash$390.97McashAndShortTermInvestmentsInvested capital$477.11MResult 41.9% | 1.64xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$250.88MoperatingIncomeNet PP&E$153.19MpropertyPlantAndEquipmentNetResult 1.64x |
| 2020 | 10.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$161.13MpropertyPlantAndEquipmentNetInventory-$19.22MinventoryTotal assets$1.33BtotalAssetsResult 10.7% | 4.28xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$689.13MtotalRevenueNet PP&E$161.13MpropertyPlantAndEquipmentNetResult 4.28x | 1.07xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$45.63McapitalExpendituresD&A$42.84MdepreciationAndAmortizationResult 1.07x | $18.67Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.33BtotalAssetsGoodwill$147.39MgoodWillIntangibles$95.35MintangibleAssetsLiabilities$376.37MtotalLiabTangible book$712.32MShares38,144,000commonStockSharesOutstandingResult $18.67 | 3.93xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$418.34MebitdaCapex$45.63McapitalExpendituresInterest$1.14MinterestExpenseShort-term debt$93.61MshortTermDebtEBITDA − capex$372.71MPrincipal due is short-term debt.Result 3.93x | $358.86MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$404.49MtotalCashFromOperatingActivitiesCapex$45.63McapitalExpendituresFree cash flow$358.86MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $358.86M | 52.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$374.73MoperatingIncomeTax expense$74.98MincomeTaxExpensePretax income$374.36MincomeBeforeTaxTax rate20.0%Equity$955.06MtotalStockholderEquityDebt$93.61MshortLongTermDebtTotalCash$479.15McashAndShortTermInvestmentsInvested capital$569.53MResult 52.6% | 2.33xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$374.73MoperatingIncomeNet PP&E$161.13MpropertyPlantAndEquipmentNetResult 2.33x |
| 2021 | 9.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$167.02MpropertyPlantEquipmentInventory-$24.88MinventoryTotal assets$1.53BtotalAssetsResult 9.3% | 4.20xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$701.03MtotalRevenueNet PP&E$167.02MpropertyPlantEquipmentResult 4.20x | 0.84xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$50.62McapitalExpendituresD&A$60.25MdepreciationAndAmortizationResult 0.84x | $20.22Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.53BtotalAssetsGoodwill$154.79MgoodWillIntangibles$116.38MintangibleAssetsLiabilities$489.14MtotalLiabTangible book$770.14MShares38,097,000commonStockSharesOutstandingResult $20.22 | 3.86xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$395.01MebitdaCapex$50.62McapitalExpendituresInterest$842.00KinterestExpenseShort-term debt$88.43MshortTermDebtEBITDA − capex$344.40MPrincipal due is short-term debt.Result 3.86x | $231.48MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$282.09MtotalCashFromOperatingActivitiesCapex$50.62McapitalExpendituresFree cash flow$231.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $231.48M | 42.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$337.26MoperatingIncomeTax expense$76.04MincomeTaxExpensePretax income$333.92MincomeBeforeTaxTax rate22.8%Equity$1.04BtotalStockholderEquityDebt$88.43MshortLongTermDebtTotalCash$517.93McashAndShortTermInvestmentsInvested capital$611.80MResult 42.6% | 2.02xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$337.26MoperatingIncomeNet PP&E$167.02MpropertyPlantEquipmentResult 2.02x |
| 2022 | 4.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$166.36MpropertyPlantAndEquipmentNetInventory-$88.92MinventoryTotal assets$1.61BtotalAssetsResult 4.8% | 4.32xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$718.71MtotalRevenueNet PP&E$166.36MpropertyPlantAndEquipmentNetResult 4.32x | 0.77xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$51.87McapitalExpendituresD&A$67.15MdepreciationAndAmortizationResult 0.77x | $22.00Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.61BtotalAssetsGoodwill$154.79MgoodWillIntangibles$98.07MintangibleAssetsLiabilities$526.68MtotalLiabTangible book$828.24MShares37,643,000commonStockSharesOutstandingResult $22.00 | 4.25xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$406.14MebitdaCapex$51.87McapitalExpendituresInterest$700.00KinterestExpenseShort-term debt$82.68MshortTermDebtEBITDA − capex$354.27MPrincipal due is short-term debt.Result 4.25x | $237.36MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$289.23MtotalCashFromOperatingActivitiesCapex$51.87McapitalExpendituresFree cash flow$237.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $237.36M | 34.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$326.81MoperatingIncomeTax expense$88.06MincomeTaxExpensePretax income$338.29MincomeBeforeTaxTax rate26.0%Equity$1.08BtotalStockholderEquityDebt$82.68MshortLongTermDebtTotalCash$464.75McashAndShortTermInvestmentsInvested capital$699.02MResult 34.6% | 1.96xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$326.81MoperatingIncomeNet PP&E$166.36MpropertyPlantAndEquipmentNetResult 1.96x |
| 2023 | 3.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$165.72MpropertyPlantAndEquipmentNetInventory-$99.68MinventoryTotal assets$2.02BtotalAssetsResult 3.3% | 4.53xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$750.90MtotalRevenueNet PP&E$165.72MpropertyPlantAndEquipmentNetResult 4.53x | 0.69xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$52.45McapitalExpendituresD&A$76.41MdepreciationAndAmortizationResult 0.69x | $24.89Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.02BtotalAssetsGoodwill$236.71MgoodWillIntangibles$119.11MintangibleAssetsLiabilities$722.10MtotalLiabTangible book$937.15MShares37,654,000commonStockSharesOutstandingResult $24.89 | 23.77xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$411.09MebitdaCapex$52.45McapitalExpendituresInterest$1.98MinterestExpenseShort-term debt$13.10MshortTermDebtEBITDA − capex$358.65MPrincipal due is short-term debt.Result 23.77x | $281.32MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$333.77MtotalCashFromOperatingActivitiesCapex$52.45McapitalExpendituresFree cash flow$281.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $281.32M | 29.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$318.69MoperatingIncomeTax expense$74.65MincomeTaxExpensePretax income$332.70MincomeBeforeTaxTax rate22.4%Equity$1.29BtotalStockholderEquityDebt$79.68MshortLongTermDebtTotalCash$522.25McashAndShortTermInvestmentsInvested capital$850.39MResult 29.1% | 1.92xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$318.69MoperatingIncomeNet PP&E$165.72MpropertyPlantAndEquipmentNetResult 1.92x |
| 2024 | 9.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$165.43MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.79BtotalAssetsInventory was not reported and is treated as zero.Result 9.2% | 4.94xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$817.92MtotalRevenueNet PP&E$165.43MpropertyPlantAndEquipmentNetResult 4.94x | 0.70xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$56.57McapitalExpendituresD&A$80.46MdepreciationAndAmortizationResult 0.70x | $27.98Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.79BtotalAssetsGoodwill$236.71MgoodWillIntangibles$98.08MintangibleAssetsLiabilities$400.56MtotalLiabTangible book$1.05BShares37,672,000commonStockSharesOutstandingResult $27.98 | 5.20xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$442.61MebitdaCapex$56.57McapitalExpendituresInterest$1.60MinterestExpenseShort-term debt$72.65MshortTermDebtEBITDA − capex$386.05MPrincipal due is short-term debt.Result 5.20x | $328.67MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$385.24MtotalCashFromOperatingActivitiesCapex$56.57McapitalExpendituresFree cash flow$328.67MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $328.67M | 31.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$338.88MoperatingIncomeTax expense$86.37MincomeTaxExpensePretax income$360.55MincomeBeforeTaxTax rate24.0%Equity$1.39BtotalStockholderEquityDebt$72.65MshortLongTermDebtTotalCash$649.26McashAndShortTermInvestmentsInvested capital$812.06MResult 31.7% | 2.05xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$338.88MoperatingIncomeNet PP&E$165.43MpropertyPlantAndEquipmentNetResult 2.05x |
| 2025 | 6.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$112.43MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.81BtotalAssetsInventory was not reported and is treated as zero.Result 6.2% | 7.55xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$849.20MtotalRevenueNet PP&E$112.43MpropertyPlantAndEquipmentNetResult 7.55x | 0.10xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$8.20McapitalExpendituresD&A$84.22MdepreciationAndAmortizationResult 0.10x | $20.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.81BtotalAssetsGoodwill$283.67MgoodWillIntangibles$110.63MintangibleAssetsLiabilities$650.35MtotalLiabTangible book$763.96MShares36,812,749commonStockSharesOutstandingResult $20.75 | 2.01xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$452.70MebitdaCapex$8.20McapitalExpendituresInterest$1.49MinterestExpenseShort-term debt$220.00MshortTermDebtEBITDA − capex$444.50MPrincipal due is short-term debt.Result 2.01x | $373.94MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$382.29MtotalCashFromOperatingActivitiesCapex$8.20McapitalExpendituresFree cash flow$373.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $373.94M | 27.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$349.96MoperatingIncomeTax expense$120.08MincomeTaxExpensePretax income$367.00MincomeBeforeTaxTax rate32.7%Equity$1.15BtotalStockholderEquityDebt$284.94MshortLongTermDebtTotalCash$568.46McashAndShortTermInvestmentsInvested capital$862.15MResult 27.3% | 3.11xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$349.96MoperatingIncomeNet PP&E$112.43MpropertyPlantAndEquipmentNetResult 3.11x |
- 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: $112.43M
Inventory: $0.00
Total assets: $1.81B
Goodwill: $283.67M
Intangibles: $110.63M
Liabilities: $650.35M
Tangible book: $763.96M
Shares: 36,812,749
Revenue: $849.20M
Capex: $8.20M
D&A: $84.22M
EBITDA: $452.70M
Interest: $1.49M
Short-term debt: $220.00M
Free cash flow: $373.94M
Operating income: $349.96M
Invested capital: $862.15M
Tax rate: 32.7%