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.
Melisron
Physical assets are 10.7% of total assets, a light footprint. Capex is 0.79x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 4.3%, below an 8% cost-of-capital hurdle.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.79x.
Physical asset ratio
10.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 2.87BpropertyPlantAndEquipmentNetInventoryILA 850.00MinventoryTotal assetsILA 34.84BtotalAssetsResult 10.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.79xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueILA 2.27BtotalRevenueNet PP&EILA 2.87BpropertyPlantAndEquipmentNetResult 0.79x
Revenue per dollar of the physical asset base.
Capex / D&A
0.79xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexILA 15.00McapitalExpendituresD&AILA 19.00MdepreciationAndAmortizationResult 0.79x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
ILA 271.53Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 34.84BtotalAssetsGoodwillILA 828.00MgoodWillIntangiblesILA 35.00MintangibleAssetsLiabilitiesILA 21.02BtotalLiabTangible bookILA 12.95BShares47,693,000commonStockSharesOutstandingResult ILA 271.53
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
144.15xPrice / tangible bookPrice / tangible book per sharePriceILA 39.14KLatest quoteTangible book / shareILA 271.532025-12-31Result 144.15x
Price ILA 39.14K.
Fixed-charge coverage
1.04xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 3.02BebitdaCapexILA 15.00McapitalExpendituresInterestILA 566.00MinterestExpenseShort-term debtILA 2.31BshortLongTermDebtEBITDA − capexILA 3.00BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 1.04x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowILA 279.00MfreeCashFlowMarket capILA 18.67BMarketCapitalizationResult 1.5%
Latest free cash flow divided by current market cap (ILA 18.67B).
ROIC
4.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 1.47BoperatingIncomeTax expenseILA 521.00MincomeTaxExpensePretax incomeILA 2.43BincomeBeforeTaxTax rate21.4%EquityILA 13.21BtotalStockholderEquityDebtILA 15.42BshortLongTermDebtTotalCashILA 1.65BcashAndShortTermInvestmentsInvested capitalILA 26.98BResult 4.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.51x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 91.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 18.03BpropertyPlantEquipmentInventoryILA 0.00Not reported, treated as 0Total assetsILA 19.73BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E (ILA 9.43M, propertyPlantAndEquipmentNet).Result 91.4% | 0.09xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueILA 1.56BtotalRevenueNet PP&EILA 18.03BpropertyPlantEquipmentResult 0.09x | 0.93xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexILA 2.79McapitalExpendituresD&AILA 3.00MdepreciationAndAmortizationResult 0.93x | ILA 137.11Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 19.73BtotalAssetsGoodwillILA 526.18MgoodWillIntangiblesILA 5.06MintangibleAssetsLiabilitiesILA 13.08BtotalLiabTangible bookILA 6.12BShares44,615,000commonStockSharesOutstandingResult ILA 137.11 | 0.98xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 1.22BebitdaCapexILA 2.79McapitalExpendituresInterestILA 412.56MinterestExpenseShort-term debtILA 832.49MshortTermDebtEBITDA − capexILA 1.22BPrincipal due is short-term debt.Result 0.98x | ILA 644.59MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowILA 647.38MtotalCashFromOperatingActivitiesCapexILA 2.79McapitalExpendituresFree cash flowILA 644.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 644.59M | 6.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 1.26BoperatingIncomeTax expenseILA 165.69MincomeTaxExpensePretax incomeILA 797.30MincomeBeforeTaxTax rate20.8%EquityILA 6.00BtotalStockholderEquityDebtILA 10.28BshortLongTermDebtTotalCashILA 529.65McashAndShortTermInvestmentsInvested capitalILA 15.75BResult 6.4% | 0.07xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeILA 1.26BoperatingIncomeNet PP&EILA 18.03BpropertyPlantEquipmentResult 0.07x |
| 2019 | 87.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 19.08BpropertyPlantEquipmentInventoryILA 37.00MinventoryTotal assetsILA 21.86BtotalAssetsUses the property line, which is larger than net PP&E (ILA 10.00M, propertyPlantAndEquipmentNet).Result 87.5% | 0.08xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueILA 1.56BtotalRevenueNet PP&EILA 19.08BpropertyPlantEquipmentResult 0.08x | 1.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexILA 3.00McapitalExpendituresD&AILA 3.00MdepreciationAndAmortizationResult 1.00x | ILA 163.29Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 21.86BtotalAssetsGoodwillILA 526.00MgoodWillIntangiblesILA 4.00MintangibleAssetsLiabilitiesILA 14.00BtotalLiabTangible bookILA 7.33BShares44,896,000commonStockSharesOutstandingResult ILA 163.29 | 0.90xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 2.09BebitdaCapexILA 3.00McapitalExpendituresInterestILA 306.00MinterestExpenseShort-term debtILA 2.01BshortTermDebtEBITDA − capexILA 2.08BPrincipal due is short-term debt.Result 0.90x | ILA 732.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowILA 735.00MtotalCashFromOperatingActivitiesCapexILA 3.00McapitalExpendituresFree cash flowILA 732.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 732.00M | 9.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 2.07BoperatingIncomeTax expenseILA 416.00MincomeTaxExpensePretax incomeILA 1.78BincomeBeforeTaxTax rate23.4%EquityILA 7.49BtotalStockholderEquityDebtILA 10.75BshortLongTermDebtTotalCashILA 1.31BcashAndShortTermInvestmentsInvested capitalILA 16.93BResult 9.4% | 0.11xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeILA 2.07BoperatingIncomeNet PP&EILA 19.08BpropertyPlantEquipmentResult 0.11x |
| 2020 | 87.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 18.60BpropertyPlantEquipmentInventoryILA 43.00MinventoryTotal assetsILA 21.39BtotalAssetsUses the property line, which is larger than net PP&E (ILA 8.00M, propertyPlantAndEquipmentNet).Result 87.2% | 0.06xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueILA 1.12BtotalRevenueNet PP&EILA 18.60BpropertyPlantEquipmentResult 0.06x | 0.50xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexILA 2.00McapitalExpendituresD&AILA 4.00MdepreciationAndAmortizationResult 0.50x | ILA 148.13Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 21.39BtotalAssetsGoodwillILA 526.00MgoodWillIntangiblesILA 4.00MintangibleAssetsLiabilitiesILA 13.83BtotalLiabTangible bookILA 7.03BShares47,439,000commonStockSharesOutstandingResult ILA 148.13 | -0.03xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-ILA 40.00MebitdaCapexILA 2.00McapitalExpendituresInterestILA 203.00MinterestExpenseShort-term debtILA 1.08BshortTermDebtEBITDA − capex-ILA 42.00MPrincipal due is short-term debt.Result -0.03x | ILA 307.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flowILA 309.00MtotalCashFromOperatingActivitiesCapexILA 2.00McapitalExpendituresFree cash flowILA 307.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 307.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-ILA 44.00MoperatingIncomeTax expense-ILA 4.00MincomeTaxExpensePretax income-ILA 247.00MincomeBeforeTaxTax rate—EquityILA 7.19BtotalStockholderEquityDebtILA 10.75BshortLongTermDebtTotalCashILA 1.29BcashAndShortTermInvestmentsInvested capitalILA 16.64BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-ILA 44.00MoperatingIncomeNet PP&EILA 18.60BpropertyPlantEquipmentResult 0.00x |
| 2021 | 83.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 20.39BpropertyPlantEquipmentInventoryILA 53.00MinventoryTotal assetsILA 24.54BtotalAssetsUses the property line, which is larger than net PP&E (ILA 10.00M, propertyPlantAndEquipmentNet).Result 83.3% | 0.07xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueILA 1.42BtotalRevenueNet PP&EILA 20.39BpropertyPlantEquipmentResult 0.07x | 1.00xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexILA 7.00McapitalExpendituresD&AILA 7.00MdepreciationAndAmortizationResult 1.00x | ILA 179.05Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 24.54BtotalAssetsGoodwillILA 562.00MgoodWillIntangiblesILA 33.00MintangibleAssetsLiabilitiesILA 15.44BtotalLiabTangible bookILA 8.51BShares47,506,000commonStockSharesOutstandingResult ILA 179.05 | 0.77xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 2.44BebitdaCapexILA 7.00McapitalExpendituresInterestILA 437.00MinterestExpenseShort-term debtILA 2.74BshortTermDebtEBITDA − capexILA 2.44BPrincipal due is short-term debt.Result 0.77x | ILA 727.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flowILA 734.00MtotalCashFromOperatingActivitiesCapexILA 7.00McapitalExpendituresFree cash flowILA 727.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 727.00M | 9.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 2.44BoperatingIncomeTax expenseILA 459.00MincomeTaxExpensePretax incomeILA 2.00BincomeBeforeTaxTax rate23.0%EquityILA 8.67BtotalStockholderEquityDebtILA 11.93BshortLongTermDebtTotalCashILA 1.41BcashAndShortTermInvestmentsInvested capitalILA 19.19BResult 9.8% | 0.12xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeILA 2.44BoperatingIncomeNet PP&EILA 20.39BpropertyPlantEquipmentResult 0.12x |
| 2022 | 88.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 22.47BpropertyPlantEquipmentInventoryILA 76.00MinventoryTotal assetsILA 25.52BtotalAssetsUses the property line, which is larger than net PP&E (ILA 9.00M, propertyPlantAndEquipmentNet).Result 88.3% | 0.07xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueILA 1.67BtotalRevenueNet PP&EILA 22.47BpropertyPlantEquipmentResult 0.07x | 1.05xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexILA 22.00McapitalExpendituresD&AILA 21.00MdepreciationAndAmortizationResult 1.05x | ILA 205.87Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 25.52BtotalAssetsGoodwillILA 552.00MgoodWillIntangiblesILA 46.00MintangibleAssetsLiabilitiesILA 15.15BtotalLiabTangible bookILA 9.77BShares47,456,000commonStockSharesOutstandingResult ILA 205.87 | 1.48xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 2.46BebitdaCapexILA 22.00McapitalExpendituresInterestILA 636.00MinterestExpenseShort-term debtILA 1.01BshortTermDebtEBITDA − capexILA 2.44BPrincipal due is short-term debt.Result 1.48x | ILA 905.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flowILA 927.00MtotalCashFromOperatingActivitiesCapexILA 22.00McapitalExpendituresFree cash flowILA 905.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 905.00M | 9.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 2.44BoperatingIncomeTax expenseILA 359.00MincomeTaxExpensePretax incomeILA 1.80BincomeBeforeTaxTax rate19.9%EquityILA 9.88BtotalStockholderEquityDebtILA 11.20BshortLongTermDebtTotalCashILA 868.00McashAndShortTermInvestmentsInvested capitalILA 20.21BResult 9.7% | 0.11xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeILA 2.44BoperatingIncomeNet PP&EILA 22.47BpropertyPlantEquipmentResult 0.11x |
| 2023 | 89.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 24.14BpropertyPlantAndEquipmentNetInventoryILA 112.00MinventoryTotal assetsILA 27.12BtotalAssetsResult 89.4% | 0.07xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueILA 1.80BtotalRevenueNet PP&EILA 24.14BpropertyPlantAndEquipmentNetResult 0.07x | 0.37xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexILA 23.00McapitalExpendituresD&AILA 63.00MdepreciationAndAmortizationResult 0.37x | ILA 220.85Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 27.12BtotalAssetsGoodwillILA 524.00MgoodWillIntangiblesILA 34.00MintangibleAssetsLiabilitiesILA 16.07BtotalLiabTangible bookILA 10.49BShares47,498,000commonStockSharesOutstandingResult ILA 220.85 | 0.75xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 1.95BebitdaCapexILA 23.00McapitalExpendituresInterestILA 526.00MinterestExpenseShort-term debtILA 2.04BshortTermDebtEBITDA − capexILA 1.93BPrincipal due is short-term debt.Result 0.75x | ILA 956.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flowILA 979.00MtotalCashFromOperatingActivitiesCapexILA 23.00McapitalExpendituresFree cash flowILA 956.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 956.00M | 6.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 1.83BoperatingIncomeTax expenseILA 310.00MincomeTaxExpensePretax incomeILA 1.36BincomeBeforeTaxTax rate22.8%EquityILA 10.55BtotalStockholderEquityDebtILA 11.95BshortLongTermDebtTotalCashILA 625.00McashInvested capitalILA 21.87BResult 6.5% | 0.08xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeILA 1.83BoperatingIncomeNet PP&EILA 24.14BpropertyPlantAndEquipmentNetResult 0.08x |
| 2024 | 1.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 12.00MpropertyPlantAndEquipmentNetInventoryILA 309.00MinventoryTotal assetsILA 31.27BtotalAssetsResult 1.0% | 168.00xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueILA 2.02BtotalRevenueNet PP&EILA 12.00MpropertyPlantAndEquipmentNetResult 168.00x | 0.35xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexILA 11.00McapitalExpendituresD&AILA 31.00MdepreciationAndAmortizationResult 0.35x | ILA 240.62Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 31.27BtotalAssetsGoodwillILA 828.00MgoodWillIntangiblesILA 45.00MintangibleAssetsLiabilitiesILA 18.96BtotalLiabTangible bookILA 11.44BShares47,523,000commonStockSharesOutstandingResult ILA 240.62 | 1.08xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 2.67BebitdaCapexILA 11.00McapitalExpendituresInterestILA 652.00MinterestExpenseShort-term debtILA 1.81BshortTermDebtEBITDA − capexILA 2.66BPrincipal due is short-term debt.Result 1.08x | ILA 1.09BFree cash flow · 2024-12-31Reported free cash flowOperating cash flowILA 1.10BtotalCashFromOperatingActivitiesCapexILA 11.00McapitalExpendituresFree cash flowILA 1.09BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 1.09B | 4.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 1.42BoperatingIncomeTax expenseILA 411.00MincomeTaxExpensePretax incomeILA 1.99BincomeBeforeTaxTax rate20.7%EquityILA 11.71BtotalStockholderEquityDebtILA 14.15BshortLongTermDebtTotalCashILA 1.24BcashAndShortTermInvestmentsInvested capitalILA 24.62BResult 4.6% | 118.50xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeILA 1.42BoperatingIncomeNet PP&EILA 12.00MpropertyPlantAndEquipmentNetResult 118.50x |
| 2025 | 10.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EILA 2.87BpropertyPlantAndEquipmentNetInventoryILA 850.00MinventoryTotal assetsILA 34.84BtotalAssetsResult 10.7% | 0.79xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueILA 2.27BtotalRevenueNet PP&EILA 2.87BpropertyPlantAndEquipmentNetResult 0.79x | 0.79xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexILA 15.00McapitalExpendituresD&AILA 19.00MdepreciationAndAmortizationResult 0.79x | ILA 271.53Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsILA 34.84BtotalAssetsGoodwillILA 828.00MgoodWillIntangiblesILA 35.00MintangibleAssetsLiabilitiesILA 21.02BtotalLiabTangible bookILA 12.95BShares47,693,000commonStockSharesOutstandingResult ILA 271.53 | 1.04xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAILA 3.02BebitdaCapexILA 15.00McapitalExpendituresInterestILA 566.00MinterestExpenseShort-term debtILA 2.31BshortLongTermDebtEBITDA − capexILA 3.00BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 1.04x | ILA 279.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flowILA 294.00MtotalCashFromOperatingActivitiesCapexILA 15.00McapitalExpendituresFree cash flowILA 279.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ILA 279.00M | 4.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeILA 1.47BoperatingIncomeTax expenseILA 521.00MincomeTaxExpensePretax incomeILA 2.43BincomeBeforeTaxTax rate21.4%EquityILA 13.21BtotalStockholderEquityDebtILA 15.42BshortLongTermDebtTotalCashILA 1.65BcashAndShortTermInvestmentsInvested capitalILA 26.98BResult 4.3% | 0.51xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeILA 1.47BoperatingIncomeNet PP&EILA 2.87BpropertyPlantAndEquipmentNetResult 0.51x |
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2025)
Net PP&E: ILA 2.87B
Inventory: ILA 850.00M
Total assets: ILA 34.84B
Goodwill: ILA 828.00M
Intangibles: ILA 35.00M
Liabilities: ILA 21.02B
Tangible book: ILA 12.95B
Shares: 47,693,000
Revenue: ILA 2.27B
Capex: ILA 15.00M
D&A: ILA 19.00M
EBITDA: ILA 3.02B
Interest: ILA 566.00M
Short-term debt: ILA 2.31B
Free cash flow: ILA 279.00M
Operating income: ILA 1.47B
Invested capital: ILA 26.98B
Tax rate: 21.4%