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.
New England Realty Associates LP
Physical assets are 91.3% of total assets, a heavy footprint. Capex is 6.06x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -5.01x, 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 0.19x.
Physical asset ratio
91.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$458.78MpropertyPlantEquipmentInventory$2.61MinventoryTotal assets$505.33MtotalAssetsResult 91.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.19xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$89.20MtotalRevenueNet PP&E$458.78MpropertyPlantEquipmentResult 0.19x
Revenue per dollar of the physical asset base.
Capex / D&A
6.06xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$140.92McapitalExpendituresD&A$23.26MdepreciationAndAmortizationResult 6.06x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$21.99Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$505.33MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.69MintangibleAssetsLiabilities$579.55MtotalLiabTangible book-$76.91MShares3,496,789commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$21.99
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$46.50Latest quoteTangible book / share-$21.992025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $46.50.
Fixed-charge coverage
-5.01xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$47.88MebitdaCapex$140.92McapitalExpendituresInterest$18.59MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex-$93.04MShort-term debt is total debt minus long-term debt.Result -5.01x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-71.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$113.27MNot reportedMarket cap$159.52MMarketCapitalizationResult -71.0%
Latest free cash flow divided by current market cap ($159.52M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$21.75MoperatingIncomeTax expense—Not reportedPretax income$6.03MincomeBeforeTaxTax rate—Equity-$73.47MtotalStockholderEquityDebt$527.60MshortLongTermDebtTotalCash$26.67BcashAndShortTermInvestmentsInvested 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 0.05x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 93.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$230.51MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$247.04MtotalAssetsInventory was not reported and is treated as zero.Result 93.3% | 0.25xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$58.01MtotalRevenueNet PP&E$230.51MpropertyPlantEquipmentResult 0.25x | 0.26xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$4.12McapitalExpendituresD&A$15.57MdepreciationAndAmortizationResult 0.26x | -$9.49Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$247.04MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$152.00KintangibleAssetsLiabilities$282.66MtotalLiabTangible book-$35.78MShares3,769,273commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$9.49 | 1.96xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$32.13MebitdaCapex$4.12McapitalExpendituresInterest$12.39MinterestExpenseShort-term debt$1.92MshortTermDebtEBITDA − capex$28.01MPrincipal due is short-term debt.Result 1.96x | $21.51MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$25.63MtotalCashFromOperatingActivitiesCapex$4.12McapitalExpendituresFree cash flow$21.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.51M | 4.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$14.92MoperatingIncomeTax expense$1.64MincomeTaxExpensePretax income$4.17MincomeBeforeTaxTax rate39.3%Equity-$35.27MtotalStockholderEquityDebt$254.37MshortLongTermDebtTotalCash$9.06McashAndShortTermInvestmentsInvested capital$210.04MResult 4.3% | 0.06xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$14.92MoperatingIncomeNet PP&E$230.51MpropertyPlantEquipmentResult 0.06x |
| 2019 | 94.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$278.36MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$294.29MtotalAssetsInventory was not reported and is treated as zero.Result 94.6% | 0.22xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$60.48MtotalRevenueNet PP&E$278.36MpropertyPlantEquipmentResult 0.22x | 2.23xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$32.69McapitalExpendituresD&A$14.68MdepreciationAndAmortizationResult 2.23x | -$10.67Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$294.29MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.38MintangibleAssetsLiabilities$332.12MtotalLiabTangible book-$39.21MShares3,673,027commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$10.67 | 0.04xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$33.43MebitdaCapex$32.69McapitalExpendituresInterest$12.20MinterestExpenseShort-term debt$4.67MshortTermDebtEBITDA − capex$748.46KPrincipal due is short-term debt.Result 0.04x | -$10.24MFree cash flow · 2019-12-31Operating cash flow − capexOperating cash flow$22.45MtotalCashFromOperatingActivitiesCapex$32.69McapitalExpendituresFree cash flow-$10.24MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$10.24M | 4.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.27MoperatingIncomeTax expense$13.68MincomeTaxExpensePretax income$6.55MincomeBeforeTaxTax rate40.0%Equity-$37.82MtotalStockholderEquityDebt$304.44MshortLongTermDebtTotalCash$7.55McashAndShortTermInvestmentsInvested capital$259.07MThe effective tax rate was above 40% and was capped at 40%.Result 4.0% | 0.06xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$17.27MoperatingIncomeNet PP&E$278.36MpropertyPlantEquipmentResult 0.06x |
| 2020 | 90.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$264.61MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$291.67MtotalAssetsInventory was not reported and is treated as zero.Result 90.7% | 0.23xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$62.10MtotalRevenueNet PP&E$264.61MpropertyPlantEquipmentResult 0.23x | 0.18xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$3.24McapitalExpendituresD&A$18.41MdepreciationAndAmortizationResult 0.18x | -$11.36Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$291.67MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$51.00KintangibleAssetsLiabilities$333.14MtotalLiabTangible book-$41.52MShares3,653,945commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$11.36 | 1.87xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$33.54MebitdaCapex$3.24McapitalExpendituresInterest$13.71MinterestExpenseShort-term debt$2.53MshortTermDebtEBITDA − capex$30.30MPrincipal due is short-term debt.Result 1.87x | $14.21MFree cash flow · 2020-12-31Operating cash flow − capexOperating cash flow$17.45MtotalCashFromOperatingActivitiesCapex$3.24McapitalExpendituresFree cash flow$14.21MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $14.21M | 3.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$14.97MoperatingIncomeTax expense$13.87MincomeTaxExpensePretax income$1.42MincomeBeforeTaxTax rate40.0%Equity-$41.47MtotalStockholderEquityDebt$302.98MshortLongTermDebtTotalCash$18.65McashAndShortTermInvestmentsInvested capital$242.86MThe effective tax rate was above 40% and was capped at 40%.Result 3.7% | 0.06xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$14.97MoperatingIncomeNet PP&E$264.61MpropertyPlantEquipmentResult 0.06x |
| 2021 | 70.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$251.36MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$356.88MtotalAssetsInventory was not reported and is treated as zero.Result 70.4% | 0.25xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$62.64MtotalRevenueNet PP&E$251.36MpropertyPlantEquipmentResult 0.25x | 0.20xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.32McapitalExpendituresD&A$16.67MdepreciationAndAmortizationResult 0.20x | -$13.51Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$356.88MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$26.00KintangibleAssetsLiabilities$406.17MtotalLiabTangible book-$49.32MShares3,651,245commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$13.51 | 1.49xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$27.60MebitdaCapex$3.32McapitalExpendituresInterest$13.63MinterestExpenseShort-term debt$2.71MshortTermDebtEBITDA − capex$24.28MPrincipal due is short-term debt.Result 1.49x | $12.47MFree cash flow · 2021-12-31Operating cash flow − capexOperating cash flow$15.78MtotalCashFromOperatingActivitiesCapex$3.32McapitalExpendituresFree cash flow$12.47MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $12.47M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$14.24MoperatingIncomeTax expense$10.32MincomeTaxExpensePretax income-$2.70MincomeBeforeTaxTax rate—Equity-$49.29MtotalStockholderEquityDebt$373.19MshortLongTermDebtTotalCash$96.08McashAndEquivalentsInvested capital$227.81MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.06xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$14.24MoperatingIncomeNet PP&E$251.36MpropertyPlantEquipmentResult 0.06x |
| 2022 | 61.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$241.08MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$391.82MtotalAssetsInventory was not reported and is treated as zero.Result 61.5% | 0.28xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$68.29MtotalRevenueNet PP&E$241.08MpropertyPlantEquipmentResult 0.28x | 0.37xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$5.98McapitalExpendituresD&A$16.37MdepreciationAndAmortizationResult 0.37x | -$16.61Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$391.82MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$26.00KintangibleAssetsLiabilities$451.69MtotalLiabTangible book-$59.90MShares3,605,160commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$16.61 | 1.64xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$35.14MebitdaCapex$5.98McapitalExpendituresInterest$15.05MinterestExpenseShort-term debt$2.71MshortTermDebtEBITDA − capex$29.16MPrincipal due is short-term debt.Result 1.64x | $15.56MFree cash flow · 2022-12-31Operating cash flow − capexOperating cash flow$21.54MtotalCashFromOperatingActivitiesCapex$5.98McapitalExpendituresFree cash flow$15.56MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $15.56M | 5.0%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$18.09MoperatingIncomeTax expense$15.05MincomeTaxExpensePretax income$3.72MincomeBeforeTaxTax rate40.0%Equity-$59.87MtotalStockholderEquityDebt$413.67MshortLongTermDebtTotalCash$137.89McashAndShortTermInvestmentsInvested capital$215.91MThe effective tax rate was above 40% and was capped at 40%.Result 5.0% | 0.08xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$18.09MoperatingIncomeNet PP&E$241.08MpropertyPlantEquipmentResult 0.08x |
| 2023 | 69.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$269.80MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$385.73MtotalAssetsInventory was not reported and is treated as zero.Result 69.9% | 0.28xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$74.48MtotalRevenueNet PP&E$269.80MpropertyPlantEquipmentResult 0.28x | 0.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$4.00capitalExpendituresD&A$16.77MdepreciationAndAmortizationResult 0.00x | -$18.63Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$385.73MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.55MintangibleAssetsLiabilities$451.09MtotalLiabTangible book-$66.90MShares3,590,909commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$18.63 | 2.60xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$40.95MebitdaCapex$4.00capitalExpendituresInterest$15.72MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$40.95MShort-term debt is total debt minus long-term debt.Result 2.60x | $28.36MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$28.36MtotalCashFromOperatingActivitiesCapex$4.00capitalExpendituresFree cash flow$28.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $28.36M | 8.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$19.79MoperatingIncomeTax expense-$8.45BincomeTaxExpensePretax income$8.45MincomeBeforeTaxTax rate0.0%Equity-$64.70MtotalStockholderEquityDebt$408.66MshortLongTermDebtTotalCash$102.93McashAndShortTermInvestmentsInvested capital$241.03MResult 8.2% | 0.07xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$19.79MoperatingIncomeNet PP&E$269.80MpropertyPlantEquipmentResult 0.07x |
| 2024 | 70.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$278.52MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$393.51MtotalAssetsInventory was not reported and is treated as zero.Result 70.8% | 0.29xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$80.53MtotalRevenueNet PP&E$278.52MpropertyPlantEquipmentResult 0.29x | 0.00xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.00capitalExpendituresD&A$16.98MdepreciationAndAmortizationResult 0.00x | -$17.72Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$393.51MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$334.00KintangibleAssetsLiabilities$455.94MtotalLiabTangible book-$62.77MShares3,542,576commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$17.72 | 3.11xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$48.10MebitdaCapex$4.00capitalExpendituresInterest$15.46MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$48.10MShort-term debt is total debt minus long-term debt.Result 3.11x | $36.50MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$36.50MtotalCashFromOperatingActivitiesCapex$4.00capitalExpendituresFree cash flow$36.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $36.50M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$25.37MoperatingIncomeTax expense—Not reportedPretax income$15.66MincomeBeforeTaxTax rate—Equity-$61.81MtotalStockholderEquityDebt$406.21MshortLongTermDebtTotalCash$101.20McashAndShortTermInvestmentsInvested capital$243.20MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.09xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$25.37MoperatingIncomeNet PP&E$278.52MpropertyPlantEquipmentResult 0.09x |
| 2025 | 91.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$458.78MpropertyPlantEquipmentInventory$2.61MinventoryTotal assets$505.33MtotalAssetsResult 91.3% | 0.19xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$89.20MtotalRevenueNet PP&E$458.78MpropertyPlantEquipmentResult 0.19x | 6.06xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$140.92McapitalExpendituresD&A$23.26MdepreciationAndAmortizationResult 6.06x | -$21.99Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$505.33MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.69MintangibleAssetsLiabilities$579.55MtotalLiabTangible book-$76.91MShares3,496,789commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$21.99 | -5.01xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$47.88MebitdaCapex$140.92McapitalExpendituresInterest$18.59MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex-$93.04MShort-term debt is total debt minus long-term debt.Result -5.01x | -$113.27MFree cash flow · 2025-12-31Operating cash flow − capexOperating cash flow$27.66MtotalCashFromOperatingActivitiesCapex$140.92McapitalExpendituresFree cash flow-$113.27MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$113.27M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$21.75MoperatingIncomeTax expense—Not reportedPretax income$6.03MincomeBeforeTaxTax rate—Equity-$73.47MtotalStockholderEquityDebt$527.60MshortLongTermDebtTotalCash$26.67BcashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.05xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$21.75MoperatingIncomeNet PP&E$458.78MpropertyPlantEquipmentResult 0.05x |
- 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 total debt minus long-term debt.
- Reported free cash flow matched operating cash flow, so capex was subtracted.
Latest year inputs (2025)
Net PP&E: $458.78M
Inventory: $2.61M
Total assets: $505.33M
Goodwill: $0.00
Intangibles: $2.69M
Liabilities: $579.55M
Tangible book: -$76.91M
Shares: 3,496,789
Revenue: $89.20M
Capex: $140.92M
D&A: $23.26M
EBITDA: $47.88M
Interest: $18.59M
Short-term debt: $0.00
Free cash flow: -$113.27M
Operating income: $21.75M
Invested capital: —
Tax rate: —