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.
Oaktree Specialty 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 0.00x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.71x, which is below 1.
Physical asset ratio
—Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$3.00BtotalAssetsResult —
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
—Fixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$299.70MtotalRevenueNet PP&E—Not reportedResult —
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$101.23MdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$17.03Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.00BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.54BtotalLiabTangible book$1.47BShares86,079,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $17.03
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.71xPrice / tangible bookPrice / tangible book per sharePrice$12.14Latest quoteTangible book / share$17.032025-09-30Result 0.71x
Price $12.14.
Fixed-charge coverage
0.71xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$151.02MebitdaCapex$0.00capitalExpendituresInterest$115.85MinterestExpenseShort-term debt$96.79MshortTermDebtEBITDA − capex$151.02MPrincipal due is short-term debt.Result 0.71x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
13.3%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow$142.40MfreeCashFlowMarket cap$1.07BMarketCapitalizationResult 13.3%
Latest free cash flow divided by current market cap ($1.07B).
ROIC
5.1%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$151.02MoperatingIncomeTax expense$1.26MincomeTaxExpensePretax income$35.18MincomeBeforeTaxTax rate3.6%Equity$1.47BtotalStockholderEquityDebt$1.49BshortLongTermDebtTotalCash$79.63McashInvested capital$2.87BResult 5.1%
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$1.00inventoryTotal assets$1.55BtotalAssetsResult — | —Fixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$57.32MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$23.93MdepreciationAndAmortizationResult 0.00x | $18.26Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.55BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$693.42MtotalLiabTangible book$858.04MShares46,987,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.26 | 0.29xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$83.11MebitdaCapex$0.00capitalExpendituresInterest$35.73MinterestExpenseShort-term debt$255.26MshortTermDebtEBITDA − capex$83.11MPrincipal due is short-term debt.Result 0.29x | $53.51MFree cash flow · 2018-09-30Reported free cash flowOperating cash flow$53.51MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$53.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $53.51M | 6.6%ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$83.11MoperatingIncomeTax expense$622.00KincomeTaxExpensePretax income$47.38MincomeBeforeTaxTax rate1.3%Equity$858.04MtotalStockholderEquityDebt$396.21MlongTermDebt + shortLongTermDebtCash$13.38McashInvested capital$1.24BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 6.6% | —EBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income$83.11MoperatingIncomeNet PP&E—Not reportedResult — |
| 2019 | —Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$1.48BtotalAssetsResult — | —Fixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$127.13MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$100.34MdepreciationAndAmortizationResult 0.00x | $19.81Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.48BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$550.41MtotalLiabTangible book$930.63MShares46,986,999commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.81 | 0.25xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$127.17MebitdaCapex$0.00capitalExpendituresInterest$32.43MinterestExpenseShort-term debt$473.37MshortTermDebtEBITDA − capex$127.17MPrincipal due is short-term debt.Result 0.25x | $215.82MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$215.82MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$215.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $215.82M | 11.7%ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$127.17MoperatingIncomeTax expense$1.01MincomeTaxExpensePretax income$127.17MincomeBeforeTaxTax rate0.8%Equity$930.63MtotalStockholderEquityDebt$158.54MlongTermDebt + shortLongTermDebtCash$15.41McashInvested capital$1.07BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 11.7% | —EBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$127.17MoperatingIncomeNet PP&E—Not reportedResult — |
| 2020 | —Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$1.64BtotalAssetsResult — | —Fixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$52.32MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$98.28MdepreciationAndAmortizationResult 0.00x | $19.45Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.64BtotalAssetsGoodwill$847.00KgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$725.83MtotalLiabTangible book$914.03MShares46,987,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $19.45 | 0.05xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$37.45MebitdaCapex$0.00capitalExpendituresInterest$26.29MinterestExpenseShort-term debt$709.32MshortTermDebtEBITDA − capex$37.45MPrincipal due is short-term debt.Result 0.05x | -$152.88MFree cash flow · 2020-09-30Reported free cash flowOperating cash flow-$152.88MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$152.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$152.88M | 2.4%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$37.45MoperatingIncomeTax expense-$1.77MincomeTaxExpensePretax income$37.45MincomeBeforeTaxTax rate0.0%Equity$914.88MtotalStockholderEquityDebt$709.32MshortLongTermDebtTotalCash$39.10McashInvested capital$1.59BResult 2.4% | —EBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$37.45MoperatingIncomeNet PP&E—Not reportedResult — |
| 2021 | —Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$1.00inventoryTotal assets$2.64BtotalAssetsResult — | —Fixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$248.31MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$114.52MdepreciationAndAmortizationResult 0.00x | $24.28Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.64BtotalAssetsGoodwill$714.00KgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$1.32BtotalLiabTangible book$1.31BShares54,039,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $24.28 | 2.08xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$126.32MebitdaCapex$0.00capitalExpendituresInterest$30.52MinterestExpenseShort-term debt$30.19MshortTermDebtEBITDA − capex$126.32MPrincipal due is short-term debt.Result 2.08x | -$230.52MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow-$230.52MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$230.52MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$230.52M | 9.3%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$240.84MoperatingIncomeTax expense$3.58MincomeTaxExpensePretax income$240.84MincomeBeforeTaxTax rate1.5%Equity$1.31BtotalStockholderEquityDebt$1.27BshortLongTermDebtTotalCash$29.33McashInvested capital$2.55BResult 9.3% | —EBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$240.84MoperatingIncomeNet PP&E—Not reportedResult — |
| 2022 | —Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$134.68MinventoryTotal assets$2.65BtotalAssetsResult — | —Fixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$39.11MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$136.25MdepreciationAndAmortizationResult 0.00x | $20.48Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.65BtotalAssetsGoodwill$1.69MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$1.40BtotalLiabTangible book$1.24BShares60,727,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $20.48 | 2.03xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$216.04MebitdaCapex$0.00capitalExpendituresInterest$46.93MinterestExpenseShort-term debt$59.40MshortTermDebtEBITDA − capex$216.04MPrincipal due is short-term debt.Result 2.03x | $22.40MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow$22.40MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$22.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $22.40M | 2.8%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$79.79MoperatingIncomeTax expense$3.64MincomeTaxExpensePretax income$32.86MincomeBeforeTaxTax rate11.1%Equity$1.25BtotalStockholderEquityDebt$1.30BshortLongTermDebtTotalCash$23.53McashInvested capital$2.52BResult 2.8% | —EBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income$79.79MoperatingIncomeNet PP&E—Not reportedResult — |
| 2023 | —Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$190.11MinventoryTotal assets$3.22BtotalAssetsResult — | —Fixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$125.20MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$292.34MdepreciationAndAmortizationResult 0.00x | $21.02Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.22BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.70BtotalLiabTangible book$1.52BShares72,119,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $21.02 | 0.80xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$180.78MebitdaCapex$0.00capitalExpendituresInterest$111.64MinterestExpenseShort-term debt$115.42MshortTermDebtEBITDA − capex$180.78MPrincipal due is short-term debt.Result 0.80x | $228.76MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow$228.76MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$228.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $228.76M | 6.0%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$180.78MoperatingIncomeTax expense$1.73MincomeTaxExpensePretax income$119.07MincomeBeforeTaxTax rate1.5%Equity$1.52BtotalStockholderEquityDebt$1.60BshortLongTermDebtTotalCash$136.45McashInvested capital$2.98BResult 6.0% | —EBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income$180.78MoperatingIncomeNet PP&E—Not reportedResult — |
| 2024 | —Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$3.20BtotalAssetsResult — | —Fixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$186.23MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$28.56MdepreciationAndAmortizationResult 0.00x | $18.50Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.20BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.71BtotalLiabTangible book$1.49BShares80,418,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.50 | 0.11xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$57.80MebitdaCapex$0.00capitalExpendituresInterest$128.62MinterestExpenseShort-term debt$404.74MshortTermDebtEBITDA − capex$57.80MPrincipal due is short-term debt.Result 0.11x | $19.08MFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$19.08MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$19.08MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $19.08M | 1.9%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$57.80MoperatingIncomeTax expense-$108.00KincomeTaxExpensePretax income$57.80MincomeBeforeTaxTax rate0.0%Equity$1.49BtotalStockholderEquityDebt$1.64BshortLongTermDebtTotalCash$63.97McashInvested capital$3.06BResult 1.9% | —EBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$57.80MoperatingIncomeNet PP&E—Not reportedResult — |
| 2025 | —Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$3.00BtotalAssetsResult — | —Fixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$299.70MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$101.23MdepreciationAndAmortizationResult 0.00x | $17.03Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.00BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.54BtotalLiabTangible book$1.47BShares86,079,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $17.03 | 0.71xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$151.02MebitdaCapex$0.00capitalExpendituresInterest$115.85MinterestExpenseShort-term debt$96.79MshortTermDebtEBITDA − capex$151.02MPrincipal due is short-term debt.Result 0.71x | $142.40MFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$142.40MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$142.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $142.40M | 5.1%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$151.02MoperatingIncomeTax expense$1.26MincomeTaxExpensePretax income$35.18MincomeBeforeTaxTax rate3.6%Equity$1.47BtotalStockholderEquityDebt$1.49BshortLongTermDebtTotalCash$79.63McashInvested capital$2.87BResult 5.1% | —EBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$151.02MoperatingIncomeNet PP&E—Not reportedResult — |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: —
Inventory: —
Total assets: $3.00B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $1.54B
Tangible book: $1.47B
Shares: 86,079,000
Revenue: $299.70M
Capex: $0.00
D&A: $101.23M
EBITDA: $151.02M
Interest: $115.85M
Short-term debt: $96.79M
Free cash flow: $142.40M
Operating income: $151.02M
Invested capital: $2.87B
Tax rate: 3.6%