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.
Orion Energy Systems Inc
Physical assets are 31,814.7% of total assets, a heavy footprint. Capex is 0.05x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -0.55x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.01x.
Physical asset ratio
31,814.7%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$6.11BpropertyPlantAndEquipmentNetInventory$10.30BinventoryTotal assets$51.61MtotalAssetsResult 31,814.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.01xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$86.31MtotalRevenueNet PP&E$6.11BpropertyPlantAndEquipmentNetResult 0.01x
Revenue per dollar of the physical asset base.
Capex / D&A
0.05xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$86.00KcapitalExpendituresD&A$1.78MdepreciationAndAmortizationResult 0.05x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$1.16KTangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.61MtotalAssetsGoodwill$1.48BgoodWillIntangibles$2.65BintangibleAssetsLiabilities$34.98MtotalLiabTangible book-$4.11BShares3,560,671commonStockSharesOutstandingResult -$1.16K
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$20.20Latest quoteTangible book / share-$1.16K2026-03-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $20.20.
Fixed-charge coverage
-0.55xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$536.00KebitdaCapex$86.00KcapitalExpendituresInterest$783.00KinterestExpenseShort-term debt$353.00KshortLongTermDebtEBITDA − capex-$622.00KPrincipal due is the current portion of debt.Result -0.55x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.4%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow-$1.17MfreeCashFlowMarket cap$81.99MMarketCapitalizationResult -1.4%
Latest free cash flow divided by current market cap ($81.99M).
ROIC
—ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.64MoperatingIncomeTax expense$60.00KincomeTaxExpensePretax income-$3.10MincomeBeforeTaxTax rate—Equity$16.63MtotalStockholderEquityDebt$8.80MshortLongTermDebtTotalCash$3.27BcashInvested 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 0.00x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 45.4%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$12.01MpropertyPlantEquipmentInventory$13.40MinventoryTotal assets$56.02MtotalAssetsResult 45.4% | 5.47xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$65.75MtotalRevenueNet PP&E$12.01MpropertyPlantEquipmentResult 5.47x | 0.25xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$449.00KcapitalExpendituresD&A$1.78MdepreciationAndAmortizationResult 0.25x | $5.27Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$56.02MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.47MintangibleAssetsLiabilities$38.05MtotalLiabTangible book$15.50MShares2,942,954commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $5.27 | -12.60xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$4.47MebitdaCapex$449.00KcapitalExpendituresInterest$294.00KinterestExpenseShort-term debt$96.00KshortTermDebtEBITDA − capex-$4.92MPrincipal due is short-term debt.Result -12.60x | -$5.51MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow-$5.06MtotalCashFromOperatingActivitiesCapex$449.00KcapitalExpendituresFree cash flow-$5.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$5.51M | —ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$6.16MoperatingIncomeTax expense$14.00KincomeTaxExpensePretax income-$6.66MincomeBeforeTaxTax rate—Equity$17.97MtotalStockholderEquityDebt$9.38MshortLongTermDebtTotalCash$8.73McashInvested capital$18.62MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.51xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income-$6.16MoperatingIncomeNet PP&E$12.01MpropertyPlantEquipmentResult -0.51x |
| 2020 | 36.3%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$11.82MpropertyPlantEquipmentInventory$14.51MinventoryTotal assets$72.56MtotalAssetsResult 36.3% | 12.76xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$150.84MtotalRevenueNet PP&E$11.82MpropertyPlantEquipmentResult 12.76x | 0.60xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$945.00KcapitalExpendituresD&A$1.56MdepreciationAndAmortizationResult 0.60x | $9.31Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$72.56MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.22MintangibleAssetsLiabilities$41.53MtotalLiabTangible book$28.82MShares3,096,477commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.31 | 29.58xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$14.46MebitdaCapex$945.00KcapitalExpendituresInterest$422.00KinterestExpenseShort-term debt$35.00KshortLongTermDebtEBITDA − capex$13.52MPrincipal due is the current portion of debt.Result 29.58x | $19.40MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$20.34MtotalCashFromOperatingActivitiesCapex$945.00KcapitalExpendituresFree cash flow$19.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $19.40M | 81.4%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$13.11MoperatingIncomeTax expense$159.00KincomeTaxExpensePretax income$12.62MincomeBeforeTaxTax rate1.3%Equity$31.04MtotalStockholderEquityDebt$13.62MshortLongTermDebtTotalCash$28.75McashInvested capital$15.90MResult 81.4% | 1.11xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$13.11MoperatingIncomeNet PP&E$11.82MpropertyPlantEquipmentResult 1.11x |
| 2021 | 36.1%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$13.95MpropertyPlantAndEquipmentNetInventory$19.55MinventoryTotal assets$92.82MtotalAssetsResult 36.1% | 8.37xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$116.84MtotalRevenueNet PP&E$13.95MpropertyPlantAndEquipmentNetResult 8.37x | 0.64xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$953.00KcapitalExpendituresD&A$1.48MdepreciationAndAmortizationResult 0.64x | $17.93Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$92.82MtotalAssetsGoodwill$0.00goodWillIntangibles$1.95MintangibleAssetsLiabilities$34.75MtotalLiabTangible book$56.12MShares3,130,372commonStockSharesOutstandingResult $17.93 | 36.22xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.13MebitdaCapex$953.00KcapitalExpendituresInterest$184.00KinterestExpenseShort-term debt$14.00KshortLongTermDebtEBITDA − capex$7.17MPrincipal due is the current portion of debt.Result 36.22x | $776.00KFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$1.73MtotalCashFromOperatingActivitiesCapex$953.00KcapitalExpendituresFree cash flow$776.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $776.00K | 17.7%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.84MoperatingIncomeTax expense-$19.62MincomeTaxExpensePretax income$6.52MincomeBeforeTaxTax rate0.0%Equity$58.07MtotalStockholderEquityDebt$49.00KlongTermDebt + shortLongTermDebtCash$19.39McashInvested capital$38.73MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 17.7% | 0.49xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$6.84MoperatingIncomeNet PP&E$13.95MpropertyPlantAndEquipmentNetResult 0.49x |
| 2022 | 38.9%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$13.91MpropertyPlantAndEquipmentNetInventory$19.83MinventoryTotal assets$86.82MtotalAssetsResult 38.9% | 8.94xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$124.38MtotalRevenueNet PP&E$13.91MpropertyPlantAndEquipmentNetResult 8.94x | 0.34xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$528.00KcapitalExpendituresD&A$1.55MdepreciationAndAmortizationResult 0.34x | $19.92Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$86.82MtotalAssetsGoodwill$350.00KgoodWillIntangibles$2.40MintangibleAssetsLiabilities$21.72MtotalLiabTangible book$62.35MShares3,129,457commonStockSharesOutstandingResult $19.92 | 97.46xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.88MebitdaCapex$528.00KcapitalExpendituresInterest$80.00KinterestExpenseShort-term debt$16.00KshortLongTermDebtEBITDA − capex$9.36MPrincipal due is the current portion of debt.Result 97.46x | -$641.00KFree cash flow · 2022-03-31Reported free cash flowOperating cash flow-$113.00KtotalCashFromOperatingActivitiesCapex$528.00KcapitalExpendituresFree cash flow-$641.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$641.00K | 12.2%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.39MoperatingIncomeTax expense$2.16MincomeTaxExpensePretax income$8.25MincomeBeforeTaxTax rate26.2%Equity$65.10MtotalStockholderEquityDebt$35.00KlongTermDebt + shortLongTermDebtCash$14.47McashInvested capital$50.67MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 12.2% | 0.60xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$8.39MoperatingIncomeNet PP&E$13.91MpropertyPlantAndEquipmentNetResult 0.60x |
| 2023 | 40.1%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$10.47MpropertyPlantEquipmentInventory$18.21MinventoryTotal assets$71.58MtotalAssetsResult 40.1% | 7.39xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$77.38MtotalRevenueNet PP&E$10.47MpropertyPlantEquipmentResult 7.39x | 0.29xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$595.00KcapitalExpendituresD&A$2.02MdepreciationAndAmortizationResult 0.29x | $8.13Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$71.58MtotalAssetsGoodwill$1.48MgoodWillIntangibles$6.00MintangibleAssetsLiabilities$38.33MtotalLiabTangible book$25.76MShares3,170,371commonStockSharesOutstandingResult $8.13 | -44.37xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$14.00MebitdaCapex$595.00KcapitalExpendituresInterest$312.00KinterestExpenseShort-term debt$17.00KshortTermDebtEBITDA − capex-$14.60MPrincipal due is short-term debt.Result -44.37x | -$2.89MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow-$2.29MtotalCashFromOperatingActivitiesCapex$595.00KcapitalExpendituresFree cash flow-$2.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.89M | —ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$15.99MoperatingIncomeTax expense$17.98MincomeTaxExpensePretax income-$16.36MincomeBeforeTaxTax rate—Equity$33.25MtotalStockholderEquityDebt$11.85MshortLongTermDebtTotalCash$15.99McashInvested capital$29.10MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.53xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income-$15.99MoperatingIncomeNet PP&E$10.47MpropertyPlantEquipmentResult -1.53x |
| 2024 | 46.9%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$11.36MpropertyPlantAndEquipmentNetInventory$18.25MinventoryTotal assets$63.17MtotalAssetsResult 46.9% | 7.97xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$90.58MtotalRevenueNet PP&E$11.36MpropertyPlantAndEquipmentNetResult 7.97x | 0.34xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$837.00KcapitalExpendituresD&A$2.50MdepreciationAndAmortizationResult 0.34x | $5.11Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$63.17MtotalAssetsGoodwill$1.48MgoodWillIntangibles$4.46MintangibleAssetsLiabilities$40.63MtotalLiabTangible book$16.60MShares3,248,624commonStockSharesOutstandingResult $5.11 | -10.85xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$8.38MebitdaCapex$837.00KcapitalExpendituresInterest$847.00KinterestExpenseShort-term debt$3.00KshortLongTermDebtEBITDA − capex-$9.22MPrincipal due is the current portion of debt.Result -10.85x | -$10.93MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow-$10.09MtotalCashFromOperatingActivitiesCapex$837.00KcapitalExpendituresFree cash flow-$10.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.93M | —ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$10.82MoperatingIncomeTax expense$41.00KincomeTaxExpensePretax income-$11.63MincomeBeforeTaxTax rate—Equity$22.54MtotalStockholderEquityDebt$12.11MshortLongTermDebtTotalCash$5.16McashInvested capital$29.50MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.95xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income-$10.82MoperatingIncomeNet PP&E$11.36MpropertyPlantAndEquipmentNetResult -0.95x |
| 2025 | 37.0%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$8.03MpropertyPlantAndEquipmentNetInventory$11.39MinventoryTotal assets$52.46MtotalAssetsResult 37.0% | 9.93xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$79.72MtotalRevenueNet PP&E$8.03MpropertyPlantAndEquipmentNetResult 9.93x | 0.04xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$105.00KcapitalExpendituresD&A$2.62MdepreciationAndAmortizationResult 0.04x | $2.14Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$52.46MtotalAssetsGoodwill$1.48MgoodWillIntangibles$3.38MintangibleAssetsLiabilities$40.58MtotalLiabTangible book$7.02MShares3,282,900commonStockSharesOutstandingResult $2.14 | -5.53xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$8.11MebitdaCapex$105.00KcapitalExpendituresInterest$1.13MinterestExpenseShort-term debt$353.00KshortTermDebtEBITDA − capex-$8.22MPrincipal due is short-term debt.Result -5.53x | $494.00KFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$599.00KtotalCashFromOperatingActivitiesCapex$105.00KcapitalExpendituresFree cash flow$494.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $494.00K | —ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$10.60MoperatingIncomeTax expense$42.00KincomeTaxExpensePretax income-$11.76MincomeBeforeTaxTax rate—Equity$11.88MtotalStockholderEquityDebt$10.32MshortLongTermDebtTotalCash$5.97McashInvested capital$16.24MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.32xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income-$10.60MoperatingIncomeNet PP&E$8.03MpropertyPlantAndEquipmentNetResult -1.32x |
| 2026 | 31,814.7%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$6.11BpropertyPlantAndEquipmentNetInventory$10.30BinventoryTotal assets$51.61MtotalAssetsResult 31,814.7% | 0.01xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$86.31MtotalRevenueNet PP&E$6.11BpropertyPlantAndEquipmentNetResult 0.01x | 0.05xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$86.00KcapitalExpendituresD&A$1.78MdepreciationAndAmortizationResult 0.05x | -$1.16KTangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.61MtotalAssetsGoodwill$1.48BgoodWillIntangibles$2.65BintangibleAssetsLiabilities$34.98MtotalLiabTangible book-$4.11BShares3,560,671commonStockSharesOutstandingResult -$1.16K | -0.55xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$536.00KebitdaCapex$86.00KcapitalExpendituresInterest$783.00KinterestExpenseShort-term debt$353.00KshortLongTermDebtEBITDA − capex-$622.00KPrincipal due is the current portion of debt.Result -0.55x | -$1.17MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow-$1.08MtotalCashFromOperatingActivitiesCapex$86.00KcapitalExpendituresFree cash flow-$1.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.17M | —ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.64MoperatingIncomeTax expense$60.00KincomeTaxExpensePretax income-$3.10MincomeBeforeTaxTax rate—Equity$16.63MtotalStockholderEquityDebt$8.80MshortLongTermDebtTotalCash$3.27BcashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income-$1.64MoperatingIncomeNet PP&E$6.11BpropertyPlantAndEquipmentNetResult 0.00x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $6.11B
Inventory: $10.30B
Total assets: $51.61M
Goodwill: $1.48B
Intangibles: $2.65B
Liabilities: $34.98M
Tangible book: -$4.11B
Shares: 3,560,671
Revenue: $86.31M
Capex: $86.00K
D&A: $1.78M
EBITDA: -$536.00K
Interest: $783.00K
Short-term debt: $353.00K
Free cash flow: -$1.17M
Operating income: -$1.64M
Invested capital: —
Tax rate: —