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.
Primaris Retail R.E. Invest. Tr. Units
Physical assets are 0.4% of total assets, a light footprint. Capex is 0.32x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 33.12x.
Physical asset ratio
0.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$19.70MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$5.28BtotalAssetsInventory was not reported and is treated as zero.Result 0.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
33.12xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$652.57MtotalRevenueNet PP&E$19.70MpropertyPlantAndEquipmentNetResult 33.12x
Revenue per dollar of the physical asset base.
Capex / D&A
0.32xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$667.00KcapitalExpendituresD&A$2.10MdepreciationAndAmortizationResult 0.32x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$19.90Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.28BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.75BtotalLiabTangible book$2.53BShares127,313,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.90
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.11xPrice / tangible bookPrice / tangible book per sharePrice$22.13Latest quoteTangible book / share$19.902025-12-31Result 1.11x
Price $22.13.
Fixed-charge coverage
2.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$319.87MebitdaCapex$667.00KcapitalExpendituresInterest$134.58MinterestExpenseShort-term debt$1.47MshortTermDebtEBITDA − capex$319.20MPrincipal due is short-term debt.Result 2.35x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$225.07MfreeCashFlowMarket cap$3.05BMarketCapitalizationResult 7.4%
Latest free cash flow divided by current market cap ($3.05B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$351.01MoperatingIncomeTax expense—Not reportedPretax income$183.19MincomeBeforeTaxTax rate—Equity$2.53BtotalStockholderEquityDebt$2.19BshortLongTermDebtTotalCash$34.29McashInvested capital$4.69BROIC 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 17.82x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 99.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.70BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2.73BtotalAssetsInventory was not reported and is treated as zero.Result 99.2% | 0.10xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$276.44MtotalRevenueNet PP&E$2.70BpropertyPlantEquipmentResult 0.10x | 0.00xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$152.36MdepreciationAndAmortizationResult 0.00x | $16.14Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.73BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.11BtotalLiabTangible book$1.62BShares100,360,460commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $16.14 | 0.60xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$152.36MebitdaCapex$0.00capitalExpendituresInterest$0.00interestExpenseShort-term debt$256.00MshortTermDebtEBITDA − capex$152.36MPrincipal due is short-term debt.Result 0.60x | -$140.32MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$140.32MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$140.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$140.32M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$152.36MoperatingIncomeTax expense-$300.06MincomeTaxExpensePretax income-$147.70MincomeBeforeTaxTax rate—Equity$1.62BtotalStockholderEquityDebt$901.62MshortLongTermDebtTotalCash$8.03McashInvested capital$2.51BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.06xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$152.36MoperatingIncomeNet PP&E$2.70BpropertyPlantEquipmentResult 0.06x |
| 2019 | 99.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.71BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$2.73BtotalAssetsResult 99.1% | 0.10xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$274.42MtotalRevenueNet PP&E$2.71BpropertyPlantEquipmentResult 0.10x | 0.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$151.16MdepreciationAndAmortizationResult 0.00x | $15.70Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.73BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.16BtotalLiabTangible book$1.58BShares100,360,460commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $15.70 | 0.88xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$151.16MebitdaCapex$0.00capitalExpendituresInterest$0.00interestExpenseShort-term debt$172.70MshortTermDebtEBITDA − capex$151.16MPrincipal due is short-term debt.Result 0.88x | $253.25MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$253.25MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$253.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $253.25M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$151.16MoperatingIncomeTax expense-$195.61MincomeTaxExpensePretax income-$44.45MincomeBeforeTaxTax rate—Equity$1.58BtotalStockholderEquityDebt$804.31MshortLongTermDebtTotalCash$8.01McashInvested capital$2.37BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.06xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$151.16MoperatingIncomeNet PP&E$2.71BpropertyPlantEquipmentResult 0.06x |
| 2020 | 99.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.10BpropertyPlantEquipmentInventory$25.80MinventoryTotal assets$2.13BtotalAssetsResult 99.7% | 0.13xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$270.23MtotalRevenueNet PP&E$2.10BpropertyPlantEquipmentResult 0.13x | 0.48xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$65.22McapitalExpendituresD&A$135.44MdepreciationAndAmortizationResult 0.48x | $10.20Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.13BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.13BtotalLiabTangible book$1.00BShares98,251,890commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $10.20 | 0.18xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$124.02MebitdaCapex$65.22McapitalExpendituresInterest$21.08MinterestExpenseShort-term debt$308.50MshortTermDebtEBITDA − capex$58.81MPrincipal due is short-term debt.Result 0.18x | $213.63MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$278.85MtotalCashFromOperatingActivitiesCapex$65.22McapitalExpendituresFree cash flow$213.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $213.63M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$124.02MoperatingIncomeTax expense$142.83MincomeTaxExpensePretax income-$574.48MincomeBeforeTaxTax rate—Equity$1.00BtotalStockholderEquityDebt$301.40MshortLongTermDebtTotalCash$15.01McashInvested capital$1.29BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.06xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$124.02MoperatingIncomeNet PP&E$2.10BpropertyPlantEquipmentResult 0.06x |
| 2021 | 99.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.21BpropertyPlantEquipmentInventory$28.01MinventoryTotal assets$3.25BtotalAssetsUses the property line, which is larger than net PP&E ($8.06M, propertyPlantAndEquipmentNet).Result 99.8% | 0.08xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$253.98MtotalRevenueNet PP&E$3.21BpropertyPlantEquipmentResult 0.08x | 95.65xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$24.87McapitalExpendituresD&A$260.00KdepreciationAndAmortizationResult 95.65x | $22.30Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.25BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.06BtotalLiabTangible book$2.19BShares98,251,890commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $22.30 | 2.07xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$359.98MebitdaCapex$24.87McapitalExpendituresInterest$18.73MinterestExpenseShort-term debt$143.00MshortLongTermDebtEBITDA − capex$335.11MPrincipal due is the current portion of debt.Result 2.07x | -$101.04MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$76.17MtotalCashFromOperatingActivitiesCapex$24.87McapitalExpendituresFree cash flow-$101.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$101.04M | 4.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$130.92MoperatingIncomeTax expense-$13.58MincomeTaxExpensePretax income$340.99MincomeBeforeTaxTax rate0.0%Equity$2.19BtotalStockholderEquityDebt$558.42MshortLongTermDebtTotalCash$5.64McashInvested capital$2.74BResult 4.8% | 0.04xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$130.92MoperatingIncomeNet PP&E$3.21BpropertyPlantEquipmentResult 0.04x |
| 2022 | 99.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.13BpropertyPlantEquipmentInventory$62.22MinventoryTotal assets$3.20BtotalAssetsUses the property line, which is larger than net PP&E ($10.40M, propertyPlantAndEquipmentNet).Result 99.7% | 0.12xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$380.06MtotalRevenueNet PP&E$3.13BpropertyPlantEquipmentResult 0.12x | 0.49xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$921.00KcapitalExpendituresD&A$1.86MdepreciationAndAmortizationResult 0.49x | $20.87Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.20BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.11BtotalLiabTangible book$2.09BShares100,047,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $20.87 | 0.04xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$21.83MebitdaCapex$921.00KcapitalExpendituresInterest$32.05MinterestExpenseShort-term debt$450.13MshortTermDebtEBITDA − capex$20.91MPrincipal due is short-term debt.Result 0.04x | $163.39MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$164.31MtotalCashFromOperatingActivitiesCapex$921.00KcapitalExpendituresFree cash flow$163.39MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $163.39M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$185.95MoperatingIncomeTax expense-$12.08MincomeTaxExpensePretax income-$12.08MincomeBeforeTaxTax rate—Equity$2.09BtotalStockholderEquityDebt$1.01BshortLongTermDebtTotalCash$10.95McashInvested capital$3.08BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.06xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$185.95MoperatingIncomeNet PP&E$3.13BpropertyPlantEquipmentResult 0.06x |
| 2023 | 93.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.55BpropertyPlantAndEquipmentNetInventory$96.97MinventoryTotal assets$3.90BtotalAssetsResult 93.5% | 0.12xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$410.97MtotalRevenueNet PP&E$3.55BpropertyPlantAndEquipmentNetResult 0.12x | 1.16xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$3.02McapitalExpendituresD&A$2.60MdepreciationAndAmortizationResult 1.16x | $21.10Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.90BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.80BtotalLiabTangible book$2.10BShares99,714,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $21.10 | 1.43xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$206.87MebitdaCapex$3.02McapitalExpendituresInterest$53.62MinterestExpenseShort-term debt$89.27MshortTermDebtEBITDA − capex$203.85MPrincipal due is short-term debt.Result 1.43x | $163.35MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$166.37MtotalCashFromOperatingActivitiesCapex$3.02McapitalExpendituresFree cash flow$163.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $163.35M | 3.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$203.51MoperatingIncomeTax expense$52.08MincomeTaxExpensePretax income$102.27MincomeBeforeTaxTax rate40.0%Equity$2.10BtotalStockholderEquityDebt$1.48BshortLongTermDebtTotalCash$44.32McashInvested capital$3.54BThe effective tax rate was above 40% and was capped at 40%.Result 3.4% | 0.06xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$203.51MoperatingIncomeNet PP&E$3.55BpropertyPlantAndEquipmentNetResult 0.06x |
| 2024 | 0.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$20.33MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$4.27BtotalAssetsInventory was not reported and is treated as zero.Result 0.5% | 24.82xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$504.62MtotalRevenueNet PP&E$20.33MpropertyPlantAndEquipmentNetResult 24.82x | 8.19xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$16.75McapitalExpendituresD&A$2.05MdepreciationAndAmortizationResult 8.19x | $19.95Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.27BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.11BtotalLiabTangible book$2.16BShares108,295,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.95 | 1.25xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$164.61MebitdaCapex$16.75McapitalExpendituresInterest$83.10MinterestExpenseShort-term debt$35.00MshortTermDebtEBITDA − capex$147.86MPrincipal due is short-term debt.Result 1.25x | $151.57MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$168.32MtotalCashFromOperatingActivitiesCapex$16.75McapitalExpendituresFree cash flow$151.57MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $151.57M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$253.70MoperatingIncomeTax expense—Not reportedPretax income$79.47MincomeBeforeTaxTax rate—Equity$2.16BtotalStockholderEquityDebt$1.71BshortLongTermDebtTotalCash$114.77McashAndShortTermInvestmentsInvested capital$3.76BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 12.48xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$253.70MoperatingIncomeNet PP&E$20.33MpropertyPlantAndEquipmentNetResult 12.48x |
| 2025 | 0.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$19.70MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$5.28BtotalAssetsInventory was not reported and is treated as zero.Result 0.4% | 33.12xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$652.57MtotalRevenueNet PP&E$19.70MpropertyPlantAndEquipmentNetResult 33.12x | 0.32xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$667.00KcapitalExpendituresD&A$2.10MdepreciationAndAmortizationResult 0.32x | $19.90Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.28BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.75BtotalLiabTangible book$2.53BShares127,313,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.90 | 2.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$319.87MebitdaCapex$667.00KcapitalExpendituresInterest$134.58MinterestExpenseShort-term debt$1.47MshortTermDebtEBITDA − capex$319.20MPrincipal due is short-term debt.Result 2.35x | $225.07MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$225.73MtotalCashFromOperatingActivitiesCapex$667.00KcapitalExpendituresFree cash flow$225.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $225.07M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$351.01MoperatingIncomeTax expense—Not reportedPretax income$183.19MincomeBeforeTaxTax rate—Equity$2.53BtotalStockholderEquityDebt$2.19BshortLongTermDebtTotalCash$34.29McashInvested capital$4.69BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 17.82xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$351.01MoperatingIncomeNet PP&E$19.70MpropertyPlantAndEquipmentNetResult 17.82x |
- 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: $19.70M
Inventory: $0.00
Total assets: $5.28B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $2.75B
Tangible book: $2.53B
Shares: 127,313,000
Revenue: $652.57M
Capex: $667.00K
D&A: $2.10M
EBITDA: $319.87M
Interest: $134.58M
Short-term debt: $1.47M
Free cash flow: $225.07M
Operating income: $351.01M
Invested capital: $4.69B
Tax rate: —