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.
Ammo Inc
Physical assets are 2.7% of total assets, a light footprint. Capex is 0.20x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 7.03x.
Physical asset ratio
2.7%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$7.27MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$267.48MtotalAssetsInventory was not reported and is treated as zero.Result 2.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.03xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$51.13MtotalRevenueNet PP&E$7.27MpropertyPlantAndEquipmentNetResult 7.03x
Revenue per dollar of the physical asset base.
Capex / D&A
0.20xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$2.89McapitalExpendituresD&A$14.40MdepreciationAndAmortizationResult 0.20x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.49Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$267.48MtotalAssetsGoodwill$90.87MgoodWillIntangibles$86.89MintangibleAssetsLiabilities$32.53MtotalLiabTangible book$57.19MShares117,095,850commonStockSharesOutstandingResult $0.49
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.85xPrice / tangible bookPrice / tangible book per sharePrice$2.37Latest quoteTangible book / share$0.492026-03-31Result 4.85x
Price $2.37.
Fixed-charge coverage
5.37xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$13.58MebitdaCapex$2.89McapitalExpendituresInterest$1.77MinterestExpenseShort-term debt$220.00KshortLongTermDebtEBITDA − capex$10.69MPrincipal due is the current portion of debt.Result 5.37x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-0.5%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow-$1.40MfreeCashFlowMarket cap$276.23MMarketCapitalizationResult -0.5%
Latest free cash flow divided by current market cap ($276.23M).
ROIC
—ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$820.06KoperatingIncomeTax expense$49.54KincomeTaxExpensePretax income-$4.90MincomeBeforeTaxTax rate—Equity$234.96MtotalStockholderEquityDebt$11.17MshortLongTermDebtTotalCash$68.10McashInvested capital$178.02MROIC 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 -0.11x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 61.4%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$22.00MpropertyPlantEquipmentInventory$4.77MinventoryTotal assets$43.59MtotalAssetsResult 61.4% | 0.21xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$4.57MtotalRevenueNet PP&E$22.00MpropertyPlantEquipmentResult 0.21x | 4.24xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$2.54McapitalExpendituresD&A$599.86KdepreciationAndAmortizationResult 4.24x | $0.49Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$43.59MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$12.93MintangibleAssetsLiabilities$14.06MtotalLiabTangible book$16.60MShares33,602,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.49 | -5.57xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$10.50MebitdaCapex$2.54McapitalExpendituresInterest$610.60KinterestExpenseShort-term debt$1.73MshortTermDebtEBITDA − capex-$13.04MPrincipal due is short-term debt.Result -5.57x | -$9.84MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow-$7.29MtotalCashFromOperatingActivitiesCapex$2.54McapitalExpendituresFree cash flow-$9.84MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$9.84M | —ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$8.98MoperatingIncomeTax expense$2.73MincomeTaxExpensePretax income-$11.71MincomeBeforeTaxTax rate—Equity$29.53MtotalStockholderEquityDebt$10.41MshortLongTermDebtTotalCash$2.18McashInvested capital$37.75MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.41xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income-$8.98MoperatingIncomeNet PP&E$22.00MpropertyPlantEquipmentResult -0.41x |
| 2020 | 64.9%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$22.29MpropertyPlantAndEquipmentNetInventory$4.41MinventoryTotal assets$41.11MtotalAssetsResult 64.9% | 0.66xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$14.78MtotalRevenueNet PP&E$22.29MpropertyPlantAndEquipmentNetResult 0.66x | 0.10xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$462.39KcapitalExpendituresD&A$4.46MdepreciationAndAmortizationResult 0.10x | $0.20Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.11MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$10.25MintangibleAssetsLiabilities$21.85MtotalLiabTangible book$9.00MShares45,608,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.20 | -1.71xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$9.38MebitdaCapex$462.39KcapitalExpendituresInterest$719.19KinterestExpenseShort-term debt$5.03MshortLongTermDebtEBITDA − capex-$9.84MPrincipal due is the current portion of debt.Result -1.71x | -$5.82MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow-$5.36MtotalCashFromOperatingActivitiesCapex$462.39KcapitalExpendituresFree cash flow-$5.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$5.82M | —ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$13.84MoperatingIncomeTax expense$719.19KincomeTaxExpensePretax income-$14.56MincomeBeforeTaxTax rate—Equity$19.26MtotalStockholderEquityDebt$14.32MshortLongTermDebtTotalCash$884.27KcashInvested capital$32.69MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.62xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income-$13.84MoperatingIncomeNet PP&E$22.29MpropertyPlantAndEquipmentNetResult -0.62x |
| 2021 | 22.0%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$23.64MpropertyPlantAndEquipmentNetInventory$15.87MinventoryTotal assets$179.38MtotalAssetsResult 22.0% | 2.64xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$62.48MtotalRevenueNet PP&E$23.64MpropertyPlantAndEquipmentNetResult 2.64x | 1.53xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$7.44McapitalExpendituresD&A$4.88MdepreciationAndAmortizationResult 1.53x | $2.76Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$179.38MtotalAssetsGoodwill$0.00goodWillIntangibles$8.28MintangibleAssetsLiabilities$19.03MtotalLiabTangible book$152.07MShares55,042,000commonStockSharesOutstandingResult $2.76 | -1.11xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$73.56KebitdaCapex$7.44McapitalExpendituresInterest$3.01MinterestExpenseShort-term debt$3.60MshortLongTermDebtEBITDA − capex-$7.36MPrincipal due is the current portion of debt.Result -1.11x | -$21.85MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow-$14.42MtotalCashFromOperatingActivitiesCapex$7.44McapitalExpendituresFree cash flow-$21.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$21.85M | —ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$5.38MoperatingIncomeTax expense$3.59MincomeTaxExpensePretax income-$7.81MincomeBeforeTaxTax rate—Equity$160.35MtotalStockholderEquityDebt$10.61MshortLongTermDebtTotalCash$118.34McashInvested capital$52.61MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.23xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income-$5.38MoperatingIncomeNet PP&E$23.64MpropertyPlantAndEquipmentNetResult -0.23x |
| 2022 | 24.0%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$40.43MpropertyPlantAndEquipmentNetInventory$59.02MinventoryTotal assets$414.18MtotalAssetsResult 24.0% | 5.94xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$240.27MtotalRevenueNet PP&E$40.43MpropertyPlantAndEquipmentNetResult 5.94x | 1.10xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$19.22McapitalExpendituresD&A$17.41MdepreciationAndAmortizationResult 1.10x | $1.24Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$414.18MtotalAssetsGoodwill$90.87MgoodWillIntangibles$141.83MintangibleAssetsLiabilities$39.87MtotalLiabTangible book$141.61MShares114,190,000commonStockSharesOutstandingResult $1.24 | 10.15xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$45.96MebitdaCapex$19.22McapitalExpendituresInterest$637.80KinterestExpenseShort-term debt$2.00MshortLongTermDebtEBITDA − capex$26.74MPrincipal due is the current portion of debt.Result 10.15x | -$16.37MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$2.85MtotalCashFromOperatingActivitiesCapex$19.22McapitalExpendituresFree cash flow-$16.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$16.37M | 7.5%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$28.53MoperatingIncomeTax expense$2.04MincomeTaxExpensePretax income$27.91MincomeBeforeTaxTax rate7.3%Equity$374.30MtotalStockholderEquityDebt$2.03MlongTermDebt + shortLongTermDebtCash$23.28McashInvested capital$353.06MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 7.5% | 0.71xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$28.53MoperatingIncomeNet PP&E$40.43MpropertyPlantAndEquipmentNetResult 0.71x |
| 2023 | 27.0%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$57.22MpropertyPlantAndEquipmentNetInventory$54.34MinventoryTotal assets$413.20MtotalAssetsResult 27.0% | 1.10xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$63.15MtotalRevenueNet PP&E$57.22MpropertyPlantAndEquipmentNetResult 1.10x | 0.99xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$12.54McapitalExpendituresD&A$12.70MdepreciationAndAmortizationResult 0.99x | $1.32Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$413.20MtotalAssetsGoodwill$90.87MgoodWillIntangibles$129.02MintangibleAssetsLiabilities$39.07MtotalLiabTangible book$154.23MShares117,178,000commonStockSharesOutstandingResult $1.32 | 0.79xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$15.05MebitdaCapex$12.54McapitalExpendituresInterest$632.06KinterestExpenseShort-term debt$2.56MshortLongTermDebtEBITDA − capex$2.51MPrincipal due is the current portion of debt.Result 0.79x | $23.02MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$35.56MtotalCashFromOperatingActivitiesCapex$12.54McapitalExpendituresFree cash flow$23.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $23.02M | 0.7%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.37MoperatingIncomeTax expense-$1.35MincomeTaxExpensePretax income$2.28MincomeBeforeTaxTax rate0.0%Equity$374.12MtotalStockholderEquityDebt$14.86MshortLongTermDebtTotalCash$39.13McashInvested capital$349.84MResult 0.7% | 0.04xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$2.37MoperatingIncomeNet PP&E$57.22MpropertyPlantAndEquipmentNetResult 0.04x |
| 2024 | 13.6%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$9.21MpropertyPlantAndEquipmentNetInventory$45.56MinventoryTotal assets$403.04MtotalAssetsResult 13.6% | 5.86xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$53.94MtotalRevenueNet PP&E$9.21MpropertyPlantAndEquipmentNetResult 5.86x | 0.20xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$2.65McapitalExpendituresD&A$13.03MdepreciationAndAmortizationResult 0.20x | $1.32Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$403.04MtotalAssetsGoodwill$90.87MgoodWillIntangibles$111.01MintangibleAssetsLiabilities$44.99MtotalLiabTangible book$156.17MShares118,249,000commonStockSharesOutstandingResult $1.32 | 6.29xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.18MebitdaCapex$2.65McapitalExpendituresInterest$446.47KinterestExpenseShort-term debt$273.46KshortLongTermDebtEBITDA − capex$4.53MPrincipal due is the current portion of debt.Result 6.29x | $29.98MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$32.64MtotalCashFromOperatingActivitiesCapex$2.65McapitalExpendituresFree cash flow$29.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $29.98M | —ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$6.44MoperatingIncomeTax expense-$948.29KincomeTaxExpensePretax income-$6.30MincomeBeforeTaxTax rate—Equity$358.05MtotalStockholderEquityDebt$13.10MshortLongTermDebtTotalCash$55.59McashInvested capital$315.56MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.70xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income-$6.44MoperatingIncomeNet PP&E$9.21MpropertyPlantAndEquipmentNetResult -0.70x |
| 2025 | 2.7%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$7.94MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$297.33MtotalAssetsInventory was not reported and is treated as zero.Result 2.7% | 6.22xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$49.40MtotalRevenueNet PP&E$7.94MpropertyPlantAndEquipmentNetResult 6.22x | 0.25xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$3.41McapitalExpendituresD&A$13.59MdepreciationAndAmortizationResult 0.25x | $0.27Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$297.33MtotalAssetsGoodwill$90.87MgoodWillIntangibles$98.89MintangibleAssetsLiabilities$75.30MtotalLiabTangible book$32.26MShares117,642,000commonStockSharesOutstandingResult $0.27 | -80.89xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$45.26MebitdaCapex$3.41McapitalExpendituresInterest$82.17KinterestExpenseShort-term debt$519.52KshortTermDebtEBITDA − capex-$48.67MPrincipal due is short-term debt.Result -80.89x | -$13.51MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow-$10.11MtotalCashFromOperatingActivitiesCapex$3.41McapitalExpendituresFree cash flow-$13.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$13.51M | —ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$59.71MoperatingIncomeTax expense$6.29MincomeTaxExpensePretax income-$58.94MincomeBeforeTaxTax rate—Equity$222.03MtotalStockholderEquityDebt$1.56MshortLongTermDebtTotalCash$30.23McashInvested capital$193.35MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -7.52xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income-$59.71MoperatingIncomeNet PP&E$7.94MpropertyPlantAndEquipmentNetResult -7.52x |
| 2026 | 2.7%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$7.27MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$267.48MtotalAssetsInventory was not reported and is treated as zero.Result 2.7% | 7.03xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$51.13MtotalRevenueNet PP&E$7.27MpropertyPlantAndEquipmentNetResult 7.03x | 0.20xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$2.89McapitalExpendituresD&A$14.40MdepreciationAndAmortizationResult 0.20x | $0.49Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$267.48MtotalAssetsGoodwill$90.87MgoodWillIntangibles$86.89MintangibleAssetsLiabilities$32.53MtotalLiabTangible book$57.19MShares117,095,850commonStockSharesOutstandingResult $0.49 | 5.37xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$13.58MebitdaCapex$2.89McapitalExpendituresInterest$1.77MinterestExpenseShort-term debt$220.00KshortLongTermDebtEBITDA − capex$10.69MPrincipal due is the current portion of debt.Result 5.37x | -$1.40MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$1.49MtotalCashFromOperatingActivitiesCapex$2.89McapitalExpendituresFree cash flow-$1.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.40M | —ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$820.06KoperatingIncomeTax expense$49.54KincomeTaxExpensePretax income-$4.90MincomeBeforeTaxTax rate—Equity$234.96MtotalStockholderEquityDebt$11.17MshortLongTermDebtTotalCash$68.10McashInvested capital$178.02MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.11xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income-$820.06KoperatingIncomeNet PP&E$7.27MpropertyPlantAndEquipmentNetResult -0.11x |
- 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 the current portion of debt.
Latest year inputs (2026)
Net PP&E: $7.27M
Inventory: $0.00
Total assets: $267.48M
Goodwill: $90.87M
Intangibles: $86.89M
Liabilities: $32.53M
Tangible book: $57.19M
Shares: 117,095,850
Revenue: $51.13M
Capex: $2.89M
D&A: $14.40M
EBITDA: $13.58M
Interest: $1.77M
Short-term debt: $220.00K
Free cash flow: -$1.40M
Operating income: -$820.06K
Invested capital: $178.02M
Tax rate: —