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.
Pubmatic Inc
Physical assets are 13.3% of total assets, a light footprint. Capex is 0.33x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 3.12x.
Physical asset ratio
13.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$90.81MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$680.20MtotalAssetsInventory was not reported and is treated as zero.Result 13.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.12xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$282.93MtotalRevenueNet PP&E$90.81MpropertyPlantAndEquipmentNetResult 3.12x
Revenue per dollar of the physical asset base.
Capex / D&A
0.33xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$14.35McapitalExpendituresD&A$43.77MdepreciationAndAmortizationResult 0.33x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.90Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$680.20MtotalAssetsGoodwill$29.58MgoodWillIntangibles$2.70MintangibleAssetsLiabilities$417.61MtotalLiabTangible book$230.31MShares47,008,000commonStockSharesOutstandingResult $4.90
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.45xPrice / tangible bookPrice / tangible book per sharePrice$16.92Latest quoteTangible book / share$4.902025-12-31Result 3.45x
Price $16.92.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$27.82MebitdaCapex$14.35McapitalExpendituresInterest—Not reportedShort-term debt$6.95MshortTermDebtEBITDA − capex$13.47MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$66.71MfreeCashFlowMarket cap$755.68MMarketCapitalizationResult 8.8%
Latest free cash flow divided by current market cap ($755.68M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$17.26MoperatingIncomeTax expense-$1.49MincomeTaxExpensePretax income-$15.95MincomeBeforeTaxTax rate—Equity$262.59MtotalStockholderEquityDebt$43.86MshortLongTermDebtTotalCash$145.52McashInvested capital$160.93MROIC 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 -0.19x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 10.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.77MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$178.22MtotalAssetsResult 10.5% | 5.29xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$99.26MtotalRevenueNet PP&E$18.77MpropertyPlantEquipmentResult 5.29x | 0.79xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$9.66McapitalExpendituresD&A$12.29MdepreciationAndAmortizationResult 0.79x | $0.36Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$178.22MtotalAssetsGoodwill$6.25MgoodWillIntangibles$337.00KintangibleAssetsLiabilities$154.57MtotalLiabTangible book$17.06MShares47,516,217commonStockSharesOutstandingResult $0.36 | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$17.92MebitdaCapex$9.66McapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex$8.26MResult — | $5.94MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$15.60MtotalCashFromOperatingActivitiesCapex$9.66McapitalExpendituresFree cash flow$5.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.94M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.97MoperatingIncomeTax expense$1.21MincomeTaxExpensePretax income$5.63MincomeBeforeTaxTax rate21.4%Equity$23.65MtotalStockholderEquityDebt$276.00KshortLongTermDebtTotalCash$35.51McashAndShortTermInvestmentsInvested capital—Result — | 0.26xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$4.97MoperatingIncomeNet PP&E$18.77MpropertyPlantEquipmentResult 0.26x |
| 2019 | 9.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$20.33MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$207.45MtotalAssetsResult 9.8% | 5.60xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$113.87MtotalRevenueNet PP&E$20.33MpropertyPlantEquipmentResult 5.60x | 1.18xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$15.00McapitalExpendituresD&A$12.67MdepreciationAndAmortizationResult 1.18x | $0.55Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$207.45MtotalAssetsGoodwill$6.25MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$175.13MtotalLiabTangible book$26.07MShares47,826,504commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $0.55 | 9.67xFixed-charge coverage · 2019-12-31(EBITDA − capex) / interestEBITDA$21.89MebitdaCapex$15.00McapitalExpendituresInterest$713.00KinterestExpenseEBITDA − capex$6.90MShort-term debt was not reported, so the denominator is interest only.Result 9.67x | $20.13MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$35.13MtotalCashFromOperatingActivitiesCapex$15.00McapitalExpendituresFree cash flow$20.13MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $20.13M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.51MoperatingIncomeTax expense$2.58MincomeTaxExpensePretax income$9.22MincomeBeforeTaxTax rate28.0%Equity$32.32MtotalStockholderEquityDebt—Not reportedCash$55.45McashAndShortTermInvestmentsInvested capital—Result — | 0.42xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$8.51MoperatingIncomeNet PP&E$20.33MpropertyPlantEquipmentResult 0.42x |
| 2020 | 8.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.04MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$371.25MtotalAssetsResult 8.1% | 4.95xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$148.75MtotalRevenueNet PP&E$30.04MpropertyPlantEquipmentResult 4.95x | 1.99xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$31.40McapitalExpendituresD&A$15.74MdepreciationAndAmortizationResult 1.99x | $3.52Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$371.25MtotalAssetsGoodwill$6.25MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$195.82MtotalLiabTangible book$169.18MShares48,088,637commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $3.52 | 91.97xFixed-charge coverage · 2020-12-31(EBITDA − capex) / interestEBITDA$47.50MebitdaCapex$31.40McapitalExpendituresInterest$175.00KinterestExpenseEBITDA − capex$16.10MShort-term debt was not reported, so the denominator is interest only.Result 91.97x | -$7.07MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$24.33MtotalCashFromOperatingActivitiesCapex$31.40McapitalExpendituresFree cash flow-$7.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$7.07M | 35.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$31.76MoperatingIncomeTax expense$4.97MincomeTaxExpensePretax income$31.58MincomeBeforeTaxTax rate15.7%Equity$175.43MtotalStockholderEquityDebt$1.56MshortLongTermDebtTotalCash$100.98McashAndShortTermInvestmentsInvested capital$76.01MResult 35.2% | 1.06xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$31.76MoperatingIncomeNet PP&E$30.04MpropertyPlantEquipmentResult 1.06x |
| 2021 | 13.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$71.75MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$550.22MtotalAssetsInventory was not reported and is treated as zero.Result 13.0% | 3.16xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$226.91MtotalRevenueNet PP&E$71.75MpropertyPlantEquipmentResult 3.16x | 1.71xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$39.36McapitalExpendituresD&A$23.07MdepreciationAndAmortizationResult 1.71x | $4.43Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$550.22MtotalAssetsGoodwill$6.25MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$293.04MtotalLiabTangible book$250.93MShares56,628,574commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $4.43 | 4.91xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$87.88MebitdaCapex$39.36McapitalExpendituresInterest$6.01MinterestExpenseShort-term debt$3.86MshortTermDebtEBITDA − capex$48.52MPrincipal due is short-term debt.Result 4.91x | $49.32MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$88.68MtotalCashFromOperatingActivitiesCapex$39.36McapitalExpendituresFree cash flow$49.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $49.32M | 43.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$58.79MoperatingIncomeTax expense$8.20MincomeTaxExpensePretax income$64.80MincomeBeforeTaxTax rate12.7%Equity$257.18MtotalStockholderEquityDebt$21.71MshortLongTermDebtTotalCash$159.63McashAndShortTermInvestmentsInvested capital$119.26MResult 43.1% | 0.82xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$58.79MoperatingIncomeNet PP&E$71.75MpropertyPlantEquipmentResult 0.82x |
| 2022 | 15.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$97.36MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$642.18MtotalAssetsResult 15.2% | 2.63xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$256.38MtotalRevenueNet PP&E$97.36MpropertyPlantEquipmentResult 2.63x | 1.43xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$48.89McapitalExpendituresD&A$34.25MdepreciationAndAmortizationResult 1.43x | $4.82Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$642.18MtotalAssetsGoodwill$29.58MgoodWillIntangibles$8.30MintangibleAssetsLiabilities$329.99MtotalLiabTangible book$274.31MShares56,908,197commonStockSharesOutstandingResult $4.82 | 2.61xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$71.72MebitdaCapex$48.89McapitalExpendituresInterest$3.05MinterestExpenseShort-term debt$5.68MshortTermDebtEBITDA − capex$22.82MPrincipal due is short-term debt.Result 2.61x | $38.32MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$87.21MtotalCashFromOperatingActivitiesCapex$48.89McapitalExpendituresFree cash flow$38.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $38.32M | 18.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$40.52MoperatingIncomeTax expense$8.76MincomeTaxExpensePretax income$37.47MincomeBeforeTaxTax rate23.4%Equity$312.19MtotalStockholderEquityDebt$26.59MshortLongTermDebtTotalCash$174.40McashAndShortTermInvestmentsInvested capital$164.38MResult 18.9% | 0.42xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$40.52MoperatingIncomeNet PP&E$97.36MpropertyPlantEquipmentResult 0.42x |
| 2023 | 11.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$81.83MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$695.24MtotalAssetsInventory was not reported and is treated as zero.Result 11.8% | 3.26xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$267.01MtotalRevenueNet PP&E$81.83MpropertyPlantAndEquipmentNetResult 3.26x | 0.63xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$28.29McapitalExpendituresD&A$44.77MdepreciationAndAmortizationResult 0.63x | $4.65Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$695.24MtotalAssetsGoodwill$29.58MgoodWillIntangibles$5.86MintangibleAssetsLiabilities$399.04MtotalLiabTangible book$260.76MShares56,027,000commonStockSharesOutstandingResult $4.65 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$55.28MebitdaCapex$28.29McapitalExpendituresInterest—Not reportedShort-term debt$6.24MshortTermDebtEBITDA − capex$26.99MPrincipal due is short-term debt.Result — | $52.83MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$81.12MtotalCashFromOperatingActivitiesCapex$28.29McapitalExpendituresFree cash flow$52.83MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $52.83M | 1.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.04MoperatingIncomeTax expense$1.62MincomeTaxExpensePretax income$10.51MincomeBeforeTaxTax rate15.5%Equity$296.20MtotalStockholderEquityDebt$21.84MshortLongTermDebtTotalCash$175.34McashAndShortTermInvestmentsInvested capital$142.70MResult 1.2% | 0.02xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$2.04MoperatingIncomeNet PP&E$81.83MpropertyPlantAndEquipmentNetResult 0.02x |
| 2024 | 13.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$102.92MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$739.52MtotalAssetsInventory was not reported and is treated as zero.Result 13.9% | 2.83xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$291.26MtotalRevenueNet PP&E$102.92MpropertyPlantAndEquipmentNetResult 2.83x | 0.85xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$38.53McapitalExpendituresD&A$45.35MdepreciationAndAmortizationResult 0.85x | $4.48Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$739.52MtotalAssetsGoodwill$29.58MgoodWillIntangibles$4.28MintangibleAssetsLiabilities$462.26MtotalLiabTangible book$243.40MShares54,294,000commonStockSharesOutstandingResult $4.48 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$63.13MebitdaCapex$38.53McapitalExpendituresInterest—Not reportedShort-term debt$5.84MshortTermDebtEBITDA − capex$24.60MPrincipal due is short-term debt.Result — | $34.90MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$73.43MtotalCashFromOperatingActivitiesCapex$38.53McapitalExpendituresFree cash flow$34.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $34.90M | 1.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.93MoperatingIncomeTax expense$5.27MincomeTaxExpensePretax income$17.77MincomeBeforeTaxTax rate29.7%Equity$277.26MtotalStockholderEquityDebt$45.38MshortLongTermDebtTotalCash$140.59McashAndShortTermInvestmentsInvested capital$182.06MResult 1.5% | 0.04xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$3.93MoperatingIncomeNet PP&E$102.92MpropertyPlantAndEquipmentNetResult 0.04x |
| 2025 | 13.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$90.81MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$680.20MtotalAssetsInventory was not reported and is treated as zero.Result 13.3% | 3.12xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$282.93MtotalRevenueNet PP&E$90.81MpropertyPlantAndEquipmentNetResult 3.12x | 0.33xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$14.35McapitalExpendituresD&A$43.77MdepreciationAndAmortizationResult 0.33x | $4.90Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$680.20MtotalAssetsGoodwill$29.58MgoodWillIntangibles$2.70MintangibleAssetsLiabilities$417.61MtotalLiabTangible book$230.31MShares47,008,000commonStockSharesOutstandingResult $4.90 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$27.82MebitdaCapex$14.35McapitalExpendituresInterest—Not reportedShort-term debt$6.95MshortTermDebtEBITDA − capex$13.47MPrincipal due is short-term debt.Result — | $66.71MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$81.06MtotalCashFromOperatingActivitiesCapex$14.35McapitalExpendituresFree cash flow$66.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $66.71M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$17.26MoperatingIncomeTax expense-$1.49MincomeTaxExpensePretax income-$15.95MincomeBeforeTaxTax rate—Equity$262.59MtotalStockholderEquityDebt$43.86MshortLongTermDebtTotalCash$145.52McashInvested capital$160.93MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.19xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$17.26MoperatingIncomeNet PP&E$90.81MpropertyPlantAndEquipmentNetResult -0.19x |
- 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: $90.81M
Inventory: $0.00
Total assets: $680.20M
Goodwill: $29.58M
Intangibles: $2.70M
Liabilities: $417.61M
Tangible book: $230.31M
Shares: 47,008,000
Revenue: $282.93M
Capex: $14.35M
D&A: $43.77M
EBITDA: $27.82M
Interest: —
Short-term debt: $6.95M
Free cash flow: $66.71M
Operating income: -$17.26M
Invested capital: $160.93M
Tax rate: —