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.
Freightcar America Inc
Physical assets are 48.1% of total assets, a mixed footprint. Capex is 0.54x 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 0.35x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 7.03x.
Physical asset ratio
48.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$71.25MpropertyPlantAndEquipmentNetInventory$68.30MinventoryTotal assets$290.05MtotalAssetsResult 48.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.03xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$500.99MtotalRevenueNet PP&E$71.25MpropertyPlantAndEquipmentNetResult 7.03x
Revenue per dollar of the physical asset base.
Capex / D&A
0.54xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.38McapitalExpendituresD&A$6.21MdepreciationAndAmortizationResult 0.54x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$3.32Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$290.05MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.88MintangibleAssetsLiabilities$397.46MtotalLiabTangible book-$112.29MShares33,788,463commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$3.32
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$4.17Latest quoteTangible book / share-$3.322025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $4.17.
Fixed-charge coverage
0.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$12.90MebitdaCapex$3.38McapitalExpendituresInterest$17.56MinterestExpenseShort-term debt$9.73MshortLongTermDebtEBITDA − capex$9.52MPrincipal due is the current portion of debt.Result 0.35x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
22.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$31.40MfreeCashFlowMarket cap$137.07MMarketCapitalizationResult 22.9%
Latest free cash flow divided by current market cap ($137.07M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$33.92MoperatingIncomeTax expense-$48.98MincomeTaxExpensePretax income-$10.87MincomeBeforeTaxTax rate—Equity-$107.41MtotalStockholderEquityDebt$152.36MshortLongTermDebtTotalCash$64.30McashInvested 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 0.48x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 60.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$110.07MpropertyPlantEquipmentInventory$64.56MinventoryTotal assets$289.74MtotalAssetsResult 60.3% | 2.88xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$316.52MtotalRevenueNet PP&E$110.07MpropertyPlantEquipmentResult 2.88x | 3.29xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$39.53McapitalExpendituresD&A$12.02MdepreciationAndAmortizationResult 3.29x | $12.22Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$289.74MtotalAssetsGoodwill$21.52MgoodWillIntangibles$21.52MintangibleAssetsLiabilities$96.13MtotalLiabTangible book$150.57MShares12,318,861commonStockSharesOutstandingResult $12.22 | -2.77xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$18.40MebitdaCapex$39.53McapitalExpendituresInterest$155.00KinterestExpenseShort-term debt$20.76MshortTermDebtEBITDA − capex-$57.93MPrincipal due is short-term debt.Result -2.77x | -$71.18MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$31.64MtotalCashFromOperatingActivitiesCapex$39.53McapitalExpendituresFree cash flow-$71.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$71.18M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$32.11MoperatingIncomeTax expense$10.17MincomeTaxExpensePretax income-$30.41MincomeBeforeTaxTax rate—Equity$193.61MtotalStockholderEquityDebt—Not reportedCash$63.09McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.29xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$32.11MoperatingIncomeNet PP&E$110.07MpropertyPlantEquipmentResult -0.29x |
| 2019 | 64.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$133.97MpropertyPlantAndEquipmentNetInventory$25.09MinventoryTotal assets$245.20MtotalAssetsResult 64.9% | 1.72xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$229.96MtotalRevenueNet PP&E$133.97MpropertyPlantAndEquipmentNetResult 1.72x | 0.24xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$5.57McapitalExpendituresD&A$22.92MdepreciationAndAmortizationResult 0.24x | $9.48Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$245.20MtotalAssetsGoodwill$0.00goodWillIntangibles$0.00Not reported, treated as 0Liabilities$128.05MtotalLiabTangible book$117.15MShares12,352,142commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $9.48 | -3.69xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$51.82MebitdaCapex$5.57McapitalExpendituresInterest$609.00KinterestExpenseShort-term debt$14.96MshortTermDebtEBITDA − capex-$57.39MPrincipal due is short-term debt.Result -3.69x | -$24.55MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$18.98MtotalCashFromOperatingActivitiesCapex$5.57McapitalExpendituresFree cash flow-$24.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$24.55M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$75.60MoperatingIncomeTax expense-$115.00KincomeTaxExpensePretax income-$75.35MincomeBeforeTaxTax rate—Equity$117.21MtotalStockholderEquityDebt$10.20MlongTermDebt + shortLongTermDebtCash$70.03McashAndShortTermInvestmentsInvested capital$57.38MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.56xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$75.60MoperatingIncomeNet PP&E$133.97MpropertyPlantAndEquipmentNetResult -0.56x |
| 2020 | 53.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$58.73MpropertyPlantEquipmentInventory$38.83MinventoryTotal assets$182.74MtotalAssetsResult 53.4% | 1.85xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$108.45MtotalRevenueNet PP&E$58.73MpropertyPlantEquipmentResult 1.85x | 1.07xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$9.85McapitalExpendituresD&A$9.20MdepreciationAndAmortizationResult 1.07x | $2.27Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$182.74MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$152.25MtotalLiabTangible book$30.50MShares13,432,428commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.27 | -2.19xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$33.67MebitdaCapex$9.85McapitalExpendituresInterest$2.23MinterestExpenseShort-term debt$17.61MshortLongTermDebtEBITDA − capex-$43.52MPrincipal due is the current portion of debt.Result -2.19x | -$68.75MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$58.91MtotalCashFromOperatingActivitiesCapex$9.85McapitalExpendituresFree cash flow-$68.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$68.75M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$80.59MoperatingIncomeTax expense$199.00KincomeTaxExpensePretax income-$85.90MincomeBeforeTaxTax rate—Equity$30.50MtotalStockholderEquityDebt$55.27MlongTermDebt + shortLongTermDebtCash$43.59McashInvested capital$42.18MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.37xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$80.59MoperatingIncomeNet PP&E$58.73MpropertyPlantEquipmentResult -1.37x |
| 2021 | 55.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$55.07MpropertyPlantEquipmentInventory$56.01MinventoryTotal assets$200.66MtotalAssetsResult 55.4% | 3.69xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$203.05MtotalRevenueNet PP&E$55.07MpropertyPlantEquipmentResult 3.69x | 0.53xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$2.29McapitalExpendituresD&A$4.30MdepreciationAndAmortizationResult 0.53x | -$0.08Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$200.66MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$202.32MtotalLiabTangible book-$1.66MShares20,766,398commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.08 | -0.87xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$11.00MebitdaCapex$2.29McapitalExpendituresInterest$13.32MinterestExpenseShort-term debt$1.96MshortTermDebtEBITDA − capex-$13.29MPrincipal due is short-term debt.Result -0.87x | -$57.69MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$55.40MtotalCashFromOperatingActivitiesCapex$2.29McapitalExpendituresFree cash flow-$57.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$57.69M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$22.76MoperatingIncomeTax expense$1.41MincomeTaxExpensePretax income-$40.03MincomeBeforeTaxTax rate—Equity-$1.66MtotalStockholderEquityDebt$98.06MshortLongTermDebtTotalCash$21.28McashInvested capital$75.12MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.41xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$22.76MoperatingIncomeNet PP&E$55.07MpropertyPlantEquipmentResult -0.41x |
| 2022 | 66.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$69.26MpropertyPlantAndEquipmentNetInventory$64.32MinventoryTotal assets$199.74MtotalAssetsResult 66.9% | 5.27xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$364.75MtotalRevenueNet PP&E$69.26MpropertyPlantAndEquipmentNetResult 5.27x | 1.89xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$7.82McapitalExpendituresD&A$4.14MdepreciationAndAmortizationResult 1.89x | -$1.15Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$199.74MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$228.32MtotalLiabTangible book-$28.58MShares24,838,399commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$1.15 | -0.21xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$5.82MebitdaCapex$7.82McapitalExpendituresInterest$25.42MinterestExpenseShort-term debt$40.74MshortTermDebtEBITDA − capex-$13.64MPrincipal due is short-term debt.Result -0.21x | $3.69MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$11.50MtotalCashFromOperatingActivitiesCapex$7.82McapitalExpendituresFree cash flow$3.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.69M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$15.02MoperatingIncomeTax expense$2.31MincomeTaxExpensePretax income-$36.54MincomeBeforeTaxTax rate—Equity-$28.58MtotalStockholderEquityDebt$127.26MshortLongTermDebtTotalCash$33.83McashInvested capital$64.84MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.22xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$15.02MoperatingIncomeNet PP&E$69.26MpropertyPlantAndEquipmentNetResult -0.22x |
| 2023 | 77.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$77.20MpropertyPlantAndEquipmentNetInventory$125.02MinventoryTotal assets$259.46MtotalAssetsResult 77.9% | 4.64xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$358.09MtotalRevenueNet PP&E$77.20MpropertyPlantAndEquipmentNetResult 4.64x | 2.76xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$12.72McapitalExpendituresD&A$4.61MdepreciationAndAmortizationResult 2.76x | -$1.63Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$259.46MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$305.67MtotalLiabTangible book-$46.21MShares28,366,457commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$1.63 | 0.12xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$18.14MebitdaCapex$12.72McapitalExpendituresInterest$15.03MinterestExpenseShort-term debt$29.42MshortLongTermDebtEBITDA − capex$5.42MPrincipal due is the current portion of debt.Result 0.12x | -$7.95MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$4.77MtotalCashFromOperatingActivitiesCapex$12.72McapitalExpendituresFree cash flow-$7.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$7.95M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.49MoperatingIncomeTax expense$1.50MincomeTaxExpensePretax income-$22.09MincomeBeforeTaxTax rate—Equity-$46.21MtotalStockholderEquityDebt$29.42MlongTermDebt + shortLongTermDebtCash$40.56McashInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.14xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$10.49MoperatingIncomeNet PP&E$77.20MpropertyPlantAndEquipmentNetResult 0.14x |
| 2024 | 68.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$77.61MpropertyPlantAndEquipmentNetInventory$75.28MinventoryTotal assets$224.22MtotalAssetsResult 68.2% | 7.21xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$559.43MtotalRevenueNet PP&E$77.61MpropertyPlantAndEquipmentNetResult 7.21x | 0.87xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$5.02McapitalExpendituresD&A$5.76MdepreciationAndAmortizationResult 0.87x | -$4.89Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$224.22MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$374.49MtotalLiabTangible book-$150.27MShares30,726,916commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$4.89 | 3.55xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$39.51MebitdaCapex$5.02McapitalExpendituresInterest$6.85MinterestExpenseShort-term debt$2.88MshortLongTermDebtEBITDA − capex$34.49MPrincipal due is the current portion of debt.Result 3.55x | $39.91MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$44.93MtotalCashFromOperatingActivitiesCapex$5.02McapitalExpendituresFree cash flow$39.91MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $39.91M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$37.34MoperatingIncomeTax expense$5.84MincomeTaxExpensePretax income-$69.98MincomeBeforeTaxTax rate—Equity-$150.27MtotalStockholderEquityDebt$158.99MshortLongTermDebtTotalCash$44.45McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.48xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$37.34MoperatingIncomeNet PP&E$77.61MpropertyPlantAndEquipmentNetResult 0.48x |
| 2025 | 48.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$71.25MpropertyPlantAndEquipmentNetInventory$68.30MinventoryTotal assets$290.05MtotalAssetsResult 48.1% | 7.03xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$500.99MtotalRevenueNet PP&E$71.25MpropertyPlantAndEquipmentNetResult 7.03x | 0.54xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.38McapitalExpendituresD&A$6.21MdepreciationAndAmortizationResult 0.54x | -$3.32Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$290.05MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.88MintangibleAssetsLiabilities$397.46MtotalLiabTangible book-$112.29MShares33,788,463commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$3.32 | 0.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$12.90MebitdaCapex$3.38McapitalExpendituresInterest$17.56MinterestExpenseShort-term debt$9.73MshortLongTermDebtEBITDA − capex$9.52MPrincipal due is the current portion of debt.Result 0.35x | $31.40MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$34.78MtotalCashFromOperatingActivitiesCapex$3.38McapitalExpendituresFree cash flow$31.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $31.40M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$33.92MoperatingIncomeTax expense-$48.98MincomeTaxExpensePretax income-$10.87MincomeBeforeTaxTax rate—Equity-$107.41MtotalStockholderEquityDebt$152.36MshortLongTermDebtTotalCash$64.30McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.48xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$33.92MoperatingIncomeNet PP&E$71.25MpropertyPlantAndEquipmentNetResult 0.48x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $71.25M
Inventory: $68.30M
Total assets: $290.05M
Goodwill: $0.00
Intangibles: $4.88M
Liabilities: $397.46M
Tangible book: -$112.29M
Shares: 33,788,463
Revenue: $500.99M
Capex: $3.38M
D&A: $6.21M
EBITDA: $12.90M
Interest: $17.56M
Short-term debt: $9.73M
Free cash flow: $31.40M
Operating income: $33.92M
Invested capital: —
Tax rate: —