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.
Reformation Inc.
Physical assets are 33.2% of total assets, a mixed footprint. Capex is 3.38x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.00x, which is below 1.
Fixed-asset turnover is 2.02x. Compare it with other names in the same basket.
Physical asset ratio
33.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$251.04MpropertyPlantAndEquipmentNetInventory$60.64MinventoryTotal assets$937.87MtotalAssetsResult 33.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.02xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$507.10MtotalRevenueNet PP&E$251.04MpropertyPlantAndEquipmentNetResult 2.02x
Revenue per dollar of the physical asset base.
Capex / D&A
3.38xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$44.54McapitalExpendituresD&A$13.17MdepreciationAndAmortizationResult 3.38x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$1.54Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$937.87MtotalAssetsGoodwill$209.42MgoodWillIntangibles$310.50MintangibleAssetsLiabilities$497.07MtotalLiabTangible book-$79.12MShares51,285,241commonStockSharesOutstandingResult -$1.54
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$16.32Latest quoteTangible book / share-$1.542025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $16.32.
Fixed-charge coverage
0.00xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$44.61MebitdaCapex$44.54McapitalExpendituresInterest$14.57MinterestExpenseShort-term debt$8.25MshortLongTermDebtEBITDA − capex$62.00KPrincipal due is the current portion of debt.Result 0.00x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$17.87MfreeCashFlowMarket cap$933.45MMarketCapitalizationResult -1.9%
Latest free cash flow divided by current market cap ($933.45M).
ROIC
4.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$28.82MoperatingIncomeTax expense$4.22MincomeTaxExpensePretax income$16.86MincomeBeforeTaxTax rate25.0%Equity$440.80MtotalStockholderEquityDebt$155.97MlongTermDebt + shortLongTermDebtCash$65.47McashInvested capital$531.30MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.1%
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 |
|---|---|---|---|---|---|---|---|---|
| 2024 | 27.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$184.58MpropertyPlantAndEquipmentNetInventory$51.92MinventoryTotal assets$873.77MtotalAssetsResult 27.1% | 2.37xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$438.16MtotalRevenueNet PP&E$184.58MpropertyPlantAndEquipmentNetResult 2.37x | 2.59xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$26.15McapitalExpendituresD&A$10.10MreconciledDepreciationResult 2.59x | -$1.59Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$873.77MtotalAssetsGoodwill$209.42MgoodWillIntangibles$311.33MintangibleAssetsLiabilities$447.16MtotalLiabTangible book-$94.15MShares59,076,208commonStockSharesOutstandingResult -$1.59 | 2.54xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$66.49MebitdaCapex$26.15McapitalExpendituresInterest$10.71MinterestExpenseShort-term debt$5.16MshortLongTermDebtEBITDA − capex$40.34MPrincipal due is the current portion of debt.Result 2.54x | $18.12MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$44.27MtotalCashFromOperatingActivitiesCapex$26.15McapitalExpendituresFree cash flow$18.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $18.12M | 7.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$52.66MoperatingIncomeTax expense$12.75MtaxProvisionPretax income$45.68MincomeBeforeTaxTax rate27.9%Equity$426.61MtotalStockholderEquityDebt$160.17MlongTermDebt + shortLongTermDebtCash$87.68McashInvested capital$499.10MResult 7.6% | 0.29xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$52.66MoperatingIncomeNet PP&E$184.58MpropertyPlantAndEquipmentNetResult 0.29x |
| 2025 | 33.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$251.04MpropertyPlantAndEquipmentNetInventory$60.64MinventoryTotal assets$937.87MtotalAssetsResult 33.2% | 2.02xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$507.10MtotalRevenueNet PP&E$251.04MpropertyPlantAndEquipmentNetResult 2.02x | 3.38xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$44.54McapitalExpendituresD&A$13.17MdepreciationAndAmortizationResult 3.38x | -$1.54Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$937.87MtotalAssetsGoodwill$209.42MgoodWillIntangibles$310.50MintangibleAssetsLiabilities$497.07MtotalLiabTangible book-$79.12MShares51,285,241commonStockSharesOutstandingResult -$1.54 | 0.00xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$44.61MebitdaCapex$44.54McapitalExpendituresInterest$14.57MinterestExpenseShort-term debt$8.25MshortLongTermDebtEBITDA − capex$62.00KPrincipal due is the current portion of debt.Result 0.00x | -$17.87MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$26.67MtotalCashFromOperatingActivitiesCapex$44.54McapitalExpendituresFree cash flow-$17.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$17.87M | 4.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$28.82MoperatingIncomeTax expense$4.22MincomeTaxExpensePretax income$16.86MincomeBeforeTaxTax rate25.0%Equity$440.80MtotalStockholderEquityDebt$155.97MlongTermDebt + shortLongTermDebtCash$65.47McashInvested capital$531.30MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.1% | 0.11xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$28.82MoperatingIncomeNet PP&E$251.04MpropertyPlantAndEquipmentNetResult 0.11x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $251.04M
Inventory: $60.64M
Total assets: $937.87M
Goodwill: $209.42M
Intangibles: $310.50M
Liabilities: $497.07M
Tangible book: -$79.12M
Shares: 51,285,241
Revenue: $507.10M
Capex: $44.54M
D&A: $13.17M
EBITDA: $44.61M
Interest: $14.57M
Short-term debt: $8.25M
Free cash flow: -$17.87M
Operating income: $28.82M
Invested capital: $531.30M
Tax rate: 25.0%