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.
ATRenew Inc DRC
Physical assets are 22.0% of total assets, a light footprint. Capex is 1.21x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. ROIC is 13.4%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 85.48x. Compare it with other names in the same basket.
Physical asset ratio
22.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$239.53MpropertyPlantAndEquipmentNetInventory$1.07BinventoryTotal assets$5.97BtotalAssetsResult 22.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
85.48xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$20.47BtotalRevenueNet PP&E$239.53MpropertyPlantAndEquipmentNetResult 85.48x
Revenue per dollar of the physical asset base.
Capex / D&A
1.21xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$140.35McapitalExpendituresD&A$116.30MdepreciationAndAmortizationResult 1.21x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$10.91Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.97BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$10.66MintangibleAssetsLiabilities$1.98BtotalLiabTangible book$3.98BShares364,935,364commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $10.91
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.36xPrice / tangible bookPrice / tangible book per sharePrice$3.90Latest quoteTangible book / share$10.912025-12-31Result 0.36x
Price $3.90.
Fixed-charge coverage
1.15xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$518.95MebitdaCapex$140.35McapitalExpendituresInterest$5.87MinterestExpenseShort-term debt$322.86MshortLongTermDebtEBITDA − capex$378.60MPrincipal due is the current portion of debt.Result 1.15x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-59.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$543.62MfreeCashFlowMarket cap$912.54MMarketCapitalizationResult -59.6%
Latest free cash flow divided by current market cap ($912.54M).
ROIC
13.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$402.66MoperatingIncomeTax expense$55.20MincomeTaxExpensePretax income$382.33MincomeBeforeTaxTax rate14.4%Equity$3.99BtotalStockholderEquityDebt$393.14MshortLongTermDebtTotalCash$1.81BcashAndShortTermInvestmentsInvested capital$2.58BResult 13.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.68x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 11.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$67.54MpropertyPlantEquipmentInventory$75.22MinventoryTotal assets$1.23BtotalAssetsResult 11.6% | 48.29xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.26BtotalRevenueNet PP&E$67.54MpropertyPlantEquipmentResult 48.29x | 1.69xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$64.29McapitalExpendituresD&A$38.12MdepreciationAndAmortizationResult 1.69x | -$64.40Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.23BtotalAssetsGoodwill$0.00goodWillIntangibles$18.99MintangibleAssetsLiabilities$3.09BtotalLiabTangible book-$1.87BShares29,109,000commonStockSharesOutstandingResult -$64.40 | -0.74xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$188.49MebitdaCapex$64.29McapitalExpendituresInterest$6.54MinterestExpenseShort-term debt$333.66MshortTermDebtEBITDA − capex-$252.77MPrincipal due is short-term debt.Result -0.74x | -$422.31MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$358.02MtotalCashFromOperatingActivitiesCapex$64.29McapitalExpendituresFree cash flow-$422.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$422.31M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$256.46MoperatingIncomeTax expense-$1.92MincomeTaxExpensePretax income-$209.36MincomeBeforeTaxTax rate—Equity-$1.86BtotalStockholderEquityDebt$333.66MshortLongTermDebtTotalCash$673.15McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.80xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$256.46MoperatingIncomeNet PP&E$67.54MpropertyPlantEquipmentResult -3.80x |
| 2019 | 3.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$99.22MpropertyPlantEquipmentInventory$65.56MinventoryTotal assets$4.79BtotalAssetsResult 3.4% | 39.63xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$3.93BtotalRevenueNet PP&E$99.22MpropertyPlantEquipmentResult 39.63x | 0.44xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$103.31McapitalExpendituresD&A$234.67MdepreciationAndAmortizationResult 0.44x | -$245.81Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.79BtotalAssetsGoodwill$1.80BgoodWillIntangibles$1.68BintangibleAssetsLiabilities$8.22BtotalLiabTangible book-$6.93BShares28,174,000commonStockSharesOutstandingResult -$245.81 | -1.57xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$485.74MebitdaCapex$103.31McapitalExpendituresInterest$12.40MinterestExpenseShort-term debt$361.63MshortTermDebtEBITDA − capex-$589.05MPrincipal due is short-term debt.Result -1.57x | -$514.11MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$410.79MtotalCashFromOperatingActivitiesCapex$103.31McapitalExpendituresFree cash flow-$514.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$514.11M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$731.81MoperatingIncomeTax expense-$30.12MincomeTaxExpensePretax income-$735.01MincomeBeforeTaxTax rate—Equity-$3.44BtotalStockholderEquityDebt$361.63MshortLongTermDebtTotalCash$553.19McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -7.38xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$731.81MoperatingIncomeNet PP&E$99.22MpropertyPlantEquipmentResult -7.38x |
| 2020 | 4.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$69.56MpropertyPlantEquipmentInventory$176.99MinventoryTotal assets$5.23BtotalAssetsResult 4.7% | 69.84xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.86BtotalRevenueNet PP&E$69.56MpropertyPlantEquipmentResult 69.84x | 0.10xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$37.84McapitalExpendituresD&A$360.78MdepreciationAndAmortizationResult 0.10x | -$297.54Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.23BtotalAssetsGoodwill$1.80BgoodWillIntangibles$1.37BintangibleAssetsLiabilities$10.44BtotalLiabTangible book-$8.38BShares28,174,000commonStockSharesOutstandingResult -$297.54 | -0.28xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$128.54MebitdaCapex$37.84McapitalExpendituresInterest$21.09MinterestExpenseShort-term debt$563.08MshortTermDebtEBITDA − capex-$166.38MPrincipal due is short-term debt.Result -0.28x | -$450.71MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$412.87MtotalCashFromOperatingActivitiesCapex$37.84McapitalExpendituresFree cash flow-$450.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$450.71M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$458.78MoperatingIncomeTax expense-$47.32MincomeTaxExpensePretax income-$517.94MincomeBeforeTaxTax rate—Equity-$5.20BtotalStockholderEquityDebt$595.70MshortLongTermDebtTotalCash$1.03BcashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -6.60xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$458.78MoperatingIncomeNet PP&E$69.56MpropertyPlantEquipmentResult -6.60x |
| 2021 | 8.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$173.46MpropertyPlantEquipmentInventory$478.75MinventoryTotal assets$7.50BtotalAssetsResult 8.7% | 44.85xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$7.78BtotalRevenueNet PP&E$173.46MpropertyPlantEquipmentResult 44.85x | 0.20xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$73.92McapitalExpendituresD&A$373.75MdepreciationAndAmortizationResult 0.20x | $16.18Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.50BtotalAssetsGoodwill$1.80BgoodWillIntangibles$1.08BintangibleAssetsLiabilities$1.08BtotalLiabTangible book$3.54BShares218,877,529commonStockSharesOutstandingResult $16.18 | -4.31xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$563.32MebitdaCapex$73.92McapitalExpendituresInterest$16.78MinterestExpenseShort-term debt$130.95MshortTermDebtEBITDA − capex-$637.24MPrincipal due is short-term debt.Result -4.31x | -$1.09BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$1.02BtotalCashFromOperatingActivitiesCapex$73.92McapitalExpendituresFree cash flow-$1.09BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.09B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$895.07MoperatingIncomeTax expense-$143.86MincomeTaxExpensePretax income-$960.41MincomeBeforeTaxTax rate—Equity$6.42BtotalStockholderEquityDebt$165.45MshortLongTermDebtTotalCash$1.89BcashAndShortTermInvestmentsInvested capital$4.69BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -5.16xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$895.07MoperatingIncomeNet PP&E$173.46MpropertyPlantEquipmentResult -5.16x |
| 2022 | 12.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$197.06MpropertyPlantEquipmentInventory$433.47MinventoryTotal assets$5.05BtotalAssetsUses the property line, which is larger than net PP&E ($118.60M, propertyPlantAndEquipmentNet).Result 12.5% | 50.08xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$9.87BtotalRevenueNet PP&E$197.06MpropertyPlantEquipmentResult 50.08x | 0.15xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$61.46McapitalExpendituresD&A$405.41MdepreciationAndAmortizationResult 0.15x | $13.66Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.05BtotalAssetsGoodwill$0.00goodWillIntangibles$544.65MintangibleAssetsLiabilities$1.17BtotalLiabTangible book$3.34BShares244,228,000commonStockSharesOutstandingResult $13.66 | -17.08xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$2.16BebitdaCapex$61.46McapitalExpendituresInterest$6.16MinterestExpenseShort-term debt$123.98MshortLongTermDebtEBITDA − capex-$2.22BPrincipal due is the current portion of debt.Result -17.08x | $819.83MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$881.30MtotalCashFromOperatingActivitiesCapex$61.46McapitalExpendituresFree cash flow$819.83MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $819.83M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.62BoperatingIncomeTax expense-$111.78MincomeTaxExpensePretax income-$2.58BincomeBeforeTaxTax rate—Equity$3.88BtotalStockholderEquityDebt$123.98MlongTermDebt + shortLongTermDebtCash$2.52BcashAndShortTermInvestmentsInvested capital$1.48BReported 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 — | -13.31xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$2.62BoperatingIncomeNet PP&E$197.06MpropertyPlantEquipmentResult -13.31x |
| 2023 | 22.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$204.17MpropertyPlantAndEquipmentNetInventory$1.02BinventoryTotal assets$5.49BtotalAssetsResult 22.2% | 63.51xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$12.97BtotalRevenueNet PP&E$204.17MpropertyPlantAndEquipmentNetResult 63.51x | 0.26xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$85.18McapitalExpendituresD&A$333.73MdepreciationAndAmortizationResult 0.26x | $14.15Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.49BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$270.63MintangibleAssetsLiabilities$1.78BtotalLiabTangible book$3.44BShares243,240,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $14.15 | 0.30xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$192.38MebitdaCapex$85.18McapitalExpendituresInterest$7.06MinterestExpenseShort-term debt$349.93MshortLongTermDebtEBITDA − capex$107.20MPrincipal due is the current portion of debt.Result 0.30x | $158.72MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$243.90MtotalCashFromOperatingActivitiesCapex$85.18McapitalExpendituresFree cash flow$158.72MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $158.72M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$173.34MoperatingIncomeTax expense-$42.53MincomeTaxExpensePretax income-$198.78MincomeBeforeTaxTax rate—Equity$3.71BtotalStockholderEquityDebt$405.94MshortLongTermDebtTotalCash$2.43BcashAndShortTermInvestmentsInvested capital$1.69BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.85xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$173.34MoperatingIncomeNet PP&E$204.17MpropertyPlantAndEquipmentNetResult -0.85x |
| 2024 | 16.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$284.36MpropertyPlantAndEquipmentNetInventory$535.07MinventoryTotal assets$5.09BtotalAssetsResult 16.1% | 57.42xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$16.33BtotalRevenueNet PP&E$284.36MpropertyPlantAndEquipmentNetResult 57.42x | 0.22xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$59.86McapitalExpendituresD&A$267.06MdepreciationAndAmortizationResult 0.22x | $9.90Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.09BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$56.60MintangibleAssetsLiabilities$1.40BtotalLiabTangible book$3.64BShares367,315,452commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.90 | 0.92xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$281.64MebitdaCapex$59.86McapitalExpendituresInterest$15.02MinterestExpenseShort-term debt$225.00MshortLongTermDebtEBITDA − capex$221.78MPrincipal due is the current portion of debt.Result 0.92x | $582.95MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$642.81MtotalCashFromOperatingActivitiesCapex$59.86McapitalExpendituresFree cash flow$582.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $582.95M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$28.97MoperatingIncomeTax expense-$56.88MincomeTaxExpensePretax income-$65.11MincomeBeforeTaxTax rate—Equity$3.69BtotalStockholderEquityDebt$225.00MlongTermDebt + shortLongTermDebtCash$2.61BcashAndShortTermInvestmentsInvested capital$1.31BReported 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 — | 0.10xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$28.97MoperatingIncomeNet PP&E$284.36MpropertyPlantAndEquipmentNetResult 0.10x |
| 2025 | 22.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$239.53MpropertyPlantAndEquipmentNetInventory$1.07BinventoryTotal assets$5.97BtotalAssetsResult 22.0% | 85.48xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$20.47BtotalRevenueNet PP&E$239.53MpropertyPlantAndEquipmentNetResult 85.48x | 1.21xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$140.35McapitalExpendituresD&A$116.30MdepreciationAndAmortizationResult 1.21x | $10.91Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.97BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$10.66MintangibleAssetsLiabilities$1.98BtotalLiabTangible book$3.98BShares364,935,364commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $10.91 | 1.15xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$518.95MebitdaCapex$140.35McapitalExpendituresInterest$5.87MinterestExpenseShort-term debt$322.86MshortLongTermDebtEBITDA − capex$378.60MPrincipal due is the current portion of debt.Result 1.15x | -$543.62MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$403.27MtotalCashFromOperatingActivitiesCapex$140.35McapitalExpendituresFree cash flow-$543.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$543.62M | 13.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$402.66MoperatingIncomeTax expense$55.20MincomeTaxExpensePretax income$382.33MincomeBeforeTaxTax rate14.4%Equity$3.99BtotalStockholderEquityDebt$393.14MshortLongTermDebtTotalCash$1.81BcashAndShortTermInvestmentsInvested capital$2.58BResult 13.4% | 1.68xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$402.66MoperatingIncomeNet PP&E$239.53MpropertyPlantAndEquipmentNetResult 1.68x |
- 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 (2025)
Net PP&E: $239.53M
Inventory: $1.07B
Total assets: $5.97B
Goodwill: $0.00
Intangibles: $10.66M
Liabilities: $1.98B
Tangible book: $3.98B
Shares: 364,935,364
Revenue: $20.47B
Capex: $140.35M
D&A: $116.30M
EBITDA: $518.95M
Interest: $5.87M
Short-term debt: $322.86M
Free cash flow: -$543.62M
Operating income: $402.66M
Invested capital: $2.58B
Tax rate: 14.4%