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.
Surgery Partners Inc
Physical assets are 18.7% of total assets, a light footprint. Capex is 0.45x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 6.0%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.29x. Compare it with other names in the same basket.
Physical asset ratio
18.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.44BpropertyPlantAndEquipmentNetInventory$96.60MinventoryTotal assets$8.24BtotalAssetsResult 18.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.29xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.31BtotalRevenueNet PP&E$1.44BpropertyPlantAndEquipmentNetResult 2.29x
Revenue per dollar of the physical asset base.
Capex / D&A
0.45xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$78.70McapitalExpendituresD&A$176.00MdepreciationAndAmortizationResult 0.45x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$13.43Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.24BtotalAssetsGoodwill$5.19BgoodWillIntangibles$41.00MintangibleAssetsLiabilities$4.72BtotalLiabTangible book-$1.71BShares127,209,000commonStockSharesOutstandingResult -$13.43
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$23.21Latest quoteTangible book / share-$13.432025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $23.21.
Fixed-charge coverage
1.31xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$565.50MebitdaCapex$78.70McapitalExpendituresInterest$272.60MinterestExpenseShort-term debt$99.30MshortLongTermDebtEBITDA − capex$486.80MPrincipal due is the current portion of debt.Result 1.31x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$195.60MfreeCashFlowMarket cap$2.99BMarketCapitalizationResult 6.5%
Latest free cash flow divided by current market cap ($2.99B).
ROIC
6.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$389.50MoperatingIncomeTax expense$18.00MincomeTaxExpensePretax income$116.90MincomeBeforeTaxTax rate15.4%Equity$1.71BtotalStockholderEquityDebt$4.02BshortLongTermDebtTotalCash$239.90McashInvested capital$5.50BResult 6.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.27x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 10.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$426.30MpropertyPlantEquipmentInventory$43.36MinventoryTotal assets$4.68BtotalAssetsResult 10.0% | 4.16xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.77BtotalRevenueNet PP&E$426.30MpropertyPlantEquipmentResult 4.16x | 0.59xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$39.81McapitalExpendituresD&A$67.44MdepreciationAndAmortizationResult 0.59x | -$71.57Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.68BtotalAssetsGoodwill$3.38BgoodWillIntangibles$54.29MintangibleAssetsLiabilities$4.68BtotalLiabTangible book-$3.44BShares48,027,875commonStockSharesOutstandingResult -$71.57 | 0.52xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$144.68MebitdaCapex$39.81McapitalExpendituresInterest$147.00MinterestExpenseShort-term debt$55.55MshortLongTermDebtEBITDA − capex$104.87MPrincipal due is the current portion of debt.Result 0.52x | $104.80MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$144.60MtotalCashFromOperatingActivitiesCapex$39.81McapitalExpendituresFree cash flow$104.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $104.80M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$77.84MoperatingIncomeTax expense$26.46MincomeTaxExpensePretax income-$69.17MincomeBeforeTaxTax rate—Equity$404.64MtotalStockholderEquityDebt$2.48BshortLongTermDebtTotalCash$184.31McashInvested capital$2.70BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.18xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$77.84MoperatingIncomeNet PP&E$426.30MpropertyPlantEquipmentResult 0.18x |
| 2019 | 17.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$821.00MpropertyPlantEquipmentInventory$46.30MinventoryTotal assets$5.02BtotalAssetsResult 17.3% | 2.23xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.83BtotalRevenueNet PP&E$821.00MpropertyPlantEquipmentResult 2.23x | 0.96xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$73.60McapitalExpendituresD&A$76.50MdepreciationAndAmortizationResult 0.96x | -$36.25Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.02BtotalAssetsGoodwill$3.40BgoodWillIntangibles$47.30MintangibleAssetsLiabilities$3.32BtotalLiabTangible book-$1.75BShares48,280,000commonStockSharesOutstandingResult -$36.25 | 1.01xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$310.00MebitdaCapex$73.60McapitalExpendituresInterest$178.90MinterestExpenseShort-term debt$56.00MshortLongTermDebtEBITDA − capex$236.40MPrincipal due is the current portion of debt.Result 1.01x | $55.90MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$129.50MtotalCashFromOperatingActivitiesCapex$73.60McapitalExpendituresFree cash flow$55.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $55.90M | 5.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$235.90MoperatingIncomeTax expense$9.50MincomeTaxExpensePretax income$54.60MincomeBeforeTaxTax rate17.4%Equity$691.80MtotalStockholderEquityDebt$2.90BshortLongTermDebtTotalCash$92.70McashInvested capital$3.50BResult 5.6% | 0.29xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$235.90MoperatingIncomeNet PP&E$821.00MpropertyPlantEquipmentResult 0.29x |
| 2020 | 16.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$854.70MpropertyPlantEquipmentInventory$56.40MinventoryTotal assets$5.41BtotalAssetsResult 16.8% | 2.18xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.86BtotalRevenueNet PP&E$854.70MpropertyPlantEquipmentResult 2.18x | 0.45xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$42.90McapitalExpendituresD&A$94.80MdepreciationAndAmortizationResult 0.45x | -$38.78Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.41BtotalAssetsGoodwill$3.47BgoodWillIntangibles$46.90MintangibleAssetsLiabilities$3.79BtotalLiabTangible book-$1.89BShares48,776,000commonStockSharesOutstandingResult -$38.78 | 0.88xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$277.80MebitdaCapex$42.90McapitalExpendituresInterest$201.80MinterestExpenseShort-term debt$64.40MshortLongTermDebtEBITDA − capex$234.90MPrincipal due is the current portion of debt.Result 0.88x | $204.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$246.90MtotalCashFromOperatingActivitiesCapex$42.90McapitalExpendituresFree cash flow$204.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $204.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$183.00MoperatingIncomeTax expense-$20.10MincomeTaxExpensePretax income-$18.80MincomeBeforeTaxTax rate—Equity$550.10MtotalStockholderEquityDebt$3.20BshortLongTermDebtTotalCash$317.90McashInvested capital$3.43BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.21xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$183.00MoperatingIncomeNet PP&E$854.70MpropertyPlantEquipmentResult 0.21x |
| 2021 | 16.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$953.80MpropertyPlantEquipmentInventory$61.10MinventoryTotal assets$6.12BtotalAssetsResult 16.6% | 2.33xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$2.23BtotalRevenueNet PP&E$953.80MpropertyPlantEquipmentResult 2.33x | 0.58xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$57.60McapitalExpendituresD&A$98.80MdepreciationAndAmortizationResult 0.58x | -$22.86Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.12BtotalAssetsGoodwill$3.91BgoodWillIntangibles$43.70MintangibleAssetsLiabilities$3.82BtotalLiabTangible book-$1.66BShares72,427,000commonStockSharesOutstandingResult -$22.86 | 1.22xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$401.00MebitdaCapex$57.60McapitalExpendituresInterest$221.00MinterestExpenseShort-term debt$60.40MshortLongTermDebtEBITDA − capex$343.40MPrincipal due is the current portion of debt.Result 1.22x | $29.50MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$87.10MtotalCashFromOperatingActivitiesCapex$57.60McapitalExpendituresFree cash flow$29.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $29.50M | 6.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$302.20MoperatingIncomeTax expense$10.50MincomeTaxExpensePretax income$81.20MincomeBeforeTaxTax rate12.9%Equity$1.09BtotalStockholderEquityDebt$3.29BshortLongTermDebtTotalCash$389.90McashInvested capital$3.99BResult 6.6% | 0.32xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$302.20MoperatingIncomeNet PP&E$953.80MpropertyPlantEquipmentResult 0.32x |
| 2022 | 18.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.16BpropertyPlantEquipmentInventory$71.40MinventoryTotal assets$6.68BtotalAssetsResult 18.4% | 2.20xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$2.54BtotalRevenueNet PP&E$1.16BpropertyPlantEquipmentResult 2.20x | 0.70xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$80.60McapitalExpendituresD&A$114.80MdepreciationAndAmortizationResult 0.70x | -$9.75Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.68BtotalAssetsGoodwill$4.14BgoodWillIntangibles$42.30MintangibleAssetsLiabilities$3.40BtotalLiabTangible book-$896.50MShares91,952,000commonStockSharesOutstandingResult -$9.75 | 1.27xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$460.00MebitdaCapex$80.60McapitalExpendituresInterest$234.90MinterestExpenseShort-term debt$62.80MshortLongTermDebtEBITDA − capex$379.40MPrincipal due is the current portion of debt.Result 1.27x | $78.20MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$158.80MtotalCashFromOperatingActivitiesCapex$80.60McapitalExpendituresFree cash flow$78.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $78.20M | 5.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$345.20MoperatingIncomeTax expense$23.30MincomeTaxExpensePretax income$110.30MincomeBeforeTaxTax rate21.1%Equity$2.00BtotalStockholderEquityDebt$2.93BshortLongTermDebtTotalCash$282.90McashInvested capital$4.65BResult 5.9% | 0.30xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$345.20MoperatingIncomeNet PP&E$1.16BpropertyPlantEquipmentResult 0.30x |
| 2023 | 18.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.22BpropertyPlantAndEquipmentNetInventory$75.20MinventoryTotal assets$6.88BtotalAssetsResult 18.9% | 2.24xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.74BtotalRevenueNet PP&E$1.22BpropertyPlantAndEquipmentNetResult 2.24x | 0.75xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$88.80McapitalExpendituresD&A$118.10MdepreciationAndAmortizationResult 0.75x | -$8.11Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.88BtotalAssetsGoodwill$4.33BgoodWillIntangibles$54.80MintangibleAssetsLiabilities$3.51BtotalLiabTangible book-$1.02BShares125,613,000commonStockSharesOutstandingResult -$8.11 | 1.34xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$446.10MebitdaCapex$88.80McapitalExpendituresInterest$193.00MinterestExpenseShort-term debt$73.30MshortLongTermDebtEBITDA − capex$357.30MPrincipal due is the current portion of debt.Result 1.34x | $205.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$293.80MtotalCashFromOperatingActivitiesCapex$88.80McapitalExpendituresFree cash flow$205.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $205.00M | 6.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$328.00MoperatingIncomeTax expense-$300.00KincomeTaxExpensePretax income$135.00MincomeBeforeTaxTax rate0.0%Equity$1.99BtotalStockholderEquityDebt$3.06BshortLongTermDebtTotalCash$195.90McashInvested capital$4.85BResult 6.8% | 0.27xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$328.00MoperatingIncomeNet PP&E$1.22BpropertyPlantAndEquipmentNetResult 0.27x |
| 2024 | 18.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.38BpropertyPlantAndEquipmentNetInventory$88.40MinventoryTotal assets$7.89BtotalAssetsResult 18.7% | 2.25xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$3.11BtotalRevenueNet PP&E$1.38BpropertyPlantAndEquipmentNetResult 2.25x | 0.59xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$90.40McapitalExpendituresD&A$152.60MdepreciationAndAmortizationResult 0.59x | -$11.72Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.89BtotalAssetsGoodwill$5.07BgoodWillIntangibles$45.70MintangibleAssetsLiabilities$4.25BtotalLiabTangible book-$1.48BShares126,122,000commonStockSharesOutstandingResult -$11.72 | 1.36xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$501.40MebitdaCapex$90.40McapitalExpendituresInterest$201.70MinterestExpenseShort-term debt$101.40MshortLongTermDebtEBITDA − capex$411.00MPrincipal due is the current portion of debt.Result 1.36x | $209.70MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$300.10MtotalCashFromOperatingActivitiesCapex$90.40McapitalExpendituresFree cash flow$209.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $209.70M | 4.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$348.80MoperatingIncomeTax expense$134.60MincomeTaxExpensePretax income$147.10MincomeBeforeTaxTax rate40.0%Equity$1.79BtotalStockholderEquityDebt$3.70BshortLongTermDebtTotalCash$269.50McashInvested capital$5.22BThe effective tax rate was above 40% and was capped at 40%.Result 4.0% | 0.25xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$348.80MoperatingIncomeNet PP&E$1.38BpropertyPlantAndEquipmentNetResult 0.25x |
| 2025 | 18.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.44BpropertyPlantAndEquipmentNetInventory$96.60MinventoryTotal assets$8.24BtotalAssetsResult 18.7% | 2.29xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.31BtotalRevenueNet PP&E$1.44BpropertyPlantAndEquipmentNetResult 2.29x | 0.45xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$78.70McapitalExpendituresD&A$176.00MdepreciationAndAmortizationResult 0.45x | -$13.43Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.24BtotalAssetsGoodwill$5.19BgoodWillIntangibles$41.00MintangibleAssetsLiabilities$4.72BtotalLiabTangible book-$1.71BShares127,209,000commonStockSharesOutstandingResult -$13.43 | 1.31xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$565.50MebitdaCapex$78.70McapitalExpendituresInterest$272.60MinterestExpenseShort-term debt$99.30MshortLongTermDebtEBITDA − capex$486.80MPrincipal due is the current portion of debt.Result 1.31x | $195.60MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$274.30MtotalCashFromOperatingActivitiesCapex$78.70McapitalExpendituresFree cash flow$195.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $195.60M | 6.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$389.50MoperatingIncomeTax expense$18.00MincomeTaxExpensePretax income$116.90MincomeBeforeTaxTax rate15.4%Equity$1.71BtotalStockholderEquityDebt$4.02BshortLongTermDebtTotalCash$239.90McashInvested capital$5.50BResult 6.0% | 0.27xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$389.50MoperatingIncomeNet PP&E$1.44BpropertyPlantAndEquipmentNetResult 0.27x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $1.44B
Inventory: $96.60M
Total assets: $8.24B
Goodwill: $5.19B
Intangibles: $41.00M
Liabilities: $4.72B
Tangible book: -$1.71B
Shares: 127,209,000
Revenue: $3.31B
Capex: $78.70M
D&A: $176.00M
EBITDA: $565.50M
Interest: $272.60M
Short-term debt: $99.30M
Free cash flow: $195.60M
Operating income: $389.50M
Invested capital: $5.50B
Tax rate: 15.4%