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.
Sphere Entertainment Co.
Physical assets are 63.6% of total assets, a heavy footprint. Capex is 0.16x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is -3.3%, below an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 0.44x.
Physical asset ratio
63.6%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.80BpropertyPlantAndEquipmentNetInventory$14.45MinventoryTotal assets$4.43BtotalAssetsResult 63.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.44xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$1.22BtotalRevenueNet PP&E$2.80BpropertyPlantAndEquipmentNetResult 0.44x
Revenue per dollar of the physical asset base.
Capex / D&A
0.16xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$52.35McapitalExpendituresD&A$336.41MdepreciationAndAmortizationResult 0.16x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$41.21Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.43BtotalAssetsGoodwill$344.77MgoodWillIntangibles$21.82MintangibleAssetsLiabilities$2.20BtotalLiabTangible book$1.87BShares45,298,000commonStockSharesOutstandingResult $41.21
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.65xPrice / tangible bookPrice / tangible book per sharePrice$109.14Latest quoteTangible book / share$41.212026-06-30Result 2.65x
Price $109.14.
Fixed-charge coverage
3.08xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$464.17MebitdaCapex$52.35McapitalExpendituresInterest$70.55MinterestExpenseShort-term debt$63.01MshortLongTermDebtEBITDA − capex$411.83MPrincipal due is the current portion of debt.Result 3.08x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.8%Free cash flow yield · 2026-06-30Latest free cash flow / current market capFree cash flow$191.00MfreeCashFlowMarket cap$4.02BMarketCapitalizationResult 4.8%
Latest free cash flow divided by current market cap ($4.02B).
ROIC
-3.3%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$148.26MoperatingIncomeTax expense$23.81MincomeTaxExpensePretax income$57.22MincomeBeforeTaxTax rate40.0%Equity$2.23BtotalStockholderEquityDebt$961.46MshortLongTermDebtTotalCash$521.26McashInvested capital$2.67BThe effective tax rate was above 40% and was capped at 40%.Result -3.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.05x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 41.7%Physical asset ratio · 2019-06-30(Net PP&E + inventory) / total assetsNet PP&E$1.35BpropertyPlantAndEquipmentNetInventory$34.08MinventoryTotal assets$3.32BtotalAssetsResult 41.7% | 0.78xFixed asset turnover · 2019-06-30Revenue / net PP&ERevenue$1.05BtotalRevenueNet PP&E$1.35BpropertyPlantAndEquipmentNetResult 0.78x | 1.77xCapex / D&A · 2019-06-30Capital expenditures / depreciation and amortizationCapex$193.68McapitalExpendituresD&A$109.34MdepreciationAndAmortizationResult 1.77x | $92.03Tangible book / share · 2019-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.32BtotalAssetsGoodwill$165.56MgoodWillIntangibles$279.81MintangibleAssetsLiabilities$662.29MtotalLiabTangible book$2.21BShares23,992,000commonStockSharesOutstandingResult $92.03 | -8.49xFixed-charge coverage · 2019-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$94.91MebitdaCapex$193.68McapitalExpendituresInterest$5.59MinterestExpenseShort-term debt$6.04MshortTermDebtEBITDA − capex-$98.77MPrincipal due is short-term debt.Result -8.49x | -$92.28MFree cash flow · 2019-06-30Reported free cash flowOperating cash flow$101.40MtotalCashFromOperatingActivitiesCapex$193.68McapitalExpendituresFree cash flow-$92.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$92.28M | —ROIC · 2019-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$45.60MoperatingIncomeTax expense$443.00KincomeTaxExpensePretax income-$20.02MincomeBeforeTaxTax rate—Equity$2.57BtotalStockholderEquityDebt$54.60MshortLongTermDebtTotalCash$1.19BcashAndShortTermInvestmentsInvested capital$1.44BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.03xEBIT / PP&E · 2019-06-30Operating income / net PP&EOperating income-$45.60MoperatingIncomeNet PP&E$1.35BpropertyPlantAndEquipmentNetResult -0.03x |
| 2020 | 52.5%Physical asset ratio · 2020-06-30(Net PP&E + inventory) / total assetsNet PP&E$1.88BpropertyPlantAndEquipmentNetInventory$79.88MinventoryTotal assets$3.73BtotalAssetsResult 52.5% | 0.76xFixed asset turnover · 2020-06-30Revenue / net PP&ERevenue$1.44BtotalRevenueNet PP&E$1.88BpropertyPlantAndEquipmentNetResult 0.76x | 4.04xCapex / D&A · 2020-06-30Capital expenditures / depreciation and amortizationCapex$452.43McapitalExpendituresD&A$112.06MdepreciationAndAmortizationResult 4.04x | $108.27Tangible book / share · 2020-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.73BtotalAssetsGoodwill$74.31MgoodWillIntangibles$214.23MintangibleAssetsLiabilities$844.77MtotalLiabTangible book$2.60BShares24,017,000commonStockSharesOutstandingResult $108.27 | -1.25xFixed-charge coverage · 2020-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$400.13MebitdaCapex$452.43McapitalExpendituresInterest$36.56MinterestExpenseShort-term debt$5.43MshortLongTermDebtEBITDA − capex-$52.30MPrincipal due is the current portion of debt.Result -1.25x | -$356.40MFree cash flow · 2020-06-30Reported free cash flowOperating cash flow$96.03MtotalCashFromOperatingActivitiesCapex$452.43McapitalExpendituresFree cash flow-$356.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$356.40M | 8.6%ROIC · 2020-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$235.21MoperatingIncomeTax expense$101.69MincomeTaxExpensePretax income$251.50MincomeBeforeTaxTax rate40.0%Equity$2.86BtotalStockholderEquityDebt$33.56MlongTermDebt + shortLongTermDebtCash$1.24BcashAndShortTermInvestmentsInvested capital$1.65BThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.6% | 0.13xEBIT / PP&E · 2020-06-30Operating income / net PP&EOperating income$235.21MoperatingIncomeNet PP&E$1.88BpropertyPlantAndEquipmentNetResult 0.13x |
| 2021 | 48.0%Physical asset ratio · 2021-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.44BpropertyPlantEquipmentInventory$101.44MinventoryTotal assets$5.29BtotalAssetsResult 48.0% | 0.27xFixed asset turnover · 2021-06-30Revenue / net PP&ERevenue$647.51MtotalRevenueNet PP&E$2.44BpropertyPlantEquipmentResult 0.27x | 3.71xCapex / D&A · 2021-06-30Capital expenditures / depreciation and amortizationCapex$452.15McapitalExpendituresD&A$122.00MdepreciationAndAmortizationResult 3.71x | $64.20Tangible book / share · 2021-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.29BtotalAssetsGoodwill$502.20MgoodWillIntangibles$262.08MintangibleAssetsLiabilities$2.97BtotalLiabTangible book$1.55BShares24,205,000commonStockSharesOutstandingResult $64.20 | -10.27xFixed-charge coverage · 2021-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$185.75MebitdaCapex$452.15McapitalExpendituresInterest$20.22MinterestExpenseShort-term debt$5.73MshortLongTermDebtEBITDA − capex-$266.41MPrincipal due is the current portion of debt.Result -10.27x | -$741.63MFree cash flow · 2021-06-30Reported free cash flowOperating cash flow-$289.48MtotalCashFromOperatingActivitiesCapex$452.15McapitalExpendituresFree cash flow-$741.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$741.63M | 2.9%ROIC · 2021-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$64.51MoperatingIncomeTax expense$38.91MincomeTaxExpensePretax income$43.53MincomeBeforeTaxTax rate40.0%Equity$2.17BtotalStockholderEquityDebt$660.82MlongTermDebt + shortLongTermDebtCash$1.52BcashInvested capital$1.31BThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 2.9% | 0.03xEBIT / PP&E · 2021-06-30Operating income / net PP&EOperating income$64.51MoperatingIncomeNet PP&E$2.44BpropertyPlantEquipmentResult 0.03x |
| 2022 | 46.4%Physical asset ratio · 2022-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.22BpropertyPlantEquipmentInventory$339.11MinventoryTotal assets$5.52BtotalAssetsResult 46.4% | 0.27xFixed asset turnover · 2022-06-30Revenue / net PP&ERevenue$610.06MtotalRevenueNet PP&E$2.22BpropertyPlantEquipmentResult 0.27x | 6.46xCapex / D&A · 2022-06-30Capital expenditures / depreciation and amortizationCapex$805.22McapitalExpendituresD&A$124.63MdepreciationAndAmortizationResult 6.46x | $49.09Tangible book / share · 2022-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.52BtotalAssetsGoodwill$456.81MgoodWillIntangibles$21.03MintangibleAssetsLiabilities$3.36BtotalLiabTangible book$1.68BShares34,255,000commonStockSharesOutstandingResult $49.09 | -9.12xFixed-charge coverage · 2022-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA-$43.05MebitdaCapex$805.22McapitalExpendituresInterest$20.42MinterestExpenseShort-term debt$72.55MshortTermDebtEBITDA − capex-$848.28MPrincipal due is short-term debt.Result -9.12x | -$663.88MFree cash flow · 2022-06-30Reported free cash flowOperating cash flow$141.34MtotalCashFromOperatingActivitiesCapex$805.22McapitalExpendituresFree cash flow-$663.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$663.88M | —ROIC · 2022-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$165.74MoperatingIncomeTax expense-$29.83MincomeTaxExpensePretax income-$167.68MincomeBeforeTaxTax rate—Equity$1.96BtotalStockholderEquityDebt$1.09BshortLongTermDebtTotalCash$747.31McashInvested capital$2.30BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.07xEBIT / PP&E · 2022-06-30Operating income / net PP&EOperating income-$165.74MoperatingIncomeNet PP&E$2.22BpropertyPlantEquipmentResult -0.07x |
| 2023 | 74.8%Physical asset ratio · 2023-06-30(Net PP&E + inventory) / total assetsNet PP&E$3.39BpropertyPlantEquipmentInventory$327.12MinventoryTotal assets$4.97BtotalAssetsResult 74.8% | 0.17xFixed asset turnover · 2023-06-30Revenue / net PP&ERevenue$573.83MtotalRevenueNet PP&E$3.39BpropertyPlantEquipmentResult 0.17x | 11.37xCapex / D&A · 2023-06-30Capital expenditures / depreciation and amortizationCapex$1.18BcapitalExpendituresD&A$103.38MdepreciationAndAmortizationResult 11.37x | $60.38Tangible book / share · 2023-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.97BtotalAssetsGoodwill$456.81MgoodWillIntangibles$17.91MintangibleAssetsLiabilities$2.39BtotalLiabTangible book$2.11BShares34,929,000commonStockSharesOutstandingResult $60.38 | -4.01xFixed-charge coverage · 2023-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$378.81MebitdaCapex$1.18BcapitalExpendituresInterest$116.04MinterestExpenseShort-term debt$82.50MshortLongTermDebtEBITDA − capex-$796.22MPrincipal due is the current portion of debt.Result -4.01x | -$1.02BFree cash flow · 2023-06-30Reported free cash flowOperating cash flow$153.59MtotalCashFromOperatingActivitiesCapex$1.18BcapitalExpendituresFree cash flow-$1.02BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.02B | -4.5%ROIC · 2023-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$273.04MoperatingIncomeTax expense$103.40MincomeTaxExpensePretax income$275.43MincomeBeforeTaxTax rate37.5%Equity$2.58BtotalStockholderEquityDebt$1.32BshortLongTermDebtTotalCash$131.97McashInvested capital$3.77BResult -4.5% | -0.08xEBIT / PP&E · 2023-06-30Operating income / net PP&EOperating income-$273.04MoperatingIncomeNet PP&E$3.39BpropertyPlantEquipmentResult -0.08x |
| 2024 | 68.4%Physical asset ratio · 2024-06-30(Net PP&E + inventory) / total assetsNet PP&E$3.26BpropertyPlantAndEquipmentNetInventory$11.89MinventoryTotal assets$4.79BtotalAssetsResult 68.4% | 0.31xFixed asset turnover · 2024-06-30Revenue / net PP&ERevenue$1.03BtotalRevenueNet PP&E$3.26BpropertyPlantAndEquipmentNetResult 0.31x | 1.13xCapex / D&A · 2024-06-30Capital expenditures / depreciation and amortizationCapex$289.75McapitalExpendituresD&A$256.49MdepreciationAndAmortizationResult 1.13x | $54.20Tangible book / share · 2024-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.79BtotalAssetsGoodwill$470.15MgoodWillIntangibles$31.94MintangibleAssetsLiabilities$2.37BtotalLiabTangible book$1.91BShares35,301,000commonStockSharesOutstandingResult $54.20 | -0.34xFixed-charge coverage · 2024-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA-$23.86MebitdaCapex$289.75McapitalExpendituresInterest$79.87MinterestExpenseShort-term debt$849.44MshortLongTermDebtEBITDA − capex-$313.62MPrincipal due is the current portion of debt.Result -0.34x | -$309.41MFree cash flow · 2024-06-30Reported free cash flowOperating cash flow-$19.66MtotalCashFromOperatingActivitiesCapex$289.75McapitalExpendituresFree cash flow-$309.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$309.41M | —ROIC · 2024-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$341.24MoperatingIncomeTax expense-$135.59MincomeTaxExpensePretax income-$360.23MincomeBeforeTaxTax rate—Equity$2.42BtotalStockholderEquityDebt$1.52BshortLongTermDebtTotalCash$559.76McashInvested capital$3.37BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.10xEBIT / PP&E · 2024-06-30Operating income / net PP&EOperating income-$341.24MoperatingIncomeNet PP&E$3.26BpropertyPlantAndEquipmentNetResult -0.10x |
| 2025 | 65.6%Physical asset ratio · 2025-06-30(Net PP&E + inventory) / total assetsNet PP&E$3.13BpropertyPlantAndEquipmentNetInventory$12.58MinventoryTotal assets$4.79BtotalAssetsResult 65.6% | 0.33xFixed asset turnover · 2025-06-30Revenue / net PP&ERevenue$1.03BtotalRevenueNet PP&E$3.13BpropertyPlantAndEquipmentNetResult 0.33x | 0.80xCapex / D&A · 2025-06-30Capital expenditures / depreciation and amortizationCapex$289.75McapitalExpendituresD&A$361.83MdepreciationAndAmortizationResult 0.80x | $55.13Tangible book / share · 2025-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.79BtotalAssetsGoodwill$410.17MgoodWillIntangibles$28.38MintangibleAssetsLiabilities$2.37BtotalLiabTangible book$1.98BShares35,859,000commonStockSharesOutstandingResult $55.13 | -0.22xFixed-charge coverage · 2025-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$81.47MebitdaCapex$289.75McapitalExpendituresInterest$79.87MinterestExpenseShort-term debt$867.99MshortTermDebtEBITDA − capex-$208.28MPrincipal due is short-term debt.Result -0.22x | -$309.41MFree cash flow · 2025-06-30Reported free cash flowOperating cash flow-$19.66MtotalCashFromOperatingActivitiesCapex$289.75McapitalExpendituresFree cash flow-$309.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$309.41M | —ROIC · 2025-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$223.00MoperatingIncomeTax expense-$135.59MincomeTaxExpensePretax income-$360.23MincomeBeforeTaxTax rate—Equity$2.42BtotalStockholderEquityDebt$1.52BshortLongTermDebtTotalCash$559.76McashInvested capital$3.37BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.07xEBIT / PP&E · 2025-06-30Operating income / net PP&EOperating income-$223.00MoperatingIncomeNet PP&E$3.13BpropertyPlantAndEquipmentNetResult -0.07x |
| 2026 | 63.6%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$2.80BpropertyPlantAndEquipmentNetInventory$14.45MinventoryTotal assets$4.43BtotalAssetsResult 63.6% | 0.44xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$1.22BtotalRevenueNet PP&E$2.80BpropertyPlantAndEquipmentNetResult 0.44x | 0.16xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$52.35McapitalExpendituresD&A$336.41MdepreciationAndAmortizationResult 0.16x | $41.21Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.43BtotalAssetsGoodwill$344.77MgoodWillIntangibles$21.82MintangibleAssetsLiabilities$2.20BtotalLiabTangible book$1.87BShares45,298,000commonStockSharesOutstandingResult $41.21 | 3.08xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$464.17MebitdaCapex$52.35McapitalExpendituresInterest$70.55MinterestExpenseShort-term debt$63.01MshortLongTermDebtEBITDA − capex$411.83MPrincipal due is the current portion of debt.Result 3.08x | $191.00MFree cash flow · 2026-06-30Reported free cash flowOperating cash flow$243.35MtotalCashFromOperatingActivitiesCapex$52.35McapitalExpendituresFree cash flow$191.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $191.00M | -3.3%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$148.26MoperatingIncomeTax expense$23.81MincomeTaxExpensePretax income$57.22MincomeBeforeTaxTax rate40.0%Equity$2.23BtotalStockholderEquityDebt$961.46MshortLongTermDebtTotalCash$521.26McashInvested capital$2.67BThe effective tax rate was above 40% and was capped at 40%.Result -3.3% | -0.05xEBIT / PP&E · 2026-06-30Operating income / net PP&EOperating income-$148.26MoperatingIncomeNet PP&E$2.80BpropertyPlantAndEquipmentNetResult -0.05x |
- Principal due is the current portion of debt.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2026)
Net PP&E: $2.80B
Inventory: $14.45M
Total assets: $4.43B
Goodwill: $344.77M
Intangibles: $21.82M
Liabilities: $2.20B
Tangible book: $1.87B
Shares: 45,298,000
Revenue: $1.22B
Capex: $52.35M
D&A: $336.41M
EBITDA: $464.17M
Interest: $70.55M
Short-term debt: $63.01M
Free cash flow: $191.00M
Operating income: -$148.26M
Invested capital: $2.67B
Tax rate: 40.0%