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.
SmartCentres Real Estate Investment Trust
Net PP&E was missing, so the physical footprint could not be scored. Capex is 0.31x 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 0.52x, which is below 1.
Physical asset ratio
—Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$21.15MinventoryTotal assets$12.14BtotalAssetsResult —
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
—Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$927.28MtotalRevenueNet PP&E—Not reportedResult —
Revenue per dollar of the physical asset base.
Capex / D&A
0.31xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.96McapitalExpendituresD&A$6.24MdepreciationAndAmortizationResult 0.31x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$34.66Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.14BtotalAssetsGoodwill$13.98MgoodWillIntangibles$25.83MintangibleAssetsLiabilities$5.79BtotalLiabTangible book$6.31BShares181,970,462commonStockSharesOutstandingResult $34.66
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.78xPrice / tangible bookPrice / tangible book per sharePrice$27.00Latest quoteTangible book / share$34.662025-12-31Result 0.78x
Price $27.00.
Fixed-charge coverage
0.52xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$484.86MebitdaCapex$1.96McapitalExpendituresInterest$167.87MinterestExpenseShort-term debt$755.43MshortTermDebtEBITDA − capex$482.91MPrincipal due is short-term debt.Result 0.52x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$375.48MfreeCashFlowMarket cap$5.30BMarketCapitalizationResult 7.1%
Latest free cash flow divided by current market cap ($5.30B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$530.38MoperatingIncomeTax expense—Not reportedPretax income$310.76MincomeBeforeTaxTax rate—Equity$5.23BtotalStockholderEquityDebt$5.21BshortLongTermDebtTotalCash$51.55McashInvested capital$10.38BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 94.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.91BpropertyPlantEquipmentInventory$23.43MinventoryTotal assets$9.46BtotalAssetsUses the property line, which is larger than net PP&E ($1.73M, propertyPlantAndEquipmentNet).Result 94.4% | 0.09xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$790.18MtotalRevenueNet PP&E$8.91BpropertyPlantEquipmentResult 0.09x | 0.10xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$844.00KcapitalExpendituresD&A$8.47MdepreciationAndAmortizationResult 0.10x | $30.71Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.46BtotalAssetsGoodwill$13.98MgoodWillIntangibles$35.15MintangibleAssetsLiabilities$4.45BtotalLiabTangible book$4.96BShares161,507,550commonStockSharesOutstandingResult $30.71 | 0.84xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$551.58MebitdaCapex$844.00KcapitalExpendituresInterest$140.17MinterestExpenseShort-term debt$514.98MshortTermDebtEBITDA − capex$550.74MPrincipal due is short-term debt.Result 0.84x | $350.41MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$351.25MtotalCashFromOperatingActivitiesCapex$844.00KcapitalExpendituresFree cash flow$350.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $350.41M | 5.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$492.65MoperatingIncomeTax expense$17.95MincomeTaxExpensePretax income$402.95MincomeBeforeTaxTax rate4.5%Equity$4.15BtotalStockholderEquityDebt$4.11BshortLongTermDebtTotalCash$29.44McashInvested capital$8.23BResult 5.7% | 0.06xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$492.65MoperatingIncomeNet PP&E$8.91BpropertyPlantEquipmentResult 0.06x |
| 2019 | 91.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.05BpropertyPlantEquipmentInventory$24.56MinventoryTotal assets$9.93BtotalAssetsUses the property line, which is larger than net PP&E ($2.63M, propertyPlantAndEquipmentNet).Result 91.4% | 0.09xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$806.41MtotalRevenueNet PP&E$9.05BpropertyPlantEquipmentResult 0.09x | 0.16xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.28McapitalExpendituresD&A$8.02MdepreciationAndAmortizationResult 0.16x | $31.19Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.93BtotalAssetsGoodwill$13.98MgoodWillIntangibles$33.82MintangibleAssetsLiabilities$4.56BtotalLiabTangible book$5.32BShares170,581,531commonStockSharesOutstandingResult $31.19 | 2.67xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$537.45MebitdaCapex$1.28McapitalExpendituresInterest$155.23MinterestExpenseShort-term debt$45.55MshortTermDebtEBITDA − capex$536.17MPrincipal due is short-term debt.Result 2.67x | $344.33MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$345.61MtotalCashFromOperatingActivitiesCapex$1.28McapitalExpendituresFree cash flow$344.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $344.33M | 3.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$500.94MoperatingIncomeTax expense$222.03MincomeTaxExpensePretax income$374.20MincomeBeforeTaxTax rate40.0%Equity$4.49BtotalStockholderEquityDebt$4.23BshortLongTermDebtTotalCash$55.37McashInvested capital$8.66BThe effective tax rate was above 40% and was capped at 40%.Result 3.5% | 0.06xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$500.94MoperatingIncomeNet PP&E$9.05BpropertyPlantEquipmentResult 0.06x |
| 2020 | 82.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.86BpropertyPlantEquipmentInventory$25.80MinventoryTotal assets$10.72BtotalAssetsUses the property line, which is larger than net PP&E ($6.63M, propertyPlantAndEquipmentNet).Result 82.8% | 0.09xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$781.25MtotalRevenueNet PP&E$8.86BpropertyPlantEquipmentResult 0.09x | 9.19xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$132.96McapitalExpendituresD&A$14.47MdepreciationAndAmortizationResult 9.19x | $29.60Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.72BtotalAssetsGoodwill$13.98MgoodWillIntangibles$32.49MintangibleAssetsLiabilities$5.56BtotalLiabTangible book$5.12BShares172,971,603commonStockSharesOutstandingResult $29.60 | 0.14xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$261.18MebitdaCapex$132.96McapitalExpendituresInterest$156.77MinterestExpenseShort-term debt$766.74MshortTermDebtEBITDA − capex$128.22MPrincipal due is short-term debt.Result 0.14x | $428.94MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$295.98MtotalCashFromOperatingActivitiesCapex$132.96McapitalExpendituresFree cash flow$428.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $428.94M | 3.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$505.97MoperatingIncomeTax expense$233.40MincomeTaxExpensePretax income$89.94MincomeBeforeTaxTax rate40.0%Equity$4.32BtotalStockholderEquityDebt$5.21BshortLongTermDebtTotalCash$794.59McashInvested capital$8.73BThe effective tax rate was above 40% and was capped at 40%.Result 3.5% | 0.06xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$505.97MoperatingIncomeNet PP&E$8.86BpropertyPlantEquipmentResult 0.06x |
| 2021 | 87.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.85BpropertyPlantEquipmentInventory$27.40MinventoryTotal assets$11.29BtotalAssetsUses the property line, which is larger than net PP&E ($4.90M, propertyPlantAndEquipmentNet).Result 87.5% | 0.08xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$780.76MtotalRevenueNet PP&E$9.85BpropertyPlantEquipmentResult 0.08x | 0.03xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$349.00KcapitalExpendituresD&A$12.46MdepreciationAndAmortizationResult 0.03x | $33.36Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.29BtotalAssetsGoodwill$13.98MgoodWillIntangibles$31.16MintangibleAssetsLiabilities$5.45BtotalLiabTangible book$5.80BShares173,748,819commonStockSharesOutstandingResult $33.36 | 1.39xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.14BebitdaCapex$349.00KcapitalExpendituresInterest$141.24MinterestExpenseShort-term debt$678.41MshortTermDebtEBITDA − capex$1.14BPrincipal due is short-term debt.Result 1.39x | $371.28MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$371.62MtotalCashFromOperatingActivitiesCapex$349.00KcapitalExpendituresFree cash flow$371.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $371.28M | 4.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$674.38MoperatingIncomeTax expense$512.40MincomeTaxExpensePretax income$987.68MincomeBeforeTaxTax rate40.0%Equity$4.88BtotalStockholderEquityDebt$4.85BshortLongTermDebtTotalCash$62.24McashInvested capital$9.67BThe effective tax rate was above 40% and was capped at 40%.Result 4.2% | 0.07xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$674.38MoperatingIncomeNet PP&E$9.85BpropertyPlantEquipmentResult 0.07x |
| 2022 | 87.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.21BpropertyPlantEquipmentInventory$40.37MinventoryTotal assets$11.70BtotalAssetsUses the property line, which is larger than net PP&E ($4.41M, propertyPlantAndEquipmentNet).Result 87.6% | 0.08xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$804.60MtotalRevenueNet PP&E$10.21BpropertyPlantEquipmentResult 0.08x | 0.15xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$1.59McapitalExpendituresD&A$10.31MdepreciationAndAmortizationResult 0.15x | $34.06Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.70BtotalAssetsGoodwill$13.98MgoodWillIntangibles$29.83MintangibleAssetsLiabilities$5.54BtotalLiabTangible book$6.12BShares179,657,455commonStockSharesOutstandingResult $34.06 | 1.31xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$793.79MebitdaCapex$1.59McapitalExpendituresInterest$147.52MinterestExpenseShort-term debt$459.28MshortTermDebtEBITDA − capex$792.20MPrincipal due is short-term debt.Result 1.31x | $369.17MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$370.76MtotalCashFromOperatingActivitiesCapex$1.59McapitalExpendituresFree cash flow$369.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $369.17M | 4.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$488.42MoperatingIncomeTax expense-$175.14MincomeTaxExpensePretax income$635.97MincomeBeforeTaxTax rate0.0%Equity$5.13BtotalStockholderEquityDebt$4.98BshortLongTermDebtTotalCash$35.26McashInvested capital$10.07BResult 4.8% | 0.05xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$488.42MoperatingIncomeNet PP&E$10.21BpropertyPlantEquipmentResult 0.05x |
| 2023 | 0.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.17MpropertyPlantAndEquipmentNetInventory$51.72MinventoryTotal assets$11.91BtotalAssetsResult 0.5% | 223.04xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$929.40MtotalRevenueNet PP&E$4.17MpropertyPlantAndEquipmentNetResult 223.04x | 0.15xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.91McapitalExpendituresD&A$12.99MdepreciationAndAmortizationResult 0.15x | $37.09Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.91BtotalAssetsGoodwill$13.98MgoodWillIntangibles$28.50MintangibleAssetsLiabilities$5.55BtotalLiabTangible book$6.32BShares170,290,577commonStockSharesOutstandingResult $37.09 | 0.89xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$681.02MebitdaCapex$1.91McapitalExpendituresInterest$160.28MinterestExpenseShort-term debt$605.48MshortTermDebtEBITDA − capex$679.11MPrincipal due is short-term debt.Result 0.89x | $328.95MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$330.85MtotalCashFromOperatingActivitiesCapex$1.91McapitalExpendituresFree cash flow$328.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $328.95M | 3.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$577.57MoperatingIncomeTax expense$331.85MincomeTaxExpensePretax income$510.10MincomeBeforeTaxTax rate40.0%Equity$5.27BtotalStockholderEquityDebt$5.00BshortLongTermDebtTotalCash$34.74McashInvested capital$10.24BThe effective tax rate was above 40% and was capped at 40%.Result 3.4% | 138.61xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$577.57MoperatingIncomeNet PP&E$4.17MpropertyPlantAndEquipmentNetResult 138.61x |
| 2024 | —Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$31.74MinventoryTotal assets$11.94BtotalAssetsResult — | —Fixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$918.36MtotalRevenueNet PP&E—Not reportedResult — | 0.07xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$547.00KcapitalExpendituresD&A$7.36MdepreciationAndAmortizationResult 0.07x | $34.84Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.94BtotalAssetsGoodwill$13.98MgoodWillIntangibles$27.17MintangibleAssetsLiabilities$5.60BtotalLiabTangible book$6.30BShares180,749,027commonStockSharesOutstandingResult $34.84 | 0.41xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$478.63MebitdaCapex$547.00KcapitalExpendituresInterest$179.20MinterestExpenseShort-term debt$986.92MshortTermDebtEBITDA − capex$478.08MPrincipal due is short-term debt.Result 0.41x | $373.66MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$374.21MtotalCashFromOperatingActivitiesCapex$547.00KcapitalExpendituresFree cash flow$373.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $373.66M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$509.84MoperatingIncomeTax expense—Not reportedPretax income$292.07MincomeBeforeTaxTax rate—Equity$5.24BtotalStockholderEquityDebt$5.05BshortLongTermDebtTotalCash$37.69McashInvested capital$10.25BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$509.84MoperatingIncomeNet PP&E—Not reportedResult — |
| 2025 | —Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$21.15MinventoryTotal assets$12.14BtotalAssetsResult — | —Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$927.28MtotalRevenueNet PP&E—Not reportedResult — | 0.31xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$1.96McapitalExpendituresD&A$6.24MdepreciationAndAmortizationResult 0.31x | $34.66Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.14BtotalAssetsGoodwill$13.98MgoodWillIntangibles$25.83MintangibleAssetsLiabilities$5.79BtotalLiabTangible book$6.31BShares181,970,462commonStockSharesOutstandingResult $34.66 | 0.52xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$484.86MebitdaCapex$1.96McapitalExpendituresInterest$167.87MinterestExpenseShort-term debt$755.43MshortTermDebtEBITDA − capex$482.91MPrincipal due is short-term debt.Result 0.52x | $375.48MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$377.44MtotalCashFromOperatingActivitiesCapex$1.96McapitalExpendituresFree cash flow$375.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $375.48M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$530.38MoperatingIncomeTax expense—Not reportedPretax income$310.76MincomeBeforeTaxTax rate—Equity$5.23BtotalStockholderEquityDebt$5.21BshortLongTermDebtTotalCash$51.55McashInvested capital$10.38BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$530.38MoperatingIncomeNet PP&E—Not reportedResult — |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: —
Inventory: $21.15M
Total assets: $12.14B
Goodwill: $13.98M
Intangibles: $25.83M
Liabilities: $5.79B
Tangible book: $6.31B
Shares: 181,970,462
Revenue: $927.28M
Capex: $1.96M
D&A: $6.24M
EBITDA: $484.86M
Interest: $167.87M
Short-term debt: $755.43M
Free cash flow: $375.48M
Operating income: $530.38M
Invested capital: $10.38B
Tax rate: —