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.
Starwood Property Trust Inc
Net PP&E was missing, so the physical footprint could not be scored. Reported capex is 3.17x depreciation. Acquisitions sit outside that line, so a low ratio here is the landlord pattern rather than an aging building stock. EBITDA after capex covers debt service by 0.69x, which is below 1.
Physical asset ratio
—Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$63.18BtotalAssetsResult —
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$1.88BtotalRevenueNet PP&E—Not reportedResult —
Revenue per dollar of the physical asset base.
Capex / D&A
3.17xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$269.04McapitalExpendituresD&A$84.83MdepreciationAndAmortizationProperty acquisitions sit outside reported capital expenditures, so this ratio does not capture portfolio growth.Result 3.17x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$20.15Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$63.18BtotalAssetsGoodwill$259.85MgoodWillIntangibles$436.06MintangibleAssetsLiabilities$55.69BtotalLiabTangible book$6.79BShares337,145,000commonStockSharesOutstandingResult $20.15
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.62xPrice / tangible bookPrice / tangible book per sharePrice$12.40Latest quoteTangible book / share$20.152025-12-31Result 0.62x
Price $12.40.
Fixed-charge coverage
0.69xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.84BebitdaCapex$269.04McapitalExpendituresInterest$1.28BinterestExpenseShort-term debt$997.62MshortLongTermDebtEBITDA − capex$1.57BPrincipal due is the current portion of debt.Result 0.69x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
15.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$708.81MfreeCashFlowMarket cap$4.72BMarketCapitalizationResult 15.0%
Latest free cash flow divided by current market cap ($4.72B).
ROIC
6.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.43BoperatingIncomeTax expense$36.72MincomeTaxExpensePretax income$479.81MincomeBeforeTaxTax rate7.7%Equity$6.80BtotalStockholderEquityDebt$13.20BlongTermDebt + shortLongTermDebtCash$587.76McashAndShortTermInvestmentsInvested capital$19.41BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 6.8%
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 | 4.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.78BpropertyPlantEquipmentInventory-$52.69MinventoryTotal assets$68.26BtotalAssetsResult 4.0% | 0.40xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.11BtotalRevenueNet PP&E$2.78BpropertyPlantEquipmentResult 0.40x | 0.42xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$54.77McapitalExpendituresD&A$130.84MdepreciationAndAmortizationResult 0.42x | $16.31Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$68.26BtotalAssetsGoodwill$259.85MgoodWillIntangibles$145.03MintangibleAssetsLiabilities$63.36BtotalLiabTangible book$4.50BShares275,659,552commonStockSharesOutstandingResult $16.31 | 1.89xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$965.59MebitdaCapex$54.77McapitalExpendituresInterest$408.19MinterestExpenseShort-term debt$74.24MshortLongTermDebtEBITDA − capex$910.81MPrincipal due is the current portion of debt.Result 1.89x | $530.70MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$585.47MtotalCashFromOperatingActivitiesCapex$54.77McapitalExpendituresFree cash flow$530.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $530.70M | 3.5%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$619.08MoperatingIncomeTax expense$15.33MincomeTaxExpensePretax income$426.53MincomeBeforeTaxTax rate3.6%Equity$4.90BtotalStockholderEquityDebt$12.25BshortLongTermDebtTotalCash$239.82McashInvested capital$16.91BResult 3.5% | 0.22xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$619.08MoperatingIncomeNet PP&E$2.78BpropertyPlantEquipmentResult 0.22x |
| 2019 | 2.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.27BpropertyPlantEquipmentInventory-$28.94MinventoryTotal assets$78.04BtotalAssetsResult 2.9% | 0.58xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.32BtotalRevenueNet PP&E$2.27BpropertyPlantEquipmentResult 0.58x | 0.27xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$30.87McapitalExpendituresD&A$113.39MdepreciationAndAmortizationResult 0.27x | $16.83Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$78.04BtotalAssetsGoodwill$259.85MgoodWillIntangibles$85.70MintangibleAssetsLiabilities$72.91BtotalLiabTangible book$4.79BShares284,728,492commonStockSharesOutstandingResult $16.83 | 0.66xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.17BebitdaCapex$30.87McapitalExpendituresInterest$508.73MinterestExpenseShort-term debt$1.23BshortTermDebtEBITDA − capex$1.14BPrincipal due is short-term debt.Result 0.66x | -$44.06MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$13.20MtotalCashFromOperatingActivitiesCapex$30.87McapitalExpendituresFree cash flow-$44.06MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$44.06M | 4.8%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$867.38MoperatingIncomeTax expense$13.23MincomeTaxExpensePretax income$550.17MincomeBeforeTaxTax rate2.4%Equity$5.14BtotalStockholderEquityDebt$13.00BshortLongTermDebtTotalCash$478.39McashInvested capital$17.66BResult 4.8% | 0.38xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$867.38MoperatingIncomeNet PP&E$2.27BpropertyPlantEquipmentResult 0.38x |
| 2020 | 2.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.27BpropertyPlantEquipmentInventory-$40.55MinventoryTotal assets$80.87BtotalAssetsResult 2.8% | 0.50xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.14BtotalRevenueNet PP&E$2.27BpropertyPlantEquipmentResult 0.50x | 0.27xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$25.16McapitalExpendituresD&A$94.15MdepreciationAndAmortizationResult 0.27x | $16.05Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$80.87BtotalAssetsGoodwill$259.85MgoodWillIntangibles$70.12MintangibleAssetsLiabilities$76.01BtotalLiabTangible book$4.53BShares282,483,000commonStockSharesOutstandingResult $16.05 | 0.50xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$900.20MebitdaCapex$25.16McapitalExpendituresInterest$419.76MinterestExpenseShort-term debt$1.35BshortTermDebtEBITDA − capex$875.03MPrincipal due is short-term debt.Result 0.50x | $1.02BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$1.05BtotalCashFromOperatingActivitiesCapex$25.16McapitalExpendituresFree cash flow$1.02BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.02B | 3.3%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$643.54MoperatingIncomeTax expense$20.20MincomeTaxExpensePretax income$386.28MincomeBeforeTaxTax rate5.2%Equity$4.86BtotalStockholderEquityDebt$14.20BshortLongTermDebtTotalCash$563.22McashInvested capital$18.50BResult 3.3% | 0.28xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$643.54MoperatingIncomeNet PP&E$2.27BpropertyPlantEquipmentResult 0.28x |
| 2021 | 1.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.17BpropertyPlantEquipmentInventory-$48.22MinventoryTotal assets$83.85BtotalAssetsResult 1.3% | 1.02xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.19BtotalRevenueNet PP&E$1.17BpropertyPlantEquipmentResult 1.02x | 0.31xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$26.27McapitalExpendituresD&A$84.59MdepreciationAndAmortizationResult 0.31x | $21.31Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$83.85BtotalAssetsGoodwill$259.85MgoodWillIntangibles$63.56MintangibleAssetsLiabilities$77.20BtotalLiabTangible book$6.33BShares296,826,000commonStockSharesOutstandingResult $21.31 | 0.56xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.03BebitdaCapex$26.27McapitalExpendituresInterest$445.09MinterestExpenseShort-term debt$1.34BshortTermDebtEBITDA − capex$1.00BPrincipal due is short-term debt.Result 0.56x | -$1.02BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$989.98MtotalCashFromOperatingActivitiesCapex$26.27McapitalExpendituresFree cash flow-$1.02BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.02B | 3.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$797.51MoperatingIncomeTax expense$8.67MincomeTaxExpensePretax income$501.10MincomeBeforeTaxTax rate1.7%Equity$6.65BtotalStockholderEquityDebt$18.37BshortLongTermDebtTotalCash$217.36McashInvested capital$24.81BResult 3.2% | 0.68xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$797.51MoperatingIncomeNet PP&E$1.17BpropertyPlantEquipmentResult 0.68x |
| 2022 | 1.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.45BpropertyPlantEquipmentInventory-$108.62MinventoryTotal assets$79.04BtotalAssetsResult 1.7% | 1.07xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.55BtotalRevenueNet PP&E$1.45BpropertyPlantEquipmentResult 1.07x | 0.47xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$25.23McapitalExpendituresD&A$53.94MdepreciationAndAmortizationResult 0.47x | $24.32Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$79.04BtotalAssetsGoodwill$259.85MgoodWillIntangibles$68.77MintangibleAssetsLiabilities$71.84BtotalLiabTangible book$6.87BShares282,483,000commonStockSharesOutstandingResult $24.32 | 0.86xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.85BebitdaCapex$25.23McapitalExpendituresInterest$797.12MinterestExpenseShort-term debt$1.32BshortTermDebtEBITDA − capex$1.82BPrincipal due is short-term debt.Result 0.86x | $188.52MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$213.74MtotalCashFromOperatingActivitiesCapex$25.23McapitalExpendituresFree cash flow$188.52MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $188.52M | 10.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.06BoperatingIncomeTax expense-$61.52MincomeTaxExpensePretax income$997.54MincomeBeforeTaxTax rate0.0%Equity$7.20BtotalStockholderEquityDebt$21.92BshortLongTermDebtTotalCash$18.66BcashAndShortTermInvestmentsInvested capital$10.46BResult 10.2% | 0.73xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.06BoperatingIncomeNet PP&E$1.45BpropertyPlantEquipmentResult 0.73x |
| 2023 | 1.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.05BpropertyPlantAndEquipmentNetInventory-$63.44MinventoryTotal assets$69.50BtotalAssetsResult 1.4% | 1.96xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.05BtotalRevenueNet PP&E$1.05BpropertyPlantAndEquipmentNetResult 1.96x | 0.46xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$25.09McapitalExpendituresD&A$54.30MdepreciationAndAmortizationResult 0.46x | $21.57Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$69.50BtotalAssetsGoodwill$259.85MgoodWillIntangibles$64.97MintangibleAssetsLiabilities$62.48BtotalLiabTangible book$6.70BShares310,507,000commonStockSharesOutstandingResult $21.57 | 0.76xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.91BebitdaCapex$25.09McapitalExpendituresInterest$1.44BinterestExpenseShort-term debt$1.05BshortTermDebtEBITDA − capex$1.88BPrincipal due is short-term debt.Result 0.76x | $503.51MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$528.60MtotalCashFromOperatingActivitiesCapex$25.09McapitalExpendituresFree cash flow$503.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $503.51M | 9.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.41BoperatingIncomeTax expense-$682.00KincomeTaxExpensePretax income$417.48MincomeBeforeTaxTax rate0.0%Equity$6.25BtotalStockholderEquityDebt$8.87BshortLongTermDebtTotalCash$258.10McashAndShortTermInvestmentsInvested capital$14.86BResult 9.5% | 1.35xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.41BoperatingIncomeNet PP&E$1.05BpropertyPlantAndEquipmentNetResult 1.35x |
| 2024 | —Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$62.56BtotalAssetsResult — | —Fixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.04BtotalRevenueNet PP&E—Not reportedResult — | 0.60xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$27.94McapitalExpendituresD&A$46.26MdepreciationAndAmortizationResult 0.60x | $21.44Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$62.56BtotalAssetsGoodwill$259.85MgoodWillIntangibles$60.70MintangibleAssetsLiabilities$55.36BtotalLiabTangible book$6.87BShares320,569,000commonStockSharesOutstandingResult $21.44 | 0.81xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.80BebitdaCapex$27.94McapitalExpendituresInterest$1.35BinterestExpenseShort-term debt$831.32MshortTermDebtEBITDA − capex$1.77BPrincipal due is short-term debt.Result 0.81x | $618.65MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$646.59MtotalCashFromOperatingActivitiesCapex$27.94McapitalExpendituresFree cash flow$618.65MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $618.65M | 10.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.64BoperatingIncomeTax expense$25.43MincomeTaxExpensePretax income$406.01MincomeBeforeTaxTax rate6.3%Equity$6.44BtotalStockholderEquityDebt$9.01BshortLongTermDebtTotalCash$471.64McashAndShortTermInvestmentsInvested capital$14.97BResult 10.3% | —EBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.64BoperatingIncomeNet PP&E—Not reportedResult — |
| 2025 | —Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$63.18BtotalAssetsResult — | —Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.88BtotalRevenueNet PP&E—Not reportedResult — | 3.17xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$269.04McapitalExpendituresD&A$84.83MdepreciationAndAmortizationProperty acquisitions sit outside reported capital expenditures, so this ratio does not capture portfolio growth.Result 3.17x | $20.15Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$63.18BtotalAssetsGoodwill$259.85MgoodWillIntangibles$436.06MintangibleAssetsLiabilities$55.69BtotalLiabTangible book$6.79BShares337,145,000commonStockSharesOutstandingResult $20.15 | 0.69xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.84BebitdaCapex$269.04McapitalExpendituresInterest$1.28BinterestExpenseShort-term debt$997.62MshortLongTermDebtEBITDA − capex$1.57BPrincipal due is the current portion of debt.Result 0.69x | $708.81MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$977.85MtotalCashFromOperatingActivitiesCapex$269.04McapitalExpendituresFree cash flow$708.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $708.81M | 6.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.43BoperatingIncomeTax expense$36.72MincomeTaxExpensePretax income$479.81MincomeBeforeTaxTax rate7.7%Equity$6.80BtotalStockholderEquityDebt$13.20BlongTermDebt + shortLongTermDebtCash$587.76McashAndShortTermInvestmentsInvested capital$19.41BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 6.8% | —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.43BoperatingIncomeNet PP&E—Not reportedResult — |
- Principal due is the current portion of debt.
- Capex/D&A uses reported capital expenditures only. Property acquisitions sit in other investing cash flow, so this ratio does not capture portfolio growth.
Latest year inputs (2025)
Net PP&E: —
Inventory: —
Total assets: $63.18B
Goodwill: $259.85M
Intangibles: $436.06M
Liabilities: $55.69B
Tangible book: $6.79B
Shares: 337,145,000
Revenue: $1.88B
Capex: $269.04M
D&A: $84.83M
EBITDA: $1.84B
Interest: $1.28B
Short-term debt: $997.62M
Free cash flow: $708.81M
Operating income: $1.43B
Invested capital: $19.41B
Tax rate: 7.7%