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.
Triumph Financial, Inc.
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.44x 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 0.67x, which is below 1.
Fixed-asset turnover is 5.67x. Compare it with other names in the same basket.
Physical asset ratio
1.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$91.07MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$6.38BtotalAssetsInventory was not reported and is treated as zero.Result 1.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.67xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$516.08MtotalRevenueNet PP&E$91.07MpropertyPlantAndEquipmentNetResult 5.67x
Revenue per dollar of the physical asset base.
Capex / D&A
0.44xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$16.45McapitalExpendituresD&A$37.26MdepreciationAndAmortizationResult 0.44x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$22.58Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.38BtotalAssetsGoodwill$355.30MgoodWillIntangibles$47.89MintangibleAssetsLiabilities$5.44BtotalLiabTangible book$538.59MShares23,847,448commonStockSharesOutstandingResult $22.58
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.75xPrice / tangible bookPrice / tangible book per sharePrice$62.10Latest quoteTangible book / share$22.582025-12-31Result 2.75x
Price $62.10.
Fixed-charge coverage
0.67xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$70.25MebitdaCapex$16.45McapitalExpendituresInterest$79.88MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$53.81MShort-term debt is total debt minus long-term debt.Result 0.67x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$50.62MfreeCashFlowMarket cap$1.52BMarketCapitalizationResult 3.3%
Latest free cash flow divided by current market cap ($1.52B).
ROIC
3.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$32.99MoperatingIncomeTax expense$7.63MincomeTaxExpensePretax income$32.99MincomeBeforeTaxTax rate23.1%Equity$941.77MtotalStockholderEquityDebt$392.87MshortLongTermDebtTotalCash$612.75McashAndShortTermInvestmentsInvested capital$721.89MResult 3.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.36x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$83.39MpropertyPlantEquipmentInventory$2.23MinventoryTotal assets$4.56BtotalAssetsResult 1.9% | 3.42xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$284.88MtotalRevenueNet PP&E$83.39MpropertyPlantEquipmentResult 3.42x | 1.48xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$18.78McapitalExpendituresD&A$12.70MdepreciationAndAmortizationResult 1.48x | $17.16Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.56BtotalAssetsGoodwill$158.74MgoodWillIntangibles$40.67MintangibleAssetsLiabilities$3.92BtotalLiabTangible book$437.19MShares25,481,000commonStockSharesOutstandingResult $17.16 | 1.50xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$79.20MebitdaCapex$18.78McapitalExpendituresInterest$35.93MinterestExpenseShort-term debt$4.49MshortTermDebtEBITDA − capex$60.42MPrincipal due is short-term debt.Result 1.50x | $55.05MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$73.83MtotalCashFromOperatingActivitiesCapex$18.78McapitalExpendituresFree cash flow$55.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $55.05M | 10.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$66.50MoperatingIncomeTax expense$14.79MincomeTaxExpensePretax income$66.50MincomeBeforeTaxTax rate22.2%Equity$636.61MtotalStockholderEquityDebt$422.50MshortLongTermDebtTotalCash$571.36McashAndShortTermInvestmentsInvested capital$487.74MResult 10.6% | 0.80xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$66.50MoperatingIncomeNet PP&E$83.39MpropertyPlantEquipmentResult 0.80x |
| 2019 | 2.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$117.66MpropertyPlantEquipmentInventory$3.49MinventoryTotal assets$5.06BtotalAssetsResult 2.4% | 2.91xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$342.72MtotalRevenueNet PP&E$117.66MpropertyPlantEquipmentResult 2.91x | 1.24xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$21.34McapitalExpendituresD&A$17.27MdepreciationAndAmortizationResult 1.24x | $17.13Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.06BtotalAssetsGoodwill$158.74MgoodWillIntangibles$31.54MintangibleAssetsLiabilities$4.42BtotalLiabTangible book$446.30MShares26,060,000commonStockSharesOutstandingResult $17.13 | 1.25xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$92.71MebitdaCapex$21.34McapitalExpendituresInterest$55.25MinterestExpenseShort-term debt$2.03MshortTermDebtEBITDA − capex$71.37MPrincipal due is short-term debt.Result 1.25x | $51.11MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$72.45MtotalCashFromOperatingActivitiesCapex$21.34McapitalExpendituresFree cash flow$51.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $51.11M | 7.8%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$75.45MoperatingIncomeTax expense$16.90MincomeTaxExpensePretax income$75.45MincomeBeforeTaxTax rate22.4%Equity$636.59MtotalStockholderEquityDebt$558.93MshortLongTermDebtTotalCash$446.70McashAndShortTermInvestmentsInvested capital$748.82MResult 7.8% | 0.64xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$75.45MoperatingIncomeNet PP&E$117.66MpropertyPlantEquipmentResult 0.64x |
| 2020 | 2.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$121.52MpropertyPlantEquipmentInventory$2.50MinventoryTotal assets$5.94BtotalAssetsResult 2.1% | 3.07xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$372.74MtotalRevenueNet PP&E$121.52MpropertyPlantEquipmentResult 3.07x | 0.92xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$17.57McapitalExpendituresD&A$19.05MdepreciationAndAmortizationResult 0.92x | $21.81Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.94BtotalAssetsGoodwill$163.21MgoodWillIntangibles$26.71MintangibleAssetsLiabilities$5.21BtotalLiabTangible book$536.86MShares24,616,000commonStockSharesOutstandingResult $21.81 | 2.13xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$103.76MebitdaCapex$17.57McapitalExpendituresInterest$37.39MinterestExpenseShort-term debt$3.10MshortTermDebtEBITDA − capex$86.19MPrincipal due is short-term debt.Result 2.13x | $79.75MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$97.33MtotalCashFromOperatingActivitiesCapex$17.57McapitalExpendituresFree cash flow$79.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $79.75M | 10.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$84.71MoperatingIncomeTax expense$20.69MincomeTaxExpensePretax income$84.71MincomeBeforeTaxTax rate24.4%Equity$726.78MtotalStockholderEquityDebt$427.54MshortLongTermDebtTotalCash$538.70McashAndShortTermInvestmentsInvested capital$615.62MResult 10.4% | 0.70xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$84.71MoperatingIncomeNet PP&E$121.52MpropertyPlantEquipmentResult 0.70x |
| 2021 | 2.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$138.56MpropertyPlantEquipmentInventory$2.89MinventoryTotal assets$5.96BtotalAssetsUses the property line, which is larger than net PP&E ($105.73M, propertyPlantAndEquipmentNet).Result 2.4% | 3.19xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$442.00MtotalRevenueNet PP&E$138.56MpropertyPlantEquipmentResult 3.19x | 0.63xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$14.36McapitalExpendituresD&A$22.91MdepreciationAndAmortizationResult 0.63x | $23.05Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.96BtotalAssetsGoodwill$233.73MgoodWillIntangibles$43.13MintangibleAssetsLiabilities$5.10BtotalLiabTangible book$582.01MShares25,252,000commonStockSharesOutstandingResult $23.05 | 7.48xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$167.87MebitdaCapex$14.36McapitalExpendituresInterest$18.43MinterestExpenseShort-term debt$2.10MshortTermDebtEBITDA − capex$153.51MPrincipal due is short-term debt.Result 7.48x | $122.60MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$136.96MtotalCashFromOperatingActivitiesCapex$14.36McapitalExpendituresFree cash flow$122.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $122.60M | 17.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$144.95MoperatingIncomeTax expense$31.98MincomeTaxExpensePretax income$144.95MincomeBeforeTaxTax rate22.1%Equity$858.86MtotalStockholderEquityDebt$356.81MshortLongTermDebtTotalCash$565.60McashAndShortTermInvestmentsInvested capital$650.07MResult 17.4% | 1.05xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$144.95MoperatingIncomeNet PP&E$138.56MpropertyPlantEquipmentResult 1.05x |
| 2022 | 2.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$103.34MpropertyPlantEquipmentInventory$1.30MinventoryTotal assets$5.33BtotalAssetsResult 2.0% | 4.87xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$502.95MtotalRevenueNet PP&E$103.34MpropertyPlantEquipmentResult 4.87x | 0.37xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$10.91McapitalExpendituresD&A$29.29MdepreciationAndAmortizationResult 0.37x | $24.90Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.33BtotalAssetsGoodwill$233.71MgoodWillIntangibles$32.06MintangibleAssetsLiabilities$4.44BtotalLiabTangible book$623.20MShares25,024,000commonStockSharesOutstandingResult $24.90 | 8.14xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$166.29MebitdaCapex$10.91McapitalExpendituresInterest$18.75MinterestExpenseShort-term debt$340.00KshortTermDebtEBITDA − capex$155.38MPrincipal due is short-term debt.Result 8.14x | $63.58MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$74.49MtotalCashFromOperatingActivitiesCapex$10.91McapitalExpendituresFree cash flow$63.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $63.58M | 25.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$137.00MoperatingIncomeTax expense$34.69MincomeTaxExpensePretax income$137.00MincomeBeforeTaxTax rate25.3%Equity$888.97MtotalStockholderEquityDebt$179.30MshortLongTermDebtTotalCash$662.69McashAndShortTermInvestmentsInvested capital$405.58MResult 25.2% | 1.33xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$137.00MoperatingIncomeNet PP&E$103.34MpropertyPlantEquipmentResult 1.33x |
| 2023 | 2.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$113.46MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$5.35BtotalAssetsInventory was not reported and is treated as zero.Result 2.1% | 3.69xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$418.25MtotalRevenueNet PP&E$113.46MpropertyPlantAndEquipmentNetResult 3.69x | 1.74xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$43.82McapitalExpendituresD&A$25.26MdepreciationAndAmortizationResult 1.74x | $25.19Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.35BtotalAssetsGoodwill$233.71MgoodWillIntangibles$46.01MintangibleAssetsLiabilities$4.48BtotalLiabTangible book$584.68MShares23,208,000commonStockSharesOutstandingResult $25.19 | -0.12xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$37.88MebitdaCapex$43.82McapitalExpendituresInterest$43.09MinterestExpenseShort-term debt$6.44MshortTermDebtEBITDA − capex-$5.95MPrincipal due is short-term debt.Result -0.12x | $16.24MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$60.06MtotalCashFromOperatingActivitiesCapex$43.82McapitalExpendituresFree cash flow$16.24MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $16.24M | 3.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$37.88MoperatingIncomeTax expense$11.73MincomeTaxExpensePretax income$37.88MincomeBeforeTaxTax rate31.0%Equity$864.40MtotalStockholderEquityDebt$405.42MshortLongTermDebtTotalCash$586.28McashAndShortTermInvestmentsInvested capital$683.54MResult 3.8% | 0.33xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$37.88MoperatingIncomeNet PP&E$113.46MpropertyPlantAndEquipmentNetResult 0.33x |
| 2024 | 2.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$160.74MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$5.95BtotalAssetsInventory was not reported and is treated as zero.Result 2.7% | 3.03xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$487.63MtotalRevenueNet PP&E$160.74MpropertyPlantAndEquipmentNetResult 3.03x | 2.61xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$87.16McapitalExpendituresD&A$33.35MdepreciationAndAmortizationResult 2.61x | $25.01Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.95BtotalAssetsGoodwill$241.95MgoodWillIntangibles$54.23MintangibleAssetsLiabilities$5.06BtotalLiabTangible book$594.74MShares23,779,000commonStockSharesOutstandingResult $25.01 | -0.46xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$53.82MebitdaCapex$87.16McapitalExpendituresInterest$72.06MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex-$33.35MShort-term debt is total debt minus long-term debt.Result -0.46x | -$28.59MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$58.57MtotalCashFromOperatingActivitiesCapex$87.16McapitalExpendituresFree cash flow-$28.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$28.59M | 2.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$20.47MoperatingIncomeTax expense$4.38MincomeTaxExpensePretax income$20.47MincomeBeforeTaxTax rate21.4%Equity$890.92MtotalStockholderEquityDebt$142.01MshortLongTermDebtTotalCash$416.91McashAndShortTermInvestmentsInvested capital$616.03MResult 2.6% | 0.13xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$20.47MoperatingIncomeNet PP&E$160.74MpropertyPlantAndEquipmentNetResult 0.13x |
| 2025 | 1.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$91.07MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$6.38BtotalAssetsInventory was not reported and is treated as zero.Result 1.4% | 5.67xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$516.08MtotalRevenueNet PP&E$91.07MpropertyPlantAndEquipmentNetResult 5.67x | 0.44xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$16.45McapitalExpendituresD&A$37.26MdepreciationAndAmortizationResult 0.44x | $22.58Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.38BtotalAssetsGoodwill$355.30MgoodWillIntangibles$47.89MintangibleAssetsLiabilities$5.44BtotalLiabTangible book$538.59MShares23,847,448commonStockSharesOutstandingResult $22.58 | 0.67xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$70.25MebitdaCapex$16.45McapitalExpendituresInterest$79.88MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$53.81MShort-term debt is total debt minus long-term debt.Result 0.67x | $50.62MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$67.07MtotalCashFromOperatingActivitiesCapex$16.45McapitalExpendituresFree cash flow$50.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $50.62M | 3.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$32.99MoperatingIncomeTax expense$7.63MincomeTaxExpensePretax income$32.99MincomeBeforeTaxTax rate23.1%Equity$941.77MtotalStockholderEquityDebt$392.87MshortLongTermDebtTotalCash$612.75McashAndShortTermInvestmentsInvested capital$721.89MResult 3.5% | 0.36xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$32.99MoperatingIncomeNet PP&E$91.07MpropertyPlantAndEquipmentNetResult 0.36x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $91.07M
Inventory: $0.00
Total assets: $6.38B
Goodwill: $355.30M
Intangibles: $47.89M
Liabilities: $5.44B
Tangible book: $538.59M
Shares: 23,847,448
Revenue: $516.08M
Capex: $16.45M
D&A: $37.26M
EBITDA: $70.25M
Interest: $79.88M
Short-term debt: $0.00
Free cash flow: $50.62M
Operating income: $32.99M
Invested capital: $721.89M
Tax rate: 23.1%