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.
Tiptree 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 0.00x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 0.03x. Compare it with other names in the same basket.
Physical asset ratio
0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.56MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$6.84BtotalAssetsInventory was not reported and is treated as zero.Result 0.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.03xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$488.00KtotalRevenueNet PP&E$14.56MpropertyPlantAndEquipmentNetResult 0.03x
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$1.45MdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$16.37Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.84BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$6.09BtotalLiabTangible book$752.40MShares45,956,579commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $16.37
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.04xPrice / tangible bookPrice / tangible book per sharePrice$17.04Latest quoteTangible book / share$16.372025-12-31Result 1.04x
Price $17.04.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$47.40MebitdaCapex$0.00capitalExpendituresInterest—Not reportedShort-term debt$8.14MshortTermDebtEBITDA − capex-$47.40MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
27.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$168.22MfreeCashFlowMarket cap$620.69MMarketCapitalizationResult 27.1%
Latest free cash flow divided by current market cap ($620.69M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$46.72MoperatingIncomeTax expense-$5.69MincomeTaxExpensePretax income-$44.60MincomeBeforeTaxTax rate—Equity$508.55MtotalStockholderEquityDebt$80.74MshortLongTermDebtTotalCash$47.86McashAndShortTermInvestmentsInvested capital$541.44MROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -3.21x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.12MpropertyPlantEquipmentInventory$12.98MinventoryTotal assets$1.86BtotalAssetsResult 1.0% | 102.23xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$625.83MtotalRevenueNet PP&E$6.12MpropertyPlantEquipmentResult 102.23x | 0.30xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$3.75McapitalExpendituresD&A$12.60MdepreciationAndAmortizationResult 0.30x | $7.36Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.86BtotalAssetsGoodwill$91.56MgoodWillIntangibles$52.12MintangibleAssetsLiabilities$1.47BtotalLiabTangible book$255.58MShares34,715,852commonStockSharesOutstandingResult $7.36 | 0.09xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$19.81MebitdaCapex$3.75McapitalExpendituresInterest$27.01MinterestExpenseShort-term debt$158.18MshortTermDebtEBITDA − capex$16.06MPrincipal due is short-term debt.Result 0.09x | $53.98MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$57.72MtotalCashFromOperatingActivitiesCapex$3.75McapitalExpendituresFree cash flow$53.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $53.98M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$19.80MoperatingIncomeTax expense-$5.91MincomeTaxExpensePretax income-$19.80MincomeBeforeTaxTax rate—Equity$399.26MtotalStockholderEquityDebt$512.27MshortLongTermDebtTotalCash$369.57McashAndShortTermInvestmentsInvested capital$541.96MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.23xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$19.80MoperatingIncomeNet PP&E$6.12MpropertyPlantEquipmentResult -3.23x |
| 2019 | -18.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$36.14MpropertyPlantEquipmentInventory-$441.79MinventoryTotal assets$2.20BtotalAssetsResult -18.5% | 21.17xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$765.13MtotalRevenueNet PP&E$36.14MpropertyPlantEquipmentResult 21.17x | 0.63xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$8.52McapitalExpendituresD&A$13.57MdepreciationAndAmortizationResult 0.63x | $7.64Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.20BtotalAssetsGoodwill$99.15MgoodWillIntangibles$47.97MintangibleAssetsLiabilities$1.79BtotalLiabTangible book$264.29MShares34,578,292commonStockSharesOutstandingResult $7.64 | 0.43xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$69.77MebitdaCapex$8.52McapitalExpendituresInterest$27.06MinterestExpenseShort-term debt$114.79MshortTermDebtEBITDA − capex$61.25MPrincipal due is short-term debt.Result 0.43x | $15.22MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$23.74MtotalCashFromOperatingActivitiesCapex$8.52McapitalExpendituresFree cash flow$15.22MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $15.22M | 4.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$29.14MoperatingIncomeTax expense$9.02MincomeTaxExpensePretax income$29.14MincomeBeforeTaxTax rate30.9%Equity$411.42MtotalStockholderEquityDebt$489.24MshortLongTermDebtTotalCash$468.31McashAndShortTermInvestmentsInvested capital$432.35MResult 4.7% | 0.81xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$29.14MoperatingIncomeNet PP&E$36.14MpropertyPlantEquipmentResult 0.81x |
| 2020 | -18.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$43.09MpropertyPlantEquipmentInventory-$594.84MinventoryTotal assets$3.00BtotalAssetsResult -18.4% | 18.81xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$810.30MtotalRevenueNet PP&E$43.09MpropertyPlantEquipmentResult 18.81x | 0.38xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$6.69McapitalExpendituresD&A$17.58MdepreciationAndAmortizationResult 0.38x | $1.66Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.00BtotalAssetsGoodwill$179.24MgoodWillIntangibles$138.22MintangibleAssetsLiabilities$2.62BtotalLiabTangible book$56.09MShares33,859,775commonStockSharesOutstandingResult $1.66 | 0.03xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.31MebitdaCapex$6.69McapitalExpendituresInterest$32.58MinterestExpenseShort-term debt$147.82MshortTermDebtEBITDA − capex$4.61MPrincipal due is short-term debt.Result 0.03x | $133.48MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$140.17MtotalCashFromOperatingActivitiesCapex$6.69McapitalExpendituresFree cash flow$133.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $133.48M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$38.85MoperatingIncomeTax expense-$13.63MincomeTaxExpensePretax income-$38.85MincomeBeforeTaxTax rate—Equity$373.54MtotalStockholderEquityDebt$514.07MshortLongTermDebtTotalCash$514.05McashAndShortTermInvestmentsInvested capital$373.55MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.90xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$38.85MoperatingIncomeNet PP&E$43.09MpropertyPlantEquipmentResult -0.90x |
| 2021 | -18.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$38.75MpropertyPlantEquipmentInventory-$710.43MinventoryTotal assets$3.60BtotalAssetsResult -18.7% | 30.98xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.20BtotalRevenueNet PP&E$38.75MpropertyPlantEquipmentResult 30.98x | 0.11xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$2.76McapitalExpendituresD&A$24.44MdepreciationAndAmortizationResult 0.11x | $2.03Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.60BtotalAssetsGoodwill$179.10MgoodWillIntangibles$152.59MintangibleAssetsLiabilities$3.20BtotalLiabTangible book$68.49MShares33,688,256commonStockSharesOutstandingResult $2.03 | 0.64xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$127.45MebitdaCapex$2.76McapitalExpendituresInterest$37.67MinterestExpenseShort-term debt$158.53MshortTermDebtEBITDA − capex$124.69MPrincipal due is short-term debt.Result 0.64x | $201.55MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$204.32MtotalCashFromOperatingActivitiesCapex$2.76McapitalExpendituresFree cash flow$201.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $201.55M | 22.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$65.34MoperatingIncomeTax expense$21.29MincomeTaxExpensePretax income$65.34MincomeBeforeTaxTax rate32.6%Equity$400.18MtotalStockholderEquityDebt$551.88MshortLongTermDebtTotalCash$753.17McashAndShortTermInvestmentsInvested capital$198.90MResult 22.1% | 1.69xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$65.34MoperatingIncomeNet PP&E$38.75MpropertyPlantEquipmentResult 1.69x |
| 2022 | -55.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$53.33MpropertyPlantEquipmentInventory-$2.30BinventoryTotal assets$4.04BtotalAssetsResult -55.6% | 26.21xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.40BtotalRevenueNet PP&E$53.33MpropertyPlantEquipmentResult 26.21x | 0.47xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$10.73McapitalExpendituresD&A$22.97MdepreciationAndAmortizationResult 0.47x | -$8.74Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.04BtotalAssetsGoodwill$186.61MgoodWillIntangibles$657.37MintangibleAssetsLiabilities$3.51BtotalLiabTangible book-$310.40MShares35,531,149commonStockSharesOutstandingResult -$8.74 | 1.06xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$107.22MebitdaCapex$10.73McapitalExpendituresInterest$30.24MinterestExpenseShort-term debt$60.63MshortTermDebtEBITDA − capex$96.50MPrincipal due is short-term debt.Result 1.06x | $452.35MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$463.07MtotalCashFromOperatingActivitiesCapex$10.73McapitalExpendituresFree cash flow$452.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $452.35M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$54.01MoperatingIncomeTax expense$50.45MincomeTaxExpensePretax income$54.01MincomeBeforeTaxTax rate40.0%Equity$397.37MtotalStockholderEquityDebt$297.40MshortLongTermDebtTotalCash$1.15BcashAndShortTermInvestmentsInvested capital—The effective tax rate was above 40% and was capped at 40%.Result — | 1.01xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$54.01MoperatingIncomeNet PP&E$53.33MpropertyPlantEquipmentResult 1.01x |
| 2023 | -55.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$61.09MpropertyPlantAndEquipmentNetInventory-$2.91BinventoryTotal assets$5.14BtotalAssetsResult -55.5% | 26.99xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.65BtotalRevenueNet PP&E$61.09MpropertyPlantAndEquipmentNetResult 26.99x | 0.60xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$14.03McapitalExpendituresD&A$23.47MdepreciationAndAmortizationResult 0.60x | -$9.43Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.14BtotalAssetsGoodwill$206.16MgoodWillIntangibles$725.34MintangibleAssetsLiabilities$4.56BtotalLiabTangible book-$354.93MShares37,619,095commonStockSharesOutstandingResult -$9.43 | 0.53xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$134.21MebitdaCapex$14.03McapitalExpendituresInterest$27.69MinterestExpenseShort-term debt$197.14MshortTermDebtEBITDA − capex$120.18MPrincipal due is short-term debt.Result 0.53x | $57.42MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$71.45MtotalCashFromOperatingActivitiesCapex$14.03McapitalExpendituresFree cash flow$57.42MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $57.42M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$83.05MoperatingIncomeTax expense$43.06MincomeTaxExpensePretax income$83.05MincomeBeforeTaxTax rate40.0%Equity$416.87MtotalStockholderEquityDebt$442.81MshortLongTermDebtTotalCash$1.27BcashAndShortTermInvestmentsInvested capital—The effective tax rate was above 40% and was capped at 40%.Result — | 1.36xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$83.05MoperatingIncomeNet PP&E$61.09MpropertyPlantAndEquipmentNetResult 1.36x |
| 2024 | 0.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.85MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$5.69BtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 114.45xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.04BtotalRevenueNet PP&E$17.85MpropertyPlantAndEquipmentNetResult 114.45x | 0.19xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.03McapitalExpendituresD&A$21.65MdepreciationAndAmortizationResult 0.19x | -$6.89Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.69BtotalAssetsGoodwill$206.71MgoodWillIntangibles$711.34MintangibleAssetsLiabilities$5.04BtotalLiabTangible book-$261.28MShares37,927,000commonStockSharesOutstandingResult -$6.89 | 2.25xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$203.22MebitdaCapex$4.03McapitalExpendituresInterest$32.25MinterestExpenseShort-term debt$56.28MshortTermDebtEBITDA − capex$199.19MPrincipal due is short-term debt.Result 2.25x | $236.73MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$240.76MtotalCashFromOperatingActivitiesCapex$4.03McapitalExpendituresFree cash flow$236.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $236.73M | 11.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$149.32MoperatingIncomeTax expense$61.65MincomeTaxExpensePretax income$149.32MincomeBeforeTaxTax rate40.0%Equity$457.70MtotalStockholderEquityDebt$374.53MshortLongTermDebtTotalCash$30.31McashAndShortTermInvestmentsInvested capital$801.92MThe effective tax rate was above 40% and was capped at 40%.Result 11.2% | 8.37xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$149.32MoperatingIncomeNet PP&E$17.85MpropertyPlantAndEquipmentNetResult 8.37x |
| 2025 | 0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.56MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$6.84BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 0.03xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$488.00KtotalRevenueNet PP&E$14.56MpropertyPlantAndEquipmentNetResult 0.03x | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$1.45MdepreciationAndAmortizationResult 0.00x | $16.37Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.84BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$6.09BtotalLiabTangible book$752.40MShares45,956,579commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $16.37 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$47.40MebitdaCapex$0.00capitalExpendituresInterest—Not reportedShort-term debt$8.14MshortTermDebtEBITDA − capex-$47.40MPrincipal due is short-term debt.Result — | $168.22MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$168.22MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$168.22MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $168.22M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$46.72MoperatingIncomeTax expense-$5.69MincomeTaxExpensePretax income-$44.60MincomeBeforeTaxTax rate—Equity$508.55MtotalStockholderEquityDebt$80.74MshortLongTermDebtTotalCash$47.86McashAndShortTermInvestmentsInvested capital$541.44MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.21xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$46.72MoperatingIncomeNet PP&E$14.56MpropertyPlantAndEquipmentNetResult -3.21x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $14.56M
Inventory: $0.00
Total assets: $6.84B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $6.09B
Tangible book: $752.40M
Shares: 45,956,579
Revenue: $488.00K
Capex: $0.00
D&A: $1.45M
EBITDA: -$47.40M
Interest: —
Short-term debt: $8.14M
Free cash flow: $168.22M
Operating income: -$46.72M
Invested capital: $541.44M
Tax rate: —