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.
Trivago NV
Physical assets are 13.0% of total assets, a light footprint. Capex is 0.76x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 1.4%, 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 11.82x.
Physical asset ratio
13.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$46.44MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$358.45MtotalAssetsInventory was not reported and is treated as zero.Result 13.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
11.82xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$548.91MtotalRevenueNet PP&E$46.44MpropertyPlantAndEquipmentNetResult 11.82x
Revenue per dollar of the physical asset base.
Capex / D&A
0.76xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.51McapitalExpendituresD&A$5.93MdepreciationAndAmortizationResult 0.76x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$358.45MtotalAssetsGoodwill$13.80MgoodWillIntangibles$74.17MintangibleAssetsLiabilities$145.15MtotalLiabTangible book$125.33MShares71,517,800commonStockSharesOutstandingResult $1.75
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.05xPrice / tangible bookPrice / tangible book per sharePrice$3.59Latest quoteTangible book / share$1.752025-12-31Result 2.05x
Price $3.59.
Fixed-charge coverage
2.90xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.84MebitdaCapex$4.51McapitalExpendituresInterest$39.38KinterestExpenseShort-term debt$2.49MshortTermDebtEBITDA − capex$7.32MPrincipal due is short-term debt.Result 2.90x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$3.22MfreeCashFlowMarket cap$269.53MMarketCapitalizationResult 1.2%
Latest free cash flow divided by current market cap ($269.53M).
ROIC
1.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.53MoperatingIncomeTax expense-$5.36MincomeTaxExpensePretax income$5.86MincomeBeforeTaxTax rate0.0%Equity$213.30MtotalStockholderEquityDebt$36.34MshortLongTermDebtTotalCash$142.81McashAndShortTermInvestmentsInvested capital$106.83MResult 1.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.03x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 15.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$162.00MpropertyPlantEquipmentInventory$7.73MinventoryTotal assets$1.10BtotalAssetsResult 15.5% | 5.65xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$914.82MtotalRevenueNet PP&E$162.00MpropertyPlantEquipmentResult 5.65x | 1.90xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$24.78McapitalExpendituresD&A$13.05MdepreciationAndAmortizationResult 1.90x | $0.55Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.10BtotalAssetsGoodwill$490.53MgoodWillIntangibles$171.61MintangibleAssetsLiabilities$242.27MtotalLiabTangible book$192.12MShares350,852,000commonStockSharesOutstandingResult $0.55 | -9.92xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$5.57MebitdaCapex$24.78McapitalExpendituresInterest$1.84MinterestExpenseShort-term debt$1.22MshortTermDebtEBITDA − capex-$30.35MPrincipal due is short-term debt.Result -9.92x | -$29.36MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$4.58MtotalCashFromOperatingActivitiesCapex$24.78McapitalExpendituresFree cash flow-$29.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$29.36M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$18.19MoperatingIncomeTax expense$1.39MincomeTaxExpensePretax income-$19.49MincomeBeforeTaxTax rate—Equity$854.26MtotalStockholderEquityDebt$128.93MshortLongTermDebtTotalCash$161.87McashInvested capital$821.31MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.11xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$18.19MoperatingIncomeNet PP&E$162.00MpropertyPlantEquipmentResult -0.11x |
| 2019 | 12.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$129.20MpropertyPlantEquipmentInventory$4.35MinventoryTotal assets$1.11BtotalAssetsResult 12.1% | 6.49xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$838.62MtotalRevenueNet PP&E$129.20MpropertyPlantEquipmentResult 6.49x | 0.67xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$8.02McapitalExpendituresD&A$11.98MdepreciationAndAmortizationResult 0.67x | $3.28Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.11BtotalAssetsGoodwill$490.59MgoodWillIntangibles$169.92MintangibleAssetsLiabilities$213.22MtotalLiabTangible book$234.27MShares71,347,600commonStockSharesOutstandingResult $3.28 | 8.22xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$49.71MebitdaCapex$8.02McapitalExpendituresInterest$33.00KinterestExpenseShort-term debt$5.04MshortTermDebtEBITDA − capex$41.69MPrincipal due is short-term debt.Result 8.22x | $66.20MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$74.22MtotalCashFromOperatingActivitiesCapex$8.02McapitalExpendituresFree cash flow$66.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $66.20M | 3.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$38.15MoperatingIncomeTax expense$20.98MincomeTaxExpensePretax income$37.69MincomeBeforeTaxTax rate40.0%Equity$894.79MtotalStockholderEquityDebt$99.70MshortLongTermDebtTotalCash$228.11McashAndShortTermInvestmentsInvested capital$766.38MThe effective tax rate was above 40% and was capped at 40%.Result 3.0% | 0.30xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$38.15MoperatingIncomeNet PP&E$129.20MpropertyPlantEquipmentResult 0.30x |
| 2020 | 14.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$113.49MpropertyPlantEquipmentInventory$6.53MinventoryTotal assets$830.90MtotalAssetsResult 14.4% | 2.19xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$248.92MtotalRevenueNet PP&E$113.49MpropertyPlantEquipmentResult 2.19x | 0.51xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$5.50McapitalExpendituresD&A$10.85MdepreciationAndAmortizationResult 0.51x | $3.00Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$830.90MtotalAssetsGoodwill$282.66MgoodWillIntangibles$169.55MintangibleAssetsLiabilities$166.38MtotalLiabTangible book$212.30MShares70,667,600commonStockSharesOutstandingResult $3.00 | -33.19xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$242.01MebitdaCapex$5.50McapitalExpendituresInterest$270.00KinterestExpenseShort-term debt$7.19MshortTermDebtEBITDA − capex-$247.51MPrincipal due is short-term debt.Result -33.19x | $2.37MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$7.87MtotalCashFromOperatingActivitiesCapex$5.50McapitalExpendituresFree cash flow$2.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.37M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$252.65MoperatingIncomeTax expense-$7.76MincomeTaxExpensePretax income-$253.13MincomeBeforeTaxTax rate—Equity$664.52MtotalStockholderEquityDebt$93.17MshortLongTermDebtTotalCash$227.80McashAndShortTermInvestmentsInvested capital$529.88MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.23xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$252.65MoperatingIncomeNet PP&E$113.49MpropertyPlantEquipmentResult -2.23x |
| 2021 | 8.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$64.23MpropertyPlantEquipmentInventory$10.05MinventoryTotal assets$834.52MtotalAssetsResult 8.9% | 5.63xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$361.47MtotalRevenueNet PP&E$64.23MpropertyPlantEquipmentResult 5.63x | 0.45xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.78McapitalExpendituresD&A$8.35MdepreciationAndAmortizationResult 0.45x | $3.32Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$834.52MtotalAssetsGoodwill$286.54MgoodWillIntangibles$170.09MintangibleAssetsLiabilities$140.74MtotalLiabTangible book$237.16MShares71,332,800commonStockSharesOutstandingResult $3.32 | 10.63xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$32.03MebitdaCapex$3.78McapitalExpendituresInterest$389.00KinterestExpenseShort-term debt$2.27MshortTermDebtEBITDA − capex$28.25MPrincipal due is short-term debt.Result 10.63x | $28.76MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$32.54MtotalCashFromOperatingActivitiesCapex$3.78McapitalExpendituresFree cash flow$28.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $28.76M | 1.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.05MoperatingIncomeTax expense$12.59MincomeTaxExpensePretax income$23.29MincomeBeforeTaxTax rate40.0%Equity$693.78MtotalStockholderEquityDebt$47.54MshortLongTermDebtTotalCash$256.38McashInvested capital$484.94MThe effective tax rate was above 40% and was capped at 40%.Result 1.2% | 0.16xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$10.05MoperatingIncomeNet PP&E$64.23MpropertyPlantEquipmentResult 0.16x |
| 2022 | 8.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$58.10MpropertyPlantEquipmentInventory$342.00KinventoryTotal assets$691.59MtotalAssetsResult 8.5% | 9.21xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$535.00MtotalRevenueNet PP&E$58.10MpropertyPlantEquipmentResult 9.21x | 0.65xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$3.98McapitalExpendituresD&A$6.13MdepreciationAndAmortizationResult 0.65x | $4.08Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$691.59MtotalAssetsGoodwill$181.93MgoodWillIntangibles$89.95MintangibleAssetsLiabilities$129.86MtotalLiabTangible book$289.86MShares70,985,600commonStockSharesOutstandingResult $4.08 | -25.72xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$114.06MebitdaCapex$3.98McapitalExpendituresInterest$51.00KinterestExpenseShort-term debt$4.54MshortTermDebtEBITDA − capex-$118.04MPrincipal due is short-term debt.Result -25.72x | $62.29MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$66.27MtotalCashFromOperatingActivitiesCapex$3.98McapitalExpendituresFree cash flow$62.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $62.29M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$120.26MoperatingIncomeTax expense$6.57MincomeTaxExpensePretax income-$120.65MincomeBeforeTaxTax rate—Equity$561.74MtotalStockholderEquityDebt$45.27MshortLongTermDebtTotalCash$293.58McashAndShortTermInvestmentsInvested capital$313.42MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.07xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$120.26MoperatingIncomeNet PP&E$58.10MpropertyPlantEquipmentResult -2.07x |
| 2023 | 16.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$52.35MpropertyPlantAndEquipmentNetInventory$154.94KinventoryTotal assets$325.07MtotalAssetsResult 16.2% | 9.26xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$485.03MtotalRevenueNet PP&E$52.35MpropertyPlantAndEquipmentNetResult 9.26x | 0.77xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$3.51McapitalExpendituresD&A$4.56MdepreciationAndAmortizationResult 0.77x | $2.02Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$325.07MtotalAssetsGoodwill$0.00goodWillIntangibles$75.61MintangibleAssetsLiabilities$110.05MtotalLiabTangible book$139.41MShares68,987,400commonStockSharesOutstandingResult $2.02 | -65.20xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$147.30MebitdaCapex$3.51McapitalExpendituresInterest$12.00KinterestExpenseShort-term debt$2.30MshortTermDebtEBITDA − capex-$150.81MPrincipal due is short-term debt.Result -65.20x | $24.29MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$27.80MtotalCashFromOperatingActivitiesCapex$3.51McapitalExpendituresFree cash flow$24.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $24.29M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$156.59MoperatingIncomeTax expense$12.39MincomeTaxExpensePretax income-$152.09MincomeBeforeTaxTax rate—Equity$215.02MtotalStockholderEquityDebt$40.74MshortLongTermDebtTotalCash$127.07McashAndShortTermInvestmentsInvested capital$128.69MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.99xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$156.59MoperatingIncomeNet PP&E$52.35MpropertyPlantAndEquipmentNetResult -2.99x |
| 2024 | 16.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$48.08MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$300.72MtotalAssetsInventory was not reported and is treated as zero.Result 16.0% | 9.59xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$460.85MtotalRevenueNet PP&E$48.08MpropertyPlantAndEquipmentNetResult 9.59x | 0.75xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$2.80McapitalExpendituresD&A$3.75MdepreciationAndAmortizationResult 0.75x | $2.18Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$300.72MtotalAssetsGoodwill$0.00goodWillIntangibles$45.35MintangibleAssetsLiabilities$103.11MtotalLiabTangible book$152.26MShares69,924,400commonStockSharesOutstandingResult $2.18 | -11.46xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$24.48MebitdaCapex$2.80McapitalExpendituresInterest$17.00KinterestExpenseShort-term debt$2.36MshortTermDebtEBITDA − capex-$27.28MPrincipal due is short-term debt.Result -11.46x | $17.45MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$20.25MtotalCashFromOperatingActivitiesCapex$2.80McapitalExpendituresFree cash flow$17.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $17.45M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$32.15MoperatingIncomeTax expense-$6.25MincomeTaxExpensePretax income-$29.95MincomeBeforeTaxTax rate—Equity$197.61MtotalStockholderEquityDebt$38.43MshortLongTermDebtTotalCash$133.75McashInvested capital$102.29MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.67xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$32.15MoperatingIncomeNet PP&E$48.08MpropertyPlantAndEquipmentNetResult -0.67x |
| 2025 | 13.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$46.44MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$358.45MtotalAssetsInventory was not reported and is treated as zero.Result 13.0% | 11.82xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$548.91MtotalRevenueNet PP&E$46.44MpropertyPlantAndEquipmentNetResult 11.82x | 0.76xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$4.51McapitalExpendituresD&A$5.93MdepreciationAndAmortizationResult 0.76x | $1.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$358.45MtotalAssetsGoodwill$13.80MgoodWillIntangibles$74.17MintangibleAssetsLiabilities$145.15MtotalLiabTangible book$125.33MShares71,517,800commonStockSharesOutstandingResult $1.75 | 2.90xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.84MebitdaCapex$4.51McapitalExpendituresInterest$39.38KinterestExpenseShort-term debt$2.49MshortTermDebtEBITDA − capex$7.32MPrincipal due is short-term debt.Result 2.90x | $3.22MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$7.73MtotalCashFromOperatingActivitiesCapex$4.51McapitalExpendituresFree cash flow$3.22MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.22M | 1.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.53MoperatingIncomeTax expense-$5.36MincomeTaxExpensePretax income$5.86MincomeBeforeTaxTax rate0.0%Equity$213.30MtotalStockholderEquityDebt$36.34MshortLongTermDebtTotalCash$142.81McashAndShortTermInvestmentsInvested capital$106.83MResult 1.4% | 0.03xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.53MoperatingIncomeNet PP&E$46.44MpropertyPlantAndEquipmentNetResult 0.03x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $46.44M
Inventory: $0.00
Total assets: $358.45M
Goodwill: $13.80M
Intangibles: $74.17M
Liabilities: $145.15M
Tangible book: $125.33M
Shares: 71,517,800
Revenue: $548.91M
Capex: $4.51M
D&A: $5.93M
EBITDA: $11.84M
Interest: $39.38K
Short-term debt: $2.49M
Free cash flow: $3.22M
Operating income: $1.53M
Invested capital: $106.83M
Tax rate: 0.0%