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.
Frontier Group Holdings Inc
Physical assets are 80.8% of total assets, a heavy footprint. Capex is 1.09x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.42x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.65x.
Physical asset ratio
80.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.74BpropertyPlantAndEquipmentNetInventory$90.00MinventoryTotal assets$7.22BtotalAssetsResult 80.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.65xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.72BtotalRevenueNet PP&E$5.74BpropertyPlantAndEquipmentNetResult 0.65x
Revenue per dollar of the physical asset base.
Capex / D&A
1.09xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$99.00McapitalExpendituresD&A$91.00MdepreciationAndAmortizationResult 1.09x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.02Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.22BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$27.00MintangibleAssetsLiabilities$6.73BtotalLiabTangible book$464.00MShares229,970,030commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.02
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.20xPrice / tangible bookPrice / tangible book per sharePrice$6.45Latest quoteTangible book / share$2.022025-12-31Result 3.20x
Price $6.45.
Fixed-charge coverage
-0.42xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$32.00MebitdaCapex$99.00McapitalExpendituresInterest$11.00MinterestExpenseShort-term debt$301.00MshortLongTermDebtEBITDA − capex-$131.00MPrincipal due is the current portion of debt.Result -0.42x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-41.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$624.00MfreeCashFlowMarket cap$1.49BMarketCapitalizationResult -41.8%
Latest free cash flow divided by current market cap ($1.49B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$149.00MoperatingIncomeTax expense$3.00MincomeTaxExpensePretax income-$134.00MincomeBeforeTaxTax rate—Equity$491.00MtotalStockholderEquityDebt$614.00MlongTermDebt + shortLongTermDebtCash$671.00McashInvested capital$434.00MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC 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 -0.03x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 12.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$174.00MpropertyPlantEquipmentInventory$18.00MinventoryTotal assets$1.51BtotalAssetsResult 12.7% | 12.39xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$2.16BtotalRevenueNet PP&E$174.00MpropertyPlantEquipmentResult 12.39x | 0.76xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$59.00McapitalExpendituresD&A$78.00MdepreciationAndAmortizationResult 0.76x | $1.15Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.51BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$31.00MintangibleAssetsLiabilities$1.23BtotalLiabTangible book$249.00MShares215,924,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.15 | 0.98xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$187.00MebitdaCapex$59.00McapitalExpendituresInterest$4.00MinterestExpenseShort-term debt$126.00MshortTermDebtEBITDA − capex$128.00MPrincipal due is short-term debt.Result 0.98x | $130.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$189.00MtotalCashFromOperatingActivitiesCapex$59.00McapitalExpendituresFree cash flow$130.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $130.00M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$92.00MoperatingIncomeTax expense$25.00MincomeTaxExpensePretax income$105.00MincomeBeforeTaxTax rate23.8%Equity$280.00MtotalStockholderEquityDebt$214.00MshortLongTermDebtTotalCash$698.00McashInvested capital—Result — | 0.53xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$92.00MoperatingIncomeNet PP&E$174.00MpropertyPlantEquipmentResult 0.53x |
| 2019 | 63.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.44BpropertyPlantEquipmentInventory$20.00MinventoryTotal assets$3.86BtotalAssetsResult 63.7% | 1.03xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$2.51BtotalRevenueNet PP&E$2.44BpropertyPlantEquipmentResult 1.03x | 1.35xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$62.00McapitalExpendituresD&A$46.00MdepreciationAndAmortizationResult 1.35x | $2.38Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.86BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$30.00MintangibleAssetsLiabilities$3.32BtotalLiabTangible book$512.00MShares215,078,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.38 | 1.92xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$371.00MebitdaCapex$62.00McapitalExpendituresInterest$11.00MinterestExpenseShort-term debt$150.00MshortLongTermDebtEBITDA − capex$309.00MPrincipal due is the current portion of debt.Result 1.92x | $109.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$171.00MtotalCashFromOperatingActivitiesCapex$62.00McapitalExpendituresFree cash flow$109.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $109.00M | 1,256.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$309.00MoperatingIncomeTax expense$74.00MincomeTaxExpensePretax income$325.00MincomeBeforeTaxTax rate22.8%Equity$542.00MtotalStockholderEquityDebt$245.00MlongTermDebt + shortLongTermDebtCash$768.00McashInvested capital$19.00MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 1,256.0% | 0.13xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$309.00MoperatingIncomeNet PP&E$2.44BpropertyPlantEquipmentResult 0.13x |
| 2020 | 68.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.43BpropertyPlantEquipmentInventory$18.00MinventoryTotal assets$3.55BtotalAssetsResult 68.8% | 0.52xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.25BtotalRevenueNet PP&E$2.43BpropertyPlantEquipmentResult 0.52x | 0.48xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$16.00McapitalExpendituresD&A$33.00MdepreciationAndAmortizationResult 0.48x | $1.31Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.55BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$29.00MintangibleAssetsLiabilities$3.24BtotalLiabTangible book$281.00MShares215,078,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.31 | -3.04xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$327.00MebitdaCapex$16.00McapitalExpendituresInterest$12.00MinterestExpenseShort-term debt$101.00MshortLongTermDebtEBITDA − capex-$343.00MPrincipal due is the current portion of debt.Result -3.04x | -$573.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$557.00MtotalCashFromOperatingActivitiesCapex$16.00McapitalExpendituresFree cash flow-$573.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$573.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$365.00MoperatingIncomeTax expense-$147.00MincomeTaxExpensePretax income-$372.00MincomeBeforeTaxTax rate—Equity$310.00MtotalStockholderEquityDebt$348.00MlongTermDebt + shortLongTermDebtCash$378.00McashInvested capital$280.00MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.15xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$365.00MoperatingIncomeNet PP&E$2.43BpropertyPlantEquipmentResult -0.15x |
| 2021 | 70.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.97BpropertyPlantAndEquipmentNetInventory$29.00MinventoryTotal assets$4.24BtotalAssetsResult 70.8% | 0.69xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$2.06BtotalRevenueNet PP&E$2.97BpropertyPlantAndEquipmentNetResult 0.69x | 1.66xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$63.00McapitalExpendituresD&A$38.00MdepreciationAndAmortizationResult 1.66x | $2.31Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.24BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$29.00MintangibleAssetsLiabilities$3.71BtotalLiabTangible book$501.00MShares217,065,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.31 | -0.90xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$77.00MebitdaCapex$63.00McapitalExpendituresInterest$29.00MinterestExpenseShort-term debt$127.00MshortLongTermDebtEBITDA − capex-$140.00MPrincipal due is the current portion of debt.Result -0.90x | $153.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$216.00MtotalCashFromOperatingActivitiesCapex$63.00McapitalExpendituresFree cash flow$153.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $153.00M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$117.00MoperatingIncomeTax expense-$42.00MincomeTaxExpensePretax income-$144.00MincomeBeforeTaxTax rate—Equity$530.00MtotalStockholderEquityDebt$414.00MlongTermDebt + shortLongTermDebtCash$918.00McashInvested capital$26.00MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.04xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$117.00MoperatingIncomeNet PP&E$2.97BpropertyPlantAndEquipmentNetResult -0.04x |
| 2022 | 61.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.71BpropertyPlantAndEquipmentNetInventory$55.00MinventoryTotal assets$4.50BtotalAssetsResult 61.5% | 1.23xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$3.33BtotalRevenueNet PP&E$2.71BpropertyPlantAndEquipmentNetResult 1.23x | 3.38xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$152.00McapitalExpendituresD&A$45.00MdepreciationAndAmortizationResult 3.38x | $2.21Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.50BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$28.00MintangibleAssetsLiabilities$3.99BtotalLiabTangible book$481.00MShares218,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.21 | -0.89xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$10.00MebitdaCapex$152.00McapitalExpendituresInterest$3.00MinterestExpenseShort-term debt$157.00MshortLongTermDebtEBITDA − capex-$142.00MPrincipal due is the current portion of debt.Result -0.89x | -$230.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$78.00MtotalCashFromOperatingActivitiesCapex$152.00McapitalExpendituresFree cash flow-$230.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$230.00M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$35.00MoperatingIncomeTax expense-$8.00MincomeTaxExpensePretax income-$45.00MincomeBeforeTaxTax rate—Equity$509.00MtotalStockholderEquityDebt$429.00MlongTermDebt + shortLongTermDebtCash$761.00McashInvested capital$177.00MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.01xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$35.00MoperatingIncomeNet PP&E$2.71BpropertyPlantAndEquipmentNetResult -0.01x |
| 2023 | 67.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.27BpropertyPlantAndEquipmentNetInventory$79.00MinventoryTotal assets$4.99BtotalAssetsResult 67.1% | 1.10xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$3.59BtotalRevenueNet PP&E$3.27BpropertyPlantAndEquipmentNetResult 1.10x | 1.74xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$87.00McapitalExpendituresD&A$50.00MdepreciationAndAmortizationResult 1.74x | $2.18Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.99BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$28.00MintangibleAssetsLiabilities$4.49BtotalLiabTangible book$479.00MShares220,098,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.18 | -0.02xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$83.00MebitdaCapex$87.00McapitalExpendituresInterest$1.00MinterestExpenseShort-term debt$251.00MshortLongTermDebtEBITDA − capex-$4.00MPrincipal due is the current portion of debt.Result -0.02x | -$348.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$261.00MtotalCashFromOperatingActivitiesCapex$87.00McapitalExpendituresFree cash flow-$348.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$348.00M | -0.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$3.00MoperatingIncomeTax expense$43.00MincomeTaxExpensePretax income$32.00MincomeBeforeTaxTax rate40.0%Equity$507.00MtotalStockholderEquityDebt$470.00MlongTermDebt + shortLongTermDebtCash$609.00McashInvested capital$368.00MThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result -0.5% | 0.00xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$3.00MoperatingIncomeNet PP&E$3.27BpropertyPlantAndEquipmentNetResult 0.00x |
| 2024 | 77.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.71BpropertyPlantAndEquipmentNetInventory$79.00MinventoryTotal assets$6.15BtotalAssetsResult 77.8% | 0.80xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$3.78BtotalRevenueNet PP&E$4.71BpropertyPlantAndEquipmentNetResult 0.80x | 1.06xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$76.00McapitalExpendituresD&A$72.00MdepreciationAndAmortizationResult 1.06x | $2.56Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.15BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$27.00MintangibleAssetsLiabilities$5.55BtotalLiabTangible book$577.00MShares225,716,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.56 | 0.32xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$162.00MebitdaCapex$76.00McapitalExpendituresInterest$4.00MinterestExpenseShort-term debt$261.00MshortLongTermDebtEBITDA − capex$86.00MPrincipal due is the current portion of debt.Result 0.32x | -$158.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$82.00MtotalCashFromOperatingActivitiesCapex$76.00McapitalExpendituresFree cash flow-$158.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$158.00M | 15.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$58.00MoperatingIncomeTax expense$1.00MincomeTaxExpensePretax income$86.00MincomeBeforeTaxTax rate1.2%Equity$604.00MtotalStockholderEquityDebt$502.00MlongTermDebt + shortLongTermDebtCash$740.00McashInvested capital$366.00MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 15.7% | 0.01xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$58.00MoperatingIncomeNet PP&E$4.71BpropertyPlantAndEquipmentNetResult 0.01x |
| 2025 | 80.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.74BpropertyPlantAndEquipmentNetInventory$90.00MinventoryTotal assets$7.22BtotalAssetsResult 80.8% | 0.65xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.72BtotalRevenueNet PP&E$5.74BpropertyPlantAndEquipmentNetResult 0.65x | 1.09xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$99.00McapitalExpendituresD&A$91.00MdepreciationAndAmortizationResult 1.09x | $2.02Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.22BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$27.00MintangibleAssetsLiabilities$6.73BtotalLiabTangible book$464.00MShares229,970,030commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.02 | -0.42xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$32.00MebitdaCapex$99.00McapitalExpendituresInterest$11.00MinterestExpenseShort-term debt$301.00MshortLongTermDebtEBITDA − capex-$131.00MPrincipal due is the current portion of debt.Result -0.42x | -$624.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$525.00MtotalCashFromOperatingActivitiesCapex$99.00McapitalExpendituresFree cash flow-$624.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$624.00M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$149.00MoperatingIncomeTax expense$3.00MincomeTaxExpensePretax income-$134.00MincomeBeforeTaxTax rate—Equity$491.00MtotalStockholderEquityDebt$614.00MlongTermDebt + shortLongTermDebtCash$671.00McashInvested capital$434.00MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.03xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$149.00MoperatingIncomeNet PP&E$5.74BpropertyPlantAndEquipmentNetResult -0.03x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $5.74B
Inventory: $90.00M
Total assets: $7.22B
Goodwill: $0.00
Intangibles: $27.00M
Liabilities: $6.73B
Tangible book: $464.00M
Shares: 229,970,030
Revenue: $3.72B
Capex: $99.00M
D&A: $91.00M
EBITDA: -$32.00M
Interest: $11.00M
Short-term debt: $301.00M
Free cash flow: -$624.00M
Operating income: -$149.00M
Invested capital: $434.00M
Tax rate: —