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.
United Maritime Corporation
Physical assets are 61.7% of total assets, a heavy footprint. Capex is 0.07x 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 0.49x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.44x.
Physical asset ratio
61.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$85.14MpropertyPlantAndEquipmentNetInventory$363.00KinventoryTotal assets$138.68MtotalAssetsResult 61.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.44xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$37.79MtotalRevenueNet PP&E$85.14MpropertyPlantAndEquipmentNetResult 0.44x
Revenue per dollar of the physical asset base.
Capex / D&A
0.07xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$757.00KcapitalExpendituresD&A$10.82MdepreciationAndAmortizationResult 0.07x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$6.37Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$138.68MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$82.22MtotalLiabTangible book$56.47MShares8,866,523commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $6.37
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.40xPrice / tangible bookPrice / tangible book per sharePrice$2.57Latest quoteTangible book / share$6.372025-12-31Result 0.40x
Price $2.57.
Fixed-charge coverage
0.49xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.02MebitdaCapex$757.00KcapitalExpendituresInterest$6.42MinterestExpenseShort-term debt$14.33MshortLongTermDebtEBITDA − capex$10.27MPrincipal due is the current portion of debt.Result 0.49x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.46MfreeCashFlowMarket cap$24.05MMarketCapitalizationResult 6.1%
Latest free cash flow divided by current market cap ($24.05M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$86.00KoperatingIncomeTax expense—Not reportedPretax income-$6.21MincomeBeforeTaxTax rate—Equity$52.92MtotalStockholderEquityDebt$64.84MshortLongTermDebtTotalCash$14.16McashInvested capital$103.59MROIC 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 0.00x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | —Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets—Not reportedResult — | —Fixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$6.88MtotalRevenueNet PP&E—Not reportedResult — | 0.01xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$10.25KcapitalExpendituresD&A$755.04KdepreciationAndAmortizationResult 0.01x | —Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares12,307,692commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | 1.37xFixed-charge coverage · 2019-12-31(EBITDA − capex) / interestEBITDA$1.20MebitdaCapex$10.25KcapitalExpendituresInterest$870.34KinterestExpenseEBITDA − capex$1.19MShort-term debt was not reported, so the denominator is interest only.Result 1.37x | $610.81KFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$621.06KtotalCashFromOperatingActivitiesCapex$10.25KcapitalExpendituresFree cash flow$610.81KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $610.81K | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$590.21KoperatingIncomeTax expense$719.43KincomeTaxExpensePretax income-$275.65KincomeBeforeTaxTax rate—Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$590.21KoperatingIncomeNet PP&E—Not reportedResult — |
| 2020 | 93.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.04MpropertyPlantEquipmentInventory$54.14KinventoryTotal assets$13.94MtotalAssetsResult 93.9% | 0.32xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.12MtotalRevenueNet PP&E$13.04MpropertyPlantEquipmentResult 0.32x | 0.01xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$10.78KcapitalExpendituresD&A$758.84KdepreciationAndAmortizationResult 0.01x | $0.59Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.94MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$6.63MtotalLiabTangible book$7.31MShares12,307,692commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $0.59 | 1.72xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.44MebitdaCapex$10.78KcapitalExpendituresInterest$708.45KinterestExpenseShort-term debt$704.88KshortTermDebtEBITDA − capex$2.43MPrincipal due is short-term debt.Result 1.72x | -$455.39KFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$444.61KtotalCashFromOperatingActivitiesCapex$10.78KcapitalExpendituresFree cash flow-$455.39KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$455.39K | 1.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$300.97KoperatingIncomeTax expense$592.80KincomeTaxExpensePretax income$1.09MincomeBeforeTaxTax rate40.0%Equity$7.31MtotalStockholderEquityDebt$6.09MshortLongTermDebtTotalCash$406.01KcashInvested capital$12.99MThe effective tax rate was above 40% and was capped at 40%.Result 1.4% | 0.02xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$300.97KoperatingIncomeNet PP&E$13.04MpropertyPlantEquipmentResult 0.02x |
| 2021 | 92.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.28MpropertyPlantEquipmentInventory$99.33KinventoryTotal assets$13.43MtotalAssetsResult 92.2% | 0.60xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$7.40MtotalRevenueNet PP&E$12.28MpropertyPlantEquipmentResult 0.60x | 0.07xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$56.07KcapitalExpendituresD&A$756.77KdepreciationAndAmortizationResult 0.07x | $0.57Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.43MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$6.39MtotalLiabTangible book$7.04MShares12,307,692commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $0.57 | 1.82xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.55MebitdaCapex$56.07KcapitalExpendituresInterest$743.69KinterestExpenseShort-term debt$1.18MshortTermDebtEBITDA − capex$3.49MPrincipal due is short-term debt.Result 1.82x | $3.60MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$3.66MtotalCashFromOperatingActivitiesCapex$56.07KcapitalExpendituresFree cash flow$3.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.60M | 17.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.92MoperatingIncomeTax expense$621.05KincomeTaxExpensePretax income$2.17MincomeBeforeTaxTax rate28.6%Equity$7.04MtotalStockholderEquityDebt$5.38MshortLongTermDebtTotalCash$765.48KcashInvested capital$11.66MResult 17.9% | 0.24xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$2.92MoperatingIncomeNet PP&E$12.28MpropertyPlantEquipmentResult 0.24x |
| 2022 | 40.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$50.20MpropertyPlantAndEquipmentNetInventory$107.00KinventoryTotal assets$125.66MtotalAssetsResult 40.0% | 0.45xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$22.78MtotalRevenueNet PP&E$50.20MpropertyPlantAndEquipmentNetResult 0.45x | 49.14xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$93.52McapitalExpendituresD&A$1.90MdepreciationAndAmortizationResult 49.14x | $8.85Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$125.66MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$61.09MtotalLiabTangible book$64.57MShares7,299,561commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $8.85 | -5.25xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$41.44MebitdaCapex$93.52McapitalExpendituresInterest$2.45MinterestExpenseShort-term debt$7.47MshortTermDebtEBITDA − capex-$52.08MPrincipal due is short-term debt.Result -5.25x | -$86.78MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$6.74MtotalCashFromOperatingActivitiesCapex$93.52McapitalExpendituresFree cash flow-$86.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$86.78M | 77.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$40.50MoperatingIncomeTax expense-$37.41MincomeTaxExpensePretax income$37.49MincomeBeforeTaxTax rate0.0%Equity$64.57MtotalStockholderEquityDebt$42.61MshortLongTermDebtTotalCash$54.73McashInvested capital$52.44MResult 77.2% | 0.81xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$40.50MoperatingIncomeNet PP&E$50.20MpropertyPlantAndEquipmentNetResult 0.81x |
| 2023 | 87.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$152.53MpropertyPlantAndEquipmentNetInventory$664.00KinventoryTotal assets$174.81MtotalAssetsResult 87.6% | 0.24xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$36.07MtotalRevenueNet PP&E$152.53MpropertyPlantAndEquipmentNetResult 0.24x | 9.01xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$81.75McapitalExpendituresD&A$9.08MdepreciationAndAmortizationResult 9.01x | $7.88Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$174.81MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$108.94MtotalLiabTangible book$65.87MShares8,359,487commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $7.88 | -4.88xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.35MebitdaCapex$81.75McapitalExpendituresInterest$7.18MinterestExpenseShort-term debt$8.69MshortLongTermDebtEBITDA − capex-$77.40MPrincipal due is the current portion of debt.Result -4.88x | -$87.98MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$6.23MtotalCashFromOperatingActivitiesCapex$81.75McapitalExpendituresFree cash flow-$87.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$87.98M | 2.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.08MoperatingIncomeTax expense$9.20MincomeTaxExpensePretax income$221.00KincomeBeforeTaxTax rate40.0%Equity$65.87MtotalStockholderEquityDebt$95.95MshortLongTermDebtTotalCash$13.80McashInvested capital$148.02MThe effective tax rate was above 40% and was capped at 40%.Result 2.9% | 0.05xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$7.08MoperatingIncomeNet PP&E$152.53MpropertyPlantAndEquipmentNetResult 0.05x |
| 2024 | 80.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$138.15MpropertyPlantAndEquipmentNetInventory$650.00KinventoryTotal assets$172.07MtotalAssetsResult 80.7% | 0.33xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$45.44MtotalRevenueNet PP&E$138.15MpropertyPlantAndEquipmentNetResult 0.33x | 0.03xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$249.00KcapitalExpendituresD&A$9.71MdepreciationAndAmortizationResult 0.03x | $6.90Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$172.07MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$111.99MtotalLiabTangible book$60.09MShares8,711,951commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $6.90 | 0.52xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$13.93MebitdaCapex$249.00KcapitalExpendituresInterest$8.42MinterestExpenseShort-term debt$17.65MshortLongTermDebtEBITDA − capex$13.68MPrincipal due is the current portion of debt.Result 0.52x | $3.02MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$3.26MtotalCashFromOperatingActivitiesCapex$249.00KcapitalExpendituresFree cash flow$3.02MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.02M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.82MoperatingIncomeTax expense—Not reportedPretax income-$3.38MincomeBeforeTaxTax rate—Equity$60.09MtotalStockholderEquityDebt$97.72MshortLongTermDebtTotalCash$6.41McashInvested capital$151.40MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.03xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$4.82MoperatingIncomeNet PP&E$138.15MpropertyPlantAndEquipmentNetResult 0.03x |
| 2025 | 61.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$85.14MpropertyPlantAndEquipmentNetInventory$363.00KinventoryTotal assets$138.68MtotalAssetsResult 61.7% | 0.44xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$37.79MtotalRevenueNet PP&E$85.14MpropertyPlantAndEquipmentNetResult 0.44x | 0.07xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$757.00KcapitalExpendituresD&A$10.82MdepreciationAndAmortizationResult 0.07x | $6.37Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$138.68MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$82.22MtotalLiabTangible book$56.47MShares8,866,523commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $6.37 | 0.49xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$11.02MebitdaCapex$757.00KcapitalExpendituresInterest$6.42MinterestExpenseShort-term debt$14.33MshortLongTermDebtEBITDA − capex$10.27MPrincipal due is the current portion of debt.Result 0.49x | $1.46MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$2.21MtotalCashFromOperatingActivitiesCapex$757.00KcapitalExpendituresFree cash flow$1.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.46M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$86.00KoperatingIncomeTax expense—Not reportedPretax income-$6.21MincomeBeforeTaxTax rate—Equity$52.92MtotalStockholderEquityDebt$64.84MshortLongTermDebtTotalCash$14.16McashInvested capital$103.59MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$86.00KoperatingIncomeNet PP&E$85.14MpropertyPlantAndEquipmentNetResult 0.00x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $85.14M
Inventory: $363.00K
Total assets: $138.68M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $82.22M
Tangible book: $56.47M
Shares: 8,866,523
Revenue: $37.79M
Capex: $757.00K
D&A: $10.82M
EBITDA: $11.02M
Interest: $6.42M
Short-term debt: $14.33M
Free cash flow: $1.46M
Operating income: -$86.00K
Invested capital: $103.59M
Tax rate: —