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.
UWM Holdings Corp
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 1.33x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by 0.44x, which is below 1.
Fixed-asset turnover is 10.69x. Compare it with other names in the same basket.
Physical asset ratio
1.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$295.76MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$16.93BtotalAssetsInventory was not reported and is treated as zero.Result 1.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
10.69xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.16BtotalRevenueNet PP&E$295.76MpropertyPlantAndEquipmentNetResult 10.69x
Revenue per dollar of the physical asset base.
Capex / D&A
1.33xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$74.05McapitalExpendituresD&A$55.51MdepreciationAndAmortizationResult 1.33x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$11.73Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.93BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.07BintangibleAssetsLiabilities$15.34BtotalLiabTangible book-$2.48BShares211,407,534commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$11.73
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$1.57Latest quoteTangible book / share-$11.732025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $1.57.
Fixed-charge coverage
0.44xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$837.20MebitdaCapex$74.05McapitalExpendituresInterest$530.79MinterestExpenseShort-term debt$1.20BshortLongTermDebtEBITDA − capex$763.15MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.44x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-112.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$2.72BfreeCashFlowMarket cap$2.41BMarketCapitalizationResult -112.9%
Latest free cash flow divided by current market cap ($2.41B).
ROIC
44.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.83BoperatingIncomeTax expense$6.87MincomeTaxExpensePretax income$250.90MincomeBeforeTaxTax rate2.7%Equity$199.52MtotalStockholderEquityDebt$4.27BlongTermDebt + shortLongTermDebtCash$503.36McashInvested capital$3.97BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 44.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 6.20x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$48.58MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$3.08BtotalAssetsInventory was not reported and is treated as zero.Result 1.6% | 10.34xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$502.17MtotalRevenueNet PP&E$48.58MpropertyPlantEquipmentResult 10.34x | 1.05xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$53.27McapitalExpendituresD&A$50.69MdepreciationAndAmortizationResult 1.05x | -$0.48Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.08BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$368.12MintangibleAssetsLiabilities$2.76BtotalLiabTangible book-$49.07MShares103,104,205commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.48 | 0.04xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$136.52MebitdaCapex$53.27McapitalExpendituresInterest$0.00interestExpenseShort-term debt$2.11BshortTermDebtEBITDA − capex$83.24MPrincipal due is short-term debt.Result 0.04x | -$979.45MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$926.17MtotalCashFromOperatingActivitiesCapex$53.27McapitalExpendituresFree cash flow-$979.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$979.45M | 3.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$85.83MoperatingIncomeTax expense$57.00KincomeTaxExpensePretax income$91.37MincomeBeforeTaxTax rate0.1%Equity$319.05MtotalStockholderEquityDebt$2.51BshortLongTermDebtTotalCash$42.11McashInvested capital$2.79BResult 3.1% | 1.77xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$85.83MoperatingIncomeNet PP&E$48.58MpropertyPlantEquipmentResult 1.77x |
| 2019 | 2.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$140.85MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$6.65BtotalAssetsResult 2.1% | 8.75xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.23BtotalRevenueNet PP&E$140.85MpropertyPlantEquipmentResult 8.75x | 0.44xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$57.29McapitalExpendituresD&A$129.14MdepreciationAndAmortizationResult 0.44x | -$0.68Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.65BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$731.35MintangibleAssetsLiabilities$5.99BtotalLiabTangible book-$70.03MShares103,104,205commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.68 | 2.96xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$544.20MebitdaCapex$57.29McapitalExpendituresInterest$164.13MinterestExpenseShort-term debt$150.00KshortLongTermDebtEBITDA − capex$486.91MPrincipal due is the current portion of debt.Result 2.96x | -$876.00KFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$56.41MtotalCashFromOperatingActivitiesCapex$57.29McapitalExpendituresFree cash flow-$876.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$876.00K | 78.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$415.06MoperatingIncomeTax expense$2.45MincomeTaxExpensePretax income$415.06MincomeBeforeTaxTax rate0.6%Equity$661.32MtotalStockholderEquityDebt$150.00KlongTermDebt + shortLongTermDebtCash$133.28McashInvested capital$528.19MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 78.1% | 2.95xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$415.06MoperatingIncomeNet PP&E$140.85MpropertyPlantEquipmentResult 2.95x |
| 2020 | 1.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$223.60MpropertyPlantEquipmentInventory-$60.25MinventoryTotal assets$11.49BtotalAssetsResult 1.4% | 21.69xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.85BtotalRevenueNet PP&E$223.60MpropertyPlantEquipmentResult 21.69x | 0.11xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$65.38McapitalExpendituresD&A$570.71MdepreciationAndAmortizationResult 0.11x | $5.99Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.49BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.76BintangibleAssetsLiabilities$9.12BtotalLiabTangible book$617.42MShares103,104,205commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $5.99 | 23.15xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.96BebitdaCapex$65.38McapitalExpendituresInterest$167.04MinterestExpenseShort-term debt$1.00MshortLongTermDebtEBITDA − capex$3.89BPrincipal due is the current portion of debt.Result 23.15x | -$10.02BFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$9.96BtotalCashFromOperatingActivitiesCapex$65.38McapitalExpendituresFree cash flow-$10.02BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.02B | 171.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.38BoperatingIncomeTax expense$2.45MincomeTaxExpensePretax income$3.38BincomeBeforeTaxTax rate0.1%Equity$2.37BtotalStockholderEquityDebt$816.85MlongTermDebt + shortLongTermDebtCash$1.22BcashInvested capital$1.97BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 171.9% | 15.14xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$3.38BoperatingIncomeNet PP&E$223.60MpropertyPlantEquipmentResult 15.14x |
| 2021 | 2.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$313.54MpropertyPlantEquipmentInventory-$24.90MinventoryTotal assets$13.60BtotalAssetsResult 2.1% | 9.04xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$2.83BtotalRevenueNet PP&E$313.54MpropertyPlantEquipmentResult 9.04x | 0.70xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$26.62McapitalExpendituresD&A$38.03MdepreciationAndAmortizationResult 0.70x | -$13.99Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.60BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.45BintangibleAssetsLiabilities$10.43BtotalLiabTangible book-$1.28BShares91,612,310commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$13.99 | 0.21xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.62BebitdaCapex$26.62McapitalExpendituresInterest$304.66MinterestExpenseShort-term debt$7.19BshortTermDebtEBITDA − capex$1.59BPrincipal due is short-term debt.Result 0.21x | $8.24BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$8.27BtotalCashFromOperatingActivitiesCapex$26.62McapitalExpendituresFree cash flow$8.24BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.24B | 13.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.58BoperatingIncomeTax expense$9.84MincomeTaxExpensePretax income$1.58BincomeBeforeTaxTax rate0.6%Equity$3.17BtotalStockholderEquityDebt$9.43BshortLongTermDebtTotalCash$818.19McashAndShortTermInvestmentsInvested capital$11.79BResult 13.3% | 5.03xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$1.58BoperatingIncomeNet PP&E$313.54MpropertyPlantEquipmentResult 5.03x |
| 2022 | 2.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$298.88MpropertyPlantAndEquipmentNetInventory-$7.87MinventoryTotal assets$13.60BtotalAssetsResult 2.1% | 7.18xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$2.15BtotalRevenueNet PP&E$298.88MpropertyPlantAndEquipmentNetResult 7.18x | 0.54xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$26.62McapitalExpendituresD&A$49.40MdepreciationAndAmortizationResult 0.54x | -$13.86Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.60BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.45BintangibleAssetsLiabilities$10.43BtotalLiabTangible book-$1.28BShares92,475,170commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$13.86 | 0.91xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$984.07MebitdaCapex$26.62McapitalExpendituresInterest$305.99MinterestExpenseShort-term debt$750.00MshortLongTermDebtEBITDA − capex$957.46MPrincipal due is the current portion of debt.Result 0.91x | $8.24BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$8.27BtotalCashFromOperatingActivitiesCapex$26.62McapitalExpendituresFree cash flow$8.24BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.24B | 40.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$934.67MoperatingIncomeTax expense$2.81MincomeTaxExpensePretax income$934.67MincomeBeforeTaxTax rate0.3%Equity$143.56MtotalStockholderEquityDebt$2.89BlongTermDebt + shortLongTermDebtCash$704.90McashInvested capital$2.32BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 40.1% | 3.13xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$934.67MoperatingIncomeNet PP&E$298.88MpropertyPlantAndEquipmentNetResult 3.13x |
| 2023 | 2.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$274.65MpropertyPlantAndEquipmentNetInventory-$29.62MinventoryTotal assets$11.87BtotalAssetsResult 2.1% | 4.06xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.11BtotalRevenueNet PP&E$274.65MpropertyPlantAndEquipmentNetResult 4.06x | 0.53xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$26.43McapitalExpendituresD&A$50.06MdepreciationAndAmortizationResult 0.53x | -$16.64Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.87BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.03BintangibleAssetsLiabilities$9.40BtotalLiabTangible book-$1.55BShares93,245,373commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$16.64 | -0.05xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$26.23MebitdaCapex$26.43McapitalExpendituresInterest$320.26MinterestExpenseShort-term debt$750.00MshortLongTermDebtEBITDA − capex-$52.67MPrincipal due is the current portion of debt.Result -0.05x | $138.81MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$165.24MtotalCashFromOperatingActivitiesCapex$26.43McapitalExpendituresFree cash flow$138.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $138.81M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$76.29MoperatingIncomeTax expense-$6.51MincomeTaxExpensePretax income-$76.29MincomeBeforeTaxTax rate—Equity$112.55MtotalStockholderEquityDebt$2.83BlongTermDebt + shortLongTermDebtCash$497.47McashInvested capital$2.45BReported 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 — | -0.28xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$76.29MoperatingIncomeNet PP&E$274.65MpropertyPlantAndEquipmentNetResult -0.28x |
| 2024 | 1.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$263.12MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$15.67BtotalAssetsInventory was not reported and is treated as zero.Result 1.7% | 7.24xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.91BtotalRevenueNet PP&E$263.12MpropertyPlantAndEquipmentNetResult 7.24x | 0.81xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$39.46McapitalExpendituresD&A$48.78MdepreciationAndAmortizationResult 0.81x | -$17.20Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$15.67BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$3.97BintangibleAssetsLiabilities$13.62BtotalLiabTangible book-$1.92BShares111,374,469commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$17.20 | 0.35xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$384.73MebitdaCapex$39.46McapitalExpendituresInterest$490.76MinterestExpenseShort-term debt$500.00MshortLongTermDebtEBITDA − capex$345.28MPrincipal due is the current portion of debt.Result 0.35x | -$6.28BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$6.24BtotalCashFromOperatingActivitiesCapex$39.46McapitalExpendituresFree cash flow-$6.28BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$6.28B | 10.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$335.96MoperatingIncomeTax expense$6.58MincomeTaxExpensePretax income$335.96MincomeBeforeTaxTax rate2.0%Equity$161.52MtotalStockholderEquityDebt$3.38BlongTermDebt + shortLongTermDebtCash$507.34McashInvested capital$3.03BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 10.9% | 1.28xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$335.96MoperatingIncomeNet PP&E$263.12MpropertyPlantAndEquipmentNetResult 1.28x |
| 2025 | 1.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$295.76MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$16.93BtotalAssetsInventory was not reported and is treated as zero.Result 1.7% | 10.69xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.16BtotalRevenueNet PP&E$295.76MpropertyPlantAndEquipmentNetResult 10.69x | 1.33xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$74.05McapitalExpendituresD&A$55.51MdepreciationAndAmortizationResult 1.33x | -$11.73Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$16.93BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.07BintangibleAssetsLiabilities$15.34BtotalLiabTangible book-$2.48BShares211,407,534commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$11.73 | 0.44xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$837.20MebitdaCapex$74.05McapitalExpendituresInterest$530.79MinterestExpenseShort-term debt$1.20BshortLongTermDebtEBITDA − capex$763.15MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.44x | -$2.72BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$2.65BtotalCashFromOperatingActivitiesCapex$74.05McapitalExpendituresFree cash flow-$2.72BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.72B | 44.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.83BoperatingIncomeTax expense$6.87MincomeTaxExpensePretax income$250.90MincomeBeforeTaxTax rate2.7%Equity$199.52MtotalStockholderEquityDebt$4.27BlongTermDebt + shortLongTermDebtCash$503.36McashInvested capital$3.97BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 44.9% | 6.20xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.83BoperatingIncomeNet PP&E$295.76MpropertyPlantAndEquipmentNetResult 6.20x |
- 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.
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2025)
Net PP&E: $295.76M
Inventory: $0.00
Total assets: $16.93B
Goodwill: $0.00
Intangibles: $4.07B
Liabilities: $15.34B
Tangible book: -$2.48B
Shares: 211,407,534
Revenue: $3.16B
Capex: $74.05M
D&A: $55.51M
EBITDA: $837.20M
Interest: $530.79M
Short-term debt: $1.20B
Free cash flow: -$2.72B
Operating income: $1.83B
Invested capital: $3.97B
Tax rate: 2.7%