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.
Village Farms International Inc
Physical assets are 54.7% of total assets, a heavy footprint. Capex is 1.11x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 7.3%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 1.14x. Compare it with other names in the same basket.
Physical asset ratio
54.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$189.78MpropertyPlantAndEquipmentNetInventory$41.52MinventoryTotal assets$423.10MtotalAssetsResult 54.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.14xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$215.94MtotalRevenueNet PP&E$189.78MpropertyPlantAndEquipmentNetResult 1.14x
Revenue per dollar of the physical asset base.
Capex / D&A
1.11xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$18.22McapitalExpendituresD&A$16.38MdepreciationAndAmortizationResult 1.11x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.01Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$423.10MtotalAssetsGoodwill$44.37MgoodWillIntangibles$23.65MintangibleAssetsLiabilities$113.03MtotalLiabTangible book$242.05MShares120,565,000commonStockSharesOutstandingResult $2.01
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.25xPrice / tangible bookPrice / tangible book per sharePrice$2.50Latest quoteTangible book / share$2.012025-12-31Result 1.25x
Price $2.50.
Fixed-charge coverage
8.26xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$50.44MebitdaCapex$18.22McapitalExpendituresInterest$2.70MinterestExpenseShort-term debt$1.20MshortTermDebtEBITDA − capex$32.22MPrincipal due is short-term debt.Result 8.26x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
10.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$31.51MfreeCashFlowMarket cap$315.50MMarketCapitalizationResult 10.0%
Latest free cash flow divided by current market cap ($315.50M).
ROIC
7.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$27.39MoperatingIncomeTax expense$10.37MincomeTaxExpensePretax income$31.36MincomeBeforeTaxTax rate33.1%Equity$299.90MtotalStockholderEquityDebt$33.82MshortLongTermDebtTotalCash$81.19McashInvested capital$252.53MResult 7.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.14x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 62.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$77.48MpropertyPlantAndEquipmentNetInventory$22.49MinventoryTotal assets$159.82MtotalAssetsResult 62.5% | 1.94xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$150.00MtotalRevenueNet PP&E$77.48MpropertyPlantAndEquipmentNetResult 1.94x | 0.44xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$3.09McapitalExpendituresD&A$7.03MdepreciationAndAmortizationResult 0.44x | $2.27Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$159.82MtotalAssetsGoodwill$0.00goodWillIntangibles$0.00intangibleAssetsLiabilities$59.12MtotalLiabTangible book$100.70MShares44,357,000commonStockSharesOutstandingResult $2.27 | -0.36xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$177.00KebitdaCapex$3.09McapitalExpendituresInterest$2.79MinterestExpenseShort-term debt$5.41MshortLongTermDebtEBITDA − capex-$2.92MPrincipal due is the current portion of debt.Result -0.36x | -$5.35MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$2.26MtotalCashFromOperatingActivitiesCapex$3.09McapitalExpendituresFree cash flow-$5.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$5.35M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$6.68MoperatingIncomeTax expense-$2.48MincomeTaxExpensePretax income-$7.62MincomeBeforeTaxTax rate—Equity$100.70MtotalStockholderEquityDebt$38.04MshortLongTermDebtTotalCash$11.92McashInvested capital$126.82MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.09xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$6.68MoperatingIncomeNet PP&E$77.48MpropertyPlantAndEquipmentNetResult -0.09x |
| 2019 | 45.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$66.74MpropertyPlantEquipmentInventory$15.92MinventoryTotal assets$183.41MtotalAssetsResult 45.1% | 2.17xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$144.57MtotalRevenueNet PP&E$66.74MpropertyPlantEquipmentResult 2.17x | 0.31xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$2.29McapitalExpendituresD&A$7.37MdepreciationAndAmortizationResult 0.31x | $2.26Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$183.41MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$10.87MintangibleAssetsLiabilities$56.95MtotalLiabTangible book$115.59MShares51,178,981commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.26 | -1.20xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$7.34MebitdaCapex$2.29McapitalExpendituresInterest$2.61MinterestExpenseShort-term debt$5.42MshortLongTermDebtEBITDA − capex-$9.63MPrincipal due is the current portion of debt.Result -1.20x | -$16.67MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$14.39MtotalCashFromOperatingActivitiesCapex$2.29McapitalExpendituresFree cash flow-$16.67MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$16.67M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$28.82MoperatingIncomeTax expense-$5.87MincomeTaxExpensePretax income-$3.54MincomeBeforeTaxTax rate—Equity$126.46MtotalStockholderEquityDebt$41.71MshortLongTermDebtTotalCash$11.99McashInvested capital$156.18MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.43xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$28.82MoperatingIncomeNet PP&E$66.74MpropertyPlantEquipmentResult -0.43x |
| 2020 | 67.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$190.85MpropertyPlantEquipmentInventory$46.60MinventoryTotal assets$354.03MtotalAssetsResult 67.1% | 0.89xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$170.09MtotalRevenueNet PP&E$190.85MpropertyPlantEquipmentResult 0.89x | 0.51xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$3.51McapitalExpendituresD&A$6.83MdepreciationAndAmortizationResult 0.51x | $2.67Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$354.03MtotalAssetsGoodwill$24.03MgoodWillIntangibles$17.31MintangibleAssetsLiabilities$148.75MtotalLiabTangible book$163.95MShares61,490,000commonStockSharesOutstandingResult $2.67 | 0.68xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$16.69MebitdaCapex$3.51McapitalExpendituresInterest$2.06MinterestExpenseShort-term debt$17.31MshortLongTermDebtEBITDA − capex$13.18MPrincipal due is the current portion of debt.Result 0.68x | $2.17MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$5.68MtotalCashFromOperatingActivitiesCapex$3.51McapitalExpendituresFree cash flow$2.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.17M | -5.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$14.27MoperatingIncomeTax expense-$2.79MincomeTaxExpensePretax income$8.82MincomeBeforeTaxTax rate0.0%Equity$205.28MtotalStockholderEquityDebt$75.22MshortLongTermDebtTotalCash$21.64McashInvested capital$258.87MResult -5.5% | -0.07xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$14.27MoperatingIncomeNet PP&E$190.85MpropertyPlantEquipmentResult -0.07x |
| 2021 | 51.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$223.31MpropertyPlantEquipmentInventory$68.68MinventoryTotal assets$566.91MtotalAssetsResult 51.5% | 1.20xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$268.02MtotalRevenueNet PP&E$223.31MpropertyPlantEquipmentResult 1.20x | 1.70xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$21.66McapitalExpendituresD&A$12.71MdepreciationAndAmortizationResult 1.70x | $3.42Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$566.91MtotalAssetsGoodwill$117.53MgoodWillIntangibles$26.39MintangibleAssetsLiabilities$142.07MtotalLiabTangible book$280.91MShares82,161,000commonStockSharesOutstandingResult $3.42 | -1.74xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.20MebitdaCapex$21.66McapitalExpendituresInterest$2.84MinterestExpenseShort-term debt$7.76MshortLongTermDebtEBITDA − capex-$18.46MPrincipal due is the current portion of debt.Result -1.74x | -$61.22MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$39.57MtotalCashFromOperatingActivitiesCapex$21.66McapitalExpendituresFree cash flow-$61.22MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$61.22M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$8.74MoperatingIncomeTax expense-$3.53MincomeTaxExpensePretax income-$12.65MincomeBeforeTaxTax rate—Equity$408.41MtotalStockholderEquityDebt$65.85MshortLongTermDebtTotalCash$53.42McashInvested capital$420.84MROIC 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-$8.74MoperatingIncomeNet PP&E$223.31MpropertyPlantEquipmentResult -0.04x |
| 2022 | 61.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$216.83MpropertyPlantAndEquipmentNetInventory$70.58MinventoryTotal assets$465.29MtotalAssetsResult 61.8% | 1.35xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$293.57MtotalRevenueNet PP&E$216.83MpropertyPlantAndEquipmentNetResult 1.35x | 1.09xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$14.29McapitalExpendituresD&A$13.05MdepreciationAndAmortizationResult 1.09x | $2.43Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$465.29MtotalAssetsGoodwill$66.23MgoodWillIntangibles$37.16MintangibleAssetsLiabilities$145.29MtotalLiabTangible book$216.61MShares89,127,000commonStockSharesOutstandingResult $2.43 | -8.55xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$77.77MebitdaCapex$14.29McapitalExpendituresInterest$3.24MinterestExpenseShort-term debt$7.53MshortLongTermDebtEBITDA − capex-$92.06MPrincipal due is the current portion of debt.Result -8.55x | -$34.18MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$19.89MtotalCashFromOperatingActivitiesCapex$14.29McapitalExpendituresFree cash flow-$34.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$34.18M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$44.77MoperatingIncomeTax expense$4.68MincomeTaxExpensePretax income-$96.73MincomeBeforeTaxTax rate—Equity$303.06MtotalStockholderEquityDebt$61.11MshortLongTermDebtTotalCash$16.68McashInvested capital$347.49MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.21xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$44.77MoperatingIncomeNet PP&E$216.83MpropertyPlantAndEquipmentNetResult -0.21x |
| 2023 | 63.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$218.21MpropertyPlantAndEquipmentNetInventory$78.47MinventoryTotal assets$466.99MtotalAssetsResult 63.5% | 1.31xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$285.60MtotalRevenueNet PP&E$218.21MpropertyPlantAndEquipmentNetResult 1.31x | 0.41xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$6.52McapitalExpendituresD&A$15.93MdepreciationAndAmortizationResult 0.41x | $2.12Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$466.99MtotalAssetsGoodwill$55.92MgoodWillIntangibles$32.28MintangibleAssetsLiabilities$148.05MtotalLiabTangible book$230.75MShares108,728,000commonStockSharesOutstandingResult $2.12 | -1.58xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$6.93MebitdaCapex$6.52McapitalExpendituresInterest$4.51MinterestExpenseShort-term debt$4.00MshortLongTermDebtEBITDA − capex-$13.45MPrincipal due is the current portion of debt.Result -1.58x | -$1.20MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$5.32MtotalCashFromOperatingActivitiesCapex$6.52McapitalExpendituresFree cash flow-$1.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.20M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$16.08MoperatingIncomeTax expense$7.45MincomeTaxExpensePretax income-$27.37MincomeBeforeTaxTax rate—Equity$302.63MtotalStockholderEquityDebt$42.93MlongTermDebt + shortLongTermDebtCash$30.29McashInvested capital$315.26MReported 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 — | -0.07xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$16.08MoperatingIncomeNet PP&E$218.21MpropertyPlantAndEquipmentNetResult -0.07x |
| 2024 | 62.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$200.03MpropertyPlantAndEquipmentNetInventory$41.26MinventoryTotal assets$389.31MtotalAssetsResult 62.0% | 1.68xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$336.18MtotalRevenueNet PP&E$200.03MpropertyPlantAndEquipmentNetResult 1.68x | 0.54xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$10.24McapitalExpendituresD&A$18.84MdepreciationAndAmortizationResult 0.54x | $1.76Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$389.31MtotalAssetsGoodwill$42.32MgoodWillIntangibles$25.11MintangibleAssetsLiabilities$125.35MtotalLiabTangible book$196.54MShares111,370,000commonStockSharesOutstandingResult $1.76 | -3.44xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$15.10MebitdaCapex$10.24McapitalExpendituresInterest$3.37MinterestExpenseShort-term debt$4.00MshortLongTermDebtEBITDA − capex-$25.34MPrincipal due is the current portion of debt.Result -3.44x | $107.00KFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$10.35MtotalCashFromOperatingActivitiesCapex$10.24McapitalExpendituresFree cash flow$107.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $107.00K | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$23.65MoperatingIncomeTax expense-$1.66MincomeTaxExpensePretax income-$37.31MincomeBeforeTaxTax rate—Equity$254.01MtotalStockholderEquityDebt$47.49MshortLongTermDebtTotalCash$24.63McashInvested capital$276.86MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.12xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$23.65MoperatingIncomeNet PP&E$200.03MpropertyPlantAndEquipmentNetResult -0.12x |
| 2025 | 54.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$189.78MpropertyPlantAndEquipmentNetInventory$41.52MinventoryTotal assets$423.10MtotalAssetsResult 54.7% | 1.14xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$215.94MtotalRevenueNet PP&E$189.78MpropertyPlantAndEquipmentNetResult 1.14x | 1.11xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$18.22McapitalExpendituresD&A$16.38MdepreciationAndAmortizationResult 1.11x | $2.01Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$423.10MtotalAssetsGoodwill$44.37MgoodWillIntangibles$23.65MintangibleAssetsLiabilities$113.03MtotalLiabTangible book$242.05MShares120,565,000commonStockSharesOutstandingResult $2.01 | 8.26xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$50.44MebitdaCapex$18.22McapitalExpendituresInterest$2.70MinterestExpenseShort-term debt$1.20MshortTermDebtEBITDA − capex$32.22MPrincipal due is short-term debt.Result 8.26x | $31.51MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$49.72MtotalCashFromOperatingActivitiesCapex$18.22McapitalExpendituresFree cash flow$31.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $31.51M | 7.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$27.39MoperatingIncomeTax expense$10.37MincomeTaxExpensePretax income$31.36MincomeBeforeTaxTax rate33.1%Equity$299.90MtotalStockholderEquityDebt$33.82MshortLongTermDebtTotalCash$81.19McashInvested capital$252.53MResult 7.3% | 0.14xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$27.39MoperatingIncomeNet PP&E$189.78MpropertyPlantAndEquipmentNetResult 0.14x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $189.78M
Inventory: $41.52M
Total assets: $423.10M
Goodwill: $44.37M
Intangibles: $23.65M
Liabilities: $113.03M
Tangible book: $242.05M
Shares: 120,565,000
Revenue: $215.94M
Capex: $18.22M
D&A: $16.38M
EBITDA: $50.44M
Interest: $2.70M
Short-term debt: $1.20M
Free cash flow: $31.51M
Operating income: $27.39M
Invested capital: $252.53M
Tax rate: 33.1%