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.
Vulcan Infrastructure and Power Inc.
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 0.21x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by 0.41x, which is below 1.
Fixed-asset turnover is 3.75x. Compare it with other names in the same basket.
Physical asset ratio
29.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.69MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$53.56MtotalAssetsInventory was not reported and is treated as zero.Result 29.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.75xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$58.78MtotalRevenueNet PP&E$15.69MpropertyPlantAndEquipmentNetResult 3.75x
Revenue per dollar of the physical asset base.
Capex / D&A
0.21xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.46McapitalExpendituresD&A$11.81MdepreciationAndAmortizationResult 0.21x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$3.54Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$53.56MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$99.86MtotalLiabTangible book-$46.30MShares13,065,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$3.54
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$1.32Latest quoteTangible book / share-$3.542025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $1.32.
Fixed-charge coverage
0.41xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$20.65MebitdaCapex$2.46McapitalExpendituresInterest$4.03MinterestExpenseShort-term debt$40.01MshortTermDebtEBITDA − capex$18.19MPrincipal due is short-term debt.Result 0.41x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-37.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$17.45MfreeCashFlowMarket cap$46.64MMarketCapitalizationResult -37.4%
Latest free cash flow divided by current market cap ($46.64M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$15.65MoperatingIncomeTax expense-$479.00KincomeTaxExpensePretax income$4.81MincomeBeforeTaxTax rate0.0%Equity-$46.30MtotalStockholderEquityDebt$43.09MshortLongTermDebtTotalCash$19.57McashInvested capital—Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -1.00x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2021 | —Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets—Not reportedResult — | —Fixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$97.33MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$8.61MdepreciationAndAmortizationResult 0.00x | —Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares3,663,500commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | 12.15xFixed-charge coverage · 2021-12-31(EBITDA − capex) / interestEBITDA$45.09MebitdaCapex$0.00capitalExpendituresInterest$3.71MinterestExpenseEBITDA − capex$45.09MShort-term debt was not reported, so the denominator is interest only.Result 12.15x | —Free cash flow · 2021-12-31Operating cash flow − capexOperating cash flow—Not reportedCapex$0.00capitalExpendituresFree cash flow—Not reportedResult — | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$32.78MoperatingIncomeTax expense$7.90MincomeTaxExpensePretax income$29.50MincomeBeforeTaxTax rate26.8%Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—Result — | —EBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$32.78MoperatingIncomeNet PP&E—Not reportedResult — |
| 2022 | 87.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$130.42MpropertyPlantAndEquipmentNetInventory$12.74MinventoryTotal assets$163.77MtotalAssetsResult 87.4% | 0.69xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$89.98MtotalRevenueNet PP&E$130.42MpropertyPlantAndEquipmentNetResult 0.69x | 3.78xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$132.95McapitalExpendituresD&A$35.14MdepreciationAndAmortizationResult 3.78x | -$11.10Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$163.77MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$210.81MtotalLiabTangible book-$47.05MShares4,237,300commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$11.10 | -1.57xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$6.81MebitdaCapex$132.95McapitalExpendituresInterest$21.58MinterestExpenseShort-term debt$67.16MshortTermDebtEBITDA − capex-$139.76MPrincipal due is short-term debt.Result -1.57x | -$147.44MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$14.49MtotalCashFromOperatingActivitiesCapex$132.95McapitalExpendituresFree cash flow-$147.44MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$147.44M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$233.16MoperatingIncomeTax expense$15.00MincomeTaxExpensePretax income-$254.74MincomeBeforeTaxTax rate—Equity-$47.05MtotalStockholderEquityDebt$152.35MshortLongTermDebtTotalCash$15.22McashInvested capital$90.08MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.79xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$233.16MoperatingIncomeNet PP&E$130.42MpropertyPlantAndEquipmentNetResult -1.79x |
| 2023 | 63.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$45.10MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$71.18MtotalAssetsInventory was not reported and is treated as zero.Result 63.4% | 1.56xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$70.39MtotalRevenueNet PP&E$45.10MpropertyPlantAndEquipmentNetResult 1.56x | 0.81xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$13.02McapitalExpendituresD&A$16.01MdepreciationAndAmortizationResult 0.81x | -$7.66Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$71.18MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$122.20MtotalLiabTangible book-$51.02MShares6,660,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$7.66 | -1.06xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$369.00KebitdaCapex$13.02McapitalExpendituresInterest$12.66MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex-$13.38MShort-term debt is total debt minus long-term debt.Result -1.06x | -$25.99MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$12.97MtotalCashFromOperatingActivitiesCapex$13.02McapitalExpendituresFree cash flow-$25.99MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$25.99M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$16.89MoperatingIncomeTax expense$0.00taxProvisionPretax income-$29.04MincomeBeforeTaxTax rate—Equity-$51.02MtotalStockholderEquityDebt$68.71MshortLongTermDebtTotalCash$13.31McashInvested capital$4.37MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.37xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$16.89MoperatingIncomeNet PP&E$45.10MpropertyPlantAndEquipmentNetResult -0.37x |
| 2024 | 46.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.30MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$64.86MtotalAssetsInventory was not reported and is treated as zero.Result 46.7% | 1.96xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$59.53MtotalRevenueNet PP&E$30.30MpropertyPlantAndEquipmentNetResult 1.96x | 0.77xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$10.42McapitalExpendituresD&A$13.47MdepreciationAndAmortizationResult 0.77x | -$5.31Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$64.86MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$120.61MtotalLiabTangible book-$55.75MShares10,504,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$5.31 | -1.37xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$699.00KebitdaCapex$10.42McapitalExpendituresInterest$7.08MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex-$9.72MShort-term debt is total debt minus long-term debt.Result -1.37x | -$22.47MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$12.04MtotalCashFromOperatingActivitiesCapex$10.42McapitalExpendituresFree cash flow-$22.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$22.47M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.45MoperatingIncomeTax expense-$69.00KincomeTaxExpensePretax income-$19.85MincomeBeforeTaxTax rate—Equity-$55.75MtotalStockholderEquityDebt$68.07MshortLongTermDebtTotalCash$8.62McashInvested capital$3.70MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.38xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$11.45MoperatingIncomeNet PP&E$30.30MpropertyPlantAndEquipmentNetResult -0.38x |
| 2025 | 29.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.69MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$53.56MtotalAssetsInventory was not reported and is treated as zero.Result 29.3% | 3.75xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$58.78MtotalRevenueNet PP&E$15.69MpropertyPlantAndEquipmentNetResult 3.75x | 0.21xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.46McapitalExpendituresD&A$11.81MdepreciationAndAmortizationResult 0.21x | -$3.54Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$53.56MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$99.86MtotalLiabTangible book-$46.30MShares13,065,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$3.54 | 0.41xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$20.65MebitdaCapex$2.46McapitalExpendituresInterest$4.03MinterestExpenseShort-term debt$40.01MshortTermDebtEBITDA − capex$18.19MPrincipal due is short-term debt.Result 0.41x | -$17.45MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$14.99MtotalCashFromOperatingActivitiesCapex$2.46McapitalExpendituresFree cash flow-$17.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$17.45M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$15.65MoperatingIncomeTax expense-$479.00KincomeTaxExpensePretax income$4.81MincomeBeforeTaxTax rate0.0%Equity-$46.30MtotalStockholderEquityDebt$43.09MshortLongTermDebtTotalCash$19.57McashInvested capital—Result — | -1.00xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$15.65MoperatingIncomeNet PP&E$15.69MpropertyPlantAndEquipmentNetResult -1.00x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $15.69M
Inventory: $0.00
Total assets: $53.56M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $99.86M
Tangible book: -$46.30M
Shares: 13,065,000
Revenue: $58.78M
Capex: $2.46M
D&A: $11.81M
EBITDA: $20.65M
Interest: $4.03M
Short-term debt: $40.01M
Free cash flow: -$17.45M
Operating income: -$15.65M
Invested capital: —
Tax rate: 0.0%