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.
Webjet Limited
Physical assets are 1.0% of total assets, a light footprint. Capex is 0.08x 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.
Fixed-asset turnover is 26.10x. Compare it with other names in the same basket.
Physical asset ratio
1.0%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$15.13MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.55BtotalAssetsInventory was not reported and is treated as zero.Result 1.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
26.10xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$394.84MtotalRevenueNet PP&E$15.13MpropertyPlantAndEquipmentNetResult 26.10x
Revenue per dollar of the physical asset base.
Capex / D&A
0.08xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$3.51McapitalExpendituresD&A$43.58MdepreciationAndAmortizationResult 0.08x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$0.29Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.55BtotalAssetsGoodwill$500.14MgoodWillIntangibles$187.55MintangibleAssetsLiabilities$963.52MtotalLiabTangible book-$104.60MShares366,000,000commonStockSharesOutstandingResult -$0.29
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$0.93Latest quoteTangible book / share-$0.292026-03-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $0.93.
Fixed-charge coverage
0.49xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$142.97MebitdaCapex$3.51McapitalExpendituresInterest$32.26MinterestExpenseShort-term debt$249.60MshortLongTermDebtEBITDA − capex$139.46MPrincipal due is the current portion of debt.Result 0.49x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
38.6%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$129.14MfreeCashFlowMarket cap$334.17MMarketCapitalizationResult 38.6%
Latest free cash flow divided by current market cap ($334.17M).
ROIC
18.4%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$99.39MoperatingIncomeTax expense$16.53MincomeTaxExpensePretax income$52.10MincomeBeforeTaxTax rate31.7%Equity$583.10MtotalStockholderEquityDebt$255.98MshortLongTermDebtTotalCash$469.90McashAndShortTermInvestmentsInvested capital$369.18MResult 18.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 6.57x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 1.5%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$23.30MpropertyPlantEquipmentInventory$0.00inventoryTotal assets$1.52BtotalAssetsResult 1.5% | 15.73xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$366.40MtotalRevenueNet PP&E$23.30MpropertyPlantEquipmentResult 15.73x | 0.91xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$32.70McapitalExpendituresD&A$35.86MdepreciationAndAmortizationResult 0.91x | -$0.49Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.52BtotalAssetsGoodwill$567.40MgoodWillIntangibles$340.00MintangibleAssetsLiabilities$877.50MtotalLiabTangible book-$263.20MShares533,011,008commonStockSharesOutstandingResult -$0.49 | 2.83xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$123.96MebitdaCapex$32.70McapitalExpendituresInterest$13.40MinterestExpenseShort-term debt$18.80MshortTermDebtEBITDA − capex$91.26MPrincipal due is short-term debt.Result 2.83x | $13.00MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$45.70MtotalCashFromOperatingActivitiesCapex$32.70McapitalExpendituresFree cash flow$13.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $13.00M | 11.3%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$89.70MoperatingIncomeTax expense$14.40MincomeTaxExpensePretax income$74.70MincomeBeforeTaxTax rate19.3%Equity$644.20MtotalStockholderEquityDebt$205.90MshortLongTermDebtTotalCash$211.40McashInvested capital$638.70MResult 11.3% | 3.85xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$89.70MoperatingIncomeNet PP&E$23.30MpropertyPlantEquipmentResult 3.85x |
| 2020 | 1.1%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$31.80MpropertyPlantEquipmentInventory-$17.90MinventoryTotal assets$1.22BtotalAssetsResult 1.1% | 8.37xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$266.10MtotalRevenueNet PP&E$31.80MpropertyPlantEquipmentResult 8.37x | 0.59xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$30.40McapitalExpendituresD&A$51.60MdepreciationAndAmortizationResult 0.59x | -$0.12Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.22BtotalAssetsGoodwill$553.80MgoodWillIntangibles$316.70MintangibleAssetsLiabilities$410.40MtotalLiabTangible book-$65.40MShares524,400,000commonStockSharesOutstandingResult -$0.12 | -5.88xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$63.60MebitdaCapex$30.40McapitalExpendituresInterest$9.10MinterestExpenseShort-term debt$6.90MshortLongTermDebtEBITDA − capex-$94.00MPrincipal due is the current portion of debt.Result -5.88x | -$122.30MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow-$91.90MtotalCashFromOperatingActivitiesCapex$30.40McapitalExpendituresFree cash flow-$122.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$122.30M | —ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$108.30MoperatingIncomeTax expense-$15.30MincomeTaxExpensePretax income-$158.80MincomeBeforeTaxTax rate—Equity$805.10MtotalStockholderEquityDebt$198.20MshortLongTermDebtTotalCash$209.60McashInvested capital$793.70MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.41xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income-$108.30MoperatingIncomeNet PP&E$31.80MpropertyPlantEquipmentResult -3.41x |
| 2021 | 2.0%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$23.20MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$1.18BtotalAssetsResult 2.0% | 2.21xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$51.33MtotalRevenueNet PP&E$23.20MpropertyPlantEquipmentResult 2.21x | 0.32xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$14.40McapitalExpendituresD&A$44.53MdepreciationAndAmortizationResult 0.32x | -$0.18Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.18BtotalAssetsGoodwill$519.70MgoodWillIntangibles$171.70MintangibleAssetsLiabilities$572.90MtotalLiabTangible book-$84.30MShares475,268,182commonStockSharesOutstandingResult -$0.18 | -0.66xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$80.13MebitdaCapex$14.40McapitalExpendituresInterest$16.93MinterestExpenseShort-term debt$127.20MshortTermDebtEBITDA − capex-$94.53MPrincipal due is short-term debt.Result -0.66x | -$46.50MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow-$32.10MtotalCashFromOperatingActivitiesCapex$14.40McapitalExpendituresFree cash flow-$46.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$46.50M | —ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$117.60MoperatingIncomeTax expense-$28.00MincomeTaxExpensePretax income-$236.80MincomeBeforeTaxTax rate—Equity$607.10MtotalStockholderEquityDebt$261.90MshortLongTermDebtTotalCash$261.00McashInvested capital$608.00MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -5.07xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income-$117.60MoperatingIncomeNet PP&E$23.20MpropertyPlantEquipmentResult -5.07x |
| 2022 | 1.5%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$21.00MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$1.42BtotalAssetsResult 1.5% | 6.57xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$138.00MtotalRevenueNet PP&E$21.00MpropertyPlantEquipmentResult 6.57x | 0.49xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$21.40McapitalExpendituresD&A$43.30MdepreciationAndAmortizationResult 0.49x | -$0.04Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.42BtotalAssetsGoodwill$514.50MgoodWillIntangibles$252.00MintangibleAssetsLiabilities$673.00MtotalLiabTangible book-$20.50MShares475,268,182commonStockSharesOutstandingResult -$0.04 | -4.06xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$41.90MebitdaCapex$21.40McapitalExpendituresInterest$11.40MinterestExpenseShort-term debt$4.20MshortTermDebtEBITDA − capex-$63.30MPrincipal due is short-term debt.Result -4.06x | $21.90MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$43.30MtotalCashFromOperatingActivitiesCapex$21.40McapitalExpendituresFree cash flow$21.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.90M | —ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$69.20MoperatingIncomeTax expense-$19.90MincomeTaxExpensePretax income-$104.90MincomeBeforeTaxTax rate—Equity$746.00MtotalStockholderEquityDebt$316.00MshortLongTermDebtTotalCash$433.70McashInvested capital$628.30MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.30xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income-$69.20MoperatingIncomeNet PP&E$21.00MpropertyPlantEquipmentResult -3.30x |
| 2023 | 1.7%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$17.80MpropertyPlantAndEquipmentNetInventory$9.30MinventoryTotal assets$1.59BtotalAssetsResult 1.7% | 20.47xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$364.30MtotalRevenueNet PP&E$17.80MpropertyPlantAndEquipmentNetResult 20.47x | 0.03xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$1.80McapitalExpendituresD&A$68.60MdepreciationAndAmortizationResult 0.03x | $0.07Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.59BtotalAssetsGoodwill$559.10MgoodWillIntangibles$243.40MintangibleAssetsLiabilities$754.00MtotalLiabTangible book$31.70MShares475,268,182commonStockSharesOutstandingResult $0.07 | 4.03xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$115.50MebitdaCapex$1.80McapitalExpendituresInterest$28.10MinterestExpenseShort-term debt$100.00KshortTermDebtEBITDA − capex$113.70MPrincipal due is short-term debt.Result 4.03x | $12.70MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$14.50MtotalCashFromOperatingActivitiesCapex$1.80McapitalExpendituresFree cash flow$12.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $12.70M | 7.3%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$52.80MoperatingIncomeTax expense$4.30MincomeTaxExpensePretax income$18.80MincomeBeforeTaxTax rate22.9%Equity$834.20MtotalStockholderEquityDebt$240.40MshortLongTermDebtTotalCash$513.90McashInvested capital$560.70MResult 7.3% | 2.97xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$52.80MoperatingIncomeNet PP&E$17.80MpropertyPlantAndEquipmentNetResult 2.97x |
| 2024 | 1.5%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$28.90MpropertyPlantAndEquipmentNetInventory-$1.80MinventoryTotal assets$1.80BtotalAssetsResult 1.5% | 16.31xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$471.30MtotalRevenueNet PP&E$28.90MpropertyPlantAndEquipmentNetResult 16.31x | 0.91xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$41.40McapitalExpendituresD&A$45.50MdepreciationAndAmortizationResult 0.91x | $0.52Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.80BtotalAssetsGoodwill$540.80MgoodWillIntangibles$153.90MintangibleAssetsLiabilities$859.50MtotalLiabTangible book$246.10MShares475,268,182commonStockSharesOutstandingResult $0.52 | 3.61xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$192.60MebitdaCapex$41.40McapitalExpendituresInterest$38.40MinterestExpenseShort-term debt$3.50MshortTermDebtEBITDA − capex$151.20MPrincipal due is short-term debt.Result 3.61x | $142.40MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$183.80MtotalCashFromOperatingActivitiesCapex$41.40McapitalExpendituresFree cash flow$142.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $142.40M | 18.7%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$142.10MoperatingIncomeTax expense$36.00MincomeTaxExpensePretax income$108.70MincomeBeforeTaxTax rate33.1%Equity$940.80MtotalStockholderEquityDebt$239.50MshortLongTermDebtTotalCash$673.40McashAndShortTermInvestmentsInvested capital$506.90MResult 18.7% | 4.92xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$142.10MoperatingIncomeNet PP&E$28.90MpropertyPlantAndEquipmentNetResult 4.92x |
| 2025 | 1.3%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$20.10MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.53BtotalAssetsInventory was not reported and is treated as zero.Result 1.3% | 16.34xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$328.40MtotalRevenueNet PP&E$20.10MpropertyPlantAndEquipmentNetResult 16.34x | 1.15xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$43.70McapitalExpendituresD&A$37.90MdepreciationAndAmortizationResult 1.15x | -$0.43Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.53BtotalAssetsGoodwill$529.10MgoodWillIntangibles$202.50MintangibleAssetsLiabilities$950.00MtotalLiabTangible book-$156.50MShares361,340,678commonStockSharesOutstandingResult -$0.43 | 1.07xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$76.40MebitdaCapex$43.70McapitalExpendituresInterest$27.40MinterestExpenseShort-term debt$3.30MshortTermDebtEBITDA − capex$32.70MPrincipal due is short-term debt.Result 1.07x | $34.10MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$77.80MtotalCashFromOperatingActivitiesCapex$43.70McapitalExpendituresFree cash flow$34.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $34.10M | 17.9%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$75.20MoperatingIncomeTax expense$0.00taxProvisionPretax income$11.10MincomeBeforeTaxTax rate0.0%Equity$575.10MtotalStockholderEquityDebt$246.50MshortLongTermDebtTotalCash$401.70McashAndShortTermInvestmentsInvested capital$419.90MResult 17.9% | 3.74xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$75.20MoperatingIncomeNet PP&E$20.10MpropertyPlantAndEquipmentNetResult 3.74x |
| 2026 | 1.0%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$15.13MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.55BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 26.10xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$394.84MtotalRevenueNet PP&E$15.13MpropertyPlantAndEquipmentNetResult 26.10x | 0.08xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$3.51McapitalExpendituresD&A$43.58MdepreciationAndAmortizationResult 0.08x | -$0.29Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.55BtotalAssetsGoodwill$500.14MgoodWillIntangibles$187.55MintangibleAssetsLiabilities$963.52MtotalLiabTangible book-$104.60MShares366,000,000commonStockSharesOutstandingResult -$0.29 | 0.49xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$142.97MebitdaCapex$3.51McapitalExpendituresInterest$32.26MinterestExpenseShort-term debt$249.60MshortLongTermDebtEBITDA − capex$139.46MPrincipal due is the current portion of debt.Result 0.49x | $129.14MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$132.65MtotalCashFromOperatingActivitiesCapex$3.51McapitalExpendituresFree cash flow$129.14MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $129.14M | 18.4%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$99.39MoperatingIncomeTax expense$16.53MincomeTaxExpensePretax income$52.10MincomeBeforeTaxTax rate31.7%Equity$583.10MtotalStockholderEquityDebt$255.98MshortLongTermDebtTotalCash$469.90McashAndShortTermInvestmentsInvested capital$369.18MResult 18.4% | 6.57xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$99.39MoperatingIncomeNet PP&E$15.13MpropertyPlantAndEquipmentNetResult 6.57x |
- 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.
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $15.13M
Inventory: $0.00
Total assets: $1.55B
Goodwill: $500.14M
Intangibles: $187.55M
Liabilities: $963.52M
Tangible book: -$104.60M
Shares: 366,000,000
Revenue: $394.84M
Capex: $3.51M
D&A: $43.58M
EBITDA: $142.97M
Interest: $32.26M
Short-term debt: $249.60M
Free cash flow: $129.14M
Operating income: $99.39M
Invested capital: $369.18M
Tax rate: 31.7%