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.
Workspace Group plc
Physical assets are 0.1% of total assets, a light footprint. Capex is 0.33x 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 -1.20x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 82.45x.
Physical asset ratio
0.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.21MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.22BtotalAssetsInventory was not reported and is treated as zero.Result 0.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
82.45xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$181.86MtotalRevenueNet PP&E$2.21MpropertyPlantAndEquipmentNetResult 82.45x
Revenue per dollar of the physical asset base.
Capex / D&A
0.33xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$601.53KcapitalExpendituresD&A$1.80MdepreciationAndAmortizationResult 0.33x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$5.24Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.22BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$884.15MtotalLiabTangible book$1.33BShares254,120,051commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $5.24
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.92xPrice / tangible bookPrice / tangible book per sharePrice$4.82Latest quoteTangible book / share$5.242026-03-31Result 0.92x
Price $4.82.
Fixed-charge coverage
-1.20xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$85.52MebitdaCapex$601.53KcapitalExpendituresInterest$33.49MinterestExpenseShort-term debt$38.12MshortLongTermDebtTotal − longTermDebtEBITDA − capex-$86.12MShort-term debt is total debt minus long-term debt.Result -1.20x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.5%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$60.35MfreeCashFlowMarket cap$928.57MMarketCapitalizationResult 6.5%
Latest free cash flow divided by current market cap ($928.57M).
ROIC
—ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$91.93MoperatingIncomeTax expense$200.51KincomeTaxExpensePretax income-$120.81MincomeBeforeTaxTax rate—Equity$1.33BtotalStockholderEquityDebt$795.12MshortLongTermDebtTotalCash$10.53McashInvested capital$2.12BROIC 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 41.68x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 96.7%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.59BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2.68BtotalAssetsInventory was not reported and is treated as zero.Result 96.7% | 0.06xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$149.40MtotalRevenueNet PP&E$2.59BpropertyPlantEquipmentResult 0.06x | 1.50xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$2.10McapitalExpendituresD&A$1.40MdepreciationAndAmortizationResult 1.50x | $11.10Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.68BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.60MintangibleAssetsLiabilities$700.20MtotalLiabTangible book$1.98BShares178,396,795commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.10 | 0.98xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$95.30MebitdaCapex$2.10McapitalExpendituresInterest$24.20MinterestExpenseShort-term debt$71.30MshortTermDebtEBITDA − capex$93.20MPrincipal due is short-term debt.Result 0.98x | $74.00MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$76.10MtotalCashFromOperatingActivitiesCapex$2.10McapitalExpendituresFree cash flow$74.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $74.00M | 3.6%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$93.90MoperatingIncomeTax expense$1.24MincomeTaxExpensePretax income$137.30MincomeBeforeTaxTax rate0.9%Equity$1.98BtotalStockholderEquityDebt$623.20MshortLongTermDebtTotalCash$26.70McashInvested capital$2.58BResult 3.6% | 0.04xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$93.90MoperatingIncomeNet PP&E$2.59BpropertyPlantEquipmentResult 0.04x |
| 2020 | 94.7%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.59BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2.74BtotalAssetsInventory was not reported and is treated as zero.Result 94.7% | 0.06xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$161.40MtotalRevenueNet PP&E$2.59BpropertyPlantEquipmentResult 0.06x | 2.29xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$3.20McapitalExpendituresD&A$1.40MdepreciationAndAmortizationResult 2.29x | $11.00Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.74BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.00MintangibleAssetsLiabilities$737.50MtotalLiabTangible book$2.00BShares181,447,516commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.00 | 3.81xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$105.70MebitdaCapex$3.20McapitalExpendituresInterest$25.10MinterestExpenseShort-term debt$1.80MshortTermDebtEBITDA − capex$102.50MPrincipal due is short-term debt.Result 3.81x | $81.50MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$84.70MtotalCashFromOperatingActivitiesCapex$3.20McapitalExpendituresFree cash flow$81.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $81.50M | 4.0%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$104.30MoperatingIncomeTax expense$400.00KincomeTaxExpensePretax income$72.50MincomeBeforeTaxTax rate0.6%Equity$2.00BtotalStockholderEquityDebt$654.40MshortLongTermDebtTotalCash$79.20McashInvested capital$2.57BResult 4.0% | 0.04xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$104.30MoperatingIncomeNet PP&E$2.59BpropertyPlantEquipmentResult 0.04x |
| 2021 | 90.8%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.35BpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2.59BtotalAssetsInventory was not reported and is treated as zero.Result 90.8% | 0.06xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$142.30MtotalRevenueNet PP&E$2.35BpropertyPlantEquipmentResult 0.06x | 0.83xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$2.40McapitalExpendituresD&A$2.90MdepreciationAndAmortizationResult 0.83x | $9.50Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.59BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.40MintangibleAssetsLiabilities$874.10MtotalLiabTangible book$1.72BShares180,839,945commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.50 | -1.24xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$209.90MebitdaCapex$2.40McapitalExpendituresInterest$24.20MinterestExpenseShort-term debt$147.10MshortTermDebtEBITDA − capex-$212.30MPrincipal due is short-term debt.Result -1.24x | $36.00MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$38.40MtotalCashFromOperatingActivitiesCapex$2.40McapitalExpendituresFree cash flow$36.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $36.00M | —ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$62.50MoperatingIncomeTax expense$2.69MincomeTaxExpensePretax income-$235.70MincomeBeforeTaxTax rate—Equity$1.72BtotalStockholderEquityDebt$779.10MshortLongTermDebtTotalCash$191.00McashInvested capital$2.31BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.03xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$62.50MoperatingIncomeNet PP&E$2.35BpropertyPlantEquipmentResult 0.03x |
| 2022 | 99.8%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.37BpropertyPlantEquipmentInventory$138.40MinventoryTotal assets$2.51BtotalAssetsResult 99.8% | 0.06xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$132.90MtotalRevenueNet PP&E$2.37BpropertyPlantEquipmentResult 0.06x | 0.44xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$1.20McapitalExpendituresD&A$2.70MdepreciationAndAmortizationResult 0.44x | $9.88Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.51BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.90MintangibleAssetsLiabilities$712.30MtotalLiabTangible book$1.80BShares181,982,196commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.88 | 0.74xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$70.10MebitdaCapex$1.20McapitalExpendituresInterest$20.90MinterestExpenseShort-term debt$72.60MshortTermDebtEBITDA − capex$68.90MPrincipal due is short-term debt.Result 0.74x | $56.70MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$57.90MtotalCashFromOperatingActivitiesCapex$1.20McapitalExpendituresFree cash flow$56.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $56.70M | 2.8%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$67.40MoperatingIncomeTax expense$100.00KincomeTaxExpensePretax income$124.00MincomeBeforeTaxTax rate0.1%Equity$1.80BtotalStockholderEquityDebt$626.50MshortLongTermDebtTotalCash$49.00McashInvested capital$2.38BResult 2.8% | 0.03xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$67.40MoperatingIncomeNet PP&E$2.37BpropertyPlantEquipmentResult 0.03x |
| 2023 | 93.3%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.65BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.84BtotalAssetsInventory was not reported and is treated as zero.Result 93.3% | 0.07xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$174.20MtotalRevenueNet PP&E$2.65BpropertyPlantAndEquipmentNetResult 0.07x | 1.70xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$3.90McapitalExpendituresD&A$2.30MdepreciationAndAmortizationResult 1.70x | $9.38Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.84BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.00MintangibleAssetsLiabilities$1.05BtotalLiabTangible book$1.79BShares190,470,363commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.38 | 1.31xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$97.40MebitdaCapex$3.90McapitalExpendituresInterest$34.80MinterestExpenseShort-term debt$36.40MshortTermDebtEBITDA − capex$93.50MPrincipal due is short-term debt.Result 1.31x | $74.90MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$78.80MtotalCashFromOperatingActivitiesCapex$3.90McapitalExpendituresFree cash flow$74.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $74.90M | —ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$95.10MoperatingIncomeTax expense-$300.00KincomeTaxExpensePretax income-$37.50MincomeBeforeTaxTax rate—Equity$1.79BtotalStockholderEquityDebt$943.60MshortLongTermDebtTotalCash$18.50McashInvested capital$2.71BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.04xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$95.10MoperatingIncomeNet PP&E$2.65BpropertyPlantAndEquipmentNetResult 0.04x |
| 2024 | 0.1%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$3.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.53BtotalAssetsInventory was not reported and is treated as zero.Result 0.1% | 61.43xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$184.30MtotalRevenueNet PP&E$3.00MpropertyPlantAndEquipmentNetResult 61.43x | 0.52xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$1.20McapitalExpendituresD&A$2.30MdepreciationAndAmortizationResult 0.52x | $8.07Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.53BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.20MintangibleAssetsLiabilities$982.50MtotalLiabTangible book$1.55BShares191,676,994commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $8.07 | -1.33xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$157.10MebitdaCapex$1.20McapitalExpendituresInterest$33.40MinterestExpenseShort-term debt$85.60MshortTermDebtEBITDA − capex-$158.30MPrincipal due is short-term debt.Result -1.33x | $51.90MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$53.90MtotalCashFromOperatingActivitiesCapex$1.20McapitalExpendituresFree cash flow$51.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $51.90M | —ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$157.90MoperatingIncomeTax expense-$300.00KincomeTaxExpensePretax income-$192.80MincomeBeforeTaxTax rate—Equity$1.55BtotalStockholderEquityDebt$889.50MshortLongTermDebtTotalCash$11.60McashInvested capital$2.43BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -52.63xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income-$157.90MoperatingIncomeNet PP&E$3.00MpropertyPlantAndEquipmentNetResult -52.63x |
| 2025 | 0.1%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$3.40MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.47BtotalAssetsInventory was not reported and is treated as zero.Result 0.1% | 54.47xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$185.20MtotalRevenueNet PP&E$3.40MpropertyPlantAndEquipmentNetResult 54.47x | 26.57xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$61.10McapitalExpendituresD&A$2.30MdepreciationAndAmortizationResult 26.57x | $7.75Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.47BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.10MintangibleAssetsLiabilities$968.30MtotalLiabTangible book$1.50BShares193,768,135commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $7.75 | -0.20xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$38.50MebitdaCapex$61.10McapitalExpendituresInterest$30.80MinterestExpenseShort-term debt$79.90MshortTermDebtEBITDA − capex-$22.60MPrincipal due is short-term debt.Result -0.20x | $15.50MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$76.60MtotalCashFromOperatingActivitiesCapex$61.10McapitalExpendituresFree cash flow$15.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $15.50M | 1.6%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$37.40MoperatingIncomeTax expense$0.00taxProvisionPretax income$5.40MincomeBeforeTaxTax rate0.0%Equity$1.50BtotalStockholderEquityDebt$876.00MshortLongTermDebtTotalCash$25.30McashInvested capital$2.35BResult 1.6% | 11.00xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$37.40MoperatingIncomeNet PP&E$3.40MpropertyPlantAndEquipmentNetResult 11.00x |
| 2026 | 0.1%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$2.21MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.22BtotalAssetsInventory was not reported and is treated as zero.Result 0.1% | 82.45xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$181.86MtotalRevenueNet PP&E$2.21MpropertyPlantAndEquipmentNetResult 82.45x | 0.33xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$601.53KcapitalExpendituresD&A$1.80MdepreciationAndAmortizationResult 0.33x | $5.24Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.22BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$884.15MtotalLiabTangible book$1.33BShares254,120,051commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $5.24 | -1.20xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$85.52MebitdaCapex$601.53KcapitalExpendituresInterest$33.49MinterestExpenseShort-term debt$38.12MshortLongTermDebtTotal − longTermDebtEBITDA − capex-$86.12MShort-term debt is total debt minus long-term debt.Result -1.20x | $60.35MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$60.96MtotalCashFromOperatingActivitiesCapex$601.53KcapitalExpendituresFree cash flow$60.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $60.35M | —ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$91.93MoperatingIncomeTax expense$200.51KincomeTaxExpensePretax income-$120.81MincomeBeforeTaxTax rate—Equity$1.33BtotalStockholderEquityDebt$795.12MshortLongTermDebtTotalCash$10.53McashInvested capital$2.12BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 41.68xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$91.93MoperatingIncomeNet PP&E$2.21MpropertyPlantAndEquipmentNetResult 41.68x |
- 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 total debt minus long-term debt.
Latest year inputs (2026)
Net PP&E: $2.21M
Inventory: $0.00
Total assets: $2.22B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $884.15M
Tangible book: $1.33B
Shares: 254,120,051
Revenue: $181.86M
Capex: $601.53K
D&A: $1.80M
EBITDA: -$85.52M
Interest: $33.49M
Short-term debt: $38.12M
Free cash flow: $60.35M
Operating income: $91.93M
Invested capital: $2.12B
Tax rate: —