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.
Xcel Brands Inc
Physical assets are 8.0% of total assets, a light footprint. Capex is 0.00x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -2.03x, which is below 1.
Fixed-asset turnover is 1.58x. Compare it with other names in the same basket.
Physical asset ratio
8.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.14MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$38.95MtotalAssetsInventory was not reported and is treated as zero.Result 8.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.58xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.94MtotalRevenueNet PP&E$3.14MpropertyPlantAndEquipmentNetResult 1.58x
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$10.00KcapitalExpendituresD&A$3.59MdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$4.48Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$38.95MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$31.23MintangibleAssetsLiabilities$23.12MtotalLiabTangible book-$15.41MShares3,435,816commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$4.48
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$0.37Latest quoteTangible book / share-$4.482025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $0.37.
Fixed-charge coverage
-2.03xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$11.49MebitdaCapex$10.00KcapitalExpendituresInterest$2.42MinterestExpenseShort-term debt$3.25MshortLongTermDebtEBITDA − capex-$11.50MPrincipal due is the current portion of debt.Result -2.03x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-286.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$7.03MfreeCashFlowMarket cap$2.45MMarketCapitalizationResult -286.6%
Latest free cash flow divided by current market cap ($2.45M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.22MoperatingIncomeTax expense$75.00KincomeTaxExpensePretax income-$17.50MincomeBeforeTaxTax rate—Equity$17.96MtotalStockholderEquityDebt$18.07MshortLongTermDebtTotalCash$1.15McashInvested capital$34.88MROIC 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 -2.30x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 3.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.20MpropertyPlantEquipmentInventory$1.99MinventoryTotal assets$138.06MtotalAssetsResult 3.8% | 11.08xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$35.47MtotalRevenueNet PP&E$3.20MpropertyPlantEquipmentResult 11.08x | 0.83xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.48McapitalExpendituresD&A$1.78MdepreciationAndAmortizationResult 0.83x | -$64.60Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$138.06MtotalAssetsGoodwill$108.99MgoodWillIntangibles$108.99MintangibleAssetsLiabilities$38.18MtotalLiabTangible book-$118.10MShares1,828,000commonStockSharesOutstandingResult -$64.60 | 0.46xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.71MebitdaCapex$1.48McapitalExpendituresInterest$1.01MinterestExpenseShort-term debt$8.28MshortTermDebtEBITDA − capex$4.23MPrincipal due is short-term debt.Result 0.46x | $5.12MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$6.59MtotalCashFromOperatingActivitiesCapex$1.48McapitalExpendituresFree cash flow$5.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.12M | 2.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.93MoperatingIncomeTax expense$1.83MincomeTaxExpensePretax income$2.92MincomeBeforeTaxTax rate40.0%Equity$99.88MtotalStockholderEquityDebt$19.58MshortLongTermDebtTotalCash$8.84McashInvested capital$110.62MThe effective tax rate was above 40% and was capped at 40%.Result 2.1% | 1.23xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$3.93MoperatingIncomeNet PP&E$3.20MpropertyPlantEquipmentResult 1.23x |
| 2019 | 9.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.92MpropertyPlantEquipmentInventory$899.00KinventoryTotal assets$143.19MtotalAssetsResult 9.6% | 3.23xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$41.73MtotalRevenueNet PP&E$12.92MpropertyPlantEquipmentResult 3.23x | 2.55xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$9.96McapitalExpendituresD&A$3.90MdepreciationAndAmortizationResult 2.55x | -$65.61Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$143.19MtotalAssetsGoodwill$111.10MgoodWillIntangibles$111.10MintangibleAssetsLiabilities$44.74MtotalLiabTangible book-$123.74MShares1,886,000commonStockSharesOutstandingResult -$65.61 | -2.51xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.10MebitdaCapex$9.96McapitalExpendituresInterest$1.29MinterestExpenseShort-term debt$2.25MshortLongTermDebtEBITDA − capex-$8.86MPrincipal due is the current portion of debt.Result -2.51x | -$6.46MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$3.50MtotalCashFromOperatingActivitiesCapex$9.96McapitalExpendituresFree cash flow-$6.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$6.46M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.61MoperatingIncomeTax expense-$642.00KincomeTaxExpensePretax income-$4.09MincomeBeforeTaxTax rate—Equity$98.10MtotalStockholderEquityDebt$18.82MlongTermDebt + shortLongTermDebtCash$4.64McashInvested capital$112.28MReported 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 — | -0.20xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$2.61MoperatingIncomeNet PP&E$12.92MpropertyPlantEquipmentResult -0.20x |
| 2020 | 10.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.04MpropertyPlantAndEquipmentNetInventory$1.22MinventoryTotal assets$123.05MtotalAssetsResult 10.8% | 2.45xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$29.45MtotalRevenueNet PP&E$12.04MpropertyPlantAndEquipmentNetResult 2.45x | 0.14xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$748.00KcapitalExpendituresD&A$5.50MdepreciationAndAmortizationResult 0.14x | -$0.38Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$123.05MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$93.54MintangibleAssetsLiabilities$36.80MtotalLiabTangible book-$7.28MShares19,117,460commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$0.38 | -2.89xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$10.89MebitdaCapex$748.00KcapitalExpendituresInterest$1.22MinterestExpenseShort-term debt$2.80MshortLongTermDebtEBITDA − capex-$11.63MPrincipal due is the current portion of debt.Result -2.89x | $2.44MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$3.19MtotalCashFromOperatingActivitiesCapex$748.00KcapitalExpendituresFree cash flow$2.44MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.44M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$16.41MoperatingIncomeTax expense-$4.52MincomeTaxExpensePretax income-$17.60MincomeBeforeTaxTax rate—Equity$85.75MtotalStockholderEquityDebt$16.64MlongTermDebt + shortLongTermDebtCash$4.96McashInvested capital$97.43MReported 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 — | -1.36xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$16.41MoperatingIncomeNet PP&E$12.04MpropertyPlantAndEquipmentNetResult -1.36x |
| 2021 | 9.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.86MpropertyPlantEquipmentInventory$3.38MinventoryTotal assets$125.78MtotalAssetsResult 9.7% | 4.28xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$37.93MtotalRevenueNet PP&E$8.86MpropertyPlantEquipmentResult 4.28x | 0.17xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.13McapitalExpendituresD&A$6.83MdepreciationAndAmortizationResult 0.17x | -$1.20Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$125.78MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$98.30MintangibleAssetsLiabilities$50.84MtotalLiabTangible book-$23.36MShares19,455,987commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$1.20 | -1.38xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$7.24MebitdaCapex$1.13McapitalExpendituresInterest$3.58MinterestExpenseShort-term debt$2.50MshortLongTermDebtEBITDA − capex-$8.38MPrincipal due is the current portion of debt.Result -1.38x | -$7.69MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$6.56MtotalCashFromOperatingActivitiesCapex$1.13McapitalExpendituresFree cash flow-$7.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$7.69M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.18MoperatingIncomeTax expense-$3.11MincomeTaxExpensePretax income-$16.14MincomeBeforeTaxTax rate—Equity$74.28MtotalStockholderEquityDebt$28.03MlongTermDebt + shortLongTermDebtCash$4.48McashInvested capital$97.83MReported 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 — | -1.26xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$11.18MoperatingIncomeNet PP&E$8.86MpropertyPlantEquipmentResult -1.26x |
| 2022 | 10.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.84MpropertyPlantEquipmentInventory$2.85MinventoryTotal assets$88.94MtotalAssetsResult 10.9% | 3.77xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$25.78MtotalRevenueNet PP&E$6.84MpropertyPlantEquipmentResult 3.77x | 0.04xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$265.00KcapitalExpendituresD&A$7.26MdepreciationAndAmortizationResult 0.04x | $11.45Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$88.94MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$47.67MintangibleAssetsLiabilities$18.80MtotalLiabTangible book$22.47MShares1,962,466commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.45 | 0.94xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.68MebitdaCapex$265.00KcapitalExpendituresInterest$1.20MinterestExpenseShort-term debt$1.38MshortTermDebtEBITDA − capex$2.41MPrincipal due is short-term debt.Result 0.94x | -$14.45MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$14.18MtotalCashFromOperatingActivitiesCapex$265.00KcapitalExpendituresFree cash flow-$14.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$14.45M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$22.54MoperatingIncomeTax expense-$431.00KincomeTaxExpensePretax income-$5.79MincomeBeforeTaxTax rate—Equity$70.82MtotalStockholderEquityDebt$7.22MshortLongTermDebtTotalCash$4.61McashInvested capital$73.42MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.30xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$22.54MoperatingIncomeNet PP&E$6.84MpropertyPlantEquipmentResult -3.30x |
| 2023 | 7.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.09MpropertyPlantAndEquipmentNetInventory$453.00KinventoryTotal assets$71.66MtotalAssetsResult 7.7% | 3.49xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$17.76MtotalRevenueNet PP&E$5.09MpropertyPlantAndEquipmentNetResult 3.49x | 0.01xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$100.00KcapitalExpendituresD&A$6.95MdepreciationAndAmortizationResult 0.01x | $3.37Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$71.66MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$41.52MintangibleAssetsLiabilities$23.49MtotalLiabTangible book$6.65MShares1,971,163commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.37 | -12.19xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$13.69MebitdaCapex$100.00KcapitalExpendituresInterest$381.00KinterestExpenseShort-term debt$750.00KshortLongTermDebtEBITDA − capex-$13.79MPrincipal due is the current portion of debt.Result -12.19x | -$6.65MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$6.55MtotalCashFromOperatingActivitiesCapex$100.00KcapitalExpendituresFree cash flow-$6.65MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$6.65M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$19.29MoperatingIncomeTax expense$1.21MincomeTaxExpensePretax income-$21.03MincomeBeforeTaxTax rate—Equity$48.17MtotalStockholderEquityDebt$4.72MlongTermDebt + shortLongTermDebtCash$3.00McashInvested capital$49.89MReported 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 — | -3.79xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$19.29MoperatingIncomeNet PP&E$5.09MpropertyPlantAndEquipmentNetResult -3.79x |
| 2024 | 8.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.93MpropertyPlantAndEquipmentNetInventory$453.00KinventoryTotal assets$53.76MtotalAssetsResult 8.2% | 2.10xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$8.26MtotalRevenueNet PP&E$3.93MpropertyPlantAndEquipmentNetResult 2.10x | 0.02xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$112.00KcapitalExpendituresD&A$4.95MdepreciationAndAmortizationResult 0.02x | -$2.80Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$53.76MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$34.76MintangibleAssetsLiabilities$25.36MtotalLiabTangible book-$6.36MShares2,275,332commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$2.80 | -7.82xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$16.75MebitdaCapex$112.00KcapitalExpendituresInterest$644.00KinterestExpenseShort-term debt$1.51MshortTermDebtEBITDA − capex-$16.86MPrincipal due is short-term debt.Result -7.82x | -$4.83MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$4.72MtotalCashFromOperatingActivitiesCapex$112.00KcapitalExpendituresFree cash flow-$4.83MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.83M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$9.89MoperatingIncomeTax expense$220.00KincomeTaxExpensePretax income-$22.34MincomeBeforeTaxTax rate—Equity$30.42MtotalStockholderEquityDebt$6.57MlongTermDebt + shortLongTermDebtCash$1.25McashInvested capital$35.74MReported 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 — | -2.51xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$9.89MoperatingIncomeNet PP&E$3.93MpropertyPlantAndEquipmentNetResult -2.51x |
| 2025 | 8.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.14MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$38.95MtotalAssetsInventory was not reported and is treated as zero.Result 8.0% | 1.58xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.94MtotalRevenueNet PP&E$3.14MpropertyPlantAndEquipmentNetResult 1.58x | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$10.00KcapitalExpendituresD&A$3.59MdepreciationAndAmortizationResult 0.00x | -$4.48Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$38.95MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$31.23MintangibleAssetsLiabilities$23.12MtotalLiabTangible book-$15.41MShares3,435,816commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$4.48 | -2.03xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$11.49MebitdaCapex$10.00KcapitalExpendituresInterest$2.42MinterestExpenseShort-term debt$3.25MshortLongTermDebtEBITDA − capex-$11.50MPrincipal due is the current portion of debt.Result -2.03x | -$7.03MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$7.02MtotalCashFromOperatingActivitiesCapex$10.00KcapitalExpendituresFree cash flow-$7.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$7.03M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.22MoperatingIncomeTax expense$75.00KincomeTaxExpensePretax income-$17.50MincomeBeforeTaxTax rate—Equity$17.96MtotalStockholderEquityDebt$18.07MshortLongTermDebtTotalCash$1.15McashInvested capital$34.88MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.30xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$7.22MoperatingIncomeNet PP&E$3.14MpropertyPlantAndEquipmentNetResult -2.30x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2025)
Net PP&E: $3.14M
Inventory: $0.00
Total assets: $38.95M
Goodwill: $0.00
Intangibles: $31.23M
Liabilities: $23.12M
Tangible book: -$15.41M
Shares: 3,435,816
Revenue: $4.94M
Capex: $10.00K
D&A: $3.59M
EBITDA: -$11.49M
Interest: $2.42M
Short-term debt: $3.25M
Free cash flow: -$7.03M
Operating income: -$7.22M
Invested capital: $34.88M
Tax rate: —