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.
Archer Aviation Inc
Physical assets are 11.9% of total assets, a light footprint. Capex is 3.94x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.00x.
Physical asset ratio
11.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$294.40MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.47BtotalAssetsInventory was not reported and is treated as zero.Result 11.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$300.00KtotalRevenueNet PP&E$294.40MpropertyPlantAndEquipmentNetResult 0.00x
Revenue per dollar of the physical asset base.
Capex / D&A
3.94xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$78.80McapitalExpendituresD&A$20.00MdepreciationAndAmortizationResult 3.94x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$3.40Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.47BtotalAssetsGoodwill$100.00KgoodWillIntangibles$80.20MintangibleAssetsLiabilities$263.10MtotalLiabTangible book$2.12BShares624,307,768commonStockSharesOutstandingResult $3.40
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.14xPrice / tangible bookPrice / tangible book per sharePrice$3.87Latest quoteTangible book / share$3.402025-12-31Result 1.14x
Price $3.87.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$597.90MebitdaCapex$78.80McapitalExpendituresInterest—Not reportedShort-term debt$800.00KshortLongTermDebtEBITDA − capex-$676.70MPrincipal due is the current portion of debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-16.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$511.70MfreeCashFlowMarket cap$3.17BMarketCapitalizationResult -16.1%
Latest free cash flow divided by current market cap ($3.17B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$729.30MoperatingIncomeTax expense$300.00KincomeTaxExpensePretax income-$617.90MincomeBeforeTaxTax rate—Equity$2.20BtotalStockholderEquityDebt$80.30MlongTermDebt + shortLongTermDebtCash$1.96BcashAndShortTermInvestmentsInvested capital$318.40MReported 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 —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -2.48x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 0.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.00KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$10.17MtotalAssetsInventory was not reported and is treated as zero.Result 0.0% | —Fixed asset turnover · 2019-12-31Revenue / net PP&ERevenue—Not reportedNet PP&E$4.00KpropertyPlantEquipmentResult — | 0.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$4.00KcapitalExpendituresD&A$891.00KdepreciationAndAmortizationResult 0.00x | $0.10Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.17MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.20MtotalLiabTangible book$4.97MShares50,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $0.10 | —Fixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$891.00KebitdaCapex$4.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex$887.00KResult — | -$813.00KFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$809.00KtotalCashFromOperatingActivitiesCapex$4.00KcapitalExpendituresFree cash flow-$813.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$813.00K | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$891.00KoperatingIncomeTax expense-$53.00incomeTaxExpensePretax income-$944.00KincomeBeforeTaxTax rate—Equity$4.97MtotalStockholderEquityDebt$5.00MshortLongTermDebtTotalCash$10.15McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -222.75xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$891.00KoperatingIncomeNet PP&E$4.00KpropertyPlantEquipmentResult -222.75x |
| 2020 | 9.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.90MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$41.80MtotalAssetsInventory was not reported and is treated as zero.Result 9.3% | 0.00xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$3.90MpropertyPlantEquipmentResult 0.00x | 9.50xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.90McapitalExpendituresD&A$200.00KdepreciationAndAmortizationResult 9.50x | $0.30Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$41.80MtotalAssetsGoodwill$499.50KgoodWillIntangibles$500.00KintangibleAssetsLiabilities$5.90MtotalLiabTangible book$34.90MShares116,542,804commonStockSharesOutstandingResult $0.30 | -32.88xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$24.40MebitdaCapex$1.90McapitalExpendituresInterest$200.00KinterestExpenseShort-term debt$600.00KshortLongTermDebtEBITDA − capex-$26.30MPrincipal due is the current portion of debt.Result -32.88x | -$24.70MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$22.80MtotalCashFromOperatingActivitiesCapex$1.90McapitalExpendituresFree cash flow-$24.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$24.70M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$24.60MoperatingIncomeTax expense$200.00KincomeTaxExpensePretax income-$24.80MincomeBeforeTaxTax rate—Equity$35.90MtotalStockholderEquityDebt$900.00KlongTermDebt + shortLongTermDebtCash$36.60McashInvested capital$200.00KReported 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 — | -6.31xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$24.60MoperatingIncomeNet PP&E$3.90MpropertyPlantEquipmentResult -6.31x |
| 2021 | 1.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.40MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$768.40MtotalAssetsInventory was not reported and is treated as zero.Result 1.4% | 0.00xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$10.40MpropertyPlantEquipmentResult 0.00x | 2.69xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.50McapitalExpendituresD&A$1.30MdepreciationAndAmortizationResult 2.69x | $2.94Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$768.40MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$500.00KintangibleAssetsLiabilities$69.50MtotalLiabTangible book$698.40MShares237,727,536commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.94 | -23.16xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$239.70MebitdaCapex$3.50McapitalExpendituresInterest$1.00MinterestExpenseShort-term debt$9.50MshortLongTermDebtEBITDA − capex-$243.20MPrincipal due is the current portion of debt.Result -23.16x | -$111.90MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$108.40MtotalCashFromOperatingActivitiesCapex$3.50McapitalExpendituresFree cash flow-$111.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$111.90M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$358.30MoperatingIncomeTax expense$11.60MincomeTaxExpensePretax income-$347.80MincomeBeforeTaxTax rate—Equity$698.90MtotalStockholderEquityDebt$23.10MshortLongTermDebtTotalCash$746.90McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -34.45xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$358.30MoperatingIncomeNet PP&E$10.40MpropertyPlantEquipmentResult -34.45x |
| 2022 | 4.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$23.40MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$573.80MtotalAssetsInventory was not reported and is treated as zero.Result 4.1% | 0.46xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$10.80MtotalRevenueNet PP&E$23.40MpropertyPlantEquipmentResult 0.46x | 1.57xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$6.90McapitalExpendituresD&A$4.40MdepreciationAndAmortizationResult 1.57x | $2.05Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$573.80MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$400.00KintangibleAssetsLiabilities$80.50MtotalLiabTangible book$492.90MShares240,476,894commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.05 | -27.57xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$312.90MebitdaCapex$6.90McapitalExpendituresInterest$2.30MinterestExpenseShort-term debt$9.30MshortLongTermDebtEBITDA − capex-$319.80MPrincipal due is the current portion of debt.Result -27.57x | -$207.30MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$200.40MtotalCashFromOperatingActivitiesCapex$6.90McapitalExpendituresFree cash flow-$207.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$207.30M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$336.60MoperatingIncomeTax expense$7.47MincomeTaxExpensePretax income-$317.30MincomeBeforeTaxTax rate—Equity$493.30MtotalStockholderEquityDebt$9.30MlongTermDebt + shortLongTermDebtCash$531.20McashAndShortTermInvestmentsInvested capital—Reported 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 — | -14.38xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$336.60MoperatingIncomeNet PP&E$23.40MpropertyPlantEquipmentResult -14.38x |
| 2023 | 12.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$66.50MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$554.30MtotalAssetsInventory was not reported and is treated as zero.Result 12.0% | 0.00xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$66.50MpropertyPlantAndEquipmentNetResult 0.00x | 6.82xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$44.30McapitalExpendituresD&A$6.50MdepreciationAndAmortizationResult 6.82x | $1.36Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$554.30MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$400.00KintangibleAssetsLiabilities$187.20MtotalLiabTangible book$366.70MShares270,408,132commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.36 | -25.79xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$450.90MebitdaCapex$44.30McapitalExpendituresInterest$16.40MinterestExpenseShort-term debt$2.80MshortTermDebtEBITDA − capex-$495.20MPrincipal due is short-term debt.Result -25.79x | -$315.90MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$271.60MtotalCashFromOperatingActivitiesCapex$44.30McapitalExpendituresFree cash flow-$315.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$315.90M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$444.80MoperatingIncomeTax expense$500.00KincomeTaxExpensePretax income-$457.40MincomeBeforeTaxTax rate—Equity$367.10MtotalStockholderEquityDebt$7.20MlongTermDebt + shortLongTermDebtCash$464.60McashInvested capital—Reported 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 — | -6.69xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$444.80MoperatingIncomeNet PP&E$66.50MpropertyPlantAndEquipmentNetResult -6.69x |
| 2024 | 13.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$134.90MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.00BtotalAssetsInventory was not reported and is treated as zero.Result 13.5% | 0.00xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$134.90MpropertyPlantAndEquipmentNetResult 0.00x | 7.01xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$82.00McapitalExpendituresD&A$11.70MdepreciationAndAmortizationResult 7.01x | $2.00Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.00BtotalAssetsGoodwill$0.00goodWillIntangibles$300.00KintangibleAssetsLiabilities$248.60MtotalLiabTangible book$752.30MShares376,734,395commonStockSharesOutstandingResult $2.00 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$524.90MebitdaCapex$82.00McapitalExpendituresInterest—Not reportedShort-term debt$3.70MshortTermDebtEBITDA − capex-$606.90MPrincipal due is short-term debt.Result — | -$450.60MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$368.60MtotalCashFromOperatingActivitiesCapex$82.00McapitalExpendituresFree cash flow-$450.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$450.60M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$509.70MoperatingIncomeTax expense$200.00KincomeTaxExpensePretax income-$536.60MincomeBeforeTaxTax rate—Equity$752.60MtotalStockholderEquityDebt$79.00MshortLongTermDebtTotalCash$834.50McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.78xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$509.70MoperatingIncomeNet PP&E$134.90MpropertyPlantAndEquipmentNetResult -3.78x |
| 2025 | 11.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$294.40MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.47BtotalAssetsInventory was not reported and is treated as zero.Result 11.9% | 0.00xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$300.00KtotalRevenueNet PP&E$294.40MpropertyPlantAndEquipmentNetResult 0.00x | 3.94xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$78.80McapitalExpendituresD&A$20.00MdepreciationAndAmortizationResult 3.94x | $3.40Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.47BtotalAssetsGoodwill$100.00KgoodWillIntangibles$80.20MintangibleAssetsLiabilities$263.10MtotalLiabTangible book$2.12BShares624,307,768commonStockSharesOutstandingResult $3.40 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$597.90MebitdaCapex$78.80McapitalExpendituresInterest—Not reportedShort-term debt$800.00KshortLongTermDebtEBITDA − capex-$676.70MPrincipal due is the current portion of debt.Result — | -$511.70MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$432.90MtotalCashFromOperatingActivitiesCapex$78.80McapitalExpendituresFree cash flow-$511.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$511.70M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$729.30MoperatingIncomeTax expense$300.00KincomeTaxExpensePretax income-$617.90MincomeBeforeTaxTax rate—Equity$2.20BtotalStockholderEquityDebt$80.30MlongTermDebt + shortLongTermDebtCash$1.96BcashAndShortTermInvestmentsInvested capital$318.40MReported 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 — | -2.48xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$729.30MoperatingIncomeNet PP&E$294.40MpropertyPlantAndEquipmentNetResult -2.48x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $294.40M
Inventory: $0.00
Total assets: $2.47B
Goodwill: $100.00K
Intangibles: $80.20M
Liabilities: $263.10M
Tangible book: $2.12B
Shares: 624,307,768
Revenue: $300.00K
Capex: $78.80M
D&A: $20.00M
EBITDA: -$597.90M
Interest: —
Short-term debt: $800.00K
Free cash flow: -$511.70M
Operating income: -$729.30M
Invested capital: $318.40M
Tax rate: —