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.
Agree Realty Corporation
Physical assets are 88.0% of total assets, a heavy footprint. Capex is 5.74x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.31x, 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 0.08x.
Physical asset ratio
88.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.08x
Revenue per dollar of the physical asset base.
Capex / D&A
5.74x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$47.39
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.40x
Price $66.58.
Fixed-charge coverage
-0.31x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-13.0%
Latest free cash flow divided by current market cap ($8.30B).
ROIC
3.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 81.9% | 0.08x | 14.48x | $29.58 | -11.71x | -$539.36M | 3.8% | 0.04x |
| 2019 | 83.4% | 0.08x | 12.37x | $32.70 | -4.67x | -$605.87M | 4.3% | 0.05x |
| 2020 | 87.4% | 0.07x | 16.29x | $39.18 | -8.56x | -$1.20B | 3.4% | 0.04x |
| 2021 | 85.6% | 0.08x | 12.02x | $40.92 | -5.45x | -$1.20B | 3.6% | 0.04x |
| 2022 | 87.9% | 0.07x | 9.95x | $48.39 | -0.67x | -$1.30B | 3.3% | 0.04x |
| 2023 | 87.6% | 0.08x | 6.15x | $45.54 | -9.40x | -$896.80M | 3.3% | 0.04x |
| 2024 | 88.0% | 0.08x | 4.07x | $45.60 | -2.70x | -$545.36M | 3.5% | 0.04x |
| 2025 | 88.0% | 0.08x | 5.74x | $47.39 | -0.31x | -$1.08B | 3.5% | 0.04x |
- 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.
- Reported free cash flow matched operating cash flow, so capex was subtracted.
Latest year inputs (2025)
Net PP&E: $8.62B
Inventory: $0.00
Total assets: $9.80B
Goodwill: $0.00
Intangibles: $1.00B
Liabilities: $3.53B
Tangible book: $5.27B
Shares: 111,200,645
Revenue: $718.40M
Capex: $1.58B
D&A: $275.72M
EBITDA: $617.06M
Interest: $134.61M
Short-term debt: $2.95B
Free cash flow: -$1.08B
Operating income: $340.40M
Invested capital: $9.61B
Tax rate: 0.8%