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.
Allied Properties Real Estate Investment Trust
Physical assets are 2.8% of total assets, a light footprint. Capex is 0.43x 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 -1.38x, 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 18.01x.
Physical asset ratio
2.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
18.01x
Revenue per dollar of the physical asset base.
Capex / D&A
0.43x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$28.74
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.20x
Price $5.78.
Fixed-charge coverage
-1.38x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
21.0%
Latest free cash flow divided by current market cap ($1.21B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 5.48x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 92.8% | 0.07x | 1.68x | $44.66 | 6.18x | $236.77M | 2.1% | 0.04x |
| 2019 | 89.4% | 0.07x | 0.27x | $50.72 | 7.71x | $245.25M | 3.1% | 0.03x |
| 2020 | 92.4% | 0.06x | 0.53x | $49.60 | 5.78x | $355.48M | 2.6% | 0.03x |
| 2021 | 92.8% | 0.05x | 0.29x | $50.42 | 2.97x | $240.78M | 2.1% | 0.03x |
| 2022 | 81.4% | 0.05x | 0.65x | $52.03 | 0.59x | $320.33M | 1.6% | 0.03x |
| 2023 | 97.7% | 0.06x | 1.22x | $43.90 | -1.71x | $319.05M | — | 0.03x |
| 2024 | 2.7% | 25.38x | 0.62x | $39.80 | -0.20x | $146.88M | — | 12.27x |
| 2025 | 2.8% | 18.01x | 0.43x | $28.74 | -1.38x | $254.47M | — | 5.48x |
- 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.
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2025)
Net PP&E: $32.88M
Inventory: $222.85M
Total assets: $9.26B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $5.24B
Tangible book: $4.02B
Shares: 139,765,128
Revenue: $592.38M
Capex: $815.00K
D&A: $1.88M
EBITDA: -$1.19B
Interest: $135.45M
Short-term debt: $727.02M
Free cash flow: $254.47M
Operating income: $180.10M
Invested capital: $8.65B
Tax rate: —