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.
Auto Trader Group plc
Physical assets are 11.3% of total assets, a light footprint. Capex is 1.17x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 52.7%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 8.55x.
Physical asset ratio
11.3%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$73.00MpropertyPlantAndEquipmentNetInventory$4.30MinventoryTotal assets$685.30MtotalAssetsResult 11.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.55xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$624.30MtotalRevenueNet PP&E$73.00MpropertyPlantAndEquipmentNetResult 8.55x
Revenue per dollar of the physical asset base.
Capex / D&A
1.17xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$27.40McapitalExpendituresD&A$23.40MreconciledDepreciationResult 1.17x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$0.06Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$685.30MtotalAssetsGoodwill$427.60MgoodWillIntangibles$29.50MintangibleAssetsLiabilities$278.20MtotalLiabTangible book-$50.00MShares822,807,961commonStockSharesOutstandingResult -$0.06
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$7.29Latest quoteTangible book / share-$0.062026-03-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $7.29.
Fixed-charge coverage
39.76xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$417.00MebitdaCapex$27.40McapitalExpendituresInterest$4.80MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$389.60MPrincipal due is the current portion of debt.Result 39.76x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.3%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$295.40MfreeCashFlowMarket cap$5.54BMarketCapitalizationResult 5.3%
Latest free cash flow divided by current market cap ($5.54B).
ROIC
52.7%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$388.60MoperatingIncomeTax expense$94.90MtaxProvisionPretax income$388.80MincomeBeforeTaxTax rate24.4%Equity$407.10MtotalStockholderEquityDebt$168.40MlongTermDebt + shortLongTermDebtCash$18.20McashInvested capital$557.30MResult 52.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 5.32x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 3.7%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$16.70MpropertyPlantEquipmentInventory$0.00inventoryTotal assets$451.40MtotalAssetsResult 3.7% | 21.26xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$355.10MtotalRevenueNet PP&E$16.70MpropertyPlantEquipmentResult 21.26x | 0.29xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$1.70McapitalExpendituresD&A$5.90MdepreciationDepreciation comes from the cash-flow statement because income-statement D&A was missing.Result 0.29x | —Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$451.40MtotalAssetsGoodwill$313.30MgoodWillIntangibles$4.20MintangibleAssetsLiabilities$392.40MtotalLiabTangible book—Shares—Result — | —Fixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$248.70MOperating income + D&ACapex$1.70McapitalExpendituresInterest$0.00interestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$247.00MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Principal due is short-term debt.Result — | $214.60MFree cash flow · 2019-03-31Operating cash flow − capexOperating cash flow$216.30MtotalCashFromOperatingActivitiesCapex$1.70McapitalExpendituresFree cash flow$214.60MNot reportedFree cash flow is operating cash flow minus capex because the statement did not report free cash flow.Result $214.60M | 54.5%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$242.80MoperatingIncomeTax expense$44.50MincomeTaxExpensePretax income$242.20MincomeBeforeTaxTax rate18.4%Equity$59.00MtotalStockholderEquityDebt$310.36MlongTermDebt + shortLongTermDebtCash$5.90McashInvested capital$363.46MResult 54.5% | 14.54xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$242.80MoperatingIncomeNet PP&E$16.70MpropertyPlantEquipmentResult 14.54x |
| 2020 | 2.6%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$13.10MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$508.90MtotalAssetsInventory was not reported and is treated as zero.Result 2.6% | 28.16xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$368.90MtotalRevenueNet PP&E$13.10MpropertyPlantEquipmentResult 28.16x | 0.20xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$1.30McapitalExpendituresD&A$6.50MreconciledDepreciationResult 0.20x | -$0.22Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$508.90MtotalAssetsGoodwill$327.50MgoodWillIntangibles$14.40MintangibleAssetsLiabilities$367.30MtotalLiabTangible book-$200.30MShares918,449,478commonStockSharesOutstandingResult -$0.22 | 38.94xFixed-charge coverage · 2020-03-31(EBITDA − capex) / interestEBITDA$262.20MOperating income + D&ACapex$1.30McapitalExpendituresInterest$6.70MinterestExpenseEBITDA − capex$260.90MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Short-term debt was not reported, so the denominator is interest only.Result 38.94x | $194.20MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$195.70MtotalCashFromOperatingActivitiesCapex$1.30McapitalExpendituresFree cash flow$194.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $194.20M | 50.3%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$255.70MoperatingIncomeTax expense$46.40MincomeTaxExpensePretax income$251.50MincomeBeforeTaxTax rate18.4%Equity$141.60MtotalStockholderEquityDebt$310.50MlongTermDebtCash$37.60McashInvested capital$414.50MResult 50.3% | 19.52xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$255.70MoperatingIncomeNet PP&E$13.10MpropertyPlantEquipmentResult 19.52x |
| 2021 | 2.1%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$11.20MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$534.50MtotalAssetsInventory was not reported and is treated as zero.Result 2.1% | 23.46xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$262.80MtotalRevenueNet PP&E$11.20MpropertyPlantEquipmentResult 23.46x | 0.21xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$1.30McapitalExpendituresD&A$6.30MreconciledDepreciationResult 0.21x | $0.10Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$534.50MtotalAssetsGoodwill$340.90MgoodWillIntangibles$17.30MintangibleAssetsLiabilities$75.80MtotalLiabTangible book$100.50MShares966,601,527commonStockSharesOutstandingResult $0.10 | 49.64xFixed-charge coverage · 2021-03-31(EBITDA − capex) / interestEBITDA$165.10MOperating income + D&ACapex$1.30McapitalExpendituresInterest$3.30MinterestExpenseEBITDA − capex$163.80MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Short-term debt was not reported, so the denominator is interest only.Result 49.64x | $123.30MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$124.70MtotalCashFromOperatingActivitiesCapex$1.30McapitalExpendituresFree cash flow$123.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $123.30M | 29.3%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$158.80MoperatingIncomeTax expense$29.60MincomeTaxExpensePretax income$157.40MincomeBeforeTaxTax rate18.8%Equity$458.70MtotalStockholderEquityDebt$27.60MlongTermDebtCash$45.70McashInvested capital$440.60MResult 29.3% | 14.18xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$158.80MoperatingIncomeNet PP&E$11.20MpropertyPlantEquipmentResult 14.18x |
| 2022 | 2.7%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$14.70MpropertyPlantEquipmentInventory$0.00inventoryTotal assets$542.90MtotalAssetsResult 2.7% | 29.44xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$432.70MtotalRevenueNet PP&E$14.70MpropertyPlantEquipmentResult 29.44x | 0.39xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$2.80McapitalExpendituresD&A$7.20MreconciledDepreciationResult 0.39x | $0.12Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$542.90MtotalAssetsGoodwill$340.90MgoodWillIntangibles$14.70MintangibleAssetsLiabilities$70.40MtotalLiabTangible book$116.90MShares943,066,048commonStockSharesOutstandingResult $0.12 | 179.47xFixed-charge coverage · 2022-03-31(EBITDA − capex) / interestEBITDA$307.90MOperating income + D&ACapex$2.80McapitalExpendituresInterest$1.70MinterestExpenseEBITDA − capex$305.10MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Short-term debt was not reported, so the denominator is interest only.Result 179.47x | $269.10MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$271.90MtotalCashFromOperatingActivitiesCapex$2.80McapitalExpendituresFree cash flow$269.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $269.10M | 58.0%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$300.70MoperatingIncomeTax expense$56.30MincomeTaxExpensePretax income$301.00MincomeBeforeTaxTax rate18.7%Equity$472.50MtotalStockholderEquityDebt$0.00longTermDebt + shortLongTermDebtCash$51.30McashInvested capital$421.20MResult 58.0% | 20.46xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$300.70MoperatingIncomeNet PP&E$14.70MpropertyPlantEquipmentResult 20.46x |
| 2023 | 2.9%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$15.90MpropertyPlantAndEquipmentNetInventory$3.60MinventoryTotal assets$662.70MtotalAssetsResult 2.9% | 31.46xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$500.20MtotalRevenueNet PP&E$15.90MpropertyPlantAndEquipmentNetResult 31.46x | 0.24xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$3.40McapitalExpendituresD&A$14.10MreconciledDepreciationResult 0.24x | $0.03Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$662.70MtotalAssetsGoodwill$427.60MgoodWillIntangibles$73.40MintangibleAssetsLiabilities$135.40MtotalLiabTangible book$26.30MShares918,703,152commonStockSharesOutstandingResult $0.03 | 78.74xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$310.50MebitdaCapex$3.40McapitalExpendituresInterest$2.80MinterestExpenseShort-term debt$1.10MshortLongTermDebtEBITDA − capex$307.10MPrincipal due is the current portion of debt.Result 78.74x | $263.50MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$266.90MtotalCashFromOperatingActivitiesCapex$3.40McapitalExpendituresFree cash flow$263.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $263.50M | 38.5%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$275.10MoperatingIncomeTax expense$59.70MtaxProvisionPretax income$293.60MincomeBeforeTaxTax rate20.3%Equity$527.30MtotalStockholderEquityDebt$58.60MlongTermDebt + shortLongTermDebtCash$16.60McashInvested capital$569.30MResult 38.5% | 17.30xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$275.10MoperatingIncomeNet PP&E$15.90MpropertyPlantAndEquipmentNetResult 17.30x |
| 2024 | 2.7%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$14.90MpropertyPlantAndEquipmentNetInventory$2.60MinventoryTotal assets$658.00MtotalAssetsResult 2.7% | 38.32xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$570.90MtotalRevenueNet PP&E$14.90MpropertyPlantAndEquipmentNetResult 38.32x | 0.21xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$3.80McapitalExpendituresD&A$18.30MreconciledDepreciationResult 0.21x | $0.07Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$658.00MtotalAssetsGoodwill$427.60MgoodWillIntangibles$60.10MintangibleAssetsLiabilities$105.70MtotalLiabTangible book$64.60MShares902,001,277commonStockSharesOutstandingResult $0.07 | 66.02xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$366.90MebitdaCapex$3.80McapitalExpendituresInterest$3.40MinterestExpenseShort-term debt$2.10MshortLongTermDebtEBITDA − capex$363.10MPrincipal due is the current portion of debt.Result 66.02x | $283.70MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$287.50MtotalCashFromOperatingActivitiesCapex$3.80McapitalExpendituresFree cash flow$283.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $283.70M | 45.7%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$345.90MoperatingIncomeTax expense$88.30MtaxProvisionPretax income$345.20MincomeBeforeTaxTax rate25.6%Equity$552.30MtotalStockholderEquityDebt$29.80MlongTermDebt + shortLongTermDebtCash$18.70McashInvested capital$563.40MResult 45.7% | 23.21xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$345.90MoperatingIncomeNet PP&E$14.90MpropertyPlantAndEquipmentNetResult 23.21x |
| 2025 | 2.4%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$13.40MpropertyPlantAndEquipmentNetInventory$2.00MinventoryTotal assets$639.60MtotalAssetsResult 2.4% | 44.86xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$601.10MtotalRevenueNet PP&E$13.40MpropertyPlantAndEquipmentNetResult 44.86x | 0.19xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$4.00McapitalExpendituresD&A$20.70MreconciledDepreciationResult 0.19x | $0.11Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$639.60MtotalAssetsGoodwill$427.60MgoodWillIntangibles$44.60MintangibleAssetsLiabilities$70.20MtotalLiabTangible book$97.20MShares879,804,929commonStockSharesOutstandingResult $0.11 | 157.56xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$397.90MebitdaCapex$4.00McapitalExpendituresInterest$1.50MinterestExpenseShort-term debt$1.00MshortLongTermDebtEBITDA − capex$393.90MPrincipal due is the current portion of debt.Result 157.56x | $300.60MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$304.60MtotalCashFromOperatingActivitiesCapex$4.00McapitalExpendituresFree cash flow$300.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $300.60M | 50.6%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$373.20MoperatingIncomeTax expense$93.10MtaxProvisionPretax income$375.70MincomeBeforeTaxTax rate24.8%Equity$569.40MtotalStockholderEquityDebt$1.00MlongTermDebt + shortLongTermDebtCash$15.30McashInvested capital$555.10MResult 50.6% | 27.85xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$373.20MoperatingIncomeNet PP&E$13.40MpropertyPlantAndEquipmentNetResult 27.85x |
| 2026 | 11.3%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$73.00MpropertyPlantAndEquipmentNetInventory$4.30MinventoryTotal assets$685.30MtotalAssetsResult 11.3% | 8.55xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$624.30MtotalRevenueNet PP&E$73.00MpropertyPlantAndEquipmentNetResult 8.55x | 1.17xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$27.40McapitalExpendituresD&A$23.40MreconciledDepreciationResult 1.17x | -$0.06Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$685.30MtotalAssetsGoodwill$427.60MgoodWillIntangibles$29.50MintangibleAssetsLiabilities$278.20MtotalLiabTangible book-$50.00MShares822,807,961commonStockSharesOutstandingResult -$0.06 | 39.76xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$417.00MebitdaCapex$27.40McapitalExpendituresInterest$4.80MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$389.60MPrincipal due is the current portion of debt.Result 39.76x | $295.40MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$322.80MtotalCashFromOperatingActivitiesCapex$27.40McapitalExpendituresFree cash flow$295.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $295.40M | 52.7%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$388.60MoperatingIncomeTax expense$94.90MtaxProvisionPretax income$388.80MincomeBeforeTaxTax rate24.4%Equity$407.10MtotalStockholderEquityDebt$168.40MlongTermDebt + shortLongTermDebtCash$18.20McashInvested capital$557.30MResult 52.7% | 5.32xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$388.60MoperatingIncomeNet PP&E$73.00MpropertyPlantAndEquipmentNetResult 5.32x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $73.00M
Inventory: $4.30M
Total assets: $685.30M
Goodwill: $427.60M
Intangibles: $29.50M
Liabilities: $278.20M
Tangible book: -$50.00M
Shares: 822,807,961
Revenue: $624.30M
Capex: $27.40M
D&A: $23.40M
EBITDA: $417.00M
Interest: $4.80M
Short-term debt: $5.00M
Free cash flow: $295.40M
Operating income: $388.60M
Invested capital: $557.30M
Tax rate: 24.4%