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.
A10 Network
Physical assets are 12.2% of total assets, a light footprint. Capex is 1.35x 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 67.3%, 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 4.92x.
Physical asset ratio
12.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$59.08MpropertyPlantAndEquipmentNetInventory$18.03MinventoryTotal assets$629.81MtotalAssetsResult 12.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.92xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$290.56MtotalRevenueNet PP&E$59.08MpropertyPlantAndEquipmentNetResult 4.92x
Revenue per dollar of the physical asset base.
Capex / D&A
1.35xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$20.13McapitalExpendituresD&A$14.86MdepreciationAndAmortizationResult 1.35x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.58Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$629.81MtotalAssetsGoodwill$15.13MgoodWillIntangibles$6.26MintangibleAssetsLiabilities$418.27MtotalLiabTangible book$190.15MShares73,590,000commonStockSharesOutstandingResult $2.58
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
8.75xPrice / tangible bookPrice / tangible book per sharePrice$22.60Latest quoteTangible book / share$2.582025-12-31Result 8.75x
Price $22.60.
Fixed-charge coverage
4.62xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$67.28MebitdaCapex$20.13McapitalExpendituresInterest$6.35MinterestExpenseShort-term debt$3.85MshortLongTermDebtTotal − longTermDebtEBITDA − capex$47.15MShort-term debt is total debt minus long-term debt.Result 4.62x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$64.77MfreeCashFlowMarket cap$1.73BMarketCapitalizationResult 3.7%
Latest free cash flow divided by current market cap ($1.73B).
ROIC
67.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$47.14MoperatingIncomeTax expense$10.29MincomeTaxExpensePretax income$52.42MincomeBeforeTaxTax rate19.6%Equity$211.55MtotalStockholderEquityDebt$222.64MshortLongTermDebtTotalCash$377.85McashAndShortTermInvestmentsInvested capital$56.33MResult 67.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.80x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 10.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.26MpropertyPlantEquipmentInventory$17.93MinventoryTotal assets$235.88MtotalAssetsResult 10.7% | 31.98xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$232.22MtotalRevenueNet PP&E$7.26MpropertyPlantEquipmentResult 31.98x | 0.35xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.80McapitalExpendituresD&A$7.88MdepreciationAndAmortizationResult 0.35x | $1.83Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$235.88MtotalAssetsGoodwill$1.31MgoodWillIntangibles$3.75MintangibleAssetsLiabilities$97.37MtotalLiabTangible book$133.45MShares72,882,000commonStockSharesOutstandingResult $1.83 | -165.29xFixed-charge coverage · 2018-12-31(EBITDA − capex) / interestEBITDA-$18.53MebitdaCapex$2.80McapitalExpendituresInterest$129.00KinterestExpenseEBITDA − capex-$21.32MShort-term debt was not reported, so the denominator is interest only.Result -165.29x | -$5.49MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$2.69MtotalCashFromOperatingActivitiesCapex$2.80McapitalExpendituresFree cash flow-$5.49MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$5.49M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$27.68MoperatingIncomeTax expense$1.08MincomeTaxExpensePretax income-$26.54MincomeBeforeTaxTax rate—Equity$103.88MtotalStockholderEquityDebt—Not reportedCash$128.38McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.81xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$27.68MoperatingIncomeNet PP&E$7.26MpropertyPlantEquipmentResult -3.81x |
| 2019 | 23.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$40.67MpropertyPlantAndEquipmentNetInventory$22.38MinventoryTotal assets$274.05MtotalAssetsResult 23.0% | 5.23xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$212.63MtotalRevenueNet PP&E$40.67MpropertyPlantAndEquipmentNetResult 5.23x | 0.43xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$4.34McapitalExpendituresD&A$10.03MdepreciationAndAmortizationResult 0.43x | $1.38Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$274.05MtotalAssetsGoodwill$1.31MgoodWillIntangibles$2.31MintangibleAssetsLiabilities$165.27MtotalLiabTangible book$105.18MShares76,080,000commonStockSharesOutstandingResult $1.38 | -1.96xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$6.15MebitdaCapex$4.34McapitalExpendituresInterest$237.00KinterestExpenseShort-term debt$5.11MshortTermDebtEBITDA − capex-$10.49MPrincipal due is short-term debt.Result -1.96x | -$4.77MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$426.00KtotalCashFromOperatingActivitiesCapex$4.34McapitalExpendituresFree cash flow-$4.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.77M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$17.09MoperatingIncomeTax expense$1.41MincomeTaxExpensePretax income-$16.41MincomeBeforeTaxTax rate—Equity$108.79MtotalStockholderEquityDebt$33.16MshortLongTermDebtTotalCash$129.92McashAndShortTermInvestmentsInvested capital$12.02MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.42xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$17.09MoperatingIncomeNet PP&E$40.67MpropertyPlantAndEquipmentNetResult -0.42x |
| 2020 | 19.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$36.13MpropertyPlantAndEquipmentNetInventory$20.73MinventoryTotal assets$290.81MtotalAssetsResult 19.6% | 6.24xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$225.53MtotalRevenueNet PP&E$36.13MpropertyPlantAndEquipmentNetResult 6.24x | 0.32xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$3.56McapitalExpendituresD&A$11.30MdepreciationAndAmortizationResult 0.32x | $1.42Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$290.81MtotalAssetsGoodwill$1.31MgoodWillIntangibles$862.00KintangibleAssetsLiabilities$174.84MtotalLiabTangible book$113.81MShares80,019,000commonStockSharesOutstandingResult $1.42 | 5.11xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$30.44MebitdaCapex$3.56McapitalExpendituresInterest$1.00KinterestExpenseShort-term debt$5.26MshortTermDebtEBITDA − capex$26.88MPrincipal due is short-term debt.Result 5.11x | $51.72MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$55.29MtotalCashFromOperatingActivitiesCapex$3.56McapitalExpendituresFree cash flow$51.72MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $51.72M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.73MoperatingIncomeTax expense$1.32MincomeTaxExpensePretax income$19.14MincomeBeforeTaxTax rate6.9%Equity$115.97MtotalStockholderEquityDebt$28.76MshortLongTermDebtTotalCash$158.13McashAndShortTermInvestmentsInvested capital—Result — | 0.49xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$17.73MoperatingIncomeNet PP&E$36.13MpropertyPlantAndEquipmentNetResult 0.49x |
| 2021 | 14.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$33.56MpropertyPlantAndEquipmentNetInventory$22.46MinventoryTotal assets$393.09MtotalAssetsResult 14.3% | 7.45xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$250.04MtotalRevenueNet PP&E$33.56MpropertyPlantAndEquipmentNetResult 7.45x | 0.58xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$5.17McapitalExpendituresD&A$8.91MdepreciationAndAmortizationResult 0.58x | $2.59Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$393.09MtotalAssetsGoodwill$1.31MgoodWillIntangibles$33.00KintangibleAssetsLiabilities$184.20MtotalLiabTangible book$207.55MShares80,037,000commonStockSharesOutstandingResult $2.59 | 6.11xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$42.70MebitdaCapex$5.17McapitalExpendituresInterest$2.16MinterestExpenseShort-term debt$3.98MshortTermDebtEBITDA − capex$37.53MPrincipal due is short-term debt.Result 6.11x | $44.93MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$50.10MtotalCashFromOperatingActivitiesCapex$5.17McapitalExpendituresFree cash flow$44.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $44.93M | 70.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$33.39MoperatingIncomeTax expense-$63.25MincomeTaxExpensePretax income$31.64MincomeBeforeTaxTax rate0.0%Equity$208.89MtotalStockholderEquityDebt$23.30MshortLongTermDebtTotalCash$185.04McashAndShortTermInvestmentsInvested capital$47.15MResult 70.8% | 0.99xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$33.39MoperatingIncomeNet PP&E$33.56MpropertyPlantAndEquipmentNetResult 0.99x |
| 2022 | 16.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$40.94MpropertyPlantEquipmentInventory$19.69MinventoryTotal assets$369.11MtotalAssetsResult 16.4% | 6.85xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$280.34MtotalRevenueNet PP&E$40.94MpropertyPlantEquipmentResult 6.85x | 1.46xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$10.80McapitalExpendituresD&A$7.38MdepreciationAndAmortizationResult 1.46x | $2.31Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$369.11MtotalAssetsGoodwill$1.31MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$188.09MtotalLiabTangible book$179.71MShares77,751,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $2.31 | 7.89xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$61.76MebitdaCapex$10.80McapitalExpendituresInterest$1.67MinterestExpenseShort-term debt$4.79MshortTermDebtEBITDA − capex$50.97MPrincipal due is short-term debt.Result 7.89x | $55.30MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$66.10MtotalCashFromOperatingActivitiesCapex$10.80McapitalExpendituresFree cash flow$55.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $55.30M | 91.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$53.08MoperatingIncomeTax expense$5.81MincomeTaxExpensePretax income$52.72MincomeBeforeTaxTax rate11.0%Equity$181.01MtotalStockholderEquityDebt$21.64MshortLongTermDebtTotalCash$150.99McashAndShortTermInvestmentsInvested capital$51.66MResult 91.4% | 1.30xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$53.08MoperatingIncomeNet PP&E$40.94MpropertyPlantEquipmentResult 1.30x |
| 2023 | 17.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$46.25MpropertyPlantAndEquipmentNetInventory$23.52MinventoryTotal assets$389.81MtotalAssetsResult 17.9% | 5.44xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$251.70MtotalRevenueNet PP&E$46.25MpropertyPlantAndEquipmentNetResult 5.44x | 1.17xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$10.90McapitalExpendituresD&A$9.35MdepreciationAndAmortizationResult 1.17x | $2.73Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$389.81MtotalAssetsGoodwill$1.31MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$181.93MtotalLiabTangible book$206.57MShares75,550,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $2.73 | 5.48xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$38.65MebitdaCapex$10.90McapitalExpendituresInterest$69.00KinterestExpenseShort-term debt$5.00MshortTermDebtEBITDA − capex$27.75MPrincipal due is short-term debt.Result 5.48x | $33.62MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$44.51MtotalCashFromOperatingActivitiesCapex$10.90McapitalExpendituresFree cash flow$33.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $33.62M | 53.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$38.65MoperatingIncomeTax expense$3.83MincomeTaxExpensePretax income$43.80MincomeBeforeTaxTax rate8.7%Equity$207.88MtotalStockholderEquityDebt$16.82MshortLongTermDebtTotalCash$159.30McashAndShortTermInvestmentsInvested capital$65.40MResult 53.9% | 0.84xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$38.65MoperatingIncomeNet PP&E$46.25MpropertyPlantAndEquipmentNetResult 0.84x |
| 2024 | 16.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$50.68MpropertyPlantAndEquipmentNetInventory$22.01MinventoryTotal assets$432.82MtotalAssetsResult 16.8% | 5.16xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$261.70MtotalRevenueNet PP&E$50.68MpropertyPlantAndEquipmentNetResult 5.16x | 1.09xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$12.27McapitalExpendituresD&A$11.29MdepreciationAndAmortizationResult 1.09x | $3.06Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$432.82MtotalAssetsGoodwill$1.31MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$200.99MtotalLiabTangible book$230.52MShares75,302,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $3.06 | 5.32xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$76.78MebitdaCapex$12.27McapitalExpendituresInterest$7.38MinterestExpenseShort-term debt$4.74MshortTermDebtEBITDA − capex$64.51MPrincipal due is short-term debt.Result 5.32x | $78.22MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$90.49MtotalCashFromOperatingActivitiesCapex$12.27McapitalExpendituresFree cash flow$78.22MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $78.22M | 78.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$43.97MoperatingIncomeTax expense$7.96MincomeTaxExpensePretax income$58.10MincomeBeforeTaxTax rate13.7%Equity$231.83MtotalStockholderEquityDebt$11.94MshortLongTermDebtTotalCash$195.56McashAndShortTermInvestmentsInvested capital$48.21MResult 78.7% | 0.87xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$43.97MoperatingIncomeNet PP&E$50.68MpropertyPlantAndEquipmentNetResult 0.87x |
| 2025 | 12.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$59.08MpropertyPlantAndEquipmentNetInventory$18.03MinventoryTotal assets$629.81MtotalAssetsResult 12.2% | 4.92xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$290.56MtotalRevenueNet PP&E$59.08MpropertyPlantAndEquipmentNetResult 4.92x | 1.35xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$20.13McapitalExpendituresD&A$14.86MdepreciationAndAmortizationResult 1.35x | $2.58Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$629.81MtotalAssetsGoodwill$15.13MgoodWillIntangibles$6.26MintangibleAssetsLiabilities$418.27MtotalLiabTangible book$190.15MShares73,590,000commonStockSharesOutstandingResult $2.58 | 4.62xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$67.28MebitdaCapex$20.13McapitalExpendituresInterest$6.35MinterestExpenseShort-term debt$3.85MshortLongTermDebtTotal − longTermDebtEBITDA − capex$47.15MShort-term debt is total debt minus long-term debt.Result 4.62x | $64.77MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$84.89MtotalCashFromOperatingActivitiesCapex$20.13McapitalExpendituresFree cash flow$64.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $64.77M | 67.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$47.14MoperatingIncomeTax expense$10.29MincomeTaxExpensePretax income$52.42MincomeBeforeTaxTax rate19.6%Equity$211.55MtotalStockholderEquityDebt$222.64MshortLongTermDebtTotalCash$377.85McashAndShortTermInvestmentsInvested capital$56.33MResult 67.3% | 0.80xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$47.14MoperatingIncomeNet PP&E$59.08MpropertyPlantAndEquipmentNetResult 0.80x |
- 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.
- Principal due is total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $59.08M
Inventory: $18.03M
Total assets: $629.81M
Goodwill: $15.13M
Intangibles: $6.26M
Liabilities: $418.27M
Tangible book: $190.15M
Shares: 73,590,000
Revenue: $290.56M
Capex: $20.13M
D&A: $14.86M
EBITDA: $67.28M
Interest: $6.35M
Short-term debt: $3.85M
Free cash flow: $64.77M
Operating income: $47.14M
Invested capital: $56.33M
Tax rate: 19.6%