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.
Bain Capital Specialty Finance Inc
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.00x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. That coverage ratio uses interest only, because short-term debt was not on the balance sheet.
Physical asset ratio
—Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$2.66BtotalAssetsResult —
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
—Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$239.20MtotalRevenueNet PP&E—Not reportedResult —
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$5.20MdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$17.24Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.66BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.55BtotalLiabTangible book$1.12BShares64,821,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $17.24
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.65xPrice / tangible bookPrice / tangible book per sharePrice$11.17Latest quoteTangible book / share$17.242025-12-31Result 0.65x
Price $11.17.
Fixed-charge coverage
2.34xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDA$188.30MebitdaCapex$0.00capitalExpendituresInterest$80.59MinterestExpenseEBITDA − capex$188.30MShort-term debt was not reported, so the denominator is interest only.Result 2.34x
EBITDA minus capex, divided by interest only.
FCF yield
4.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$29.52MfreeCashFlowMarket cap$729.12MMarketCapitalizationResult 4.0%
Latest free cash flow divided by current market cap ($729.12M).
ROIC
7.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$180.90MoperatingIncomeTax expense$3.75MincomeTaxExpensePretax income$102.51MincomeBeforeTaxTax rate3.7%Equity$1.12BtotalStockholderEquityDebt$1.47BshortLongTermDebtTotalCash$135.34McashAndShortTermInvestmentsInvested capital$2.45BResult 7.1%
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$27.31MinventoryTotal assets$1.79BtotalAssetsResult — | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$73.59MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$66.16MdepreciationAndAmortizationResult 0.00x | $25.61Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.79BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$789.39MtotalLiabTangible book$1.00BShares39,111,075commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $25.61 | 2.11xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$50.66MebitdaCapex$0.00capitalExpendituresInterest$24.01MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$50.66MShort-term debt is total debt minus long-term debt.Result 2.11x | -$774.25MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$774.25MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$774.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$774.25M | 4.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$69.26MoperatingIncomeTax expense$309.00incomeTaxExpensePretax income$26.65MincomeBeforeTaxTax rate0.0%Equity$1.00BtotalStockholderEquityDebt$634.92MshortLongTermDebtTotalCash$15.28McashInvested capital$1.62BResult 4.3% | —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$69.26MoperatingIncomeNet PP&E—Not reportedResult — |
| 2019 | —Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$113.32MinventoryTotal assets$2.65BtotalAssetsResult — | —Fixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$94.71MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$151.20MdepreciationAndAmortizationResult 0.00x | $19.46Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.65BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.63BtotalLiabTangible book$1.02BShares52,331,384commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $19.46 | 0.06xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$98.09MebitdaCapex$0.00capitalExpendituresInterest$66.33MinterestExpenseShort-term debt$1.57BshortTermDebtEBITDA − capex$98.09MPrincipal due is short-term debt.Result 0.06x | -$242.77MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$242.77MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$242.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$242.77M | 2.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$98.09MoperatingIncomeTax expense$84.70MincomeTaxExpensePretax income$98.09MincomeBeforeTaxTax rate40.0%Equity$1.02BtotalStockholderEquityDebt$1.57BshortLongTermDebtTotalCash$37.34McashInvested capital$2.56BThe effective tax rate was above 40% and was capped at 40%.Result 2.3% | —EBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$98.09MoperatingIncomeNet PP&E—Not reportedResult — |
| 2020 | —Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$103.35MinventoryTotal assets$2.60BtotalAssetsResult — | —Fixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$13.91MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$22.40KdepreciationAndAmortizationResult 0.00x | $18.20Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.60BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.54BtotalLiabTangible book$1.07BShares58,670,518commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.20 | 0.01xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.53MebitdaCapex$0.00capitalExpendituresInterest$63.31MinterestExpenseShort-term debt$1.46BshortTermDebtEBITDA − capex$8.53MPrincipal due is short-term debt.Result 0.01x | $89.42MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$89.42MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$89.42MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $89.42M | 0.3%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.51MoperatingIncomeTax expense$232.00KincomeTaxExpensePretax income$8.51MincomeBeforeTaxTax rate2.7%Equity$1.07BtotalStockholderEquityDebt$1.46BshortLongTermDebtTotalCash$54.68McashInvested capital$2.47BResult 0.3% | —EBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$8.51MoperatingIncomeNet PP&E—Not reportedResult — |
| 2021 | —Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$253.18MinventoryTotal assets$2.57BtotalAssetsResult — | —Fixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$124.06MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$27.94MdepreciationAndAmortizationResult 0.00x | $17.04Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.57BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.47BtotalLiabTangible book$1.10BShares64,562,265commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $17.04 | 0.06xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$92.01MebitdaCapex$0.00capitalExpendituresInterest$51.35MinterestExpenseShort-term debt$1.41BshortTermDebtEBITDA − capex$92.01MPrincipal due is short-term debt.Result 0.06x | $265.55MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$265.55MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$265.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $265.55M | 5.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$119.94MoperatingIncomeTax expense$134.00KincomeTaxExpensePretax income$119.94MincomeBeforeTaxTax rate0.1%Equity$1.10BtotalStockholderEquityDebt$1.41BshortLongTermDebtTotalCash$117.42McashInvested capital$2.40BResult 5.0% | —EBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$119.94MoperatingIncomeNet PP&E—Not reportedResult — |
| 2022 | —Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory$178.17MinventoryTotal assets$2.59BtotalAssetsResult — | —Fixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$116.51MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$325.00KdepreciationAndAmortizationResult 0.00x | $17.29Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.59BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.48BtotalLiabTangible book$1.12BShares64,562,265commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $17.29 | 0.11xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$158.96MebitdaCapex$0.00capitalExpendituresInterest$52.32MinterestExpenseShort-term debt$1.39BshortTermDebtEBITDA − capex$158.96MPrincipal due is short-term debt.Result 0.11x | -$316.83MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$316.83MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$316.83MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$316.83M | 6.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$158.64MoperatingIncomeTax expense$837.00KincomeTaxExpensePretax income$106.32MincomeBeforeTaxTax rate0.8%Equity$1.12BtotalStockholderEquityDebt$1.39BshortLongTermDebtTotalCash$59.78McashInvested capital$2.44BResult 6.4% | —EBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$158.64MoperatingIncomeNet PP&E—Not reportedResult — |
| 2023 | —Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$2.47BtotalAssetsResult — | —Fixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$218.00MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$224.98MdepreciationAndAmortizationResult 0.00x | $17.60Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.47BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.34BtotalLiabTangible book$1.14BShares64,562,265commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $17.60 | 0.09xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$126.73MebitdaCapex$0.00capitalExpendituresInterest$80.01MinterestExpenseShort-term debt$1.26BshortTermDebtEBITDA − capex$126.73MPrincipal due is short-term debt.Result 0.09x | $125.87MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$125.87MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$125.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $125.87M | 5.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$126.73MoperatingIncomeTax expense$3.36MincomeTaxExpensePretax income$126.73MincomeBeforeTaxTax rate2.6%Equity$1.14BtotalStockholderEquityDebt$1.26BshortLongTermDebtTotalCash$49.40McashInvested capital$2.34BResult 5.3% | —EBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$126.73MoperatingIncomeNet PP&E—Not reportedResult — |
| 2024 | —Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$2.63BtotalAssetsResult — | —Fixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$212.88MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$14.69MdepreciationAndAmortizationResult 0.00x | $17.65Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.63BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.49BtotalLiabTangible book$1.14BShares64,562,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $17.65 | 1.66xFixed-charge coverage · 2024-12-31(EBITDA − capex) / interestEBITDA$123.89MebitdaCapex$0.00capitalExpendituresInterest$74.69MinterestExpenseEBITDA − capex$123.89MShort-term debt was not reported, so the denominator is interest only.Result 1.66x | $112.58MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$112.58MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$112.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $112.58M | 4.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$123.89MoperatingIncomeTax expense$4.48MincomeTaxExpensePretax income$123.89MincomeBeforeTaxTax rate3.6%Equity$1.14BtotalStockholderEquityDebt$1.39BshortLongTermDebtTotalCash$53.53McashInvested capital$2.48BResult 4.8% | —EBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$123.89MoperatingIncomeNet PP&E—Not reportedResult — |
| 2025 | —Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$2.66BtotalAssetsResult — | —Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$239.20MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$5.20MdepreciationAndAmortizationResult 0.00x | $17.24Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.66BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.55BtotalLiabTangible book$1.12BShares64,821,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $17.24 | 2.34xFixed-charge coverage · 2025-12-31(EBITDA − capex) / interestEBITDA$188.30MebitdaCapex$0.00capitalExpendituresInterest$80.59MinterestExpenseEBITDA − capex$188.30MShort-term debt was not reported, so the denominator is interest only.Result 2.34x | $29.52MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$29.52MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$29.52MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $29.52M | 7.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$180.90MoperatingIncomeTax expense$3.75MincomeTaxExpensePretax income$102.51MincomeBeforeTaxTax rate3.7%Equity$1.12BtotalStockholderEquityDebt$1.47BshortLongTermDebtTotalCash$135.34McashAndShortTermInvestmentsInvested capital$2.45BResult 7.1% | —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$180.90MoperatingIncomeNet PP&E—Not reportedResult — |
- Fixed-charge coverage is EBITDA minus capex, divided by interest. Short-term debt was not reported, so principal due is left out.
Latest year inputs (2025)
Net PP&E: —
Inventory: —
Total assets: $2.66B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $1.55B
Tangible book: $1.12B
Shares: 64,821,000
Revenue: $239.20M
Capex: $0.00
D&A: $5.20M
EBITDA: $188.30M
Interest: $80.59M
Short-term debt: —
Free cash flow: $29.52M
Operating income: $180.90M
Invested capital: $2.45B
Tax rate: 3.7%