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.
Boardwalk Real Estate Investment Trust
Physical assets are 0.5% of total assets, a light footprint. Capex is 20.33x 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. EBITDA after capex covers debt service by 0.14x, 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 18.18x.
Physical asset ratio
0.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
18.18x
Revenue per dollar of the physical asset base.
Capex / D&A
20.33x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$92.04
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.67x
Price $61.54.
Fixed-charge coverage
0.14x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.4%
Latest free cash flow divided by current market cap ($3.30B).
ROIC
4.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 10.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 98.0% | 0.07x | 1.19x | $61.54 | 0.40x | $99.30M | 3.9% | 0.04x |
| 2019 | 98.7% | 0.07x | 0.64x | $67.15 | 0.26x | $155.11M | 2.7% | 0.03x |
| 2020 | 98.0% | 0.08x | 0.61x | $56.37 | -0.21x | $136.12M | — | 0.04x |
| 2021 | 98.1% | 0.07x | 16.26x | $69.89 | 0.01x | $34.86M | 3.7% | 0.04x |
| 2022 | 98.2% | 0.07x | 16.62x | $68.83 | 0.23x | $31.55M | 3.6% | 0.04x |
| 2023 | 0.5% | 17.84x | 15.90x | $94.26 | 1.08x | $73.82M | 3.8% | 9.25x |
| 2024 | 0.5% | 17.97x | 16.04x | $89.60 | 0.22x | $107.77M | 4.2% | 10.51x |
| 2025 | 0.5% | 18.18x | 20.33x | $92.04 | 0.14x | $79.74M | 4.2% | 10.04x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $35.13M
Inventory: $6.96M
Total assets: $8.99B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $4.07B
Tangible book: $4.92B
Shares: 53,461,587
Revenue: $638.64M
Capex: $180.09M
D&A: $8.86M
EBITDA: $324.17M
Interest: $118.47M
Short-term debt: $893.84M
Free cash flow: $79.74M
Operating income: $352.63M
Invested capital: $8.46B
Tax rate: 0.0%