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.
Business First Bancshares 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 0.01x 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 0.27x, which is below 1.
Fixed-asset turnover is 6.92x. Compare it with other names in the same basket.
Physical asset ratio
0.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$73.98MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$8.21BtotalAssetsInventory was not reported and is treated as zero.Result 0.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.92xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$511.93MtotalRevenueNet PP&E$73.98MpropertyPlantAndEquipmentNetResult 6.92x
Revenue per dollar of the physical asset base.
Capex / D&A
0.01xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$66.00KcapitalExpendituresD&A$5.68MdepreciationAndAmortizationResult 0.01x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$25.67Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.21BtotalAssetsGoodwill$121.15MgoodWillIntangibles$14.50MintangibleAssetsLiabilities$7.32BtotalLiabTangible book$761.24MShares29,656,639commonStockSharesOutstandingResult $25.67
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.28xPrice / tangible bookPrice / tangible book per sharePrice$32.98Latest quoteTangible book / share$25.672025-12-31Result 1.28x
Price $32.98.
Fixed-charge coverage
0.27xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$119.09MebitdaCapex$66.00KcapitalExpendituresInterest$191.85MinterestExpenseShort-term debt$256.20MshortLongTermDebtEBITDA − capex$119.02MPrincipal due is the current portion of debt.Result 0.27x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$92.02MNot reportedMarket cap$1.07BMarketCapitalizationResult 8.6%
Latest free cash flow divided by current market cap ($1.07B).
ROIC
20.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$113.41MoperatingIncomeTax expense$22.45MincomeTaxExpensePretax income$110.31MincomeBeforeTaxTax rate20.4%Equity$896.88MtotalStockholderEquityDebt$551.35MshortLongTermDebtTotalCash$1.00BcashAndShortTermInvestmentsInvested capital$446.13MResult 20.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.53x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.11MpropertyPlantEquipmentInventory$1.91MinventoryTotal assets$2.09BtotalAssetsResult 0.8% | 5.56xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$83.97MtotalRevenueNet PP&E$15.11MpropertyPlantEquipmentResult 5.56x | 0.78xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$919.00KcapitalExpendituresD&A$1.17MdepreciationAndAmortizationResult 0.78x | $17.55Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.09BtotalAssetsGoodwill$49.49MgoodWillIntangibles$7.89MintangibleAssetsLiabilities$1.83BtotalLiabTangible book$202.69MShares11,546,000commonStockSharesOutstandingResult $17.55 | 0.67xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$18.54MebitdaCapex$919.00KcapitalExpendituresInterest$13.97MinterestExpenseShort-term debt$12.23MshortTermDebtEBITDA − capex$17.62MPrincipal due is short-term debt.Result 0.67x | $18.36MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$19.28MtotalCashFromOperatingActivitiesCapex$919.00KcapitalExpendituresFree cash flow$18.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $18.36M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.37MoperatingIncomeTax expense$3.28MincomeTaxExpensePretax income$17.37MincomeBeforeTaxTax rate18.9%Equity$260.06MtotalStockholderEquityDebt$92.23MshortLongTermDebtTotalCash$405.59McashAndShortTermInvestmentsInvested capital—Result — | 1.15xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$17.37MoperatingIncomeNet PP&E$15.11MpropertyPlantEquipmentResult 1.15x |
| 2019 | -5.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$29.28MpropertyPlantEquipmentInventory-$162.80MinventoryTotal assets$2.27BtotalAssetsResult -5.9% | 3.85xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$112.62MtotalRevenueNet PP&E$29.28MpropertyPlantEquipmentResult 3.85x | 2.49xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$3.96McapitalExpendituresD&A$1.59MdepreciationAndAmortizationResult 2.49x | $16.82Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.27BtotalAssetsGoodwill$48.50MgoodWillIntangibles$6.69MintangibleAssetsLiabilities$1.99BtotalLiabTangible book$229.91MShares13,671,000commonStockSharesOutstandingResult $16.82 | 0.83xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$31.44MebitdaCapex$3.96McapitalExpendituresInterest$23.27MinterestExpenseShort-term debt$10.00MshortLongTermDebtEBITDA − capex$27.48MPrincipal due is the current portion of debt.Result 0.83x | $20.46MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$24.42MtotalCashFromOperatingActivitiesCapex$3.96McapitalExpendituresFree cash flow$20.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $20.46M | 23.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$29.85MoperatingIncomeTax expense$6.08MincomeTaxExpensePretax income$29.85MincomeBeforeTaxTax rate20.4%Equity$285.10MtotalStockholderEquityDebt$185.99MshortLongTermDebtTotalCash$367.56McashAndShortTermInvestmentsInvested capital$103.52MResult 23.0% | 1.02xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$29.85MoperatingIncomeNet PP&E$29.28MpropertyPlantEquipmentResult 1.02x |
| 2020 | -7.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$58.59MpropertyPlantEquipmentInventory-$356.23MinventoryTotal assets$4.16BtotalAssetsResult -7.2% | 2.88xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$168.78MtotalRevenueNet PP&E$58.59MpropertyPlantEquipmentResult 2.88x | 0.94xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.97McapitalExpendituresD&A$3.16MdepreciationAndAmortizationResult 0.94x | $18.99Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.16BtotalAssetsGoodwill$53.86MgoodWillIntangibles$9.73MintangibleAssetsLiabilities$3.75BtotalLiabTangible book$346.37MShares18,243,000commonStockSharesOutstandingResult $18.99 | 1.36xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$39.95MebitdaCapex$2.97McapitalExpendituresInterest$22.11MinterestExpenseShort-term debt$5.02MshortLongTermDebtEBITDA − capex$36.98MPrincipal due is the current portion of debt.Result 1.36x | $26.37MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$29.34MtotalCashFromOperatingActivitiesCapex$2.97McapitalExpendituresFree cash flow$26.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $26.37M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$36.78MoperatingIncomeTax expense$6.79MincomeTaxExpensePretax income$36.78MincomeBeforeTaxTax rate18.5%Equity$409.96MtotalStockholderEquityDebt$36.02MlongTermDebt + shortLongTermDebtCash$789.74McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.63xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$36.78MoperatingIncomeNet PP&E$58.59MpropertyPlantEquipmentResult 0.63x |
| 2021 | -5.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$58.16MpropertyPlantEquipmentInventory-$316.44MinventoryTotal assets$4.73BtotalAssetsResult -5.5% | 3.49xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$203.11MtotalRevenueNet PP&E$58.16MpropertyPlantEquipmentResult 3.49x | 0.95xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.97McapitalExpendituresD&A$4.16MdepreciationAndAmortizationResult 0.95x | $17.51Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.73BtotalAssetsGoodwill$59.89MgoodWillIntangibles$12.20MintangibleAssetsLiabilities$4.29BtotalLiabTangible book$361.27MShares20,634,000commonStockSharesOutstandingResult $17.51 | 3.91xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$68.72MebitdaCapex$3.97McapitalExpendituresInterest$16.55MinterestExpenseShort-term debt$20.00KshortLongTermDebtEBITDA − capex$64.75MPrincipal due is the current portion of debt.Result 3.91x | $52.47MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$56.44MtotalCashFromOperatingActivitiesCapex$3.97McapitalExpendituresFree cash flow$52.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $52.47M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$64.56MoperatingIncomeTax expense$12.42MincomeTaxExpensePretax income$64.56MincomeBeforeTaxTax rate19.2%Equity$433.37MtotalStockholderEquityDebt$187.59MshortLongTermDebtTotalCash$1.09BcashAndShortTermInvestmentsInvested capital—Result — | 1.11xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$64.56MoperatingIncomeNet PP&E$58.16MpropertyPlantEquipmentResult 1.11x |
| 2022 | -2.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$63.18MpropertyPlantEquipmentInventory-$195.38MinventoryTotal assets$5.99BtotalAssetsResult -2.2% | 4.18xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$264.08MtotalRevenueNet PP&E$63.18MpropertyPlantEquipmentResult 4.18x | 1.61xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$7.78McapitalExpendituresD&A$4.82MdepreciationAndAmortizationResult 1.61x | $20.94Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.99BtotalAssetsGoodwill$88.54MgoodWillIntangibles$14.04MintangibleAssetsLiabilities$5.41BtotalLiabTangible book$477.90MShares22,817,000commonStockSharesOutstandingResult $20.94 | 1.80xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$73.41MebitdaCapex$7.78McapitalExpendituresInterest$36.54MinterestExpenseShort-term debt$9.00KshortLongTermDebtEBITDA − capex$65.63MPrincipal due is the current portion of debt.Result 1.80x | $61.80MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$69.58MtotalCashFromOperatingActivitiesCapex$7.78McapitalExpendituresFree cash flow$61.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $61.80M | 55.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$68.59MoperatingIncomeTax expense$14.34MincomeTaxExpensePretax income$68.59MincomeBeforeTaxTax rate20.9%Equity$580.48MtotalStockholderEquityDebt$560.12MshortLongTermDebtTotalCash$1.04BcashAndShortTermInvestmentsInvested capital$97.11MResult 55.9% | 1.09xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$68.59MoperatingIncomeNet PP&E$63.18MpropertyPlantEquipmentResult 1.09x |
| 2023 | -71.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$69.48MpropertyPlantAndEquipmentNetInventory-$4.76BinventoryTotal assets$6.58BtotalAssetsResult -71.2% | 5.55xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$385.62MtotalRevenueNet PP&E$69.48MpropertyPlantAndEquipmentNetResult 5.55x | 2.49xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$11.65McapitalExpendituresD&A$4.67MdepreciationAndAmortizationResult 2.49x | $21.50Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.58BtotalAssetsGoodwill$88.39MgoodWillIntangibles$11.90MintangibleAssetsLiabilities$5.94BtotalLiabTangible book$543.97MShares25,296,000commonStockSharesOutstandingResult $21.50 | 0.53xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$95.26MebitdaCapex$11.65McapitalExpendituresInterest$138.20MinterestExpenseShort-term debt$18.89MshortTermDebtEBITDA − capex$83.61MPrincipal due is short-term debt.Result 0.53x | $80.78MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$92.43MtotalCashFromOperatingActivitiesCapex$11.65McapitalExpendituresFree cash flow$80.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $80.78M | 40.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$90.59MoperatingIncomeTax expense$19.54MincomeTaxExpensePretax income$90.59MincomeBeforeTaxTax rate21.6%Equity$644.26MtotalStockholderEquityDebt$635.07MshortLongTermDebtTotalCash$1.11BcashAndShortTermInvestmentsInvested capital$173.65MResult 40.9% | 1.30xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$90.59MoperatingIncomeNet PP&E$69.48MpropertyPlantAndEquipmentNetResult 1.30x |
| 2024 | 1.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$81.95MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$7.86BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 5.59xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$457.75MtotalRevenueNet PP&E$81.95MpropertyPlantAndEquipmentNetResult 5.59x | 0.30xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.56McapitalExpendituresD&A$5.26MdepreciationAndAmortizationResult 0.30x | $24.98Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.86BtotalAssetsGoodwill$121.57MgoodWillIntangibles$17.25MintangibleAssetsLiabilities$7.06BtotalLiabTangible book$660.64MShares26,452,000commonStockSharesOutstandingResult $24.98 | 0.41xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$88.31MebitdaCapex$1.56McapitalExpendituresInterest$187.38MinterestExpenseShort-term debt$22.62MshortTermDebtEBITDA − capex$86.75MPrincipal due is short-term debt.Result 0.41x | $59.84MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$61.40MtotalCashFromOperatingActivitiesCapex$1.56McapitalExpendituresFree cash flow$59.84MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $59.84M | 7.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$83.09MoperatingIncomeTax expense$17.94MincomeTaxExpensePretax income$83.05MincomeBeforeTaxTax rate21.6%Equity$799.47MtotalStockholderEquityDebt$483.26MshortLongTermDebtTotalCash$347.76McashAndShortTermInvestmentsInvested capital$934.97MResult 7.0% | 1.01xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$83.09MoperatingIncomeNet PP&E$81.95MpropertyPlantAndEquipmentNetResult 1.01x |
| 2025 | 0.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$73.98MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$8.21BtotalAssetsInventory was not reported and is treated as zero.Result 0.9% | 6.92xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$511.93MtotalRevenueNet PP&E$73.98MpropertyPlantAndEquipmentNetResult 6.92x | 0.01xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$66.00KcapitalExpendituresD&A$5.68MdepreciationAndAmortizationResult 0.01x | $25.67Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.21BtotalAssetsGoodwill$121.15MgoodWillIntangibles$14.50MintangibleAssetsLiabilities$7.32BtotalLiabTangible book$761.24MShares29,656,639commonStockSharesOutstandingResult $25.67 | 0.27xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$119.09MebitdaCapex$66.00KcapitalExpendituresInterest$191.85MinterestExpenseShort-term debt$256.20MshortLongTermDebtEBITDA − capex$119.02MPrincipal due is the current portion of debt.Result 0.27x | $92.02MFree cash flow · 2025-12-31Operating cash flow − capexOperating cash flow$92.08MtotalCashFromOperatingActivitiesCapex$66.00KcapitalExpendituresFree cash flow$92.02MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $92.02M | 20.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$113.41MoperatingIncomeTax expense$22.45MincomeTaxExpensePretax income$110.31MincomeBeforeTaxTax rate20.4%Equity$896.88MtotalStockholderEquityDebt$551.35MshortLongTermDebtTotalCash$1.00BcashAndShortTermInvestmentsInvested capital$446.13MResult 20.2% | 1.53xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$113.41MoperatingIncomeNet PP&E$73.98MpropertyPlantAndEquipmentNetResult 1.53x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
- Reported free cash flow matched operating cash flow, so capex was subtracted.
Latest year inputs (2025)
Net PP&E: $73.98M
Inventory: $0.00
Total assets: $8.21B
Goodwill: $121.15M
Intangibles: $14.50M
Liabilities: $7.32B
Tangible book: $761.24M
Shares: 29,656,639
Revenue: $511.93M
Capex: $66.00K
D&A: $5.68M
EBITDA: $119.09M
Interest: $191.85M
Short-term debt: $256.20M
Free cash flow: $92.02M
Operating income: $113.41M
Invested capital: $446.13M
Tax rate: 20.4%