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.
Blackbaud Inc
Physical assets are 3.8% of total assets, a light footprint. Capex is 0.09x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 37.4%, 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 12.58x.
Physical asset ratio
3.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$89.71MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.39BtotalAssetsInventory was not reported and is treated as zero.Result 3.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.58xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.13BtotalRevenueNet PP&E$89.71MpropertyPlantAndEquipmentNetResult 12.58x
Revenue per dollar of the physical asset base.
Capex / D&A
0.09xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$7.77McapitalExpendituresD&A$86.22MdepreciationAndAmortizationResult 0.09x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$25.46Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.39BtotalAssetsGoodwill$1.06BgoodWillIntangibles$262.50MintangibleAssetsLiabilities$2.31BtotalLiabTangible book-$1.23BShares48,469,961commonStockSharesOutstandingResult -$25.46
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$56.06Latest quoteTangible book / share-$25.462025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $56.06.
Fixed-charge coverage
3.07xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$285.97MebitdaCapex$7.77McapitalExpendituresInterest$67.97MinterestExpenseShort-term debt$22.66MshortTermDebtEBITDA − capex$278.20MPrincipal due is short-term debt.Result 3.07x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
10.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$257.78MfreeCashFlowMarket cap$2.52BMarketCapitalizationResult 10.2%
Latest free cash flow divided by current market cap ($2.52B).
ROIC
37.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$190.75MoperatingIncomeTax expense$16.81MincomeTaxExpensePretax income$131.78MincomeBeforeTaxTax rate12.8%Equity$85.05MtotalStockholderEquityDebt$1.12BshortLongTermDebtTotalCash$758.98McashInvested capital$444.99MResult 37.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.13x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 28.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$40.03MpropertyPlantEquipmentInventory$418.98MinventoryTotal assets$1.62BtotalAssetsResult 28.4% | 21.20xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$848.61MtotalRevenueNet PP&E$40.03MpropertyPlantEquipmentResult 21.20x | 0.66xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$52.35McapitalExpendituresD&A$79.57MdepreciationAndAmortizationResult 0.66x | -$11.20Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.62BtotalAssetsGoodwill$545.21MgoodWillIntangibles$366.72MintangibleAssetsLiabilities$1.24BtotalLiabTangible book-$538.15MShares48,045,084commonStockSharesOutstandingResult -$11.20 | 1.78xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$150.97MebitdaCapex$52.35McapitalExpendituresInterest$15.90MinterestExpenseShort-term debt$39.39MshortTermDebtEBITDA − capex$98.63MPrincipal due is short-term debt.Result 1.78x | $149.04MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$201.39MtotalCashFromOperatingActivitiesCapex$52.35McapitalExpendituresFree cash flow$149.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $149.04M | 8.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$59.42MoperatingIncomeTax expense-$219.00KincomeTaxExpensePretax income$44.62MincomeBeforeTaxTax rate0.0%Equity$373.78MtotalStockholderEquityDebt$387.12MshortLongTermDebtTotalCash$30.87McashInvested capital$730.04MResult 8.1% | 1.48xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$59.42MoperatingIncomeNet PP&E$40.03MpropertyPlantEquipmentResult 1.48x |
| 2019 | 34.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$139.95MpropertyPlantAndEquipmentNetInventory$545.49MinventoryTotal assets$1.99BtotalAssetsResult 34.4% | 6.43xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$900.42MtotalRevenueNet PP&E$139.95MpropertyPlantAndEquipmentNetResult 6.43x | 0.68xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$58.37McapitalExpendituresD&A$85.69MdepreciationAndAmortizationResult 0.68x | -$13.59Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.99BtotalAssetsGoodwill$634.09MgoodWillIntangibles$419.20MintangibleAssetsLiabilities$1.60BtotalLiabTangible book-$656.52MShares48,312,271commonStockSharesOutstandingResult -$13.59 | 2.19xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$119.85MebitdaCapex$58.37McapitalExpendituresInterest$20.62MinterestExpenseShort-term debt$7.50MshortTermDebtEBITDA − capex$61.48MPrincipal due is short-term debt.Result 2.19x | $124.11MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$182.48MtotalCashFromOperatingActivitiesCapex$58.37McapitalExpendituresFree cash flow$124.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $124.11M | 2.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$27.15MoperatingIncomeTax expense-$1.32MincomeTaxExpensePretax income$10.59MincomeBeforeTaxTax rate0.0%Equity$396.76MtotalStockholderEquityDebt$562.72MshortLongTermDebtTotalCash$31.81McashInvested capital$927.68MResult 2.9% | 0.19xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$27.15MoperatingIncomeNet PP&E$139.95MpropertyPlantAndEquipmentNetResult 0.19x |
| 2020 | 36.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$127.85MpropertyPlantAndEquipmentNetInventory$609.22MinventoryTotal assets$2.04BtotalAssetsResult 36.0% | 7.14xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$913.22MtotalRevenueNet PP&E$127.85MpropertyPlantAndEquipmentNetResult 7.14x | 0.77xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$71.85McapitalExpendituresD&A$92.74MdepreciationAndAmortizationResult 0.77x | -$12.30Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.04BtotalAssetsGoodwill$635.85MgoodWillIntangibles$389.33MintangibleAssetsLiabilities$1.62BtotalLiabTangible book-$599.04MShares48,696,341commonStockSharesOutstandingResult -$12.30 | 2.12xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$135.58MebitdaCapex$71.85McapitalExpendituresInterest$17.29MinterestExpenseShort-term debt$12.84MshortTermDebtEBITDA − capex$63.73MPrincipal due is short-term debt.Result 2.12x | $76.11MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$147.96MtotalCashFromOperatingActivitiesCapex$71.85McapitalExpendituresFree cash flow$76.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $76.11M | 2.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$37.24MoperatingIncomeTax expense$13.90MincomeTaxExpensePretax income$21.61MincomeBeforeTaxTax rate40.0%Equity$426.15MtotalStockholderEquityDebt$548.39MshortLongTermDebtTotalCash$35.75McashInvested capital$938.79MThe effective tax rate was above 40% and was capped at 40%.Result 2.4% | 0.29xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$37.24MoperatingIncomeNet PP&E$127.85MpropertyPlantAndEquipmentNetResult 0.29x |
| 2021 | 25.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$165.31MpropertyPlantEquipmentInventory$596.62MinventoryTotal assets$2.97BtotalAssetsResult 25.7% | 5.61xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$927.74MtotalRevenueNet PP&E$165.31MpropertyPlantEquipmentResult 5.61x | 0.63xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$52.15McapitalExpendituresD&A$82.41MdepreciationAndAmortizationResult 0.63x | -$23.94Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.97BtotalAssetsGoodwill$1.08BgoodWillIntangibles$795.33MintangibleAssetsLiabilities$2.25BtotalLiabTangible book-$1.15BShares48,230,438commonStockSharesOutstandingResult -$23.94 | 1.70xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$114.69MebitdaCapex$52.15McapitalExpendituresInterest$18.00MinterestExpenseShort-term debt$18.70MshortTermDebtEBITDA − capex$62.54MPrincipal due is short-term debt.Result 1.70x | $161.51MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$213.66MtotalCashFromOperatingActivitiesCapex$52.15McapitalExpendituresFree cash flow$161.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $161.51M | 1.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$24.91MoperatingIncomeTax expense$1.39MincomeTaxExpensePretax income$7.08MincomeBeforeTaxTax rate19.6%Equity$717.06MtotalStockholderEquityDebt$1.01BshortLongTermDebtTotalCash$55.15McashInvested capital$1.67BResult 1.2% | 0.15xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$24.91MoperatingIncomeNet PP&E$165.31MpropertyPlantEquipmentResult 0.15x |
| 2022 | 28.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$153.33MpropertyPlantAndEquipmentNetInventory$702.24MinventoryTotal assets$2.99BtotalAssetsResult 28.6% | 6.90xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.06BtotalRevenueNet PP&E$153.33MpropertyPlantAndEquipmentNetResult 6.90x | 0.69xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$71.06McapitalExpendituresD&A$102.37MdepreciationAndAmortizationResult 0.69x | -$20.99Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.99BtotalAssetsGoodwill$1.05BgoodWillIntangibles$776.16MintangibleAssetsLiabilities$2.25BtotalLiabTangible book-$1.08BShares51,569,148commonStockSharesOutstandingResult -$20.99 | 1.19xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$135.81MebitdaCapex$71.06McapitalExpendituresInterest$35.80MinterestExpenseShort-term debt$18.80MshortTermDebtEBITDA − capex$64.74MPrincipal due is short-term debt.Result 1.19x | $132.83MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$203.89MtotalCashFromOperatingActivitiesCapex$71.06McapitalExpendituresFree cash flow$132.83MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $132.83M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$28.49MoperatingIncomeTax expense-$10.17MincomeTaxExpensePretax income-$55.58MincomeBeforeTaxTax rate—Equity$744.03MtotalStockholderEquityDebt$903.96MshortLongTermDebtTotalCash$31.69McashInvested capital$1.62BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.19xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$28.49MoperatingIncomeNet PP&E$153.33MpropertyPlantAndEquipmentNetResult -0.19x |
| 2023 | 4.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$135.62MpropertyPlantAndEquipmentNetInventory-$16.20MinventoryTotal assets$2.91BtotalAssetsResult 4.1% | 8.15xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.11BtotalRevenueNet PP&E$135.62MpropertyPlantAndEquipmentNetResult 8.15x | 0.59xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$64.13McapitalExpendituresD&A$109.49MdepreciationAndAmortizationResult 0.59x | -$18.38Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.91BtotalAssetsGoodwill$1.05BgoodWillIntangibles$742.13MintangibleAssetsLiabilities$2.10BtotalLiabTangible book-$987.16MShares53,721,342commonStockSharesOutstandingResult -$18.38 | 2.66xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$221.52MebitdaCapex$64.13McapitalExpendituresInterest$39.92MinterestExpenseShort-term debt$19.26MshortTermDebtEBITDA − capex$157.39MPrincipal due is short-term debt.Result 2.66x | $135.51MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$199.63MtotalCashFromOperatingActivitiesCapex$64.13McapitalExpendituresFree cash flow$135.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $135.51M | 1.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$44.71MoperatingIncomeTax expense$15.82MincomeTaxExpensePretax income$17.64MincomeBeforeTaxTax rate40.0%Equity$808.71MtotalStockholderEquityDebt$819.75MshortLongTermDebtTotalCash$31.25McashInvested capital$1.60BThe effective tax rate was above 40% and was capped at 40%.Result 1.7% | 0.33xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$44.71MoperatingIncomeNet PP&E$135.62MpropertyPlantAndEquipmentNetResult 0.33x |
| 2024 | 4.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$118.48MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.50BtotalAssetsInventory was not reported and is treated as zero.Result 4.7% | 9.75xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.15BtotalRevenueNet PP&E$118.48MpropertyPlantAndEquipmentNetResult 9.75x | 0.06xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$7.44McapitalExpendituresD&A$121.67MdepreciationAndAmortizationResult 0.06x | -$23.57Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.50BtotalAssetsGoodwill$1.05BgoodWillIntangibles$281.20MintangibleAssetsLiabilities$2.35BtotalLiabTangible book-$1.19BShares50,561,000commonStockSharesOutstandingResult -$23.57 | -1.79xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$135.16MebitdaCapex$7.44McapitalExpendituresInterest$55.63MinterestExpenseShort-term debt$23.88MshortTermDebtEBITDA − capex-$142.61MPrincipal due is short-term debt.Result -1.79x | $288.53MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$295.97MtotalCashFromOperatingActivitiesCapex$7.44McapitalExpendituresFree cash flow$288.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $288.53M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$133.98MoperatingIncomeTax expense-$12.94MincomeTaxExpensePretax income-$312.46MincomeBeforeTaxTax rate—Equity$141.99MtotalStockholderEquityDebt$1.11BshortLongTermDebtTotalCash$67.63McashInvested capital$1.18BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 1.13xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$133.98MoperatingIncomeNet PP&E$118.48MpropertyPlantAndEquipmentNetResult 1.13x |
| 2025 | 3.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$89.71MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.39BtotalAssetsInventory was not reported and is treated as zero.Result 3.8% | 12.58xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.13BtotalRevenueNet PP&E$89.71MpropertyPlantAndEquipmentNetResult 12.58x | 0.09xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$7.77McapitalExpendituresD&A$86.22MdepreciationAndAmortizationResult 0.09x | -$25.46Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.39BtotalAssetsGoodwill$1.06BgoodWillIntangibles$262.50MintangibleAssetsLiabilities$2.31BtotalLiabTangible book-$1.23BShares48,469,961commonStockSharesOutstandingResult -$25.46 | 3.07xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$285.97MebitdaCapex$7.77McapitalExpendituresInterest$67.97MinterestExpenseShort-term debt$22.66MshortTermDebtEBITDA − capex$278.20MPrincipal due is short-term debt.Result 3.07x | $257.78MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$265.55MtotalCashFromOperatingActivitiesCapex$7.77McapitalExpendituresFree cash flow$257.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $257.78M | 37.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$190.75MoperatingIncomeTax expense$16.81MincomeTaxExpensePretax income$131.78MincomeBeforeTaxTax rate12.8%Equity$85.05MtotalStockholderEquityDebt$1.12BshortLongTermDebtTotalCash$758.98McashInvested capital$444.99MResult 37.4% | 2.13xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$190.75MoperatingIncomeNet PP&E$89.71MpropertyPlantAndEquipmentNetResult 2.13x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $89.71M
Inventory: $0.00
Total assets: $2.39B
Goodwill: $1.06B
Intangibles: $262.50M
Liabilities: $2.31B
Tangible book: -$1.23B
Shares: 48,469,961
Revenue: $1.13B
Capex: $7.77M
D&A: $86.22M
EBITDA: $285.97M
Interest: $67.97M
Short-term debt: $22.66M
Free cash flow: $257.78M
Operating income: $190.75M
Invested capital: $444.99M
Tax rate: 12.8%