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.
Box Inc
Physical assets are 7.9% of total assets, a light footprint. Capex is 0.18x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 9.69x.
Physical asset ratio
7.9%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$121.47MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$1.55BtotalAssetsInventory was not reported and is treated as zero.Result 7.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
9.69xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$1.18BtotalRevenueNet PP&E$121.47MpropertyPlantEquipmentResult 9.69x
Revenue per dollar of the physical asset base.
Capex / D&A
0.18xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$6.07McapitalExpendituresD&A$32.91MdepreciationAndAmortizationResult 0.18x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$3.25Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.55BtotalAssetsGoodwill$82.29MgoodWillIntangibles$94.31MintangibleAssetsLiabilities$1.85BtotalLiabTangible book-$475.88MShares146,424,000commonStockSharesOutstandingResult -$3.25
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$44.05Latest quoteTangible book / share-$3.252026-01-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $44.05.
Fixed-charge coverage
12.19xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$136.47MebitdaCapex$6.07McapitalExpendituresInterest$10.70MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$130.39MPrincipal due is short-term debt.Result 12.19x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.9%Free cash flow yield · 2026-01-31Latest free cash flow / current market capFree cash flow$350.38MfreeCashFlowMarket cap$5.90BMarketCapitalizationResult 5.9%
Latest free cash flow divided by current market cap ($5.90B).
ROIC
—ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$83.19MoperatingIncomeTax expense-$16.65MincomeTaxExpensePretax income$98.73MincomeBeforeTaxTax rate0.0%Equity-$299.28MtotalStockholderEquityDebt$451.01MlongTermDebt + shortLongTermDebtCash$478.06McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.68x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 26.2%Physical asset ratio · 2019-01-31(Net PP&E + inventory) / total assetsNet PP&E$137.70MpropertyPlantEquipmentInventory$32.67MinventoryTotal assets$650.16MtotalAssetsResult 26.2% | 4.42xFixed asset turnover · 2019-01-31Revenue / net PP&ERevenue$608.39MtotalRevenueNet PP&E$137.70MpropertyPlantEquipmentResult 4.42x | 0.32xCapex / D&A · 2019-01-31Capital expenditures / depreciation and amortizationCapex$14.81McapitalExpendituresD&A$46.32MdepreciationAndAmortizationResult 0.32x | $0.06Tangible book / share · 2019-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$650.16MtotalAssetsGoodwill$18.74MgoodWillIntangibles$3.51MintangibleAssetsLiabilities$618.76MtotalLiabTangible book$9.15MShares141,351,000commonStockSharesOutstandingResult $0.06 | -3.54xFixed-charge coverage · 2019-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$86.58MebitdaCapex$14.81McapitalExpendituresInterest$316.00KinterestExpenseShort-term debt$28.32MshortTermDebtEBITDA − capex-$101.39MPrincipal due is short-term debt.Result -3.54x | $40.51MFree cash flow · 2019-01-31Reported free cash flowOperating cash flow$55.32MtotalCashFromOperatingActivitiesCapex$14.81McapitalExpendituresFree cash flow$40.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $40.51M | —ROIC · 2019-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$134.24MoperatingIncomeTax expense$1.40MincomeTaxExpensePretax income-$133.21MincomeBeforeTaxTax rate—Equity$31.41MtotalStockholderEquityDebt$40.00MlongTermDebt + shortLongTermDebtCash$217.52McashAndEquivalentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.97xEBIT / PP&E · 2019-01-31Operating income / net PP&EOperating income-$134.24MoperatingIncomeNet PP&E$137.70MpropertyPlantEquipmentResult -0.97x |
| 2020 | 45.5%Physical asset ratio · 2020-01-31(Net PP&E + inventory) / total assetsNet PP&E$388.78MpropertyPlantAndEquipmentNetInventory$48.46MinventoryTotal assets$959.99MtotalAssetsResult 45.5% | 1.79xFixed asset turnover · 2020-01-31Revenue / net PP&ERevenue$696.26MtotalRevenueNet PP&E$388.78MpropertyPlantAndEquipmentNetResult 1.79x | 0.09xCapex / D&A · 2020-01-31Capital expenditures / depreciation and amortizationCapex$5.45McapitalExpendituresD&A$59.42MdepreciationAndAmortizationResult 0.09x | -$0.15Tangible book / share · 2020-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$959.99MtotalAssetsGoodwill$18.74MgoodWillIntangibles$25.12MintangibleAssetsLiabilities$937.63MtotalLiabTangible book-$21.50MShares147,762,000commonStockSharesOutstandingResult -$0.15 | -0.88xFixed-charge coverage · 2020-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$80.05MebitdaCapex$5.45McapitalExpendituresInterest$2.34MinterestExpenseShort-term debt$94.97MshortTermDebtEBITDA − capex-$85.50MPrincipal due is short-term debt.Result -0.88x | $39.26MFree cash flow · 2020-01-31Reported free cash flowOperating cash flow$44.71MtotalCashFromOperatingActivitiesCapex$5.45McapitalExpendituresFree cash flow$39.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $39.26M | —ROIC · 2020-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$139.47MoperatingIncomeTax expense$1.41MincomeTaxExpensePretax income-$142.94MincomeBeforeTaxTax rate—Equity$22.36MtotalStockholderEquityDebt$40.00MlongTermDebt + shortLongTermDebtCash$195.59McashAndEquivalentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.36xEBIT / PP&E · 2020-01-31Operating income / net PP&EOperating income-$139.47MoperatingIncomeNet PP&E$388.78MpropertyPlantAndEquipmentNetResult -0.36x |
| 2021 | 30.1%Physical asset ratio · 2021-01-31(Net PP&E + inventory) / total assetsNet PP&E$354.40MpropertyPlantEquipmentInventory$52.45MinventoryTotal assets$1.35BtotalAssetsResult 30.1% | 2.17xFixed asset turnover · 2021-01-31Revenue / net PP&ERevenue$770.77MtotalRevenueNet PP&E$354.40MpropertyPlantEquipmentResult 2.17x | 0.12xCapex / D&A · 2021-01-31Capital expenditures / depreciation and amortizationCapex$9.05McapitalExpendituresD&A$75.48MdepreciationAndAmortizationResult 0.12x | $0.69Tangible book / share · 2021-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.35BtotalAssetsGoodwill$18.74MgoodWillIntangibles$24.82MintangibleAssetsLiabilities$1.20BtotalLiabTangible book$107.51MShares155,849,000commonStockSharesOutstandingResult $0.69 | 0.28xFixed-charge coverage · 2021-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$37.84MebitdaCapex$9.05McapitalExpendituresInterest$7.01MinterestExpenseShort-term debt$97.66MshortTermDebtEBITDA − capex$28.78MPrincipal due is short-term debt.Result 0.28x | $187.78MFree cash flow · 2021-01-31Reported free cash flowOperating cash flow$196.83MtotalCashFromOperatingActivitiesCapex$9.05McapitalExpendituresFree cash flow$187.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $187.78M | —ROIC · 2021-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$37.64MoperatingIncomeTax expense$1.21MincomeTaxExpensePretax income-$42.23MincomeBeforeTaxTax rate—Equity$151.07MtotalStockholderEquityDebt$297.61MlongTermDebt + shortLongTermDebtCash$595.08McashAndEquivalentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.11xEBIT / PP&E · 2021-01-31Operating income / net PP&EOperating income-$37.64MoperatingIncomeNet PP&E$354.40MpropertyPlantEquipmentResult -0.11x |
| 2022 | 20.0%Physical asset ratio · 2022-01-31(Net PP&E + inventory) / total assetsNet PP&E$278.56MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$1.39BtotalAssetsResult 20.0% | 3.14xFixed asset turnover · 2022-01-31Revenue / net PP&ERevenue$874.33MtotalRevenueNet PP&E$278.56MpropertyPlantEquipmentResult 3.14x | 0.13xCapex / D&A · 2022-01-31Capital expenditures / depreciation and amortizationCapex$10.49McapitalExpendituresD&A$78.23MdepreciationAndAmortizationResult 0.13x | -$3.13Tangible book / share · 2022-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.39BtotalAssetsGoodwill$74.47MgoodWillIntangibles$17.71MintangibleAssetsLiabilities$1.79BtotalLiabTangible book-$487.26MShares155,598,000commonStockSharesOutstandingResult -$3.13 | 0.42xFixed-charge coverage · 2022-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$50.61MebitdaCapex$10.49McapitalExpendituresInterest$9.84MinterestExpenseShort-term debt$85.84MshortTermDebtEBITDA − capex$40.12MPrincipal due is short-term debt.Result 0.42x | $224.33MFree cash flow · 2022-01-31Reported free cash flowOperating cash flow$234.82MtotalCashFromOperatingActivitiesCapex$10.49McapitalExpendituresFree cash flow$224.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $224.33M | —ROIC · 2022-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$27.63MoperatingIncomeTax expense$4.00MincomeTaxExpensePretax income-$37.46MincomeBeforeTaxTax rate—Equity-$395.09MtotalStockholderEquityDebt$367.46MlongTermDebt + shortLongTermDebtCash$586.27McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.10xEBIT / PP&E · 2022-01-31Operating income / net PP&EOperating income-$27.63MoperatingIncomeNet PP&E$278.56MpropertyPlantEquipmentResult -0.10x |
| 2023 | 20.6%Physical asset ratio · 2023-01-31(Net PP&E + inventory) / total assetsNet PP&E$201.14MpropertyPlantEquipmentInventory$48.04MinventoryTotal assets$1.21BtotalAssetsResult 20.6% | 4.93xFixed asset turnover · 2023-01-31Revenue / net PP&ERevenue$990.87MtotalRevenueNet PP&E$201.14MpropertyPlantEquipmentResult 4.93x | 0.25xCapex / D&A · 2023-01-31Capital expenditures / depreciation and amortizationCapex$16.50McapitalExpendituresD&A$65.99MdepreciationAndAmortizationResult 0.25x | -$0.98Tangible book / share · 2023-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.21BtotalAssetsGoodwill$73.86MgoodWillIntangibles$39.17MintangibleAssetsLiabilities$1.24BtotalLiabTangible book-$146.89MShares150,192,000commonStockSharesOutstandingResult -$0.98 | 1.69xFixed-charge coverage · 2023-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$105.27MebitdaCapex$16.50McapitalExpendituresInterest$4.87MinterestExpenseShort-term debt$47.75MshortTermDebtEBITDA − capex$88.77MPrincipal due is short-term debt.Result 1.69x | $281.49MFree cash flow · 2023-01-31Reported free cash flowOperating cash flow$297.98MtotalCashFromOperatingActivitiesCapex$16.50McapitalExpendituresFree cash flow$281.49MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $281.49M | 71.7%ROIC · 2023-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$36.84MoperatingIncomeTax expense$7.62MincomeTaxExpensePretax income$34.41MincomeBeforeTaxTax rate22.2%Equity-$33.86MtotalStockholderEquityDebt$535.10MshortLongTermDebtTotalCash$461.25McashAndShortTermInvestmentsInvested capital$40.00MResult 71.7% | 0.18xEBIT / PP&E · 2023-01-31Operating income / net PP&EOperating income$36.84MoperatingIncomeNet PP&E$201.14MpropertyPlantEquipmentResult 0.18x |
| 2024 | 10.5%Physical asset ratio · 2024-01-31(Net PP&E + inventory) / total assetsNet PP&E$130.71MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$1.24BtotalAssetsUses the property line, which is larger than net PP&E ($99.35M, propertyPlantAndEquipmentNet).Result 10.5% | 7.94xFixed asset turnover · 2024-01-31Revenue / net PP&ERevenue$1.04BtotalRevenueNet PP&E$130.71MpropertyPlantEquipmentResult 7.94x | 0.04xCapex / D&A · 2024-01-31Capital expenditures / depreciation and amortizationCapex$1.84McapitalExpendituresD&A$51.24MdepreciationAndAmortizationResult 0.04x | -$0.42Tangible book / share · 2024-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.24BtotalAssetsGoodwill$76.75MgoodWillIntangibles$46.78MintangibleAssetsLiabilities$1.18BtotalLiabTangible book-$62.49MShares148,586,000commonStockSharesOutstandingResult -$0.42 | 3.65xFixed-charge coverage · 2024-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$113.83MebitdaCapex$1.84McapitalExpendituresInterest$3.84MinterestExpenseShort-term debt$26.81MshortTermDebtEBITDA − capex$111.98MPrincipal due is short-term debt.Result 3.65x | $316.88MFree cash flow · 2024-01-31Reported free cash flowOperating cash flow$318.73MtotalCashFromOperatingActivitiesCapex$1.84McapitalExpendituresFree cash flow$316.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $316.88M | 70.4%ROIC · 2024-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$50.75MoperatingIncomeTax expense-$66.45MincomeTaxExpensePretax income$62.59MincomeBeforeTaxTax rate0.0%Equity$61.03MtotalStockholderEquityDebt$491.80MshortLongTermDebtTotalCash$480.69McashAndShortTermInvestmentsInvested capital$72.14MResult 70.4% | 0.39xEBIT / PP&E · 2024-01-31Operating income / net PP&EOperating income$50.75MoperatingIncomeNet PP&E$130.71MpropertyPlantEquipmentResult 0.39x |
| 2025 | 6.2%Physical asset ratio · 2025-01-31(Net PP&E + inventory) / total assetsNet PP&E$102.95MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$1.67BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($77.97M, propertyPlantAndEquipmentNet).Result 6.2% | 10.59xFixed asset turnover · 2025-01-31Revenue / net PP&ERevenue$1.09BtotalRevenueNet PP&E$102.95MpropertyPlantEquipmentResult 10.59x | 0.12xCapex / D&A · 2025-01-31Capital expenditures / depreciation and amortizationCapex$2.57McapitalExpendituresD&A$22.10MdepreciationAndAmortizationResult 0.12x | $0.31Tangible book / share · 2025-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.67BtotalAssetsGoodwill$76.97MgoodWillIntangibles$74.51MintangibleAssetsLiabilities$1.47BtotalLiabTangible book$45.80MShares148,643,000commonStockSharesOutstandingResult $0.31 | 0.53xFixed-charge coverage · 2025-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$113.34MebitdaCapex$2.57McapitalExpendituresInterest$6.08MinterestExpenseShort-term debt$203.91MshortLongTermDebtEBITDA − capex$110.77MPrincipal due is the current portion of debt.Result 0.53x | $329.68MFree cash flow · 2025-01-31Reported free cash flowOperating cash flow$332.26MtotalCashFromOperatingActivitiesCapex$2.57McapitalExpendituresFree cash flow$329.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $329.68M | 36.0%ROIC · 2025-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$79.63MoperatingIncomeTax expense-$159.46MincomeTaxExpensePretax income$85.16MincomeBeforeTaxTax rate0.0%Equity$197.28MtotalStockholderEquityDebt$746.73MshortLongTermDebtTotalCash$722.82McashAndShortTermInvestmentsInvested capital$221.19MResult 36.0% | 0.77xEBIT / PP&E · 2025-01-31Operating income / net PP&EOperating income$79.63MoperatingIncomeNet PP&E$102.95MpropertyPlantEquipmentResult 0.77x |
| 2026 | 7.9%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$121.47MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$1.55BtotalAssetsInventory was not reported and is treated as zero.Result 7.9% | 9.69xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$1.18BtotalRevenueNet PP&E$121.47MpropertyPlantEquipmentResult 9.69x | 0.18xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$6.07McapitalExpendituresD&A$32.91MdepreciationAndAmortizationResult 0.18x | -$3.25Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.55BtotalAssetsGoodwill$82.29MgoodWillIntangibles$94.31MintangibleAssetsLiabilities$1.85BtotalLiabTangible book-$475.88MShares146,424,000commonStockSharesOutstandingResult -$3.25 | 12.19xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$136.47MebitdaCapex$6.07McapitalExpendituresInterest$10.70MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$130.39MPrincipal due is short-term debt.Result 12.19x | $350.38MFree cash flow · 2026-01-31Reported free cash flowOperating cash flow$356.45MtotalCashFromOperatingActivitiesCapex$6.07McapitalExpendituresFree cash flow$350.38MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $350.38M | —ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$83.19MoperatingIncomeTax expense-$16.65MincomeTaxExpensePretax income$98.73MincomeBeforeTaxTax rate0.0%Equity-$299.28MtotalStockholderEquityDebt$451.01MlongTermDebt + shortLongTermDebtCash$478.06McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.68xEBIT / PP&E · 2026-01-31Operating income / net PP&EOperating income$83.19MoperatingIncomeNet PP&E$121.47MpropertyPlantEquipmentResult 0.68x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: $121.47M
Inventory: $0.00
Total assets: $1.55B
Goodwill: $82.29M
Intangibles: $94.31M
Liabilities: $1.85B
Tangible book: -$475.88M
Shares: 146,424,000
Revenue: $1.18B
Capex: $6.07M
D&A: $32.91M
EBITDA: $136.47M
Interest: $10.70M
Short-term debt: $0.00
Free cash flow: $350.38M
Operating income: $83.19M
Invested capital: —
Tax rate: 0.0%