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.
Canadian Apartment Properties Real Estate Investment Trust
Physical assets are 0.1% of total assets, a light footprint. Capex is 37.67x 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 0.18x, 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 123.42x.
Physical asset ratio
0.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
123.42x
Revenue per dollar of the physical asset base.
Capex / D&A
37.67x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$55.01
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.58x
Price $31.69.
Fixed-charge coverage
0.18x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.8%
Latest free cash flow divided by current market cap ($4.84B).
ROIC
3.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 69.94x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 96.7% | 0.07x | 14.45x | $43.81 | 2.21x | $227.39M | 3.3% | 0.03x |
| 2019 | 97.4% | 0.06x | 12.95x | $52.72 | 1.98x | $212.27M | 3.2% | 0.03x |
| 2020 | 98.0% | 0.06x | 7.21x | $53.92 | 1.21x | $236.50M | 3.7% | 0.04x |
| 2021 | 96.7% | 0.05x | 11.86x | $59.67 | 1.69x | $252.01M | 2.9% | 0.03x |
| 2022 | 96.9% | 0.06x | 45.09x | $57.19 | -0.19x | $261.56M | 4.3% | 0.04x |
| 2023 | 0.1% | 68.61x | 49.60x | $54.67 | 0.33x | $308.09M | — | 39.70x |
| 2024 | 0.1% | 92.07x | 39.26x | $53.55 | 0.35x | $399.04M | 3.9% | 54.56x |
| 2025 | 0.1% | 123.42x | 37.67x | $55.01 | 0.18x | $327.24M | 3.5% | 69.94x |
- 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.
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2025)
Net PP&E: $8.13M
Inventory: $0.00
Total assets: $15.13B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $6.37B
Tangible book: $8.76B
Shares: 159,254,000
Revenue: $1.00B
Capex: $241.59M
D&A: $6.41M
EBITDA: $411.95M
Interest: $191.01M
Short-term debt: $777.02M
Free cash flow: $327.24M
Operating income: $568.65M
Invested capital: $14.82B
Tax rate: 8.1%