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.
Choice Properties Real Estate Investment Trust
Net PP&E was missing, so the physical footprint could not be scored. Capex is 72.72x 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 0.09x, which is below 1.
Physical asset ratio
—
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
—
Revenue per dollar of the physical asset base.
Capex / D&A
72.72x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$14.42
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.05x
Price $15.08.
Fixed-charge coverage
0.09x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.0%
Latest free cash flow divided by current market cap ($10.73B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 93.3% | 0.08x | 24.94x | $12.45 | 0.06x | -$88.84M | 7.5% | 0.06x |
| 2019 | 92.3% | 0.09x | 0.20x | $4.45 | 0.48x | $902.83M | — | 0.06x |
| 2020 | 92.0% | 0.09x | 1.55x | $4.94 | 1.00x | $507.76M | 8.7% | 0.06x |
| 2021 | 92.4% | 0.09x | 0.08x | $4.54 | 0.81x | $773.41M | 10.1% | 0.06x |
| 2022 | 86.0% | 0.09x | 379.96x | $5.26 | 0.76x | $1.01B | 11.9% | 0.09x |
| 2023 | 86.3% | 0.10x | 294.69x | $6.02 | 0.56x | $347.29M | 9.0% | 0.07x |
| 2024 | — | — | 0.00x | $6.75 | 1.08x | $724.73M | 9.7% | — |
| 2025 | — | — | 72.72x | $14.42 | 0.09x | $534.16M | — | — |
- 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: —
Inventory: $2.10M
Total assets: $17.91B
Goodwill: $0.00
Intangibles: $11.96M
Liabilities: $7.47B
Tangible book: $10.43B
Shares: 723,800,904
Revenue: $1.42B
Capex: $163.54M
D&A: $2.25M
EBITDA: $236.54M
Interest: $293.54M
Short-term debt: $506.62M
Free cash flow: $534.16M
Operating income: $331.48M
Invested capital: $11.32B
Tax rate: —