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.
Circle Internet Group, 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 0.16x 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 -0.98x, which is below 1.
Fixed-asset turnover is 120.51x. Compare it with other names in the same basket.
Physical asset ratio
0.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
120.51x
Revenue per dollar of the physical asset base.
Capex / D&A
0.16x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$10.95
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
7.91x
Price $86.65.
Fixed-charge coverage
-0.98x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.4%
Latest free cash flow divided by current market cap ($22.08B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -4.00x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2020 | 0.0% | 36.08x | 1.57x | -$7.19 | -1.04x | -$22.01M | — | -72.17x |
| 2021 | 0.0% | 70.09x | 2.00x | -$23.48 | -17.46x | -$100.20M | — | -71.10x |
| 2022 | 0.0% | 106.98x | 1.38x | $14.18 | -164.87x | -$91.01M | — | -5.28x |
| 2023 | 0.0% | 553.82x | 0.94x | -$2.33 | 90.72x | $106.71M | — | 102.91x |
| 2024 | 0.0% | 89.73x | 0.77x | $0.95 | 123.42x | $305.48M | — | 8.95x |
| 2025 | 0.0% | 120.51x | 0.16x | $10.95 | -0.98x | $529.70M | — | -4.00x |
- 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 (2025)
Net PP&E: $22.79M
Inventory: $0.00
Total assets: $78.71B
Goodwill: $265.74M
Intangibles: $411.15M
Liabilities: $75.38B
Tangible book: $2.65B
Shares: 242,300,000
Revenue: $2.75B
Capex: $12.43M
D&A: $76.63M
EBITDA: -$25.04M
Interest: $1.23M
Short-term debt: $36.82M
Free cash flow: $529.70M
Operating income: -$91.14M
Invested capital: $1.84B
Tax rate: —