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.
Crombie Real Estate Investment Trust
Physical assets are 87.4% of total assets, a heavy footprint. Capex is 0.00x 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 0.91x, 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 0.13x.
Physical asset ratio
87.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.13x
Revenue per dollar of the physical asset base.
Capex / D&A
0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$9.75
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.64x
Price $16.01.
Fixed-charge coverage
0.91x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.1%
Latest free cash flow divided by current market cap ($2.95B).
ROIC
5.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 91.1% | 0.11x | 0.04x | $9.18 | 1.21x | $50.02M | 4.5% | 0.05x |
| 2019 | 91.0% | 0.11x | 0.02x | $9.29 | 0.94x | -$37.39M | 4.8% | 0.05x |
| 2020 | 87.7% | 0.11x | 0.02x | $9.12 | 0.58x | -$75.30M | 4.2% | 0.05x |
| 2021 | 88.0% | 0.12x | 0.00x | $9.61 | 0.78x | $224.65M | 5.1% | 0.06x |
| 2022 | 86.5% | 0.12x | 0.00x | $10.26 | 1.00x | $233.29M | 4.6% | 0.05x |
| 2023 | 5.4% | 46.15x | 0.00x | $9.94 | 0.86x | $239.71M | 4.6% | 19.15x |
| 2024 | 0.2% | 50.01x | 0.01x | $9.97 | 2.44x | $264.12M | 4.8% | 21.47x |
| 2025 | 87.4% | 0.13x | 0.00x | $9.75 | 0.91x | $269.77M | 5.0% | 0.06x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $3.83B
Inventory: $0.00
Total assets: $4.38B
Goodwill: $0.00
Intangibles: $33.63M
Liabilities: $2.54B
Tangible book: $1.81B
Shares: 185,431,000
Revenue: $500.07M
Capex: $373.00K
D&A: $88.91M
EBITDA: $303.28M
Interest: $97.88M
Short-term debt: $234.47M
Free cash flow: $269.77M
Operating income: $212.63M
Invested capital: $4.23B
Tax rate: 0.0%