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.
CPI Aerostructures Inc
Physical assets are 14.3% of total assets, a light footprint. Capex is 0.15x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by 0.10x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 6.98x.
Physical asset ratio
14.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.93MpropertyPlantEquipmentInventory$800.82KinventoryTotal assets$75.24MtotalAssetsResult 14.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.98xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$69.26MtotalRevenueNet PP&E$9.93MpropertyPlantEquipmentResult 6.98x
Revenue per dollar of the physical asset base.
Capex / D&A
0.15xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$65.04KcapitalExpendituresD&A$420.39KdepreciationAndAmortizationResult 0.15x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.87Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$75.24MtotalAssetsGoodwill$1.78MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$49.44MtotalLiabTangible book$24.02MShares12,818,191commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $1.87
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.58xPrice / tangible bookPrice / tangible book per sharePrice$4.83Latest quoteTangible book / share$1.872025-12-31Result 2.58x
Price $4.83.
Fixed-charge coverage
0.10xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$244.01KebitdaCapex$65.04KcapitalExpendituresInterest$1.57MinterestExpenseShort-term debt$187.50KshortLongTermDebtEBITDA − capex$178.97KPrincipal due is the current portion of debt.Result 0.10x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-8.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$5.27MfreeCashFlowMarket cap$64.00MMarketCapitalizationResult -8.2%
Latest free cash flow divided by current market cap ($64.00M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$176.38KoperatingIncomeTax expense-$900.86KincomeTaxExpensePretax income-$1.74MincomeBeforeTaxTax rate—Equity$25.81MtotalStockholderEquityDebt$18.25MlongTermDebt + shortLongTermDebtCash$899.20KcashInvested capital$43.16MReported 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 —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.02x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 8.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.55MpropertyPlantEquipmentInventory$9.71MinventoryTotal assets$143.71MtotalAssetsResult 8.5% | 32.98xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$83.93MtotalRevenueNet PP&E$2.55MpropertyPlantEquipmentResult 32.98x | 0.79xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$559.04KcapitalExpendituresD&A$710.20KdepreciationAndAmortizationResult 0.79x | $9.85Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$143.71MtotalAssetsGoodwill$0.00goodWillIntangibles$0.00intangibleAssetsLiabilities$50.29MtotalLiabTangible book$93.42MShares9,480,948commonStockSharesOutstandingResult $9.85 | -0.19xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$4.83MebitdaCapex$559.04KcapitalExpendituresInterest$1.99MinterestExpenseShort-term debt$26.47MshortLongTermDebtEBITDA − capex-$5.39MPrincipal due is the current portion of debt.Result -0.19x | -$3.09MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$2.54MtotalCashFromOperatingActivitiesCapex$559.04KcapitalExpendituresFree cash flow-$3.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.09M | 4.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.64MoperatingIncomeTax expense$4.46MincomeTaxExpensePretax income$6.67MincomeBeforeTaxTax rate40.0%Equity$93.42MtotalStockholderEquityDebt$30.35MshortLongTermDebtTotalCash$4.13McashInvested capital$119.65MThe effective tax rate was above 40% and was capped at 40%.Result 4.3% | 3.39xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$8.64MoperatingIncomeNet PP&E$2.55MpropertyPlantEquipmentResult 3.39x |
| 2019 | 29.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.17MpropertyPlantEquipmentInventory$5.89MinventoryTotal assets$44.34MtotalAssetsResult 29.5% | 12.21xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$87.52MtotalRevenueNet PP&E$7.17MpropertyPlantEquipmentResult 12.21x | 0.39xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$436.01KcapitalExpendituresD&A$1.12MdepreciationAndAmortizationResult 0.39x | -$0.84Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$44.34MtotalAssetsGoodwill$1.78MgoodWillIntangibles$375.00KintangibleAssetsLiabilities$52.08MtotalLiabTangible book-$9.90MShares11,808,052commonStockSharesOutstandingResult -$0.84 | -0.86xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$3.52MebitdaCapex$436.01KcapitalExpendituresInterest$2.10MinterestExpenseShort-term debt$2.48MshortLongTermDebtEBITDA − capex-$3.95MPrincipal due is the current portion of debt.Result -0.86x | -$813.99KFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$377.98KtotalCashFromOperatingActivitiesCapex$436.01KcapitalExpendituresFree cash flow-$813.99KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$813.99K | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$4.73MoperatingIncomeTax expense$3.88KincomeTaxExpensePretax income-$6.75MincomeBeforeTaxTax rate—Equity-$7.74MtotalStockholderEquityDebt$35.29MshortLongTermDebtTotalCash$4.05McashInvested capital$23.50MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.66xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$4.73MoperatingIncomeNet PP&E$7.17MpropertyPlantEquipmentResult -0.66x |
| 2020 | 27.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.60MpropertyPlantAndEquipmentNetInventory$6.39MinventoryTotal assets$46.51MtotalAssetsResult 27.9% | 13.28xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$87.58MtotalRevenueNet PP&E$6.60MpropertyPlantAndEquipmentNetResult 13.28x | 0.14xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$146.79KcapitalExpendituresD&A$1.03MdepreciationAndAmortizationResult 0.14x | -$1.26Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$46.51MtotalAssetsGoodwill$1.78MgoodWillIntangibles$250.00KintangibleAssetsLiabilities$59.49MtotalLiabTangible book-$15.02MShares11,884,307commonStockSharesOutstandingResult -$1.26 | -0.18xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.25MebitdaCapex$146.79KcapitalExpendituresInterest$1.42MinterestExpenseShort-term debt$6.50MshortLongTermDebtEBITDA − capex-$1.40MPrincipal due is the current portion of debt.Result -0.18x | -$1.75MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$1.60MtotalCashFromOperatingActivitiesCapex$146.79KcapitalExpendituresFree cash flow-$1.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.75M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$2.29MoperatingIncomeTax expense-$53.41KincomeTaxExpensePretax income-$3.71MincomeBeforeTaxTax rate—Equity-$12.98MtotalStockholderEquityDebt$37.80MshortLongTermDebtTotalCash$6.03McashInvested capital$18.78MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.35xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$2.29MoperatingIncomeNet PP&E$6.60MpropertyPlantAndEquipmentNetResult -0.35x |
| 2021 | 24.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.44MpropertyPlantEquipmentInventory$4.03MinventoryTotal assets$55.01MtotalAssetsResult 24.5% | 10.95xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$103.37MtotalRevenueNet PP&E$9.44MpropertyPlantEquipmentResult 10.95x | 0.03xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$29.19KcapitalExpendituresD&A$1.03MdepreciationAndAmortizationResult 0.03x | -$0.59Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$55.01MtotalAssetsGoodwill$1.78MgoodWillIntangibles$125.00KintangibleAssetsLiabilities$60.34MtotalLiabTangible book-$7.24MShares12,193,826commonStockSharesOutstandingResult -$0.59 | 1.99xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.01MebitdaCapex$29.19KcapitalExpendituresInterest$1.14MinterestExpenseShort-term debt$3.37MshortLongTermDebtEBITDA − capex$8.98MPrincipal due is the current portion of debt.Result 1.99x | $2.77MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.80MtotalCashFromOperatingActivitiesCapex$29.19KcapitalExpendituresFree cash flow$2.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.77M | 14.1%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.18MoperatingIncomeTax expense$14.61KincomeTaxExpensePretax income$6.83MincomeBeforeTaxTax rate0.2%Equity-$5.34MtotalStockholderEquityDebt$34.18MshortLongTermDebtTotalCash$6.31McashInvested capital$22.54MResult 14.1% | 0.34xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$3.18MoperatingIncomeNet PP&E$9.44MpropertyPlantEquipmentResult 0.34x |
| 2022 | 17.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.65MpropertyPlantAndEquipmentNetInventory$2.49MinventoryTotal assets$59.45MtotalAssetsResult 17.1% | 10.89xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$83.34MtotalRevenueNet PP&E$7.65MpropertyPlantAndEquipmentNetResult 10.89x | 0.06xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$40.79KcapitalExpendituresD&A$688.10KdepreciationAndAmortizationResult 0.06x | $0.18Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$59.45MtotalAssetsGoodwill$1.78MgoodWillIntangibles$125.00KintangibleAssetsLiabilities$55.25MtotalLiabTangible book$2.29MShares12,389,890commonStockSharesOutstandingResult $0.18 | 1.07xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.58MebitdaCapex$40.79KcapitalExpendituresInterest$2.27MinterestExpenseShort-term debt$2.92MshortLongTermDebtEBITDA − capex$5.54MPrincipal due is the current portion of debt.Result 1.07x | $903.54KFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$944.33KtotalCashFromOperatingActivitiesCapex$40.79KcapitalExpendituresFree cash flow$903.54KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $903.54K | 16.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.89MoperatingIncomeTax expense-$6.55MincomeTaxExpensePretax income$2.62MincomeBeforeTaxTax rate0.0%Equity$4.20MtotalStockholderEquityDebt$29.69MshortLongTermDebtTotalCash$3.85McashInvested capital$30.04MResult 16.3% | 0.64xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$4.89MoperatingIncomeNet PP&E$7.65MpropertyPlantAndEquipmentNetResult 0.64x |
| 2023 | 9.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.53MpropertyPlantEquipmentInventory$1.44MinventoryTotal assets$74.36MtotalAssetsResult 9.4% | 15.62xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$86.47MtotalRevenueNet PP&E$5.53MpropertyPlantEquipmentResult 15.62x | 0.30xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$140.45KcapitalExpendituresD&A$470.95KdepreciationAndAmortizationResult 0.30x | $1.63Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$74.36MtotalAssetsGoodwill$1.78MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$52.28MtotalLiabTangible book$20.30MShares12,471,961commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $1.63 | 1.37xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.78MebitdaCapex$140.45KcapitalExpendituresInterest$2.46MinterestExpenseShort-term debt$2.40MshortLongTermDebtEBITDA − capex$6.64MPrincipal due is the current portion of debt.Result 1.37x | $3.79MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$3.93MtotalCashFromOperatingActivitiesCapex$140.45KcapitalExpendituresFree cash flow$3.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.79M | 14.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.31MoperatingIncomeTax expense-$13.35MincomeTaxExpensePretax income$3.85MincomeBeforeTaxTax rate0.0%Equity$22.08MtotalStockholderEquityDebt$25.21MshortLongTermDebtTotalCash$5.09McashInvested capital$42.20MResult 14.9% | 1.14xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$6.31MoperatingIncomeNet PP&E$5.53MpropertyPlantEquipmentResult 1.14x |
| 2024 | 6.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.62MpropertyPlantAndEquipmentNetInventory$918.29KinventoryTotal assets$67.98MtotalAssetsResult 6.7% | 22.37xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$81.08MtotalRevenueNet PP&E$3.62MpropertyPlantAndEquipmentNetResult 22.37x | 0.94xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$403.85KcapitalExpendituresD&A$430.01KdepreciationAndAmortizationResult 0.94x | $1.90Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$67.98MtotalAssetsGoodwill$1.78MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$42.05MtotalLiabTangible book$24.15MShares12,717,128commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $1.90 | 1.34xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.16MebitdaCapex$403.85KcapitalExpendituresInterest$2.29MinterestExpenseShort-term debt$2.75MshortLongTermDebtEBITDA − capex$6.76MPrincipal due is the current portion of debt.Result 1.34x | $3.16MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$3.56MtotalCashFromOperatingActivitiesCapex$403.85KcapitalExpendituresFree cash flow$3.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.16M | 12.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.73MoperatingIncomeTax expense$1.14MincomeTaxExpensePretax income$4.44MincomeBeforeTaxTax rate25.7%Equity$25.93MtotalStockholderEquityDebt$20.52MshortLongTermDebtTotalCash$5.49McashInvested capital$40.96MResult 12.2% | 1.86xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$6.73MoperatingIncomeNet PP&E$3.62MpropertyPlantAndEquipmentNetResult 1.86x |
| 2025 | 14.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.93MpropertyPlantEquipmentInventory$800.82KinventoryTotal assets$75.24MtotalAssetsResult 14.3% | 6.98xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$69.26MtotalRevenueNet PP&E$9.93MpropertyPlantEquipmentResult 6.98x | 0.15xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$65.04KcapitalExpendituresD&A$420.39KdepreciationAndAmortizationResult 0.15x | $1.87Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$75.24MtotalAssetsGoodwill$1.78MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$49.44MtotalLiabTangible book$24.02MShares12,818,191commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $1.87 | 0.10xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$244.01KebitdaCapex$65.04KcapitalExpendituresInterest$1.57MinterestExpenseShort-term debt$187.50KshortLongTermDebtEBITDA − capex$178.97KPrincipal due is the current portion of debt.Result 0.10x | -$5.27MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$5.20MtotalCashFromOperatingActivitiesCapex$65.04KcapitalExpendituresFree cash flow-$5.27MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$5.27M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$176.38KoperatingIncomeTax expense-$900.86KincomeTaxExpensePretax income-$1.74MincomeBeforeTaxTax rate—Equity$25.81MtotalStockholderEquityDebt$18.25MlongTermDebt + shortLongTermDebtCash$899.20KcashInvested capital$43.16MReported 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 — | -0.02xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$176.38KoperatingIncomeNet PP&E$9.93MpropertyPlantEquipmentResult -0.02x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $9.93M
Inventory: $800.82K
Total assets: $75.24M
Goodwill: $1.78M
Intangibles: $0.00
Liabilities: $49.44M
Tangible book: $24.02M
Shares: 12,818,191
Revenue: $69.26M
Capex: $65.04K
D&A: $420.39K
EBITDA: $244.01K
Interest: $1.57M
Short-term debt: $187.50K
Free cash flow: -$5.27M
Operating income: -$176.38K
Invested capital: $43.16M
Tax rate: —