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.
Dream Office Real Estate Investment Trust
Net PP&E was missing, so the physical footprint could not be scored. Capex is 2.61x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.66x, 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
2.61x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$46.45
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.35x
Price $16.12.
Fixed-charge coverage
-0.66x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-6.8%
Latest free cash flow divided by current market cap ($305.08M).
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 | 88.5% | 0.09x | 1.09x | $50.35 | 1.37x | $28.50M | 3.9% | 0.04x |
| 2019 | 82.8% | 0.10x | 1.53x | $46.24 | 0.73x | $99.00M | 4.4% | 0.05x |
| 2020 | 85.2% | 0.08x | 2.55x | $49.60 | 1.21x | $59.58M | 3.7% | 0.04x |
| 2021 | 83.4% | 0.08x | 3.29x | $64.51 | 1.38x | $95.80M | 3.3% | 0.04x |
| 2022 | 77.3% | 0.08x | 82.39x | $57.66 | 0.26x | $41.24M | 3.2% | 0.04x |
| 2023 | 0.0% | 1,573.95x | 155.00x | $53.95 | -0.27x | $45.62M | — | 741.99x |
| 2024 | 83.5% | 0.09x | 254.44x | $55.51 | -0.17x | $41.61M | — | 0.04x |
| 2025 | — | — | 2.61x | $46.45 | -0.66x | -$20.72M | — | — |
- 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: —
Total assets: $2.27B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $1.37B
Tangible book: $900.01M
Shares: 19,374,000
Revenue: $197.35M
Capex: $34.46M
D&A: $13.18M
EBITDA: -$81.35M
Interest: $63.41M
Short-term debt: $111.16M
Free cash flow: -$20.72M
Operating income: $88.54M
Invested capital: $2.12B
Tax rate: —