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.
Diversified Healthcare Trust
Physical assets are 0.4% of total assets, a light footprint. Capex is 0.00x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by 0.82x, 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 92.99x.
Physical asset ratio
0.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$16.54MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$4.36BtotalAssetsInventory was not reported and is treated as zero.Result 0.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
92.99xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.54BtotalRevenueNet PP&E$16.54MpropertyPlantAndEquipmentNetResult 92.99x
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$261.92MdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$6.85Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.36BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$20.66MintangibleAssetsLiabilities$2.70BtotalLiabTangible book$1.64BShares240,286,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $6.85
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.08xPrice / tangible bookPrice / tangible book per sharePrice$7.37Latest quoteTangible book / share$6.852025-12-31Result 1.08x
Price $7.37.
Fixed-charge coverage
0.82xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$182.28MebitdaCapex$0.00capitalExpendituresInterest$204.50MinterestExpenseShort-term debt$17.11MshortLongTermDebtTotal − longTermDebtEBITDA − capex$182.28MShort-term debt is total debt minus long-term debt.Result 0.82x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$19.62MfreeCashFlowMarket cap$1.83BMarketCapitalizationResult -1.1%
Latest free cash flow divided by current market cap ($1.83B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$39.27MoperatingIncomeTax expense$1.74MincomeTaxExpensePretax income-$284.14MincomeBeforeTaxTax rate—Equity$1.67BtotalStockholderEquityDebt$2.42BshortLongTermDebtTotalCash$121.80McashInvested capital$3.96BROIC 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 -2.37x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 88.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.34BpropertyPlantEquipmentInventory-$18.70MinventoryTotal assets$7.16BtotalAssetsResult 88.3% | 0.18xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.12BtotalRevenueNet PP&E$6.34BpropertyPlantEquipmentResult 0.18x | 0.35xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$99.09McapitalExpendituresD&A$280.45MdepreciationAndAmortizationResult 0.35x | $11.62Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.16BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$419.24MintangibleAssetsLiabilities$3.98BtotalLiabTangible book$2.76BShares237,546,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.62 | 1.49xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$573.72MebitdaCapex$99.09McapitalExpendituresInterest$179.29MinterestExpenseShort-term debt$139.00MshortLongTermDebtEBITDA − capex$474.63MPrincipal due is the current portion of debt.Result 1.49x | $491.93MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$392.84MtotalCashFromOperatingActivitiesCapex$99.09McapitalExpendituresFree cash flow$491.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $491.93M | 8.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$579.50MoperatingIncomeTax expense$476.00KincomeTaxExpensePretax income$292.89MincomeBeforeTaxTax rate0.2%Equity$3.18BtotalStockholderEquityDebt$3.73BshortLongTermDebtTotalCash$54.98McashInvested capital$6.86BResult 8.4% | 0.09xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$579.50MoperatingIncomeNet PP&E$6.34BpropertyPlantEquipmentResult 0.09x |
| 2019 | 95.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.10BpropertyPlantEquipmentInventory$276.66MinventoryTotal assets$6.65BtotalAssetsResult 95.8% | 0.17xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.04BtotalRevenueNet PP&E$6.10BpropertyPlantEquipmentResult 0.17x | 0.07xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$18.81McapitalExpendituresD&A$282.23MdepreciationAndAmortizationResult 0.07x | $10.69Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.65BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$337.88MintangibleAssetsLiabilities$3.78BtotalLiabTangible book$2.54BShares237,604,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $10.69 | 0.66xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$494.16MebitdaCapex$18.81McapitalExpendituresInterest$180.11MinterestExpenseShort-term debt$537.50MshortTermDebtEBITDA − capex$475.35MPrincipal due is short-term debt.Result 0.66x | $247.03MFree cash flow · 2019-12-31Operating cash flow − capexOperating cash flow$265.85MtotalCashFromOperatingActivitiesCapex$18.81McapitalExpendituresFree cash flow$247.03MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $247.03M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$500.96MoperatingIncomeTax expense$436.00KincomeTaxExpensePretax income-$82.44MincomeBeforeTaxTax rate—Equity$2.74BtotalStockholderEquityDebt$3.58BshortLongTermDebtTotalCash$37.36McashInvested capital$6.28BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.08xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$500.96MoperatingIncomeNet PP&E$6.10BpropertyPlantEquipmentResult 0.08x |
| 2020 | 91.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.83BpropertyPlantEquipmentInventory$114.92MinventoryTotal assets$6.48BtotalAssetsResult 91.8% | 0.28xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.63BtotalRevenueNet PP&E$5.83BpropertyPlantEquipmentResult 0.28x | 0.71xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$185.59McapitalExpendituresD&A$262.74MdepreciationAndAmortizationResult 0.71x | $9.81Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.48BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$286.51MintangibleAssetsLiabilities$3.86BtotalLiabTangible book$2.33BShares237,739,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.81 | 0.34xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$356.86MebitdaCapex$185.59McapitalExpendituresInterest$201.48MinterestExpenseShort-term debt$303.16MshortTermDebtEBITDA − capex$171.27MPrincipal due is short-term debt.Result 0.34x | -$27.04MFree cash flow · 2020-12-31Operating cash flow − capexOperating cash flow$158.54MtotalCashFromOperatingActivitiesCapex$185.59McapitalExpendituresFree cash flow-$27.04MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$27.04M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$364.26MoperatingIncomeTax expense$1.25MincomeTaxExpensePretax income-$133.06MincomeBeforeTaxTax rate—Equity$2.62BtotalStockholderEquityDebt$3.80BshortLongTermDebtTotalCash$74.42McashInvested capital$6.35BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.06xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$364.26MoperatingIncomeNet PP&E$5.83BpropertyPlantEquipmentResult 0.06x |
| 2021 | 97.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.08BpropertyPlantAndEquipmentNetInventory$1.40BinventoryTotal assets$6.62BtotalAssetsResult 97.8% | 0.27xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.38BtotalRevenueNet PP&E$5.08BpropertyPlantAndEquipmentNetResult 0.27x | 0.86xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$227.61McapitalExpendituresD&A$263.92MdepreciationAndAmortizationResult 0.86x | $10.98Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.62BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$48.75MintangibleAssetsLiabilities$3.96BtotalLiabTangible book$2.61BShares237,967,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $10.98 | 0.45xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$701.04MebitdaCapex$227.61McapitalExpendituresInterest$255.76MinterestExpenseShort-term debt$800.00MshortTermDebtEBITDA − capex$473.43MPrincipal due is short-term debt.Result 0.45x | -$290.93MFree cash flow · 2021-12-31Operating cash flow − capexOperating cash flow-$63.32MtotalCashFromOperatingActivitiesCapex$227.61McapitalExpendituresFree cash flow-$290.93MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$290.93M | -0.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$13.82MoperatingIncomeTax expense$1.43MincomeTaxExpensePretax income$181.36MincomeBeforeTaxTax rate0.8%Equity$2.66BtotalStockholderEquityDebt$3.68BshortLongTermDebtTotalCash$634.85McashInvested capital$5.71BResult -0.2% | 0.00xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$13.82MoperatingIncomeNet PP&E$5.08BpropertyPlantAndEquipmentNetResult 0.00x |
| 2022 | 80.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.86BpropertyPlantEquipmentInventory-$8.72MinventoryTotal assets$6.00BtotalAssetsUses the property line, which is larger than net PP&E ($26.51M, propertyPlantAndEquipmentNet).Result 80.9% | 0.26xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.28BtotalRevenueNet PP&E$4.86BpropertyPlantEquipmentResult 0.26x | 1.25xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$299.39McapitalExpendituresD&A$239.53MdepreciationAndAmortizationResult 1.25x | $10.88Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.00BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$45.35MintangibleAssetsLiabilities$3.36BtotalLiabTangible book$2.59BShares238,314,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $10.88 | 0.14xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$427.79MebitdaCapex$299.39McapitalExpendituresInterest$209.38MinterestExpenseShort-term debt$700.00MshortTermDebtEBITDA − capex$128.40MPrincipal due is short-term debt.Result 0.14x | -$339.74MFree cash flow · 2022-12-31Operating cash flow − capexOperating cash flow-$40.35MtotalCashFromOperatingActivitiesCapex$299.39McapitalExpendituresFree cash flow-$339.74MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$339.74M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$91.22MoperatingIncomeTax expense$710.00KincomeTaxExpensePretax income-$15.06MincomeBeforeTaxTax rate—Equity$2.64BtotalStockholderEquityDebt$3.08BshortLongTermDebtTotalCash$658.07McashInvested capital$5.06BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.02xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$91.22MoperatingIncomeNet PP&E$4.86BpropertyPlantEquipmentResult -0.02x |
| 2023 | 0.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$23.37MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$5.45BtotalAssetsInventory was not reported and is treated as zero.Result 0.4% | 60.36xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.41BtotalRevenueNet PP&E$23.37MpropertyPlantAndEquipmentNetResult 60.36x | 0.83xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$235.01McapitalExpendituresD&A$283.84MdepreciationAndAmortizationResult 0.83x | $9.64Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.45BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$33.95MintangibleAssetsLiabilities$3.11BtotalLiabTangible book$2.30BShares238,836,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.64 | -0.19xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$198.93MebitdaCapex$235.01McapitalExpendituresInterest$191.78MinterestExpenseShort-term debt$1.81MshortTermDebtEBITDA − capex-$36.08MPrincipal due is short-term debt.Result -0.19x | -$224.52MFree cash flow · 2023-12-31Operating cash flow − capexOperating cash flow$10.48MtotalCashFromOperatingActivitiesCapex$235.01McapitalExpendituresFree cash flow-$224.52MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$224.52M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$199.17MoperatingIncomeTax expense$445.00KincomeTaxExpensePretax income-$293.13MincomeBeforeTaxTax rate—Equity$2.34BtotalStockholderEquityDebt$2.82BshortLongTermDebtTotalCash$245.94McashInvested capital$4.91BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 8.52xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$199.17MoperatingIncomeNet PP&E$23.37MpropertyPlantAndEquipmentNetResult 8.52x |
| 2024 | —Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$5.14BtotalAssetsResult — | —Fixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.50BtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$285.06MdepreciationAndAmortizationResult 0.00x | $8.07Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.14BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$26.30MintangibleAssetsLiabilities$3.18BtotalLiabTangible book$1.93BShares239,535,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $8.07 | 0.98xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$229.96MebitdaCapex$0.00capitalExpendituresInterest$235.24MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$229.96MShort-term debt is total debt minus long-term debt.Result 0.98x | $112.22MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$112.22MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$112.22MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $112.22M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$229.86MoperatingIncomeTax expense$467.00KincomeTaxExpensePretax income-$369.79MincomeBeforeTaxTax rate—Equity$1.96BtotalStockholderEquityDebt$2.91BshortLongTermDebtTotalCash$144.58McashInvested capital$4.73BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$229.86MoperatingIncomeNet PP&E—Not reportedResult — |
| 2025 | 0.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$16.54MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$4.36BtotalAssetsInventory was not reported and is treated as zero.Result 0.4% | 92.99xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.54BtotalRevenueNet PP&E$16.54MpropertyPlantAndEquipmentNetResult 92.99x | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$261.92MdepreciationAndAmortizationResult 0.00x | $6.85Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.36BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$20.66MintangibleAssetsLiabilities$2.70BtotalLiabTangible book$1.64BShares240,286,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $6.85 | 0.82xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$182.28MebitdaCapex$0.00capitalExpendituresInterest$204.50MinterestExpenseShort-term debt$17.11MshortLongTermDebtTotal − longTermDebtEBITDA − capex$182.28MShort-term debt is total debt minus long-term debt.Result 0.82x | -$19.62MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$19.62MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$19.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$19.62M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$39.27MoperatingIncomeTax expense$1.74MincomeTaxExpensePretax income-$284.14MincomeBeforeTaxTax rate—Equity$1.67BtotalStockholderEquityDebt$2.42BshortLongTermDebtTotalCash$121.80McashInvested capital$3.96BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.37xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$39.27MoperatingIncomeNet PP&E$16.54MpropertyPlantAndEquipmentNetResult -2.37x |
- 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 total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $16.54M
Inventory: $0.00
Total assets: $4.36B
Goodwill: $0.00
Intangibles: $20.66M
Liabilities: $2.70B
Tangible book: $1.64B
Shares: 240,286,000
Revenue: $1.54B
Capex: $0.00
D&A: $261.92M
EBITDA: $182.28M
Interest: $204.50M
Short-term debt: $17.11M
Free cash flow: -$19.62M
Operating income: -$39.27M
Invested capital: $3.96B
Tax rate: —