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.
DHI Group Inc
Physical assets are 9.4% of total assets, a light footprint. Capex is 0.51x 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 -1.25x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 7.24x.
Physical asset ratio
9.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.65MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$188.24MtotalAssetsInventory was not reported and is treated as zero.Result 9.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.24xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$127.83MtotalRevenueNet PP&E$17.65MpropertyPlantEquipmentResult 7.24x
Revenue per dollar of the physical asset base.
Capex / D&A
0.51xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$7.31McapitalExpendituresD&A$14.24MdepreciationAndAmortizationResult 0.51x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$0.93Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$188.24MtotalAssetsGoodwill$120.61MgoodWillIntangibles$15.47MintangibleAssetsLiabilities$93.74MtotalLiabTangible book-$41.57MShares44,775,000commonStockSharesOutstandingResult -$0.93
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$4.19Latest quoteTangible book / share-$0.932025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $4.19.
Fixed-charge coverage
-1.25xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.02MebitdaCapex$7.31McapitalExpendituresInterest$2.46MinterestExpenseShort-term debt$1.79MshortTermDebtEBITDA − capex-$5.29MPrincipal due is short-term debt.Result -1.25x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$13.79MfreeCashFlowMarket cap$185.75MMarketCapitalizationResult 7.4%
Latest free cash flow divided by current market cap ($185.75M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.37MoperatingIncomeTax expense-$1.18MincomeTaxExpensePretax income-$14.69MincomeBeforeTaxTax rate—Equity$94.51MtotalStockholderEquityDebt$30.00MlongTermDebt + shortLongTermDebtCash$2.91McashAndEquivalentsInvested capital$121.60MReported 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 -0.64x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 6.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.89MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$258.39MtotalAssetsResult 6.1% | 10.17xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$161.57MtotalRevenueNet PP&E$15.89MpropertyPlantEquipmentResult 10.17x | 1.03xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$10.05McapitalExpendituresD&A$9.76MdepreciationAndAmortizationResult 1.03x | -$0.96Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$258.39MtotalAssetsGoodwill$153.97MgoodWillIntangibles$39.00MintangibleAssetsLiabilities$113.03MtotalLiabTangible book-$47.62MShares49,605,000commonStockSharesOutstandingResult -$0.96 | 8.11xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$26.70MebitdaCapex$10.05McapitalExpendituresInterest$2.05MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$16.65MPrincipal due is short-term debt.Result 8.11x | $4.87MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$14.92MtotalCashFromOperatingActivitiesCapex$10.05McapitalExpendituresFree cash flow$4.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.87M | 5.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.69MoperatingIncomeTax expense$2.43MincomeTaxExpensePretax income$9.60MincomeBeforeTaxTax rate25.3%Equity$145.36MtotalStockholderEquityDebt$17.29MshortLongTermDebtTotalCash$6.47McashAndEquivalentsInvested capital$156.17MResult 5.6% | 0.74xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$11.69MoperatingIncomeNet PP&E$15.89MpropertyPlantEquipmentResult 0.74x |
| 2019 | 14.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$40.06MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$278.32MtotalAssetsInventory was not reported and is treated as zero.Result 14.4% | 2.93xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$117.27MtotalRevenueNet PP&E$40.06MpropertyPlantAndEquipmentNetResult 2.93x | 1.46xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$14.19McapitalExpendituresD&A$9.74MdepreciationAndAmortizationResult 1.46x | -$0.66Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$278.32MtotalAssetsGoodwill$156.06MgoodWillIntangibles$39.00MintangibleAssetsLiabilities$117.13MtotalLiabTangible book-$33.86MShares51,633,000commonStockSharesOutstandingResult -$0.66 | 1.31xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$19.87MebitdaCapex$14.19McapitalExpendituresInterest$703.00KinterestExpenseShort-term debt$3.64MshortTermDebtEBITDA − capex$5.68MPrincipal due is short-term debt.Result 1.31x | $8.74MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$22.92MtotalCashFromOperatingActivitiesCapex$14.19McapitalExpendituresFree cash flow$8.74MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.74M | 4.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.13MoperatingIncomeTax expense$2.79MincomeTaxExpensePretax income$9.43MincomeBeforeTaxTax rate29.6%Equity$161.20MtotalStockholderEquityDebt$9.44MlongTermDebt + shortLongTermDebtCash$5.38McashAndEquivalentsInvested capital$165.25MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.3% | 0.25xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$10.13MoperatingIncomeNet PP&E$40.06MpropertyPlantAndEquipmentNetResult 0.25x |
| 2020 | 14.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$33.84MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$240.99MtotalAssetsResult 14.0% | 3.29xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$111.17MtotalRevenueNet PP&E$33.84MpropertyPlantAndEquipmentNetResult 3.29x | 1.34xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$16.10McapitalExpendituresD&A$12.02MdepreciationAndAmortizationResult 1.34x | -$0.50Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$240.99MtotalAssetsGoodwill$128.10MgoodWillIntangibles$23.80MintangibleAssetsLiabilities$113.42MtotalLiabTangible book-$24.33MShares48,278,000commonStockSharesOutstandingResult -$0.50 | -13.24xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$22.37MebitdaCapex$16.10McapitalExpendituresInterest$831.00KinterestExpenseShort-term debt$2.08MshortTermDebtEBITDA − capex-$38.48MPrincipal due is short-term debt.Result -13.24x | $2.58MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$18.68MtotalCashFromOperatingActivitiesCapex$16.10McapitalExpendituresFree cash flow$2.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.58M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$32.39MoperatingIncomeTax expense-$2.83MincomeTaxExpensePretax income-$35.22MincomeBeforeTaxTax rate—Equity$127.57MtotalStockholderEquityDebt$19.58MlongTermDebt + shortLongTermDebtCash$7.64McashAndEquivalentsInvested capital$139.51MReported 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 — | -0.96xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$32.39MoperatingIncomeNet PP&E$33.84MpropertyPlantAndEquipmentNetResult -0.96x |
| 2021 | 12.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.47MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$221.58MtotalAssetsResult 12.4% | 4.37xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$119.90MtotalRevenueNet PP&E$27.47MpropertyPlantEquipmentResult 4.37x | 0.84xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$14.31McapitalExpendituresD&A$17.12MdepreciationAndAmortizationResult 0.84x | -$0.77Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$221.58MtotalAssetsGoodwill$128.10MgoodWillIntangibles$23.80MintangibleAssetsLiabilities$105.22MtotalLiabTangible book-$35.54MShares46,333,000commonStockSharesOutstandingResult -$0.77 | 0.80xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$16.75MebitdaCapex$14.31McapitalExpendituresInterest$667.00KinterestExpenseShort-term debt$2.39MshortTermDebtEBITDA − capex$2.45MPrincipal due is short-term debt.Result 0.80x | $14.27MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$28.58MtotalCashFromOperatingActivitiesCapex$14.31McapitalExpendituresFree cash flow$14.27MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.27M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.75MoperatingIncomeTax expense-$629.00KincomeTaxExpensePretax income-$1.03MincomeBeforeTaxTax rate—Equity$116.36MtotalStockholderEquityDebt$32.10MshortLongTermDebtTotalCash$1.54McashAndEquivalentsInvested capital$146.92MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.06xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$1.75MoperatingIncomeNet PP&E$27.47MpropertyPlantEquipmentResult -0.06x |
| 2022 | 12.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.83MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$226.70MtotalAssetsInventory was not reported and is treated as zero.Result 12.3% | 5.38xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$149.68MtotalRevenueNet PP&E$27.83MpropertyPlantEquipmentResult 5.38x | 1.03xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$17.98McapitalExpendituresD&A$17.49MdepreciationAndAmortizationResult 1.03x | -$0.98Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$226.70MtotalAssetsGoodwill$128.10MgoodWillIntangibles$23.80MintangibleAssetsLiabilities$120.47MtotalLiabTangible book-$45.66MShares46,533,000commonStockSharesOutstandingResult -$0.98 | 2.78xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$22.66MebitdaCapex$17.98McapitalExpendituresInterest$1.58MinterestExpenseShort-term debt$105.00KshortTermDebtEBITDA − capex$4.69MPrincipal due is short-term debt.Result 2.78x | $18.06MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$36.04MtotalCashFromOperatingActivitiesCapex$17.98McapitalExpendituresFree cash flow$18.06MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $18.06M | 3.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.56MoperatingIncomeTax expense-$579.00KincomeTaxExpensePretax income$3.60MincomeBeforeTaxTax rate0.0%Equity$106.24MtotalStockholderEquityDebt$38.53MshortLongTermDebtTotalCash$3.01McashAndEquivalentsInvested capital$141.77MResult 3.9% | 0.20xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$5.56MoperatingIncomeNet PP&E$27.83MpropertyPlantEquipmentResult 0.20x |
| 2023 | 13.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$30.03MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$225.20MtotalAssetsResult 13.3% | 5.06xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$151.88MtotalRevenueNet PP&E$30.03MpropertyPlantEquipmentResult 5.06x | 1.20xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$20.25McapitalExpendituresD&A$16.92MdepreciationAndAmortizationResult 1.20x | -$1.00Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$225.20MtotalAssetsGoodwill$128.10MgoodWillIntangibles$23.80MintangibleAssetsLiabilities$117.66MtotalLiabTangible book-$44.36MShares44,496,000commonStockSharesOutstandingResult -$1.00 | -2.54xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.29MebitdaCapex$20.25McapitalExpendituresInterest$3.48MinterestExpenseShort-term debt$2.01MshortTermDebtEBITDA − capex-$13.96MPrincipal due is short-term debt.Result -2.54x | $1.09MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$21.35MtotalCashFromOperatingActivitiesCapex$20.25McapitalExpendituresFree cash flow$1.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.09M | 4.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.29MoperatingIncomeTax expense$131.00KincomeTaxExpensePretax income$3.62MincomeBeforeTaxTax rate3.6%Equity$107.54MtotalStockholderEquityDebt$46.55MshortLongTermDebtTotalCash$4.21McashAndEquivalentsInvested capital$149.89MResult 4.0% | 0.21xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$6.29MoperatingIncomeNet PP&E$30.03MpropertyPlantEquipmentResult 0.21x |
| 2024 | 12.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$26.91MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$221.37MtotalAssetsInventory was not reported and is treated as zero.Result 12.2% | 5.27xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$141.93MtotalRevenueNet PP&E$26.91MpropertyPlantEquipmentResult 5.27x | 0.78xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$13.93McapitalExpendituresD&A$17.97MdepreciationAndAmortizationResult 0.78x | -$0.83Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$221.37MtotalAssetsGoodwill$128.10MgoodWillIntangibles$23.80MintangibleAssetsLiabilities$107.05MtotalLiabTangible book-$37.58MShares45,090,000commonStockSharesOutstandingResult -$0.83 | 2.11xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$24.12MebitdaCapex$13.93McapitalExpendituresInterest$3.20MinterestExpenseShort-term debt$1.63MshortTermDebtEBITDA − capex$10.19MPrincipal due is short-term debt.Result 2.11x | $7.11MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$21.05MtotalCashFromOperatingActivitiesCapex$13.93McapitalExpendituresFree cash flow$7.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.11M | 2.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.33MoperatingIncomeTax expense$2.70MincomeTaxExpensePretax income$2.95MincomeBeforeTaxTax rate40.0%Equity$114.33MtotalStockholderEquityDebt$42.62MshortLongTermDebtTotalCash$3.70McashAndEquivalentsInvested capital$153.24MThe effective tax rate was above 40% and was capped at 40%.Result 2.5% | 0.24xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$6.33MoperatingIncomeNet PP&E$26.91MpropertyPlantEquipmentResult 0.24x |
| 2025 | 9.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.65MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$188.24MtotalAssetsInventory was not reported and is treated as zero.Result 9.4% | 7.24xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$127.83MtotalRevenueNet PP&E$17.65MpropertyPlantEquipmentResult 7.24x | 0.51xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$7.31McapitalExpendituresD&A$14.24MdepreciationAndAmortizationResult 0.51x | -$0.93Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$188.24MtotalAssetsGoodwill$120.61MgoodWillIntangibles$15.47MintangibleAssetsLiabilities$93.74MtotalLiabTangible book-$41.57MShares44,775,000commonStockSharesOutstandingResult -$0.93 | -1.25xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.02MebitdaCapex$7.31McapitalExpendituresInterest$2.46MinterestExpenseShort-term debt$1.79MshortTermDebtEBITDA − capex-$5.29MPrincipal due is short-term debt.Result -1.25x | $13.79MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$21.10MtotalCashFromOperatingActivitiesCapex$7.31McapitalExpendituresFree cash flow$13.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $13.79M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.37MoperatingIncomeTax expense-$1.18MincomeTaxExpensePretax income-$14.69MincomeBeforeTaxTax rate—Equity$94.51MtotalStockholderEquityDebt$30.00MlongTermDebt + shortLongTermDebtCash$2.91McashAndEquivalentsInvested capital$121.60MReported 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 — | -0.64xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$11.37MoperatingIncomeNet PP&E$17.65MpropertyPlantEquipmentResult -0.64x |
- 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: $17.65M
Inventory: $0.00
Total assets: $188.24M
Goodwill: $120.61M
Intangibles: $15.47M
Liabilities: $93.74M
Tangible book: -$41.57M
Shares: 44,775,000
Revenue: $127.83M
Capex: $7.31M
D&A: $14.24M
EBITDA: $2.02M
Interest: $2.46M
Short-term debt: $1.79M
Free cash flow: $13.79M
Operating income: -$11.37M
Invested capital: $121.60M
Tax rate: —