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 Industrial Real Estate Investment Trust
Net PP&E was missing, so the physical footprint could not be scored. Capex is 22.47x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. EBITDA after capex covers debt service by 0.27x, 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
22.47x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$16.33
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.80x
Price $12.99.
Fixed-charge coverage
0.27x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.7%
Latest free cash flow divided by current market cap ($3.78B).
ROIC
4.3%
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 | 99.0% | 0.09x | 0.13x | $9.15 | 0.71x | $63.84M | 10.7% | 0.10x |
| 2019 | 84.0% | 0.08x | 0.06x | $11.66 | 1.08x | $73.18M | 5.6% | 0.05x |
| 2020 | 92.1% | 0.07x | 0.08x | $11.27 | 0.83x | $127.95M | 4.9% | 0.05x |
| 2021 | 94.1% | 0.05x | 0.22x | $16.15 | 2.78x | $128.14M | 4.1% | 0.04x |
| 2022 | 92.8% | 0.05x | 48.04x | $16.47 | 2.06x | $70.78M | 4.1% | 0.04x |
| 2023 | 88.1% | 0.06x | 57.33x | $40.12 | -0.04x | $115.84M | 4.1% | 0.04x |
| 2024 | — | — | 41.20x | $16.33 | 0.22x | $151.31M | 4.2% | — |
| 2025 | — | — | 22.47x | $16.33 | 0.27x | $140.62M | 4.3% | — |
- 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: $8.46B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $3.66B
Tangible book: $4.79B
Shares: 293,355,000
Revenue: $507.95M
Capex: $115.53M
D&A: $5.14M
EBITDA: $258.27M
Interest: $86.34M
Short-term debt: $451.36M
Free cash flow: $140.62M
Operating income: $339.06M
Invested capital: $7.87B
Tax rate: 0.0%