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.
Doximity Inc
Physical assets are 2.2% of total assets, a light footprint. Capex is 0.62x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 79.3%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 25.57x. Compare it with other names in the same basket.
Physical asset ratio
2.2%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$25.22MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.12BtotalAssetsInventory was not reported and is treated as zero.Result 2.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
25.57xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$644.86MtotalRevenueNet PP&E$25.22MpropertyPlantAndEquipmentNetResult 25.57x
Revenue per dollar of the physical asset base.
Capex / D&A
0.62xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$8.96McapitalExpendituresD&A$14.38MdepreciationAndAmortizationResult 0.62x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.17Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.12BtotalAssetsGoodwill$84.97MgoodWillIntangibles$35.33MintangibleAssetsLiabilities$172.85MtotalLiabTangible book$830.54MShares199,048,000commonStockSharesOutstandingResult $4.17
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
7.79xPrice / tangible bookPrice / tangible book per sharePrice$32.51Latest quoteTangible book / share$4.172026-03-31Result 7.79x
Price $32.51.
Fixed-charge coverage
—Fixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$264.39MebitdaCapex$8.96McapitalExpendituresInterest—Not reportedShort-term debt$2.11MshortTermDebtEBITDA − capex$255.43MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.4%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$317.50MfreeCashFlowMarket cap$5.91BMarketCapitalizationResult 5.4%
Latest free cash flow divided by current market cap ($5.91B).
ROIC
79.3%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$214.92MoperatingIncomeTax expense$53.95MincomeTaxExpensePretax income$250.01MincomeBeforeTaxTax rate21.6%Equity$950.84MtotalStockholderEquityDebt$10.19MshortLongTermDebtTotalCash$748.60McashAndShortTermInvestmentsInvested capital$212.42MResult 79.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 8.52x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 1.6%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$1.37MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$86.56MtotalAssetsResult 1.6% | 62.60xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$85.70MtotalRevenueNet PP&E$1.37MpropertyPlantEquipmentResult 62.60x | 2.16xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$1.19McapitalExpendituresD&A$551.00KdepreciationAndAmortizationResult 2.16x | $0.27Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$86.56MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$407.00KintangibleAssetsLiabilities$37.81MtotalLiabTangible book$48.35MShares181,702,520commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.27 | 6.22xFixed-charge coverage · 2019-03-31(EBITDA − capex) / interestEBITDA$7.47MebitdaCapex$1.19McapitalExpendituresInterest$1.01MinterestExpenseEBITDA − capex$6.28MShort-term debt was not reported, so the denominator is interest only.Result 6.22x | $14.12MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$15.31MtotalCashFromOperatingActivitiesCapex$1.19McapitalExpendituresFree cash flow$14.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.12M | —ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.92MoperatingIncomeTax expense$98.00KincomeTaxExpensePretax income$7.93MincomeBeforeTaxTax rate1.2%Equity$48.50MtotalStockholderEquityDebt—Not reportedCash$62.33McashAndShortTermInvestmentsInvested capital—Result — | 5.06xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$6.92MoperatingIncomeNet PP&E$1.37MpropertyPlantEquipmentResult 5.06x |
| 2020 | 7.6%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$7.11MpropertyPlantEquipmentInventory$3.41MinventoryTotal assets$138.92MtotalAssetsResult 7.6% | 16.37xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$116.39MtotalRevenueNet PP&E$7.11MpropertyPlantEquipmentResult 16.37x | 4.72xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$4.24McapitalExpendituresD&A$900.00KdepreciationAndAmortizationResult 4.72x | $0.00Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$138.92MtotalAssetsGoodwill$0.00goodWillIntangibles$393.00KintangibleAssetsLiabilities$137.78MtotalLiabTangible book$743.00KShares181,702,520commonStockSharesOutstandingResult $0.00 | 5.69xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$23.06MebitdaCapex$4.24McapitalExpendituresInterest$1.35MinterestExpenseShort-term debt$1.96MshortTermDebtEBITDA − capex$18.82MPrincipal due is short-term debt.Result 5.69x | $21.96MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$26.20MtotalCashFromOperatingActivitiesCapex$4.24McapitalExpendituresFree cash flow$21.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.96M | —ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$22.16MoperatingIncomeTax expense-$6.22MincomeTaxExpensePretax income$23.51MincomeBeforeTaxTax rate0.0%Equity$1.14MtotalStockholderEquityDebt$2.28MshortLongTermDebtTotalCash$86.45McashAndShortTermInvestmentsInvested capital—Result — | 3.12xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$22.16MoperatingIncomeNet PP&E$7.11MpropertyPlantEquipmentResult 3.12x |
| 2021 | 5.9%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$8.94MpropertyPlantEquipmentInventory$5.86MinventoryTotal assets$251.72MtotalAssetsResult 5.9% | 23.15xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$206.90MtotalRevenueNet PP&E$8.94MpropertyPlantEquipmentResult 23.15x | 1.25xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$4.61McapitalExpendituresD&A$3.70MdepreciationAndAmortizationResult 1.25x | $0.21Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$251.72MtotalAssetsGoodwill$18.92MgoodWillIntangibles$9.60MintangibleAssetsLiabilities$184.98MtotalLiabTangible book$38.23MShares178,207,520commonStockSharesOutstandingResult $0.21 | 9.73xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$57.50MebitdaCapex$4.61McapitalExpendituresInterest$4.47MinterestExpenseShort-term debt$970.00KshortTermDebtEBITDA − capex$52.89MPrincipal due is short-term debt.Result 9.73x | $78.36MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$82.97MtotalCashFromOperatingActivitiesCapex$4.61McapitalExpendituresFree cash flow$78.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $78.36M | —ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$53.30MoperatingIncomeTax expense$7.56MincomeTaxExpensePretax income$57.77MincomeBeforeTaxTax rate13.1%Equity$66.74MtotalStockholderEquityDebt$1.25MshortLongTermDebtTotalCash$142.53McashAndShortTermInvestmentsInvested capital—Result — | 5.96xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$53.30MoperatingIncomeNet PP&E$8.94MpropertyPlantEquipmentResult 5.96x |
| 2022 | 1.0%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$9.58MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$991.36MtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 35.88xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$343.55MtotalRevenueNet PP&E$9.58MpropertyPlantEquipmentResult 35.88x | 1.13xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$5.70McapitalExpendituresD&A$5.04MdepreciationAndAmortizationResult 1.13x | $4.46Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$991.36MtotalAssetsGoodwill$18.92MgoodWillIntangibles$7.91MintangibleAssetsLiabilities$112.76MtotalLiabTangible book$851.77MShares191,017,000commonStockSharesOutstandingResult $4.46 | 102.02xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$119.05MebitdaCapex$5.70McapitalExpendituresInterest$469.00KinterestExpenseShort-term debt$642.00KshortTermDebtEBITDA − capex$113.35MPrincipal due is short-term debt.Result 102.02x | $120.88MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$126.58MtotalCashFromOperatingActivitiesCapex$5.70McapitalExpendituresFree cash flow$120.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $120.88M | 139.2%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$113.54MoperatingIncomeTax expense-$40.78MincomeTaxExpensePretax income$114.01MincomeBeforeTaxTax rate0.0%Equity$878.59MtotalStockholderEquityDebt$1.09MshortLongTermDebtTotalCash$798.11McashAndShortTermInvestmentsInvested capital$81.57MResult 139.2% | 11.86xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$113.54MoperatingIncomeNet PP&E$9.58MpropertyPlantEquipmentResult 11.86x |
| 2023 | 2.7%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$25.10MpropertyPlantEquipmentInventory$5.12MinventoryTotal assets$1.14BtotalAssetsResult 2.7% | 16.70xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$419.05MtotalRevenueNet PP&E$25.10MpropertyPlantEquipmentResult 16.70x | 0.60xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$6.18McapitalExpendituresD&A$10.28MdepreciationAndAmortizationResult 0.60x | $4.06Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.14BtotalAssetsGoodwill$67.94MgoodWillIntangibles$31.84MintangibleAssetsLiabilities$170.77MtotalLiabTangible book$866.34MShares213,425,000commonStockSharesOutstandingResult $4.06 | 14.01xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$143.44MebitdaCapex$6.18McapitalExpendituresInterest$8.05MinterestExpenseShort-term debt$1.75MshortTermDebtEBITDA − capex$137.26MPrincipal due is short-term debt.Result 14.01x | $173.42MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$179.60MtotalCashFromOperatingActivitiesCapex$6.18McapitalExpendituresFree cash flow$173.42MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $173.42M | 75.3%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$125.11MoperatingIncomeTax expense$20.34MincomeTaxExpensePretax income$133.16MincomeBeforeTaxTax rate15.3%Equity$966.12MtotalStockholderEquityDebt$15.64MshortLongTermDebtTotalCash$841.00McashAndShortTermInvestmentsInvested capital$140.75MResult 75.3% | 4.98xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$125.11MoperatingIncomeNet PP&E$25.10MpropertyPlantEquipmentResult 4.98x |
| 2024 | -1.7%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$24.65MpropertyPlantAndEquipmentNetInventory-$42.61MinventoryTotal assets$1.08BtotalAssetsResult -1.7% | 19.29xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$475.42MtotalRevenueNet PP&E$24.65MpropertyPlantAndEquipmentNetResult 19.29x | 0.57xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$5.80McapitalExpendituresD&A$10.27MdepreciationAndAmortizationResult 0.57x | $3.92Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.08BtotalAssetsGoodwill$67.94MgoodWillIntangibles$27.32MintangibleAssetsLiabilities$177.98MtotalLiabTangible book$806.14MShares205,734,000commonStockSharesOutstandingResult $3.92 | —Fixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$182.08MebitdaCapex$5.80McapitalExpendituresInterest—Not reportedShort-term debt$2.15MshortTermDebtEBITDA − capex$176.28MPrincipal due is short-term debt.Result — | $178.30MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$184.10MtotalCashFromOperatingActivitiesCapex$5.80McapitalExpendituresFree cash flow$178.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $178.30M | 85.3%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$163.88MoperatingIncomeTax expense$37.62MincomeTaxExpensePretax income$185.20MincomeBeforeTaxTax rate20.3%Equity$901.40MtotalStockholderEquityDebt$14.55MshortLongTermDebtTotalCash$762.90McashAndShortTermInvestmentsInvested capital$153.04MResult 85.3% | 6.65xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$163.88MoperatingIncomeNet PP&E$24.65MpropertyPlantAndEquipmentNetResult 6.65x |
| 2025 | 1.8%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$22.54MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.26BtotalAssetsInventory was not reported and is treated as zero.Result 1.8% | 25.30xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$570.40MtotalRevenueNet PP&E$22.54MpropertyPlantAndEquipmentNetResult 25.30x | 0.61xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$6.53McapitalExpendituresD&A$10.66MdepreciationAndAmortizationResult 0.61x | $4.93Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.26BtotalAssetsGoodwill$67.94MgoodWillIntangibles$23.07MintangibleAssetsLiabilities$181.68MtotalLiabTangible book$991.61MShares201,208,000commonStockSharesOutstandingResult $4.93 | —Fixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$240.76MebitdaCapex$6.53McapitalExpendituresInterest—Not reportedShort-term debt$2.21MshortTermDebtEBITDA − capex$234.24MPrincipal due is short-term debt.Result — | $266.74MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$273.27MtotalCashFromOperatingActivitiesCapex$6.53McapitalExpendituresFree cash flow$266.74MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $266.74M | 107.5%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$227.80MoperatingIncomeTax expense$40.39MincomeTaxExpensePretax income$263.57MincomeBeforeTaxTax rate15.3%Equity$1.08BtotalStockholderEquityDebt$12.40MshortLongTermDebtTotalCash$915.66McashAndShortTermInvestmentsInvested capital$179.36MResult 107.5% | 10.11xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$227.80MoperatingIncomeNet PP&E$22.54MpropertyPlantAndEquipmentNetResult 10.11x |
| 2026 | 2.2%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$25.22MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.12BtotalAssetsInventory was not reported and is treated as zero.Result 2.2% | 25.57xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$644.86MtotalRevenueNet PP&E$25.22MpropertyPlantAndEquipmentNetResult 25.57x | 0.62xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$8.96McapitalExpendituresD&A$14.38MdepreciationAndAmortizationResult 0.62x | $4.17Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.12BtotalAssetsGoodwill$84.97MgoodWillIntangibles$35.33MintangibleAssetsLiabilities$172.85MtotalLiabTangible book$830.54MShares199,048,000commonStockSharesOutstandingResult $4.17 | —Fixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$264.39MebitdaCapex$8.96McapitalExpendituresInterest—Not reportedShort-term debt$2.11MshortTermDebtEBITDA − capex$255.43MPrincipal due is short-term debt.Result — | $317.50MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$326.46MtotalCashFromOperatingActivitiesCapex$8.96McapitalExpendituresFree cash flow$317.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $317.50M | 79.3%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$214.92MoperatingIncomeTax expense$53.95MincomeTaxExpensePretax income$250.01MincomeBeforeTaxTax rate21.6%Equity$950.84MtotalStockholderEquityDebt$10.19MshortLongTermDebtTotalCash$748.60McashAndShortTermInvestmentsInvested capital$212.42MResult 79.3% | 8.52xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$214.92MoperatingIncomeNet PP&E$25.22MpropertyPlantAndEquipmentNetResult 8.52x |
- 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 (2026)
Net PP&E: $25.22M
Inventory: $0.00
Total assets: $1.12B
Goodwill: $84.97M
Intangibles: $35.33M
Liabilities: $172.85M
Tangible book: $830.54M
Shares: 199,048,000
Revenue: $644.86M
Capex: $8.96M
D&A: $14.38M
EBITDA: $264.39M
Interest: —
Short-term debt: $2.11M
Free cash flow: $317.50M
Operating income: $214.92M
Invested capital: $212.42M
Tax rate: 21.6%