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.
DoubleVerify Holdings Inc
Physical assets are 12.6% of total assets, a light footprint. Capex is 0.68x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 5.0%, below an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 4.40x.
Physical asset ratio
12.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.40x
Revenue per dollar of the physical asset base.
Capex / D&A
0.68x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$3.08
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.38x
Price $13.50.
Fixed-charge coverage
5.77x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.2%
Latest free cash flow divided by current market cap ($2.11B).
ROIC
5.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.47x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 2.6% | 9.90x | 0.09x | -$0.17 | 4.44x | $10.42M | 1.6% | 0.48x |
| 2019 | 2.3% | 17.08x | 0.27x | -$0.33 | 9.95x | $23.49M | 6.7% | 3.66x |
| 2020 | 3.5% | 13.47x | 0.40x | $0.38 | 5.75x | $11.47M | 5.2% | 1.18x |
| 2021 | 2.0% | 18.93x | 0.31x | $1.82 | 15.24x | $73.35M | 4.6% | 1.52x |
| 2022 | 10.8% | 4.05x | 1.16x | $2.33 | 5.58x | $54.88M | 6.2% | 0.53x |
| 2023 | 9.5% | 4.83x | 0.42x | $2.87 | 9.27x | $102.73M | 7.5% | 0.72x |
| 2024 | 10.8% | 4.76x | 0.60x | $3.12 | 7.36x | $132.52M | 6.0% | 0.60x |
| 2025 | 12.6% | 4.40x | 0.68x | $3.08 | 5.77x | $172.65M | 5.0% | 0.47x |
- 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: $170.19M
Inventory: $0.00
Total assets: $1.35B
Goodwill: $516.00M
Intangibles: $101.62M
Liabilities: $222.75M
Tangible book: $513.71M
Shares: 166,683,000
Revenue: $748.29M
Capex: $38.53M
D&A: $56.58M
EBITDA: $141.02M
Interest: $1.73M
Short-term debt: $16.04M
Free cash flow: $172.65M
Operating income: $79.20M
Invested capital: $971.85M
Tax rate: 38.8%