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.
First Capital Real Estate Investment Trust
Physical assets are 3.1% of total assets, a light footprint. Capex is 58.48x 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 0.62x, 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 131.28x.
Physical asset ratio
3.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
131.28x
Revenue per dollar of the physical asset base.
Capex / D&A
58.48x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$23.04
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.01x
Price $23.16.
Fixed-charge coverage
0.62x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.2%
Latest free cash flow divided by current market cap ($4.92B).
ROIC
4.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 71.49x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 92.8% | 0.08x | 82.34x | $19.97 | 0.38x | $16.66M | 4.1% | 0.05x |
| 2019 | 95.2% | 0.08x | 50.59x | $19.39 | 0.49x | $40.96M | 5.0% | 0.05x |
| 2020 | 94.7% | 0.07x | 36.69x | $15.75 | 0.36x | $14.47M | 2.6% | 0.04x |
| 2021 | 91.3% | 0.08x | 25.51x | $21.27 | 0.30x | $96.09M | 3.9% | 0.04x |
| 2022 | 1.7% | 107.66x | 22.04x | $20.30 | 0.40x | $126.21M | — | 61.17x |
| 2023 | 2.2% | 104.72x | 36.70x | $18.83 | 0.48x | $84.71M | — | 61.50x |
| 2024 | 2.6% | 102.00x | 48.22x | $18.91 | 0.38x | $110.02M | 4.6% | 55.81x |
| 2025 | 3.1% | 131.28x | 58.48x | $23.04 | 0.62x | $59.81M | 4.6% | 71.49x |
- 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: $5.57M
Inventory: $283.72M
Total assets: $9.23B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $4.34B
Tangible book: $4.89B
Shares: 212,445,000
Revenue: $731.24M
Capex: $146.90M
D&A: $2.51M
EBITDA: $458.78M
Interest: $158.79M
Short-term debt: $347.86M
Free cash flow: $59.81M
Operating income: $398.20M
Invested capital: $8.75B
Tax rate: 0.0%