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.
Fleetcor Technologies Inc
Physical assets are 2.8% of total assets, a light footprint. Capex is 0.46x 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 0.76x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 8.74x.
Physical asset ratio
2.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.74x
Revenue per dollar of the physical asset base.
Capex / D&A
0.46x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$59.80
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Quote unavailable.
Fixed-charge coverage
0.76x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.9%
Latest free cash flow divided by current market cap ($21.79B).
ROIC
18.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 3.94x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2016 | 1.4% | 12.85x | 0.29x | -$39.29 | 0.61x | $646.90M | 8.2% | 5.29x |
| 2017 | 1.2% | 12.49x | 0.27x | -$40.10 | 0.73x | $594.78M | 10.1% | 4.91x |
| 2018 | 1.5% | 13.07x | 0.30x | -$39.17 | 0.65x | $805.00M | 11.3% | 5.86x |
| 2019 | 4.6% | 13.26x | 0.27x | -$38.45 | 0.75x | $1.09B | 13.7% | 6.16x |
| 2020 | 1.8% | 11.80x | 0.30x | -$40.13 | 0.87x | $1.39B | 11.5% | 4.80x |
| 2021 | 1.9% | 11.99x | 0.40x | -$54.10 | 0.87x | $1.08B | 12.8% | 5.26x |
| 2022 | 17.3% | 11.63x | 0.47x | -$62.33 | 0.65x | $603.37M | 13.3% | 4.91x |
| 2023 | 2.8% | 8.74x | 0.46x | -$59.80 | 0.76x | $1.95B | 18.0% | 3.94x |
- 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 the current portion of debt.
Latest year inputs (2023)
Net PP&E: $429.73M
Inventory: $0.00
Total assets: $15.48B
Goodwill: $5.64B
Intangibles: $2.09B
Liabilities: $12.19B
Tangible book: -$4.45B
Shares: 74,387,000
Revenue: $3.76B
Capex: $153.82M
D&A: $335.38M
EBITDA: $2.03B
Interest: $348.61M
Short-term debt: $2.13B
Free cash flow: $1.95B
Operating income: $1.69B
Invested capital: $6.96B
Tax rate: 25.9%