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.
Shift4 Payments Inc
Physical assets are 3.9% of total assets, a light footprint. Capex is 0.31x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 5.2%, 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 12.22x.
Physical asset ratio
3.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.22x
Revenue per dollar of the physical asset base.
Capex / D&A
0.31x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$41.23
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $39.36.
Fixed-charge coverage
3.41x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
16.7%
Latest free cash flow divided by current market cap ($3.00B).
ROIC
5.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.03x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 4.2% | 21.40x | 0.13x | -$14.89 | 1.32x | $16.20M | — | -0.50x |
| 2019 | 3.0% | 47.49x | 0.32x | -$15.01 | 0.69x | $6.80M | — | -0.29x |
| 2020 | 3.0% | 14.83x | 0.39x | $0.15 | -0.54x | -$9.50M | — | -1.11x |
| 2021 | 4.2% | 14.35x | 0.82x | -$5.94 | -0.92x | -$56.30M | — | -0.52x |
| 2022 | 5.0% | 16.27x | 2.55x | -$6.78 | -2.95x | -$104.60M | 7.1% | 0.77x |
| 2023 | 5.3% | 14.70x | 0.64x | -$13.41 | 5.73x | $250.70M | 5.2% | 0.66x |
| 2024 | 4.7% | 14.53x | 0.64x | -$14.79 | 0.22x | $310.60M | — | 1.08x |
| 2025 | 3.9% | 12.22x | 0.31x | -$41.23 | 3.41x | $499.00M | 5.2% | 1.03x |
- 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 (2025)
Net PP&E: $342.00M
Inventory: $0.00
Total assets: $8.71B
Goodwill: $2.70B
Intangibles: $2.92B
Liabilities: $6.76B
Tangible book: -$3.67B
Shares: 88,954,344
Revenue: $4.18B
Capex: $135.00M
D&A: $432.00M
EBITDA: $817.00M
Interest: $190.00M
Short-term debt: $10.00M
Free cash flow: $499.00M
Operating income: $351.00M
Invested capital: $5.09B
Tax rate: 24.6%