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 Industrial Realty Trust Inc
Physical assets are 91.3% of total assets, a heavy footprint. Capex is 1.78x 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. ROIC is 5.6%, below an 8% cost-of-capital hurdle.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.14x.
Physical asset ratio
91.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.20BpropertyPlantEquipmentInventory$0.00inventoryTotal assets$5.69BtotalAssetsUses the property line, which is larger than net PP&E ($19.59M, propertyPlantAndEquipmentNet).Result 91.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.14xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$727.08MtotalRevenueNet PP&E$5.20BpropertyPlantEquipmentResult 0.14x
Revenue per dollar of the physical asset base.
Capex / D&A
1.78xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$346.45McapitalExpendituresD&A$195.08MdepreciationAndAmortizationResult 1.78x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$20.58Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.69BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$32.08MintangibleAssetsLiabilities$2.93BtotalLiabTangible book$2.73BShares132,503,999commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $20.58
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.62xPrice / tangible bookPrice / tangible book per sharePrice$53.92Latest quoteTangible book / share$20.582025-12-31Result 2.62x
Price $53.92.
Fixed-charge coverage
2.57xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$578.60MebitdaCapex$346.45McapitalExpendituresInterest$89.92MinterestExpenseShort-term debt$364.00KshortTermDebtEBITDA − capex$232.15MPrincipal due is short-term debt.Result 2.57x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$114.89MfreeCashFlowMarket cap$7.61BMarketCapitalizationResult 1.5%
Latest free cash flow divided by current market cap ($7.61B).
ROIC
5.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$307.71MoperatingIncomeTax expense$15.28MincomeTaxExpensePretax income$279.36MincomeBeforeTaxTax rate5.5%Equity$2.67BtotalStockholderEquityDebt$2.57BshortLongTermDebtTotalCash$78.03McashAndEquivalentsInvested capital$5.17BResult 5.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 93.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.86BpropertyPlantEquipmentInventory$59.48MinventoryTotal assets$3.14BtotalAssetsResult 93.0% | 0.14xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$403.68MtotalRevenueNet PP&E$2.86BpropertyPlantEquipmentResult 0.14x | 2.92xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$355.23McapitalExpendituresD&A$121.60MdepreciationAndAmortizationResult 2.92x | $13.29Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.14BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$29.68MintangibleAssetsLiabilities$1.46BtotalLiabTangible book$1.65BShares124,191,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $13.29 | -1.79xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$264.22MebitdaCapex$355.23McapitalExpendituresInterest$50.78MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex-$91.02MPrincipal due is short-term debt.Result -1.79x | -$144.73MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$210.51MtotalCashFromOperatingActivitiesCapex$355.23McapitalExpendituresFree cash flow-$144.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$144.73M | 8.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$259.08MoperatingIncomeTax expense-$92.00KincomeTaxExpensePretax income$167.24MincomeBeforeTaxTax rate0.0%Equity$1.65BtotalStockholderEquityDebt$1.30BshortLongTermDebtTotalCash$43.10McashAndEquivalentsInvested capital$2.90BResult 8.9% | 0.09xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$259.08MoperatingIncomeNet PP&E$2.86BpropertyPlantEquipmentResult 0.09x |
| 2019 | 86.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.05BpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$3.52BtotalAssetsResult 86.7% | 0.14xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$425.51MtotalRevenueNet PP&E$3.05BpropertyPlantAndEquipmentNetResult 0.14x | 2.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$254.21McapitalExpendituresD&A$127.11MdepreciationAndAmortizationResult 2.00x | $13.97Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.52BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$28.53MintangibleAssetsLiabilities$1.72BtotalLiabTangible book$1.77BShares126,691,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $13.97 | 0.15xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$286.24MebitdaCapex$254.21McapitalExpendituresInterest$50.27MinterestExpenseShort-term debt$158.00MshortTermDebtEBITDA − capex$32.03MPrincipal due is short-term debt.Result 0.15x | -$8.59MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$245.62MtotalCashFromOperatingActivitiesCapex$254.21McapitalExpendituresFree cash flow-$8.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$8.59M | 7.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$231.05MoperatingIncomeTax expense$3.41MincomeTaxExpensePretax income$247.29MincomeBeforeTaxTax rate1.4%Equity$1.76BtotalStockholderEquityDebt$1.51BshortLongTermDebtTotalCash$21.12McashAndEquivalentsInvested capital$3.25BResult 7.0% | 0.08xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$231.05MoperatingIncomeNet PP&E$3.05BpropertyPlantAndEquipmentNetResult 0.08x |
| 2020 | 86.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.26BpropertyPlantEquipmentInventory$15.66MinventoryTotal assets$3.79BtotalAssetsUses the property line, which is larger than net PP&E ($25.21M, propertyPlantAndEquipmentNet).Result 86.3% | 0.14xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$447.79MtotalRevenueNet PP&E$3.26BpropertyPlantEquipmentResult 0.14x | 1.17xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$161.12McapitalExpendituresD&A$137.76MdepreciationAndAmortizationResult 1.17x | $15.03Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.79BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$25.21MintangibleAssetsLiabilities$1.84BtotalLiabTangible book$1.92BShares127,904,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $15.03 | 0.45xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$303.87MebitdaCapex$161.12McapitalExpendituresInterest$54.72MinterestExpenseShort-term debt$261.89MshortTermDebtEBITDA − capex$142.75MPrincipal due is short-term debt.Result 0.45x | $79.96MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$241.08MtotalCashFromOperatingActivitiesCapex$161.12McapitalExpendituresFree cash flow$79.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $79.96M | 5.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$198.38MoperatingIncomeTax expense$2.41MincomeTaxExpensePretax income$202.58MincomeBeforeTaxTax rate1.2%Equity$1.95BtotalStockholderEquityDebt$1.86BshortLongTermDebtTotalCash$162.09McashAndEquivalentsInvested capital$3.64BResult 5.4% | 0.06xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$198.38MoperatingIncomeNet PP&E$3.26BpropertyPlantEquipmentResult 0.06x |
| 2021 | 98.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.80BpropertyPlantAndEquipmentNetInventory$318.85MinventoryTotal assets$4.18BtotalAssetsResult 98.6% | 0.13xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$476.29MtotalRevenueNet PP&E$3.80BpropertyPlantAndEquipmentNetResult 0.13x | 1.68xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$233.18McapitalExpendituresD&A$139.06MdepreciationAndAmortizationResult 1.68x | $17.16Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.18BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$21.32MintangibleAssetsLiabilities$1.93BtotalLiabTangible book$2.23BShares129,775,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $17.16 | 4.63xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$465.37MebitdaCapex$233.18McapitalExpendituresInterest$47.53MinterestExpenseShort-term debt$2.67MshortTermDebtEBITDA − capex$232.20MPrincipal due is short-term debt.Result 4.63x | $33.85MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$267.03MtotalCashFromOperatingActivitiesCapex$233.18McapitalExpendituresFree cash flow$33.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $33.85M | 4.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$179.43MoperatingIncomeTax expense$4.88MincomeTaxExpensePretax income$282.05MincomeBeforeTaxTax rate1.7%Equity$2.19BtotalStockholderEquityDebt$1.64BshortLongTermDebtTotalCash$58.59McashAndEquivalentsInvested capital$3.77BResult 4.7% | 0.05xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$179.43MoperatingIncomeNet PP&E$3.80BpropertyPlantAndEquipmentNetResult 0.05x |
| 2022 | 90.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.45BpropertyPlantAndEquipmentNetInventory$11.87MinventoryTotal assets$4.95BtotalAssetsResult 90.0% | 0.12xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$539.93MtotalRevenueNet PP&E$4.45BpropertyPlantAndEquipmentNetResult 0.12x | 5.43xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$827.69McapitalExpendituresD&A$152.32MdepreciationAndAmortizationResult 5.43x | $18.97Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.95BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$24.09MintangibleAssetsLiabilities$2.42BtotalLiabTangible book$2.51BShares132,103,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $18.97 | -6.83xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$491.37MebitdaCapex$827.69McapitalExpendituresInterest$49.01MinterestExpenseShort-term debt$253.00KshortTermDebtEBITDA − capex-$336.33MPrincipal due is short-term debt.Result -6.83x | -$416.80MFree cash flow · 2022-12-31Operating cash flow − capexOperating cash flow$410.90MtotalCashFromOperatingActivitiesCapex$827.69McapitalExpendituresFree cash flow-$416.80MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$416.80M | 4.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$213.97MoperatingIncomeTax expense$23.36MincomeTaxExpensePretax income$404.98MincomeBeforeTaxTax rate5.8%Equity$2.46BtotalStockholderEquityDebt$2.09BshortLongTermDebtTotalCash$133.24McashAndEquivalentsInvested capital$4.41BResult 4.6% | 0.05xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$213.97MoperatingIncomeNet PP&E$4.45BpropertyPlantAndEquipmentNetResult 0.05x |
| 2023 | 91.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.73BpropertyPlantEquipmentInventory$1.00inventoryTotal assets$5.18BtotalAssetsResult 91.4% | 0.13xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$614.03MtotalRevenueNet PP&E$4.73BpropertyPlantEquipmentResult 0.13x | 2.20xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$361.93McapitalExpendituresD&A$164.52MdepreciationAndAmortizationResult 2.20x | $19.75Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.18BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$21.52MintangibleAssetsLiabilities$2.54BtotalLiabTangible book$2.61BShares132,341,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $19.75 | 1.85xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$501.17MebitdaCapex$361.93McapitalExpendituresInterest$74.34MinterestExpenseShort-term debt$776.00KshortTermDebtEBITDA − capex$139.25MPrincipal due is short-term debt.Result 1.85x | -$59.62MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$302.31MtotalCashFromOperatingActivitiesCapex$361.93McapitalExpendituresFree cash flow-$59.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$59.62M | 5.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$244.63MoperatingIncomeTax expense$8.69MincomeTaxExpensePretax income$294.53MincomeBeforeTaxTax rate3.0%Equity$2.56BtotalStockholderEquityDebt$2.25BshortLongTermDebtTotalCash$43.84McashAndEquivalentsInvested capital$4.77BResult 5.0% | 0.05xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$244.63MoperatingIncomeNet PP&E$4.73BpropertyPlantEquipmentResult 0.05x |
| 2024 | 90.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.78BpropertyPlantEquipmentInventory$4.63MinventoryTotal assets$5.26BtotalAssetsResult 90.9% | 0.14xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$669.64MtotalRevenueNet PP&E$4.78BpropertyPlantEquipmentResult 0.14x | 1.22xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$215.57McapitalExpendituresD&A$176.29MdepreciationAndAmortizationResult 1.22x | $20.59Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.26BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$19.31MintangibleAssetsLiabilities$2.52BtotalLiabTangible book$2.73BShares132,416,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $20.59 | 0.94xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$557.03MebitdaCapex$215.57McapitalExpendituresInterest$82.97MinterestExpenseShort-term debt$282.00MshortTermDebtEBITDA − capex$341.47MPrincipal due is short-term debt.Result 0.94x | $134.85MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$350.42MtotalCashFromOperatingActivitiesCapex$215.57McapitalExpendituresFree cash flow$134.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $134.85M | 5.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$272.42MoperatingIncomeTax expense$6.08MincomeTaxExpensePretax income$302.06MincomeBeforeTaxTax rate2.0%Equity$2.67BtotalStockholderEquityDebt$2.23BshortLongTermDebtTotalCash$44.51McashAndEquivalentsInvested capital$4.85BResult 5.5% | 0.06xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$272.42MoperatingIncomeNet PP&E$4.78BpropertyPlantEquipmentResult 0.06x |
| 2025 | 91.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.20BpropertyPlantEquipmentInventory$0.00inventoryTotal assets$5.69BtotalAssetsUses the property line, which is larger than net PP&E ($19.59M, propertyPlantAndEquipmentNet).Result 91.3% | 0.14xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$727.08MtotalRevenueNet PP&E$5.20BpropertyPlantEquipmentResult 0.14x | 1.78xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$346.45McapitalExpendituresD&A$195.08MdepreciationAndAmortizationResult 1.78x | $20.58Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.69BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$32.08MintangibleAssetsLiabilities$2.93BtotalLiabTangible book$2.73BShares132,503,999commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $20.58 | 2.57xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$578.60MebitdaCapex$346.45McapitalExpendituresInterest$89.92MinterestExpenseShort-term debt$364.00KshortTermDebtEBITDA − capex$232.15MPrincipal due is short-term debt.Result 2.57x | $114.89MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$461.34MtotalCashFromOperatingActivitiesCapex$346.45McapitalExpendituresFree cash flow$114.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $114.89M | 5.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$307.71MoperatingIncomeTax expense$15.28MincomeTaxExpensePretax income$279.36MincomeBeforeTaxTax rate5.5%Equity$2.67BtotalStockholderEquityDebt$2.57BshortLongTermDebtTotalCash$78.03McashAndEquivalentsInvested capital$5.17BResult 5.6% | 0.06xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$307.71MoperatingIncomeNet PP&E$5.20BpropertyPlantEquipmentResult 0.06x |
- Principal due is short-term debt, the amount reported as due within a year.
- The physical ratio uses the property line, which is larger than net corporate PP&E. Real estate portfolios are often carried there.
Latest year inputs (2025)
Net PP&E: $5.20B
Inventory: $0.00
Total assets: $5.69B
Goodwill: $0.00
Intangibles: $32.08M
Liabilities: $2.93B
Tangible book: $2.73B
Shares: 132,503,999
Revenue: $727.08M
Capex: $346.45M
D&A: $195.08M
EBITDA: $578.60M
Interest: $89.92M
Short-term debt: $364.00K
Free cash flow: $114.89M
Operating income: $307.71M
Invested capital: $5.17B
Tax rate: 5.5%