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.
Greenlight Capital Re Ltd
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures.
Physical asset ratio
—Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$2.17BtotalAssetsResult —
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
—Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$696.35MtotalRevenueNet PP&E—Not reportedResult —
Revenue per dollar of the physical asset base.
Capex / D&A
—Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A—Not reportedResult —
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$17.62Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.17BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$99.95MintangibleAssetsLiabilities$1.46BtotalLiabTangible book$608.02MShares34,502,525commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $17.62
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.91xPrice / tangible bookPrice / tangible book per sharePrice$16.05Latest quoteTangible book / share$17.622025-12-31Result 0.91x
Price $16.05.
Fixed-charge coverage
8.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$83.10MebitdaCapex$0.00capitalExpendituresInterest$4.79MinterestExpenseShort-term debt$4.72MshortTermDebtEBITDA − capex$83.10MPrincipal due is short-term debt.Result 8.74x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
39.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$210.21MfreeCashFlowMarket cap$528.09MMarketCapitalizationResult 39.8%
Latest free cash flow divided by current market cap ($528.09M).
ROIC
12.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$78.31MoperatingIncomeTax expense$3.48MincomeTaxExpensePretax income$78.31MincomeBeforeTaxTax rate4.4%Equity$707.98MtotalStockholderEquityDebt$4.72MshortLongTermDebtTotalCash$111.76McashInvested capital$600.95MResult 12.5%
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$1.44BtotalAssetsResult — | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$243.85MtotalRevenueNet PP&E—Not reportedResult — | 0.00xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$2.77MdepreciationAndAmortizationResult 0.00x | $11.95Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.44BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$49.93MintangibleAssetsLiabilities$955.98MtotalLiabTangible book$429.54MShares35,951,659commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.95 | -139.21xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$348.73MebitdaCapex$0.00capitalExpendituresInterest$2.51MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex-$348.73MShort-term debt is total debt minus long-term debt.Result -139.21x | -$59.31MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$59.31MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$59.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$59.31M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$354.00MoperatingIncomeTax expense$332.00KincomeTaxExpensePretax income-$354.00MincomeBeforeTaxTax rate—Equity$477.29MtotalStockholderEquityDebt$91.19MshortLongTermDebtTotalCash$18.22McashInvested capital$550.26MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$354.00MoperatingIncomeNet PP&E—Not reportedResult — |
| 2019 | -75.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$300.00KpropertyPlantAndEquipmentNetInventory-$1.02BinventoryTotal assets$1.36BtotalAssetsResult -75.1% | 1,637.99xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$491.40MtotalRevenueNet PP&E$300.00KpropertyPlantAndEquipmentNetResult 1,637.99x | 0.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$2.35MdepreciationAndAmortizationResult 0.00x | $11.85Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.36BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$49.67MintangibleAssetsLiabilities$878.01MtotalLiabTangible book$427.52MShares36,079,419commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.85 | 0.82xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$5.11MebitdaCapex$0.00capitalExpendituresInterest$6.26MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$5.11MShort-term debt is total debt minus long-term debt.Result 0.82x | $1.63MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$1.63MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$1.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.63M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$3.50MoperatingIncomeTax expense$483.00KincomeTaxExpensePretax income-$3.50MincomeBeforeTaxTax rate—Equity$477.18MtotalStockholderEquityDebt$93.51MshortLongTermDebtTotalCash$25.81McashInvested capital$544.88MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -11.68xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$3.50MoperatingIncomeNet PP&E$300.00KpropertyPlantAndEquipmentNetResult -11.68x |
| 2020 | -80.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$100.00KpropertyPlantEquipmentInventory-$1.09BinventoryTotal assets$1.36BtotalAssetsResult -80.3% | 4,788.18xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$478.82MtotalRevenueNet PP&E$100.00KpropertyPlantEquipmentResult 4,788.18x | 0.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$2.30MdepreciationAndAmortizationResult 0.00x | $11.41Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.36BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$51.01MintangibleAssetsLiabilities$892.79MtotalLiabTangible book$413.84MShares36,278,028commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.41 | 1.88xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$12.87MebitdaCapex$0.00capitalExpendituresInterest$6.28MinterestExpenseShort-term debt$581.00KshortTermDebtEBITDA − capex$12.87MPrincipal due is short-term debt.Result 1.88x | -$91.32MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$91.32MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$91.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$91.32M | 0.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.29MoperatingIncomeTax expense$424.00KincomeTaxExpensePretax income$4.29MincomeBeforeTaxTax rate9.9%Equity$464.86MtotalStockholderEquityDebt$100.85MshortLongTermDebtTotalCash$8.94McashInvested capital$556.77MResult 0.7% | 42.90xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$4.29MoperatingIncomeNet PP&E$100.00KpropertyPlantEquipmentResult 42.90x |
| 2021 | -78.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.40MpropertyPlantEquipmentInventory-$1.12BinventoryTotal assets$1.43BtotalAssetsResult -78.0% | 237.69xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$570.46MtotalRevenueNet PP&E$2.40MpropertyPlantEquipmentResult 237.69x | 76.94xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.23McapitalExpendituresD&A$16.00KdepreciationAndAmortizationResult 76.94x | $12.01Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.43BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$63.03MintangibleAssetsLiabilities$951.83MtotalLiabTangible book$412.64MShares34,351,016commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $12.01 | 2.05xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$39.26MebitdaCapex$1.23McapitalExpendituresInterest$17.92MinterestExpenseShort-term debt$587.00KshortTermDebtEBITDA − capex$38.03MPrincipal due is short-term debt.Result 2.05x | -$57.53MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$56.30MtotalCashFromOperatingActivitiesCapex$1.23McapitalExpendituresFree cash flow-$57.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$57.53M | 3.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$21.32MoperatingIncomeTax expense$3.75MincomeTaxExpensePretax income$21.32MincomeBeforeTaxTax rate17.6%Equity$475.66MtotalStockholderEquityDebt$102.44MshortLongTermDebtTotalCash$76.31McashInvested capital$501.79MResult 3.5% | 8.89xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$21.32MoperatingIncomeNet PP&E$2.40MpropertyPlantEquipmentResult 8.89x |
| 2022 | -66.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.90MpropertyPlantEquipmentInventory-$1.05BinventoryTotal assets$1.58BtotalAssetsResult -66.1% | 251.38xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$477.63MtotalRevenueNet PP&E$1.90MpropertyPlantEquipmentResult 251.38x | 1,357.63xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$107.25McapitalExpendituresD&A$79.00KdepreciationAndAmortizationResult 1,357.63x | $10.58Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.58BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$82.39MintangibleAssetsLiabilities$1.08BtotalLiabTangible book$420.73MShares39,769,790commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $10.58 | -6.57xFixed-charge coverage · 2022-12-31(EBITDA − capex) / interestEBITDA$35.52MebitdaCapex$107.25McapitalExpendituresInterest$10.92MinterestExpenseEBITDA − capex-$71.73MShort-term debt was not reported, so the denominator is interest only.Result -6.57x | -$139.05MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$31.80MtotalCashFromOperatingActivitiesCapex$107.25McapitalExpendituresFree cash flow-$139.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$139.05M | 4.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$24.53MoperatingIncomeTax expense-$816.00KincomeTaxExpensePretax income$24.53MincomeBeforeTaxTax rate0.0%Equity$503.12MtotalStockholderEquityDebt$102.44MlongTermDebt + shortLongTermDebtCash$38.24McashInvested capital$567.32MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.3% | 12.91xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$24.53MoperatingIncomeNet PP&E$1.90MpropertyPlantEquipmentResult 12.91x |
| 2023 | -40.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.40MpropertyPlantAndEquipmentNetInventory-$696.17MinventoryTotal assets$1.74BtotalAssetsResult -40.0% | 451.68xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$632.35MtotalRevenueNet PP&E$1.40MpropertyPlantAndEquipmentNetResult 451.68x | 0.53xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$46.00McapitalExpendituresD&A$87.43MdepreciationAndAmortizationResult 0.53x | $14.83Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.74BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$79.96MintangibleAssetsLiabilities$1.14BtotalLiabTangible book$516.14MShares34,797,859commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $14.83 | 5.65xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$94.96MebitdaCapex$46.00McapitalExpendituresInterest$8.03MinterestExpenseShort-term debt$637.00KshortTermDebtEBITDA − capex$48.96MPrincipal due is short-term debt.Result 5.65x | -$38.49MFree cash flow · 2023-12-31Operating cash flow − capexOperating cash flow$7.51MtotalCashFromOperatingActivitiesCapex$46.00McapitalExpendituresFree cash flow-$38.49MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$38.49M | 14.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$86.93MoperatingIncomeTax expense$100.00KincomeTaxExpensePretax income$86.93MincomeBeforeTaxTax rate0.1%Equity$596.10MtotalStockholderEquityDebt$73.28MshortLongTermDebtTotalCash$51.08McashInvested capital$618.29MResult 14.0% | 62.09xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$86.93MoperatingIncomeNet PP&E$1.40MpropertyPlantAndEquipmentNetResult 62.09x |
| 2024 | 0.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$900.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.02BtotalAssetsInventory was not reported and is treated as zero.Result 0.0% | 719.97xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$647.97MtotalRevenueNet PP&E$900.00KpropertyPlantAndEquipmentNetResult 719.97x | —Capex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A—Not reportedResult — | $15.98Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.02BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$82.25MintangibleAssetsLiabilities$1.38BtotalLiabTangible book$553.63MShares34,653,453commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $15.98 | 5.34xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$52.75MebitdaCapex$0.00capitalExpendituresInterest$9.18MinterestExpenseShort-term debt$686.00KshortTermDebtEBITDA − capex$52.75MPrincipal due is short-term debt.Result 5.34x | $111.50MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$111.50MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$111.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $111.50M | 6.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$43.57MoperatingIncomeTax expense$749.00KincomeTaxExpensePretax income$43.57MincomeBeforeTaxTax rate1.7%Equity$635.88MtotalStockholderEquityDebt$60.75MshortLongTermDebtTotalCash$64.69McashInvested capital$631.94MResult 6.8% | 48.41xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$43.57MoperatingIncomeNet PP&E$900.00KpropertyPlantAndEquipmentNetResult 48.41x |
| 2025 | —Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$2.17BtotalAssetsResult — | —Fixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$696.35MtotalRevenueNet PP&E—Not reportedResult — | —Capex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A—Not reportedResult — | $17.62Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.17BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$99.95MintangibleAssetsLiabilities$1.46BtotalLiabTangible book$608.02MShares34,502,525commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $17.62 | 8.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$83.10MebitdaCapex$0.00capitalExpendituresInterest$4.79MinterestExpenseShort-term debt$4.72MshortTermDebtEBITDA − capex$83.10MPrincipal due is short-term debt.Result 8.74x | $210.21MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$210.21MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$210.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $210.21M | 12.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$78.31MoperatingIncomeTax expense$3.48MincomeTaxExpensePretax income$78.31MincomeBeforeTaxTax rate4.4%Equity$707.98MtotalStockholderEquityDebt$4.72MshortLongTermDebtTotalCash$111.76McashInvested capital$600.95MResult 12.5% | —EBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$78.31MoperatingIncomeNet PP&E—Not reportedResult — |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: —
Inventory: —
Total assets: $2.17B
Goodwill: $0.00
Intangibles: $99.95M
Liabilities: $1.46B
Tangible book: $608.02M
Shares: 34,502,525
Revenue: $696.35M
Capex: $0.00
D&A: —
EBITDA: $83.10M
Interest: $4.79M
Short-term debt: $4.72M
Free cash flow: $210.21M
Operating income: $78.31M
Invested capital: $600.95M
Tax rate: 4.4%