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.
Lazydays Holdings Inc
Physical assets are 59.2% of total assets, a heavy footprint. Capex is 0.92x 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 -0.27x, which is below 1.
Fixed-asset turnover is 4.63x. Compare it with other names in the same basket.
Physical asset ratio
59.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$188.14MpropertyPlantAndEquipmentNetInventory$211.95MinventoryTotal assets$675.83MtotalAssetsResult 59.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.63xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$871.56MtotalRevenueNet PP&E$188.14MpropertyPlantAndEquipmentNetResult 4.63x
Revenue per dollar of the physical asset base.
Capex / D&A
0.92xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$19.02McapitalExpendituresD&A$20.63MdepreciationAndAmortizationResult 0.92x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$50.68Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$675.83MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$54.96MintangibleAssetsLiabilities$586.23MtotalLiabTangible book$34.64MShares683,540commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $50.68
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$50.682024-12-31A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
-0.27xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$79.52MebitdaCapex$19.02McapitalExpendituresInterest$46.91MinterestExpenseShort-term debt$317.20MshortLongTermDebtEBITDA − capex-$98.54MPrincipal due is the current portion of debt.Result -0.27x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4,788.9%Free cash flow yield · 2024-12-31Latest free cash flow / current market capFree cash flow$75.33MfreeCashFlowMarket cap$1.57MMarketCapitalizationResult 4,788.9%
Latest free cash flow divided by current market cap ($1.57M).
ROIC
—ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$98.95MoperatingIncomeTax expense$16.65MincomeTaxExpensePretax income-$147.06MincomeBeforeTaxTax rate—Equity$89.60MtotalStockholderEquityDebt$494.28MshortLongTermDebtTotalCash$24.70McashInvested capital$559.18MROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.53x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2017 | 60.9%Physical asset ratio · 2017-12-31(Net PP&E + inventory) / total assetsNet PP&E$45.67MpropertyPlantAndEquipmentNetInventory$114.17MinventoryTotal assets$262.48MtotalAssetsResult 60.9% | 13.46xFixed asset turnover · 2017-12-31Revenue / net PP&ERevenue$614.84MtotalRevenueNet PP&E$45.67MpropertyPlantAndEquipmentNetResult 13.46x | 0.43xCapex / D&A · 2017-12-31Capital expenditures / depreciation and amortizationCapex$2.58McapitalExpendituresD&A$6.03MdepreciationAndAmortizationResult 0.43x | $91.63Tangible book / share · 2017-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$262.48MtotalAssetsGoodwill$25.22MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$211.65MtotalLiabTangible book$25.62MShares279,563commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $91.63 | 0.22xFixed-charge coverage · 2017-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.17MebitdaCapex$2.58McapitalExpendituresInterest$8.75MinterestExpenseShort-term debt$107.44MshortTermDebtEBITDA − capex$25.59MPrincipal due is short-term debt.Result 0.22x | $21.47MFree cash flow · 2017-12-31Reported free cash flowOperating cash flow$24.06MtotalCashFromOperatingActivitiesCapex$2.58McapitalExpendituresFree cash flow$21.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $21.47M | 6.6%ROIC · 2017-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$22.04MoperatingIncomeTax expense$5.09MincomeTaxExpensePretax income$13.39MincomeBeforeTaxTax rate38.0%Equity$50.83MtotalStockholderEquityDebt$168.33MshortLongTermDebtTotalCash$13.29McashInvested capital$205.87MResult 6.6% | 0.48xEBIT / PP&E · 2017-12-31Operating income / net PP&EOperating income$22.04MoperatingIncomeNet PP&E$45.67MpropertyPlantAndEquipmentNetResult 0.48x |
| 2018 | 58.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$78.04MpropertyPlantAndEquipmentNetInventory$167.38MinventoryTotal assets$419.83MtotalAssetsResult 58.5% | 7.79xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$608.19MtotalRevenueNet PP&E$78.04MpropertyPlantAndEquipmentNetResult 7.79x | 0.46xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$4.32McapitalExpendituresD&A$9.42MdepreciationAndAmortizationResult 0.46x | $338.64Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$419.83MtotalAssetsGoodwill$36.76MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$288.40MtotalLiabTangible book$94.67MShares279,563commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $338.64 | 0.11xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$22.19MebitdaCapex$4.32McapitalExpendituresInterest$10.02MinterestExpenseShort-term debt$148.59MshortTermDebtEBITDA − capex$17.87MPrincipal due is short-term debt.Result 0.11x | -$9.66MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$5.34MtotalCashFromOperatingActivitiesCapex$4.32McapitalExpendituresFree cash flow-$9.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$9.66M | 3.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$16.67MoperatingIncomeTax expense$3.04MincomeTaxExpensePretax income$2.75MincomeBeforeTaxTax rate40.0%Equity$131.43MtotalStockholderEquityDebt$228.14MshortLongTermDebtTotalCash$26.60McashInvested capital$332.97MThe effective tax rate was above 40% and was capped at 40%.Result 3.0% | 0.21xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$16.67MoperatingIncomeNet PP&E$78.04MpropertyPlantAndEquipmentNetResult 0.21x |
| 2019 | 58.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$86.88MpropertyPlantAndEquipmentNetInventory$160.86MinventoryTotal assets$425.36MtotalAssetsResult 58.2% | 7.42xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$644.91MtotalRevenueNet PP&E$86.88MpropertyPlantAndEquipmentNetResult 7.42x | 1.56xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$16.88McapitalExpendituresD&A$10.81MdepreciationAndAmortizationResult 1.56x | -$102.69Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$425.36MtotalAssetsGoodwill$38.98MgoodWillIntangibles$68.85MintangibleAssetsLiabilities$350.68MtotalLiabTangible book-$33.15MShares322,802commonStockSharesOutstandingResult -$102.69 | 0.06xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$26.70MebitdaCapex$16.88McapitalExpendituresInterest$10.33MinterestExpenseShort-term debt$150.88MshortTermDebtEBITDA − capex$9.83MPrincipal due is short-term debt.Result 0.06x | $22.05MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$38.92MtotalCashFromOperatingActivitiesCapex$16.88McapitalExpendituresFree cash flow$22.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $22.05M | 3.4%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$14.21MoperatingIncomeTax expense$1.10MincomeTaxExpensePretax income$5.56MincomeBeforeTaxTax rate19.7%Equity$74.68MtotalStockholderEquityDebt$290.90MshortLongTermDebtTotalCash$31.46McashInvested capital$334.13MResult 3.4% | 0.16xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$14.21MoperatingIncomeNet PP&E$86.88MpropertyPlantAndEquipmentNetResult 0.16x |
| 2020 | 51.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$121.79MpropertyPlantAndEquipmentNetInventory$116.27MinventoryTotal assets$463.74MtotalAssetsResult 51.3% | 6.71xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$817.11MtotalRevenueNet PP&E$121.79MpropertyPlantAndEquipmentNetResult 6.71x | 1.25xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$18.64McapitalExpendituresD&A$14.89MdepreciationAndAmortizationResult 1.25x | -$99.89Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$463.74MtotalAssetsGoodwill$45.10MgoodWillIntangibles$72.76MintangibleAssetsLiabilities$378.22MtotalLiabTangible book-$32.34MShares323,723commonStockSharesOutstandingResult -$99.89 | 0.21xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$47.93MebitdaCapex$18.64McapitalExpendituresInterest$8.05MinterestExpenseShort-term debt$129.56MshortLongTermDebtEBITDA − capex$29.29MPrincipal due is the current portion of debt.Result 0.21x | $92.43MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$111.07MtotalCashFromOperatingActivitiesCapex$18.64McapitalExpendituresFree cash flow$92.43MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $92.43M | 18.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$48.47MoperatingIncomeTax expense$10.36MincomeTaxExpensePretax income$24.99MincomeBeforeTaxTax rate40.0%Equity$85.52MtotalStockholderEquityDebt$138.01MlongTermDebt + shortLongTermDebtCash$63.51McashInvested capital$160.01MThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 18.2% | 0.40xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$48.47MoperatingIncomeNet PP&E$121.79MpropertyPlantAndEquipmentNetResult 0.40x |
| 2021 | 56.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$152.75MpropertyPlantAndEquipmentNetInventory$242.91MinventoryTotal assets$698.13MtotalAssetsResult 56.7% | 8.09xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.24BtotalRevenueNet PP&E$152.75MpropertyPlantAndEquipmentNetResult 8.09x | 1.47xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$21.26McapitalExpendituresD&A$14.49MdepreciationAndAmortizationResult 1.47x | $144.21Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$698.13MtotalAssetsGoodwill$80.32MgoodWillIntangibles$87.80MintangibleAssetsLiabilities$437.02MtotalLiabTangible book$92.99MShares644,821commonStockSharesOutstandingResult $144.21 | 0.54xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$133.25MebitdaCapex$21.26McapitalExpendituresInterest$8.50MinterestExpenseShort-term debt$197.73MshortLongTermDebtEBITDA − capex$111.99MPrincipal due is the current portion of debt.Result 0.54x | -$18.49MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$2.77MtotalCashFromOperatingActivitiesCapex$21.26McapitalExpendituresFree cash flow-$18.49MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$18.49M | 25.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$125.84MoperatingIncomeTax expense$28.24MincomeTaxExpensePretax income$110.26MincomeBeforeTaxTax rate25.6%Equity$261.11MtotalStockholderEquityDebt$211.41MlongTermDebt + shortLongTermDebtCash$98.12McashInvested capital$374.40MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 25.0% | 0.82xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$125.84MoperatingIncomeNet PP&E$152.75MpropertyPlantAndEquipmentNetResult 0.82x |
| 2022 | 68.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$185.98MpropertyPlantAndEquipmentNetInventory$378.88MinventoryTotal assets$830.72MtotalAssetsResult 68.0% | 7.14xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.33BtotalRevenueNet PP&E$185.98MpropertyPlantAndEquipmentNetResult 7.14x | 2.38xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$39.88McapitalExpendituresD&A$16.76MdepreciationAndAmortizationResult 2.38x | $300.41Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$830.72MtotalAssetsGoodwill$83.46MgoodWillIntangibles$81.67MintangibleAssetsLiabilities$538.72MtotalLiabTangible book$126.87MShares422,327commonStockSharesOutstandingResult $300.41 | 0.21xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$118.93MebitdaCapex$39.88McapitalExpendituresInterest$16.59MinterestExpenseShort-term debt$352.34MshortLongTermDebtEBITDA − capex$79.04MPrincipal due is the current portion of debt.Result 0.21x | -$111.84MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$71.96MtotalCashFromOperatingActivitiesCapex$39.88McapitalExpendituresFree cash flow-$111.84MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$111.84M | 9.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$89.72MoperatingIncomeTax expense$19.18MincomeTaxExpensePretax income$85.58MincomeBeforeTaxTax rate22.4%Equity$292.00MtotalStockholderEquityDebt$482.35MshortLongTermDebtTotalCash$61.69McashInvested capital$712.66MResult 9.8% | 0.48xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$89.72MoperatingIncomeNet PP&E$185.98MpropertyPlantAndEquipmentNetResult 0.48x |
| 2023 | 79.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$292.10MpropertyPlantAndEquipmentNetInventory$456.09MinventoryTotal assets$937.74MtotalAssetsResult 79.8% | 3.71xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.08BtotalRevenueNet PP&E$292.10MpropertyPlantAndEquipmentNetResult 3.71x | 5.14xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$95.24McapitalExpendituresD&A$18.51MdepreciationAndAmortizationResult 5.14x | $293.63Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$937.74MtotalAssetsGoodwill$0.00goodWillIntangibles$80.55MintangibleAssetsLiabilities$724.55MtotalLiabTangible book$132.64MShares451,737commonStockSharesOutstandingResult $293.63 | -0.38xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$87.33MebitdaCapex$95.24McapitalExpendituresInterest$34.88MinterestExpenseShort-term debt$447.92MshortLongTermDebtEBITDA − capex-$182.57MPrincipal due is the current portion of debt.Result -0.38x | -$131.72MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$36.48MtotalCashFromOperatingActivitiesCapex$95.24McapitalExpendituresFree cash flow-$131.72MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$131.72M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$106.67MoperatingIncomeTax expense-$30.46MincomeTaxExpensePretax income-$140.73MincomeBeforeTaxTax rate—Equity$213.19MtotalStockholderEquityDebt$680.25MshortLongTermDebtTotalCash$58.09McashInvested capital$835.35MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.37xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$106.67MoperatingIncomeNet PP&E$292.10MpropertyPlantAndEquipmentNetResult -0.37x |
| 2024 | 59.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$188.14MpropertyPlantAndEquipmentNetInventory$211.95MinventoryTotal assets$675.83MtotalAssetsResult 59.2% | 4.63xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$871.56MtotalRevenueNet PP&E$188.14MpropertyPlantAndEquipmentNetResult 4.63x | 0.92xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$19.02McapitalExpendituresD&A$20.63MdepreciationAndAmortizationResult 0.92x | $50.68Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$675.83MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$54.96MintangibleAssetsLiabilities$586.23MtotalLiabTangible book$34.64MShares683,540commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $50.68 | -0.27xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$79.52MebitdaCapex$19.02McapitalExpendituresInterest$46.91MinterestExpenseShort-term debt$317.20MshortLongTermDebtEBITDA − capex-$98.54MPrincipal due is the current portion of debt.Result -0.27x | $75.33MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$94.35MtotalCashFromOperatingActivitiesCapex$19.02McapitalExpendituresFree cash flow$75.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $75.33M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$98.95MoperatingIncomeTax expense$16.65MincomeTaxExpensePretax income-$147.06MincomeBeforeTaxTax rate—Equity$89.60MtotalStockholderEquityDebt$494.28MshortLongTermDebtTotalCash$24.70McashInvested capital$559.18MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.53xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$98.95MoperatingIncomeNet PP&E$188.14MpropertyPlantAndEquipmentNetResult -0.53x |
- Principal due is the current portion of debt.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2024)
Net PP&E: $188.14M
Inventory: $211.95M
Total assets: $675.83M
Goodwill: $0.00
Intangibles: $54.96M
Liabilities: $586.23M
Tangible book: $34.64M
Shares: 683,540
Revenue: $871.56M
Capex: $19.02M
D&A: $20.63M
EBITDA: -$79.52M
Interest: $46.91M
Short-term debt: $317.20M
Free cash flow: $75.33M
Operating income: -$98.95M
Invested capital: $559.18M
Tax rate: —