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.
Hyperscale Data, Inc.
Physical assets are 48.9% of total assets, a mixed footprint. Capex is 1.15x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.50x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 0.69x.
Physical asset ratio
48.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$148.64MpropertyPlantAndEquipmentNetInventory$4.81MinventoryTotal assets$313.71MtotalAssetsResult 48.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.69xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$102.11MtotalRevenueNet PP&E$148.64MpropertyPlantAndEquipmentNetResult 0.69x
Revenue per dollar of the physical asset base.
Capex / D&A
1.15xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$24.54McapitalExpendituresD&A$21.30MdepreciationAndAmortizationResult 1.15x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$5.61Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$313.71MtotalAssetsGoodwill$10.33MgoodWillIntangibles$13.67MintangibleAssetsLiabilities$187.85MtotalLiabTangible book$101.86MShares18,141,800commonStockSharesOutstandingResult $5.61
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.03xPrice / tangible bookPrice / tangible book per sharePrice$0.14Latest quoteTangible book / share$5.612025-12-31Result 0.03x
Price $0.14.
Fixed-charge coverage
-0.50xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$28.38MebitdaCapex$24.54McapitalExpendituresInterest$15.62MinterestExpenseShort-term debt$90.49MshortLongTermDebtEBITDA − capex-$52.92MPrincipal due is the current portion of debt.Result -0.50x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-339.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$84.69MfreeCashFlowMarket cap$24.93MMarketCapitalizationResult -339.7%
Latest free cash flow divided by current market cap ($24.93M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$51.63MoperatingIncomeTax expense$253.00KincomeTaxExpensePretax income-$65.29MincomeBeforeTaxTax rate—Equity$119.76MtotalStockholderEquityDebt$106.37MshortLongTermDebtTotalCash$13.08McashInvested capital$213.06MROIC 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 -0.35x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 25.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.31MpropertyPlantAndEquipmentNetInventory$3.26MinventoryTotal assets$49.43MtotalAssetsResult 25.4% | 2.92xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$27.15MtotalRevenueNet PP&E$9.31MpropertyPlantAndEquipmentNetResult 2.92x | 3.07xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$8.92McapitalExpendituresD&A$2.91MdepreciationAndAmortizationResult 3.07x | $201.61KTangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$49.43MtotalAssetsGoodwill$8.46MgoodWillIntangibles$4.36MintangibleAssetsLiabilities$31.36MtotalLiabTangible book$5.24MShares26commonStockSharesOutstandingResult $201.61K | -0.77xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$13.96MebitdaCapex$8.92McapitalExpendituresInterest$16.19MinterestExpenseShort-term debt$13.58MshortTermDebtEBITDA − capex-$22.88MPrincipal due is short-term debt.Result -0.77x | -$19.34MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$10.42MtotalCashFromOperatingActivitiesCapex$8.92McapitalExpendituresFree cash flow-$19.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$19.34M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$19.61MoperatingIncomeTax expense-$76.60KincomeTaxExpensePretax income-$33.06MincomeBeforeTaxTax rate—Equity$18.02MtotalStockholderEquityDebt$14.21MshortLongTermDebtTotalCash$1.08McashAndShortTermInvestmentsInvested capital$31.15MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.11xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$19.61MoperatingIncomeNet PP&E$9.31MpropertyPlantAndEquipmentNetResult -2.11x |
| 2019 | 19.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.96MpropertyPlantAndEquipmentNetInventory$2.48MinventoryTotal assets$42.75MtotalAssetsResult 19.8% | 3.75xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$22.36MtotalRevenueNet PP&E$5.96MpropertyPlantAndEquipmentNetResult 3.75x | 0.04xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$189.30KcapitalExpendituresD&A$5.20MdepreciationAndAmortizationResult 0.04x | -$4.93KTangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$42.75MtotalAssetsGoodwill$8.10MgoodWillIntangibles$3.21MintangibleAssetsLiabilities$35.80MtotalLiabTangible book-$4.36MShares884commonStockSharesOutstandingResult -$4.93K | -1.13xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$18.35MebitdaCapex$189.30KcapitalExpendituresInterest$7.26MinterestExpenseShort-term debt$9.11MshortTermDebtEBITDA − capex-$18.54MPrincipal due is short-term debt.Result -1.13x | -$10.37MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$10.18MtotalCashFromOperatingActivitiesCapex$189.30KcapitalExpendituresFree cash flow-$10.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.37M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$24.70MoperatingIncomeTax expense-$108.29KincomeTaxExpensePretax income-$30.81MincomeBeforeTaxTax rate—Equity$6.94MtotalStockholderEquityDebt$13.74MshortLongTermDebtTotalCash$1.12McashAndShortTermInvestmentsInvested capital$19.56MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.14xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$24.70MoperatingIncomeNet PP&E$5.96MpropertyPlantAndEquipmentNetResult -4.14x |
| 2020 | 13.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.44MpropertyPlantAndEquipmentNetInventory$3.37MinventoryTotal assets$75.64MtotalAssetsResult 13.0% | 3.71xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$23.87MtotalRevenueNet PP&E$6.44MpropertyPlantAndEquipmentNetResult 3.71x | 0.99xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$582.00KcapitalExpendituresD&A$588.00KdepreciationAndAmortizationResult 0.99x | $13.71KTangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$75.64MtotalAssetsGoodwill$9.65MgoodWillIntangibles$4.39MintangibleAssetsLiabilities$26.51MtotalLiabTangible book$35.10MShares2,560commonStockSharesOutstandingResult $13.71K | -1.47xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$19.86MebitdaCapex$582.00KcapitalExpendituresInterest$9.65MinterestExpenseShort-term debt$4.31MshortLongTermDebtEBITDA − capex-$20.45MPrincipal due is the current portion of debt.Result -1.47x | -$11.76MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$11.18MtotalCashFromOperatingActivitiesCapex$582.00KcapitalExpendituresFree cash flow-$11.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$11.76M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$6.03MoperatingIncomeTax expense-$24.00KincomeTaxExpensePretax income-$30.10MincomeBeforeTaxTax rate—Equity$48.31MtotalStockholderEquityDebt$5.08MlongTermDebt + shortLongTermDebtCash$21.24McashAndShortTermInvestmentsInvested capital$32.15MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.94xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$6.03MoperatingIncomeNet PP&E$6.44MpropertyPlantAndEquipmentNetResult -0.94x |
| 2021 | 37.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$179.27MpropertyPlantAndEquipmentNetInventory$5.48MinventoryTotal assets$490.29MtotalAssetsResult 37.7% | 0.29xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$52.40MtotalRevenueNet PP&E$179.27MpropertyPlantAndEquipmentNetResult 0.29x | 43.95xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$151.99McapitalExpendituresD&A$3.46MdepreciationAndAmortizationResult 43.95x | $16.47KTangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$490.29MtotalAssetsGoodwill$10.09MgoodWillIntangibles$4.04MintangibleAssetsLiabilities$145.11MtotalLiabTangible book$331.06MShares20,106commonStockSharesOutstandingResult $16.47K | -4.09xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$17.58MebitdaCapex$151.99McapitalExpendituresInterest$1.87MinterestExpenseShort-term debt$39.55MshortLongTermDebtEBITDA − capex-$169.57MPrincipal due is the current portion of debt.Result -4.09x | -$213.66MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$61.67MtotalCashFromOperatingActivitiesCapex$151.99McapitalExpendituresFree cash flow-$213.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$213.66M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$18.36MoperatingIncomeTax expense$130.00KincomeTaxExpensePretax income-$22.91MincomeBeforeTaxTax rate—Equity$226.84MtotalStockholderEquityDebt$100.41MshortLongTermDebtTotalCash$59.13McashAndShortTermInvestmentsInvested capital$268.12MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.10xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$18.36MoperatingIncomeNet PP&E$179.27MpropertyPlantAndEquipmentNetResult -0.10x |
| 2022 | 31.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$155.20MpropertyPlantAndEquipmentNetInventory$22.04MinventoryTotal assets$561.51MtotalAssetsResult 31.6% | 0.76xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$117.64MtotalRevenueNet PP&E$155.20MpropertyPlantAndEquipmentNetResult 0.76x | 6.05xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$99.31McapitalExpendituresD&A$16.42MdepreciationAndAmortizationResult 6.05x | $1.87KTangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$561.51MtotalAssetsGoodwill$27.90MgoodWillIntangibles$34.79MintangibleAssetsLiabilities$337.53MtotalLiabTangible book$161.30MShares86,200commonStockSharesOutstandingResult $1.87K | -2.98xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$134.66MebitdaCapex$99.31McapitalExpendituresInterest$37.34MinterestExpenseShort-term debt$41.30MshortLongTermDebtEBITDA − capex-$233.97MPrincipal due is the current portion of debt.Result -2.98x | -$72.82MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$26.49MtotalCashFromOperatingActivitiesCapex$99.31McapitalExpendituresFree cash flow-$72.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$72.82M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$139.48MoperatingIncomeTax expense-$4.49MincomeTaxExpensePretax income-$188.42MincomeBeforeTaxTax rate—Equity$206.49MtotalStockholderEquityDebt$91.39MshortLongTermDebtTotalCash$17.03McashAndShortTermInvestmentsInvested capital$280.85MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.90xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$139.48MoperatingIncomeNet PP&E$155.20MpropertyPlantAndEquipmentNetResult -0.90x |
| 2023 | 39.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$115.14MpropertyPlantAndEquipmentNetInventory$1.79MinventoryTotal assets$299.19MtotalAssetsResult 39.1% | 1.36xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$156.44MtotalRevenueNet PP&E$115.14MpropertyPlantAndEquipmentNetResult 1.36x | 0.29xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$8.67McapitalExpendituresD&A$29.83MdepreciationAndAmortizationResult 0.29x | $221.97Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$299.19MtotalAssetsGoodwill$6.09MgoodWillIntangibles$5.75MintangibleAssetsLiabilities$240.29MtotalLiabTangible book$47.06MShares212,000commonStockSharesOutstandingResult $221.97 | -2.55xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$173.16MebitdaCapex$8.67McapitalExpendituresInterest$44.31MinterestExpenseShort-term debt$27.00MshortLongTermDebtEBITDA − capex-$181.83MPrincipal due is the current portion of debt.Result -2.55x | -$14.09MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$5.43MtotalCashFromOperatingActivitiesCapex$8.67McapitalExpendituresFree cash flow-$14.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$14.09M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$153.72MoperatingIncomeTax expense$337.00KincomeTaxExpensePretax income-$240.25MincomeBeforeTaxTax rate—Equity$44.72MtotalStockholderEquityDebt$61.14MshortLongTermDebtTotalCash$10.07McashAndShortTermInvestmentsInvested capital$95.78MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.34xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$153.72MoperatingIncomeNet PP&E$115.14MpropertyPlantAndEquipmentNetResult -1.34x |
| 2024 | 67.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$148.05MpropertyPlantAndEquipmentNetInventory$1.82MinventoryTotal assets$220.77MtotalAssetsResult 67.9% | 0.72xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$106.66MtotalRevenueNet PP&E$148.05MpropertyPlantAndEquipmentNetResult 0.72x | 0.18xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.83McapitalExpendituresD&A$26.18MdepreciationAndAmortizationResult 0.18x | -$0.23Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$220.77MtotalAssetsGoodwill$295.00KgoodWillIntangibles$1.84MintangibleAssetsLiabilities$218.68MtotalLiabTangible book-$49.00KShares216,577commonStockSharesOutstandingResult -$0.23 | -0.17xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$18.07MebitdaCapex$4.83McapitalExpendituresInterest$19.67MinterestExpenseShort-term debt$115.50MshortLongTermDebtEBITDA − capex-$22.89MPrincipal due is the current portion of debt.Result -0.17x | -$24.24MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$19.41MtotalCashFromOperatingActivitiesCapex$4.83McapitalExpendituresFree cash flow-$24.24MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$24.24M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$57.00MoperatingIncomeTax expense$56.00KincomeTaxExpensePretax income-$61.70MincomeBeforeTaxTax rate—Equity$8.64MtotalStockholderEquityDebt$120.30MshortLongTermDebtTotalCash$25.35McashAndShortTermInvestmentsInvested capital$103.59MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.39xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$57.00MoperatingIncomeNet PP&E$148.05MpropertyPlantAndEquipmentNetResult -0.39x |
| 2025 | 48.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$148.64MpropertyPlantAndEquipmentNetInventory$4.81MinventoryTotal assets$313.71MtotalAssetsResult 48.9% | 0.69xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$102.11MtotalRevenueNet PP&E$148.64MpropertyPlantAndEquipmentNetResult 0.69x | 1.15xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$24.54McapitalExpendituresD&A$21.30MdepreciationAndAmortizationResult 1.15x | $5.61Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$313.71MtotalAssetsGoodwill$10.33MgoodWillIntangibles$13.67MintangibleAssetsLiabilities$187.85MtotalLiabTangible book$101.86MShares18,141,800commonStockSharesOutstandingResult $5.61 | -0.50xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$28.38MebitdaCapex$24.54McapitalExpendituresInterest$15.62MinterestExpenseShort-term debt$90.49MshortLongTermDebtEBITDA − capex-$52.92MPrincipal due is the current portion of debt.Result -0.50x | -$84.69MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$60.15MtotalCashFromOperatingActivitiesCapex$24.54McapitalExpendituresFree cash flow-$84.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$84.69M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$51.63MoperatingIncomeTax expense$253.00KincomeTaxExpensePretax income-$65.29MincomeBeforeTaxTax rate—Equity$119.76MtotalStockholderEquityDebt$106.37MshortLongTermDebtTotalCash$13.08McashInvested capital$213.06MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.35xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$51.63MoperatingIncomeNet PP&E$148.64MpropertyPlantAndEquipmentNetResult -0.35x |
- 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 (2025)
Net PP&E: $148.64M
Inventory: $4.81M
Total assets: $313.71M
Goodwill: $10.33M
Intangibles: $13.67M
Liabilities: $187.85M
Tangible book: $101.86M
Shares: 18,141,800
Revenue: $102.11M
Capex: $24.54M
D&A: $21.30M
EBITDA: -$28.38M
Interest: $15.62M
Short-term debt: $90.49M
Free cash flow: -$84.69M
Operating income: -$51.63M
Invested capital: $213.06M
Tax rate: —