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.
Granite Real Estate Investment Trust
Physical assets are 0.0% of total assets, a light footprint. Capex is 0.10x 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 0.96x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 182.83x.
Physical asset ratio
0.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
182.83x
Revenue per dollar of the physical asset base.
Capex / D&A
0.10x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$89.87
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.95x
Price $85.66.
Fixed-charge coverage
0.96x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.3%
Latest free cash flow divided by current market cap ($5.35B).
ROIC
5.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 136.98x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 81.7% | 0.07x | 110.96x | $54.66 | 13.23x | $124.60M | 6.4% | 0.06x |
| 2019 | 92.2% | 0.06x | 33.63x | $64.59 | 14.90x | $152.96M | 5.3% | 0.05x |
| 2020 | 86.3% | 0.06x | 56.72x | $69.68 | 1.65x | $179.03M | 4.2% | 0.04x |
| 2021 | 92.9% | 0.05x | 0.45x | $84.13 | 39.88x | $261.68M | 3.3% | 0.04x |
| 2022 | 94.9% | 0.05x | 0.51x | $86.25 | 0.28x | $276.69M | 4.1% | 0.04x |
| 2023 | 0.1% | 165.69x | 0.22x | $85.12 | 0.64x | $312.90M | 4.8% | 125.49x |
| 2024 | 0.0% | 145.41x | 0.10x | $91.46 | 5.50x | $338.48M | 4.6% | 111.21x |
| 2025 | 0.0% | 182.83x | 0.10x | $89.87 | 0.96x | $387.55M | 5.0% | 136.98x |
- 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: $3.38M
Inventory: $0.00
Total assets: $9.73B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $4.22B
Tangible book: $5.52B
Shares: 61,400,000
Revenue: $618.70M
Capex: $117.00K
D&A: $1.19M
EBITDA: $459.39M
Interest: $96.89M
Short-term debt: $379.96M
Free cash flow: $387.55M
Operating income: $463.52M
Invested capital: $8.71B
Tax rate: 5.1%