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.
HealthEquity Inc
Physical assets are 1.2% of total assets, a light footprint. Capex is 0.01x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 9.0%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 33.26x. Compare it with other names in the same basket.
Physical asset ratio
1.2%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$39.49MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.43BtotalAssetsInventory was not reported and is treated as zero.Result 1.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
33.26xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$1.31BtotalRevenueNet PP&E$39.49MpropertyPlantAndEquipmentNetResult 33.26x
Revenue per dollar of the physical asset base.
Capex / D&A
0.01xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$1.97McapitalExpendituresD&A$154.66MdepreciationAndAmortizationResult 0.01x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$7.30Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.43BtotalAssetsGoodwill$1.65BgoodWillIntangibles$1.10BintangibleAssetsLiabilities$1.32BtotalLiabTangible book-$638.12MShares87,473,000commonStockSharesOutstandingResult -$7.30
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$103.63Latest quoteTangible book / share-$7.302026-01-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $103.63.
Fixed-charge coverage
7.27xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$489.22MebitdaCapex$1.97McapitalExpendituresInterest$57.13MinterestExpenseShort-term debt$9.91MshortTermDebtEBITDA − capex$487.25MPrincipal due is short-term debt.Result 7.27x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.3%Free cash flow yield · 2026-01-31Latest free cash flow / current market capFree cash flow$455.13MfreeCashFlowMarket cap$8.56BMarketCapitalizationResult 5.3%
Latest free cash flow divided by current market cap ($8.56B).
ROIC
9.0%ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$322.46MoperatingIncomeTax expense$62.23MincomeTaxExpensePretax income$277.43MincomeBeforeTaxTax rate22.4%Equity$2.11BtotalStockholderEquityDebt$1.00BshortLongTermDebtTotalCash$318.93McashInvested capital$2.79BResult 9.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 8.17x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 1.6%Physical asset ratio · 2019-01-31(Net PP&E + inventory) / total assetsNet PP&E$8.22MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$510.02MtotalAssetsResult 1.6% | 34.93xFixed asset turnover · 2019-01-31Revenue / net PP&ERevenue$287.24MtotalRevenueNet PP&E$8.22MpropertyPlantEquipmentResult 34.93x | 0.83xCapex / D&A · 2019-01-31Capital expenditures / depreciation and amortizationCapex$15.04McapitalExpendituresD&A$18.19MdepreciationAndAmortizationResult 0.83x | $6.20Tangible book / share · 2019-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$510.02MtotalAssetsGoodwill$4.65MgoodWillIntangibles$79.67MintangibleAssetsLiabilities$32.94MtotalLiabTangible book$392.76MShares63,370,000commonStockSharesOutstandingResult $6.20 | —Fixed-charge coverage · 2019-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$94.00MebitdaCapex$15.04McapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex$78.96MResult — | $98.38MFree cash flow · 2019-01-31Reported free cash flowOperating cash flow$113.42MtotalCashFromOperatingActivitiesCapex$15.04McapitalExpendituresFree cash flow$98.38MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $98.38M | —ROIC · 2019-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$77.67MoperatingIncomeTax expense$1.92MincomeTaxExpensePretax income$75.82MincomeBeforeTaxTax rate2.5%Equity$477.08MtotalStockholderEquityDebt—Not reportedCash$361.48McashInvested capital—Result — | 9.45xEBIT / PP&E · 2019-01-31Operating income / net PP&EOperating income$77.67MoperatingIncomeNet PP&E$8.22MpropertyPlantEquipmentResult 9.45x |
| 2020 | 4.5%Physical asset ratio · 2020-01-31(Net PP&E + inventory) / total assetsNet PP&E$116.66MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.56BtotalAssetsInventory was not reported and is treated as zero.Result 4.5% | 4.56xFixed asset turnover · 2020-01-31Revenue / net PP&ERevenue$531.99MtotalRevenueNet PP&E$116.66MpropertyPlantAndEquipmentNetResult 4.56x | 0.76xCapex / D&A · 2020-01-31Capital expenditures / depreciation and amortizationCapex$42.07McapitalExpendituresD&A$55.35MdepreciationAndAmortizationResult 0.76x | -$15.86Tangible book / share · 2020-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.56BtotalAssetsGoodwill$1.33BgoodWillIntangibles$783.28MintangibleAssetsLiabilities$1.53BtotalLiabTangible book-$1.09BShares68,453,000commonStockSharesOutstandingResult -$15.86 | 1.27xFixed-charge coverage · 2020-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$123.28MebitdaCapex$42.07McapitalExpendituresInterest$24.77MinterestExpenseShort-term debt$39.06MshortLongTermDebtEBITDA − capex$81.21MPrincipal due is the current portion of debt.Result 1.27x | $63.78MFree cash flow · 2020-01-31Reported free cash flowOperating cash flow$105.86MtotalCashFromOperatingActivitiesCapex$42.07McapitalExpendituresFree cash flow$63.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $63.78M | 4.7%ROIC · 2020-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$109.12MoperatingIncomeTax expense$3.49MincomeTaxExpensePretax income$43.16MincomeBeforeTaxTax rate8.1%Equity$1.03BtotalStockholderEquityDebt$1.30BshortLongTermDebtTotalCash$191.73McashInvested capital$2.14BResult 4.7% | 0.94xEBIT / PP&E · 2020-01-31Operating income / net PP&EOperating income$109.12MoperatingIncomeNet PP&E$116.66MpropertyPlantAndEquipmentNetResult 0.94x |
| 2021 | 4.4%Physical asset ratio · 2021-01-31(Net PP&E + inventory) / total assetsNet PP&E$118.61MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$2.71BtotalAssetsInventory was not reported and is treated as zero.Result 4.4% | 6.18xFixed asset turnover · 2021-01-31Revenue / net PP&ERevenue$733.57MtotalRevenueNet PP&E$118.61MpropertyPlantEquipmentResult 6.18x | 0.84xCapex / D&A · 2021-01-31Capital expenditures / depreciation and amortizationCapex$96.96McapitalExpendituresD&A$115.90MdepreciationAndAmortizationResult 0.84x | -$9.45Tangible book / share · 2021-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.71BtotalAssetsGoodwill$1.33BgoodWillIntangibles$767.00MintangibleAssetsLiabilities$1.33BtotalLiabTangible book-$715.47MShares75,679,000commonStockSharesOutstandingResult -$9.45 | 0.60xFixed-charge coverage · 2021-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$154.93MebitdaCapex$96.96McapitalExpendituresInterest$34.88MinterestExpenseShort-term debt$62.50MshortLongTermDebtEBITDA − capex$57.96MPrincipal due is the current portion of debt.Result 0.60x | $84.66MFree cash flow · 2021-01-31Reported free cash flowOperating cash flow$181.62MtotalCashFromOperatingActivitiesCapex$96.96McapitalExpendituresFree cash flow$84.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $84.66M | 3.8%ROIC · 2021-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$80.00MoperatingIncomeTax expense-$4.69MincomeTaxExpensePretax income$4.14MincomeBeforeTaxTax rate0.0%Equity$1.38BtotalStockholderEquityDebt$1.07BshortLongTermDebtTotalCash$328.80McashInvested capital$2.12BResult 3.8% | 0.67xEBIT / PP&E · 2021-01-31Operating income / net PP&EOperating income$80.00MoperatingIncomeNet PP&E$118.61MpropertyPlantEquipmentResult 0.67x |
| 2022 | 2.8%Physical asset ratio · 2022-01-31(Net PP&E + inventory) / total assetsNet PP&E$86.99MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$3.11BtotalAssetsInventory was not reported and is treated as zero.Result 2.8% | 8.70xFixed asset turnover · 2022-01-31Revenue / net PP&ERevenue$756.56MtotalRevenueNet PP&E$86.99MpropertyPlantEquipmentResult 8.70x | 1.00xCapex / D&A · 2022-01-31Capital expenditures / depreciation and amortizationCapex$137.08McapitalExpendituresD&A$137.19MdepreciationAndAmortizationResult 1.00x | -$9.22Tangible book / share · 2022-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.11BtotalAssetsGoodwill$1.65BgoodWillIntangibles$973.14MintangibleAssetsLiabilities$1.25BtotalLiabTangible book-$766.40MShares83,133,000commonStockSharesOutstandingResult -$9.22 | -0.75xFixed-charge coverage · 2022-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$102.97MebitdaCapex$137.08McapitalExpendituresInterest$36.57MinterestExpenseShort-term debt$8.75MshortLongTermDebtEBITDA − capex-$34.11MPrincipal due is the current portion of debt.Result -0.75x | $3.91MFree cash flow · 2022-01-31Reported free cash flowOperating cash flow$141.00MtotalCashFromOperatingActivitiesCapex$137.08McapitalExpendituresFree cash flow$3.91MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.91M | —ROIC · 2022-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$40.57MoperatingIncomeTax expense-$22.45MincomeTaxExpensePretax income-$66.74MincomeBeforeTaxTax rate—Equity$1.85BtotalStockholderEquityDebt$1.01BshortLongTermDebtTotalCash$225.41McashInvested capital$2.64BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.47xEBIT / PP&E · 2022-01-31Operating income / net PP&EOperating income$40.57MoperatingIncomeNet PP&E$86.99MpropertyPlantEquipmentResult 0.47x |
| 2023 | 2.2%Physical asset ratio · 2023-01-31(Net PP&E + inventory) / total assetsNet PP&E$69.32MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$3.09BtotalAssetsResult 2.2% | 12.43xFixed asset turnover · 2023-01-31Revenue / net PP&ERevenue$861.75MtotalRevenueNet PP&E$69.32MpropertyPlantEquipmentResult 12.43x | 0.74xCapex / D&A · 2023-01-31Capital expenditures / depreciation and amortizationCapex$119.13McapitalExpendituresD&A$161.20MdepreciationAndAmortizationResult 0.74x | -$8.16Tangible book / share · 2023-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.09BtotalAssetsGoodwill$1.65BgoodWillIntangibles$936.36MintangibleAssetsLiabilities$1.19BtotalLiabTangible book-$688.86MShares84,442,000commonStockSharesOutstandingResult -$8.16 | 0.79xFixed-charge coverage · 2023-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$171.53MebitdaCapex$119.13McapitalExpendituresInterest$48.42MinterestExpenseShort-term debt$17.50MshortLongTermDebtEBITDA − capex$52.40MPrincipal due is the current portion of debt.Result 0.79x | $31.52MFree cash flow · 2023-01-31Reported free cash flowOperating cash flow$150.65MtotalCashFromOperatingActivitiesCapex$119.13McapitalExpendituresFree cash flow$31.52MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $31.52M | —ROIC · 2023-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$37.65MoperatingIncomeTax expense-$11.95MincomeTaxExpensePretax income-$38.10MincomeBeforeTaxTax rate—Equity$1.90BtotalStockholderEquityDebt$994.49MshortLongTermDebtTotalCash$254.27McashInvested capital$2.64BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.54xEBIT / PP&E · 2023-01-31Operating income / net PP&EOperating income$37.65MoperatingIncomeNet PP&E$69.32MpropertyPlantEquipmentResult 0.54x |
| 2024 | 1.7%Physical asset ratio · 2024-01-31(Net PP&E + inventory) / total assetsNet PP&E$54.39MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.16BtotalAssetsInventory was not reported and is treated as zero.Result 1.7% | 18.38xFixed asset turnover · 2024-01-31Revenue / net PP&ERevenue$999.59MtotalRevenueNet PP&E$54.39MpropertyPlantAndEquipmentNetResult 18.38x | 0.30xCapex / D&A · 2024-01-31Capital expenditures / depreciation and amortizationCapex$46.07McapitalExpendituresD&A$153.08MdepreciationAndAmortizationResult 0.30x | -$5.16Tangible book / share · 2024-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.16BtotalAssetsGoodwill$1.65BgoodWillIntangibles$835.95MintangibleAssetsLiabilities$1.13BtotalLiabTangible book-$449.07MShares86,957,000commonStockSharesOutstandingResult -$5.16 | 3.64xFixed-charge coverage · 2024-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$282.42MebitdaCapex$46.07McapitalExpendituresInterest$55.46MinterestExpenseShort-term debt$9.40MshortTermDebtEBITDA − capex$236.34MPrincipal due is short-term debt.Result 3.64x | $196.75MFree cash flow · 2024-01-31Reported free cash flowOperating cash flow$242.83MtotalCashFromOperatingActivitiesCapex$46.07McapitalExpendituresFree cash flow$196.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $196.75M | 3.7%ROIC · 2024-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$128.13MoperatingIncomeTax expense$19.33MincomeTaxExpensePretax income$75.04MincomeBeforeTaxTax rate25.8%Equity$2.04BtotalStockholderEquityDebt$933.14MshortLongTermDebtTotalCash$403.98McashInvested capital$2.56BResult 3.7% | 2.36xEBIT / PP&E · 2024-01-31Operating income / net PP&EOperating income$128.13MoperatingIncomeNet PP&E$54.39MpropertyPlantAndEquipmentNetResult 2.36x |
| 2025 | 1.3%Physical asset ratio · 2025-01-31(Net PP&E + inventory) / total assetsNet PP&E$46.42MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.45BtotalAssetsInventory was not reported and is treated as zero.Result 1.3% | 25.84xFixed asset turnover · 2025-01-31Revenue / net PP&ERevenue$1.20BtotalRevenueNet PP&E$46.42MpropertyPlantAndEquipmentNetResult 25.84x | 0.01xCapex / D&A · 2025-01-31Capital expenditures / depreciation and amortizationCapex$2.08McapitalExpendituresD&A$162.45MdepreciationAndAmortizationResult 0.01x | -$8.31Tangible book / share · 2025-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.45BtotalAssetsGoodwill$1.65BgoodWillIntangibles$1.20BintangibleAssetsLiabilities$1.33BtotalLiabTangible book-$737.89MShares88,828,000commonStockSharesOutstandingResult -$8.31 | 4.75xFixed-charge coverage · 2025-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$337.54MebitdaCapex$2.08McapitalExpendituresInterest$60.63MinterestExpenseShort-term debt$10.00MshortTermDebtEBITDA − capex$335.46MPrincipal due is short-term debt.Result 4.75x | $337.77MFree cash flow · 2025-01-31Reported free cash flowOperating cash flow$339.86MtotalCashFromOperatingActivitiesCapex$2.08McapitalExpendituresFree cash flow$337.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $337.77M | 6.5%ROIC · 2025-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$230.07MoperatingIncomeTax expense$19.33MincomeTaxExpensePretax income$116.03MincomeBeforeTaxTax rate16.7%Equity$2.11BtotalStockholderEquityDebt$1.11BshortLongTermDebtTotalCash$295.95McashInvested capital$2.93BResult 6.5% | 4.96xEBIT / PP&E · 2025-01-31Operating income / net PP&EOperating income$230.07MoperatingIncomeNet PP&E$46.42MpropertyPlantAndEquipmentNetResult 4.96x |
| 2026 | 1.2%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$39.49MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$3.43BtotalAssetsInventory was not reported and is treated as zero.Result 1.2% | 33.26xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$1.31BtotalRevenueNet PP&E$39.49MpropertyPlantAndEquipmentNetResult 33.26x | 0.01xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$1.97McapitalExpendituresD&A$154.66MdepreciationAndAmortizationResult 0.01x | -$7.30Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.43BtotalAssetsGoodwill$1.65BgoodWillIntangibles$1.10BintangibleAssetsLiabilities$1.32BtotalLiabTangible book-$638.12MShares87,473,000commonStockSharesOutstandingResult -$7.30 | 7.27xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$489.22MebitdaCapex$1.97McapitalExpendituresInterest$57.13MinterestExpenseShort-term debt$9.91MshortTermDebtEBITDA − capex$487.25MPrincipal due is short-term debt.Result 7.27x | $455.13MFree cash flow · 2026-01-31Reported free cash flowOperating cash flow$457.09MtotalCashFromOperatingActivitiesCapex$1.97McapitalExpendituresFree cash flow$455.13MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $455.13M | 9.0%ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$322.46MoperatingIncomeTax expense$62.23MincomeTaxExpensePretax income$277.43MincomeBeforeTaxTax rate22.4%Equity$2.11BtotalStockholderEquityDebt$1.00BshortLongTermDebtTotalCash$318.93McashInvested capital$2.79BResult 9.0% | 8.17xEBIT / PP&E · 2026-01-31Operating income / net PP&EOperating income$322.46MoperatingIncomeNet PP&E$39.49MpropertyPlantAndEquipmentNetResult 8.17x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: $39.49M
Inventory: $0.00
Total assets: $3.43B
Goodwill: $1.65B
Intangibles: $1.10B
Liabilities: $1.32B
Tangible book: -$638.12M
Shares: 87,473,000
Revenue: $1.31B
Capex: $1.97M
D&A: $154.66M
EBITDA: $489.22M
Interest: $57.13M
Short-term debt: $9.91M
Free cash flow: $455.13M
Operating income: $322.46M
Invested capital: $2.79B
Tax rate: 22.4%