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.
Gartner Inc
Physical assets are 5.3% of total assets, a light footprint. Capex is 0.57x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 34.9%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 15.17x.
Physical asset ratio
5.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$428.18MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$8.09BtotalAssetsInventory was not reported and is treated as zero.Result 5.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
15.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$6.50BtotalRevenueNet PP&E$428.18MpropertyPlantEquipmentResult 15.17x
Revenue per dollar of the physical asset base.
Capex / D&A
0.57xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$115.14McapitalExpendituresD&A$200.31MdepreciationAndAmortizationResult 0.57x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$38.24Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.09BtotalAssetsGoodwill$2.74BgoodWillIntangibles$336.30MintangibleAssetsLiabilities$7.77BtotalLiabTangible book-$2.76BShares72,100,000commonStockSharesOutstandingResult -$38.24
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$207.19Latest quoteTangible book / share-$38.242025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $207.19.
Fixed-charge coverage
9.51xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.23BebitdaCapex$115.14McapitalExpendituresInterest$112.07MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$1.11BPrincipal due is the current portion of debt.Result 9.51x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
9.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$1.18BfreeCashFlowMarket cap$13.07BMarketCapitalizationResult 9.0%
Latest free cash flow divided by current market cap ($13.07B).
ROIC
34.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.03BoperatingIncomeTax expense$238.90MincomeTaxExpensePretax income$968.08MincomeBeforeTaxTax rate24.7%Equity$319.91MtotalStockholderEquityDebt$3.62BshortLongTermDebtTotalCash$1.72BcashAndEquivalentsInvested capital$2.22BResult 34.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.40x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 4.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$267.67MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$6.20BtotalAssetsInventory was not reported and is treated as zero.Result 4.3% | 14.85xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.98BtotalRevenueNet PP&E$267.67MpropertyPlantEquipmentResult 14.85x | 0.50xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$126.87McapitalExpendituresD&A$255.60MdepreciationAndAmortizationResult 0.50x | -$33.81Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.20BtotalAssetsGoodwill$2.92BgoodWillIntangibles$1.04BintangibleAssetsLiabilities$5.35BtotalLiabTangible book-$3.11BShares92,122,000commonStockSharesOutstandingResult -$33.81 | 1.49xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$563.50MebitdaCapex$126.87McapitalExpendituresInterest$126.77MinterestExpenseShort-term debt$165.58MshortTermDebtEBITDA − capex$436.62MPrincipal due is short-term debt.Result 1.49x | $344.29MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$471.16MtotalCashFromOperatingActivitiesCapex$126.87McapitalExpendituresFree cash flow$344.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $344.29M | 5.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$259.72MoperatingIncomeTax expense$58.67MincomeTaxExpensePretax income$181.12MincomeBeforeTaxTax rate32.4%Equity$850.76MtotalStockholderEquityDebt$2.28BshortLongTermDebtTotalCash$156.37McashAndEquivalentsInvested capital$2.98BResult 5.9% | 0.97xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$259.72MoperatingIncomeNet PP&E$267.67MpropertyPlantEquipmentResult 0.97x |
| 2019 | 14.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.05BpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$7.15BtotalAssetsResult 14.6% | 4.05xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$4.25BtotalRevenueNet PP&E$1.05BpropertyPlantAndEquipmentNetResult 4.05x | 0.70xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$149.02McapitalExpendituresD&A$211.78MdepreciationAndAmortizationResult 0.70x | -$32.14Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.15BtotalAssetsGoodwill$2.94BgoodWillIntangibles$925.09MintangibleAssetsLiabilities$6.21BtotalLiabTangible book-$2.92BShares90,971,000commonStockSharesOutstandingResult -$32.14 | 1.82xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$590.35MebitdaCapex$149.02McapitalExpendituresInterest$102.83MinterestExpenseShort-term debt$139.72MshortLongTermDebtEBITDA − capex$441.33MPrincipal due is the current portion of debt.Result 1.82x | $416.42MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$565.44MtotalCashFromOperatingActivitiesCapex$149.02McapitalExpendituresFree cash flow$416.42MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $416.42M | 8.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$370.09MoperatingIncomeTax expense$42.45MincomeTaxExpensePretax income$275.74MincomeBeforeTaxTax rate15.4%Equity$938.59MtotalStockholderEquityDebt$3.09BshortLongTermDebtTotalCash$280.84McashAndEquivalentsInvested capital$3.75BResult 8.3% | 0.35xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$370.09MoperatingIncomeNet PP&E$1.05BpropertyPlantAndEquipmentNetResult 0.35x |
| 2020 | 13.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$984.05MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$7.32BtotalAssetsResult 13.5% | 4.17xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$4.10BtotalRevenueNet PP&E$984.05MpropertyPlantAndEquipmentNetResult 4.17x | 0.38xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$83.89McapitalExpendituresD&A$218.98MdepreciationAndAmortizationResult 0.38x | -$29.57Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.32BtotalAssetsGoodwill$2.95BgoodWillIntangibles$807.00MintangibleAssetsLiabilities$6.23BtotalLiabTangible book-$2.66BShares90,017,000commonStockSharesOutstandingResult -$29.57 | 4.24xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$660.75MebitdaCapex$83.89McapitalExpendituresInterest$115.64MinterestExpenseShort-term debt$20.52MshortLongTermDebtEBITDA − capex$576.87MPrincipal due is the current portion of debt.Result 4.24x | $819.39MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$903.28MtotalCashFromOperatingActivitiesCapex$83.89McapitalExpendituresFree cash flow$819.39MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $819.39M | 12.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$490.15MoperatingIncomeTax expense$59.34MincomeTaxExpensePretax income$326.08MincomeBeforeTaxTax rate18.2%Equity$1.09BtotalStockholderEquityDebt$2.84BshortLongTermDebtTotalCash$712.58McashAndEquivalentsInvested capital$3.22BResult 12.4% | 0.50xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$490.15MoperatingIncomeNet PP&E$984.05MpropertyPlantAndEquipmentNetResult 0.50x |
| 2021 | 11.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$821.82MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$7.42BtotalAssetsInventory was not reported and is treated as zero.Result 11.1% | 5.76xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$4.73BtotalRevenueNet PP&E$821.82MpropertyPlantAndEquipmentNetResult 5.76x | 0.28xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$59.83McapitalExpendituresD&A$212.41MdepreciationAndAmortizationResult 0.28x | -$38.23Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.42BtotalAssetsGoodwill$2.95BgoodWillIntangibles$714.42MintangibleAssetsLiabilities$7.05BtotalLiabTangible book-$3.29BShares86,177,000commonStockSharesOutstandingResult -$38.23 | 9.97xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.30BebitdaCapex$59.83McapitalExpendituresInterest$118.51MinterestExpenseShort-term debt$5.93MshortLongTermDebtEBITDA − capex$1.24BPrincipal due is the current portion of debt.Result 9.97x | $1.25BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.31BtotalCashFromOperatingActivitiesCapex$59.83McapitalExpendituresFree cash flow$1.25BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.25B | 26.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$915.75MoperatingIncomeTax expense$176.27MincomeTaxExpensePretax income$969.87MincomeBeforeTaxTax rate18.2%Equity$371.06MtotalStockholderEquityDebt$3.25BshortLongTermDebtTotalCash$756.49McashAndEquivalentsInvested capital$2.86BResult 26.2% | 1.11xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$915.75MoperatingIncomeNet PP&E$821.82MpropertyPlantAndEquipmentNetResult 1.11x |
| 2022 | 15.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$701.17MpropertyPlantAndEquipmentNetInventory$412.12MinventoryTotal assets$7.30BtotalAssetsResult 15.3% | 7.81xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$5.48BtotalRevenueNet PP&E$701.17MpropertyPlantAndEquipmentNetResult 7.81x | 0.56xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$108.05McapitalExpendituresD&A$191.95MdepreciationAndAmortizationResult 0.56x | -$40.55Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.30BtotalAssetsGoodwill$2.93BgoodWillIntangibles$584.71MintangibleAssetsLiabilities$7.07BtotalLiabTangible book-$3.29BShares81,067,000commonStockSharesOutstandingResult -$40.55 | 9.23xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.35BebitdaCapex$108.05McapitalExpendituresInterest$126.20MinterestExpenseShort-term debt$7.80MshortLongTermDebtEBITDA − capex$1.24BPrincipal due is the current portion of debt.Result 9.23x | $993.37MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.10BtotalCashFromOperatingActivitiesCapex$108.05McapitalExpendituresFree cash flow$993.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $993.37M | 32.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.10BoperatingIncomeTax expense$219.39MincomeTaxExpensePretax income$1.03BincomeBeforeTaxTax rate21.4%Equity$227.80MtotalStockholderEquityDebt$3.16BshortLongTermDebtTotalCash$698.00McashAndEquivalentsInvested capital$2.69BResult 32.2% | 1.57xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$1.10BoperatingIncomeNet PP&E$701.17MpropertyPlantAndEquipmentNetResult 1.57x |
| 2023 | 8.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$629.53MpropertyPlantEquipmentInventory-$5.96MinventoryTotal assets$7.84BtotalAssetsResult 8.0% | 9.38xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$5.91BtotalRevenueNet PP&E$629.53MpropertyPlantEquipmentResult 9.38x | 0.54xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$103.12McapitalExpendituresD&A$191.10MdepreciationAndAmortizationResult 0.54x | -$34.62Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.84BtotalAssetsGoodwill$2.94BgoodWillIntangibles$501.96MintangibleAssetsLiabilities$7.16BtotalLiabTangible book-$2.76BShares79,680,000commonStockSharesOutstandingResult -$34.62 | 9.61xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.47BebitdaCapex$103.12McapitalExpendituresInterest$132.77MinterestExpenseShort-term debt$9.60MshortLongTermDebtEBITDA − capex$1.37BPrincipal due is the current portion of debt.Result 9.61x | $1.05BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$1.16BtotalCashFromOperatingActivitiesCapex$103.12McapitalExpendituresFree cash flow$1.05BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.05B | 39.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.24BoperatingIncomeTax expense$264.66MincomeTaxExpensePretax income$1.15BincomeBeforeTaxTax rate23.1%Equity$680.63MtotalStockholderEquityDebt$3.07BshortLongTermDebtTotalCash$1.32BcashAndEquivalentsInvested capital$2.43BResult 39.1% | 1.96xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$1.24BoperatingIncomeNet PP&E$629.53MpropertyPlantEquipmentResult 1.96x |
| 2024 | 5.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$500.39MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$8.53BtotalAssetsInventory was not reported and is treated as zero.Result 5.9% | 12.53xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$6.27BtotalRevenueNet PP&E$500.39MpropertyPlantEquipmentResult 12.53x | 0.50xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$101.74McapitalExpendituresD&A$202.32MdepreciationAndAmortizationResult 0.50x | -$25.28Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.53BtotalAssetsGoodwill$2.93BgoodWillIntangibles$409.69MintangibleAssetsLiabilities$7.18BtotalLiabTangible book-$1.98BShares78,338,000commonStockSharesOutstandingResult -$25.28 | 7.00xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.72BebitdaCapex$101.74McapitalExpendituresInterest$131.05MinterestExpenseShort-term debt$100.31MshortTermDebtEBITDA − capex$1.62BPrincipal due is short-term debt.Result 7.00x | $1.38BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$1.48BtotalCashFromOperatingActivitiesCapex$101.74McapitalExpendituresFree cash flow$1.38BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.38B | 44.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.16BoperatingIncomeTax expense$133.66MincomeTaxExpensePretax income$1.39BincomeBeforeTaxTax rate9.6%Equity$1.36BtotalStockholderEquityDebt$2.90BshortLongTermDebtTotalCash$1.93BcashAndEquivalentsInvested capital$2.33BResult 44.9% | 2.31xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$1.16BoperatingIncomeNet PP&E$500.39MpropertyPlantEquipmentResult 2.31x |
| 2025 | 5.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$428.18MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$8.09BtotalAssetsInventory was not reported and is treated as zero.Result 5.3% | 15.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$6.50BtotalRevenueNet PP&E$428.18MpropertyPlantEquipmentResult 15.17x | 0.57xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$115.14McapitalExpendituresD&A$200.31MdepreciationAndAmortizationResult 0.57x | -$38.24Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.09BtotalAssetsGoodwill$2.74BgoodWillIntangibles$336.30MintangibleAssetsLiabilities$7.77BtotalLiabTangible book-$2.76BShares72,100,000commonStockSharesOutstandingResult -$38.24 | 9.51xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.23BebitdaCapex$115.14McapitalExpendituresInterest$112.07MinterestExpenseShort-term debt$5.00MshortLongTermDebtEBITDA − capex$1.11BPrincipal due is the current portion of debt.Result 9.51x | $1.18BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$1.29BtotalCashFromOperatingActivitiesCapex$115.14McapitalExpendituresFree cash flow$1.18BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.18B | 34.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.03BoperatingIncomeTax expense$238.90MincomeTaxExpensePretax income$968.08MincomeBeforeTaxTax rate24.7%Equity$319.91MtotalStockholderEquityDebt$3.62BshortLongTermDebtTotalCash$1.72BcashAndEquivalentsInvested capital$2.22BResult 34.9% | 2.40xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.03BoperatingIncomeNet PP&E$428.18MpropertyPlantEquipmentResult 2.40x |
- 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: $428.18M
Inventory: $0.00
Total assets: $8.09B
Goodwill: $2.74B
Intangibles: $336.30M
Liabilities: $7.77B
Tangible book: -$2.76B
Shares: 72,100,000
Revenue: $6.50B
Capex: $115.14M
D&A: $200.31M
EBITDA: $1.23B
Interest: $112.07M
Short-term debt: $5.00M
Free cash flow: $1.18B
Operating income: $1.03B
Invested capital: $2.22B
Tax rate: 24.7%