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.
John Marshall Bancorp Inc
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.36x 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 0.49x, which is below 1.
Fixed-asset turnover is 19.66x. Compare it with other names in the same basket.
Physical asset ratio
0.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.87MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.33BtotalAssetsInventory was not reported and is treated as zero.Result 0.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
19.66xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$115.33MtotalRevenueNet PP&E$5.87MpropertyPlantAndEquipmentNetResult 19.66x
Revenue per dollar of the physical asset base.
Capex / D&A
0.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$554.00KcapitalExpendituresD&A$1.52MdepreciationAndAmortizationResult 0.36x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$18.71Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.33BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.07BtotalLiabTangible book$265.64MShares14,194,601commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.71
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.24xPrice / tangible bookPrice / tangible book per sharePrice$23.21Latest quoteTangible book / share$18.712025-12-31Result 1.24x
Price $23.21.
Fixed-charge coverage
0.49xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.90MebitdaCapex$554.00KcapitalExpendituresInterest$52.69MinterestExpenseShort-term debt$4.82MshortTermDebtEBITDA − capex$28.35MPrincipal due is short-term debt.Result 0.49x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$22.03MfreeCashFlowMarket cap$332.34MMarketCapitalizationResult 6.6%
Latest free cash flow divided by current market cap ($332.34M).
ROIC
10.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$27.38MoperatingIncomeTax expense$6.15MincomeTaxExpensePretax income$27.38MincomeBeforeTaxTax rate22.5%Equity$265.64MtotalStockholderEquityDebt$85.69MshortLongTermDebtTotalCash$147.25McashAndShortTermInvestmentsInvested capital$204.08MResult 10.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 4.67x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -7.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.85MpropertyPlantEquipmentInventory-$105.70MinventoryTotal assets$1.39BtotalAssetsResult -7.4% | 20.73xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$59.13MtotalRevenueNet PP&E$2.85MpropertyPlantEquipmentResult 20.73x | 0.93xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.20McapitalExpendituresD&A$1.29MdepreciationAndAmortizationResult 0.93x | $10.49Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.39BtotalAssetsGoodwill$0.00goodWillIntangibles$0.00intangibleAssetsLiabilities$1.25BtotalLiabTangible book$142.02MShares13,532,000commonStockSharesOutstandingResult $10.49 | 0.53xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$16.63MebitdaCapex$1.20McapitalExpendituresInterest$14.19MinterestExpenseShort-term debt$15.00MshortTermDebtEBITDA − capex$15.43MPrincipal due is short-term debt.Result 0.53x | $13.10MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$14.30MtotalCashFromOperatingActivitiesCapex$1.20McapitalExpendituresFree cash flow$13.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $13.10M | 13.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.35MoperatingIncomeTax expense$3.17MincomeTaxExpensePretax income$15.35MincomeBeforeTaxTax rate20.7%Equity$142.02MtotalStockholderEquityDebt$108.08MshortLongTermDebtTotalCash$162.62McashAndShortTermInvestmentsInvested capital$87.48MResult 13.9% | 5.38xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$15.35MoperatingIncomeNet PP&E$2.85MpropertyPlantEquipmentResult 5.38x |
| 2019 | -5.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.57MpropertyPlantEquipmentInventory-$98.50MinventoryTotal assets$1.58BtotalAssetsResult -5.6% | 7.35xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$70.33MtotalRevenueNet PP&E$9.57MpropertyPlantEquipmentResult 7.35x | 0.10xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$262.00KcapitalExpendituresD&A$2.74MdepreciationAndAmortizationResult 0.10x | $11.93Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.58BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.42BtotalLiabTangible book$161.98MShares13,575,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $11.93 | 0.70xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$22.87MebitdaCapex$262.00KcapitalExpendituresInterest$20.32MinterestExpenseShort-term debt$12.00MshortTermDebtEBITDA − capex$22.61MPrincipal due is short-term debt.Result 0.70x | $18.21MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$18.48MtotalCashFromOperatingActivitiesCapex$262.00KcapitalExpendituresFree cash flow$18.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $18.21M | 31.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$20.13MoperatingIncomeTax expense$4.21MincomeTaxExpensePretax income$20.13MincomeBeforeTaxTax rate20.9%Equity$161.98MtotalStockholderEquityDebt$106.10MshortLongTermDebtTotalCash$217.22McashAndShortTermInvestmentsInvested capital$50.87MResult 31.3% | 2.10xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$20.13MoperatingIncomeNet PP&E$9.57MpropertyPlantEquipmentResult 2.10x |
| 2020 | -7.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.37MpropertyPlantEquipmentInventory-$143.77MinventoryTotal assets$1.89BtotalAssetsResult -7.2% | 8.85xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$74.06MtotalRevenueNet PP&E$8.37MpropertyPlantEquipmentResult 8.85x | 0.22xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$584.00KcapitalExpendituresD&A$2.61MdepreciationAndAmortizationResult 0.22x | $13.62Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.89BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.70BtotalLiabTangible book$186.08MShares13,659,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $13.62 | 1.19xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$25.69MebitdaCapex$584.00KcapitalExpendituresInterest$15.61MinterestExpenseShort-term debt$5.47MshortTermDebtEBITDA − capex$25.10MPrincipal due is short-term debt.Result 1.19x | $23.84MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$24.43MtotalCashFromOperatingActivitiesCapex$584.00KcapitalExpendituresFree cash flow$23.84MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $23.84M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$23.07MoperatingIncomeTax expense$4.55MincomeTaxExpensePretax income$23.07MincomeBeforeTaxTax rate19.7%Equity$186.08MtotalStockholderEquityDebt$52.89MshortLongTermDebtTotalCash$290.36McashAndShortTermInvestmentsInvested capital—Result — | 2.76xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$23.07MoperatingIncomeNet PP&E$8.37MpropertyPlantEquipmentResult 2.76x |
| 2021 | -4.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.53MpropertyPlantEquipmentInventory-$110.74MinventoryTotal assets$2.15BtotalAssetsResult -4.8% | 11.61xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$75.84MtotalRevenueNet PP&E$6.53MpropertyPlantEquipmentResult 11.61x | 0.16xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$353.00KcapitalExpendituresD&A$2.23MdepreciationAndAmortizationResult 0.16x | $15.02Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.15BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.94BtotalLiabTangible book$208.47MShares13,880,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $15.02 | 3.52xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$34.49MebitdaCapex$353.00KcapitalExpendituresInterest$8.21MinterestExpenseShort-term debt$1.49MshortTermDebtEBITDA − capex$34.14MPrincipal due is short-term debt.Result 3.52x | $32.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$32.35MtotalCashFromOperatingActivitiesCapex$353.00KcapitalExpendituresFree cash flow$32.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $32.00M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$32.26MoperatingIncomeTax expense$6.80MincomeTaxExpensePretax income$32.26MincomeBeforeTaxTax rate21.1%Equity$208.47MtotalStockholderEquityDebt$47.91MshortLongTermDebtTotalCash$345.10McashAndShortTermInvestmentsInvested capital—Result — | 4.94xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$32.26MoperatingIncomeNet PP&E$6.53MpropertyPlantEquipmentResult 4.94x |
| 2022 | -2.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.83MpropertyPlantAndEquipmentNetInventory-$67.13MinventoryTotal assets$2.35BtotalAssetsResult -2.6% | 14.71xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$85.76MtotalRevenueNet PP&E$5.83MpropertyPlantAndEquipmentNetResult 14.71x | 0.08xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$156.00KcapitalExpendituresD&A$1.92MdepreciationAndAmortizationResult 0.08x | $15.11Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.35BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.14BtotalLiabTangible book$212.80MShares14,084,427commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $15.11 | 1.03xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$41.98MebitdaCapex$156.00KcapitalExpendituresInterest$13.65MinterestExpenseShort-term debt$26.84MshortTermDebtEBITDA − capex$41.82MPrincipal due is short-term debt.Result 1.03x | $33.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$33.16MtotalCashFromOperatingActivitiesCapex$156.00KcapitalExpendituresFree cash flow$33.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $33.00M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$40.06MoperatingIncomeTax expense$8.26MincomeTaxExpensePretax income$40.06MincomeBeforeTaxTax rate20.6%Equity$212.80MtotalStockholderEquityDebt$24.62MlongTermDebt + shortLongTermDebtCash$419.18McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 6.87xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$40.06MoperatingIncomeNet PP&E$5.83MpropertyPlantAndEquipmentNetResult 6.87x |
| 2023 | 0.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.46MpropertyPlantAndEquipmentNetInventory$1.31MinventoryTotal assets$2.24BtotalAssetsResult 0.3% | 15.73xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$85.83MtotalRevenueNet PP&E$5.46MpropertyPlantAndEquipmentNetResult 15.73x | 0.36xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$612.00KcapitalExpendituresD&A$1.72MdepreciationAndAmortizationResult 0.36x | $16.25Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.24BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.01BtotalLiabTangible book$229.91MShares14,147,193commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $16.25 | 0.15xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.70MebitdaCapex$612.00KcapitalExpendituresInterest$50.29MinterestExpenseShort-term debt$10.00MshortTermDebtEBITDA − capex$9.08MPrincipal due is short-term debt.Result 0.15x | $17.39MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$18.00MtotalCashFromOperatingActivitiesCapex$612.00KcapitalExpendituresFree cash flow$17.39MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $17.39M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.98MoperatingIncomeTax expense$2.82MincomeTaxExpensePretax income$7.98MincomeBeforeTaxTax rate35.4%Equity$229.91MtotalStockholderEquityDebt$24.71MlongTermDebt + shortLongTermDebtCash$269.00McashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 1.46xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$7.98MoperatingIncomeNet PP&E$5.46MpropertyPlantAndEquipmentNetResult 1.46x |
| 2024 | 0.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.33MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.23BtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 17.75xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$112.40MtotalRevenueNet PP&E$6.33MpropertyPlantAndEquipmentNetResult 17.75x | 0.29xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$483.00KcapitalExpendituresD&A$1.68MdepreciationAndAmortizationResult 0.29x | $17.34Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.23BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$1.99BtotalLiabTangible book$246.61MShares14,219,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $17.34 | 0.36xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$23.56MebitdaCapex$483.00KcapitalExpendituresInterest$59.09MinterestExpenseShort-term debt$5.37MshortTermDebtEBITDA − capex$23.08MPrincipal due is short-term debt.Result 0.36x | $16.78MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$17.26MtotalCashFromOperatingActivitiesCapex$483.00KcapitalExpendituresFree cash flow$16.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $16.78M | 9.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$21.88MoperatingIncomeTax expense$4.76MincomeTaxExpensePretax income$21.88MincomeBeforeTaxTax rate21.7%Equity$246.61MtotalStockholderEquityDebt$86.16MshortLongTermDebtTotalCash$143.27McashAndShortTermInvestmentsInvested capital$189.51MResult 9.0% | 3.46xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$21.88MoperatingIncomeNet PP&E$6.33MpropertyPlantAndEquipmentNetResult 3.46x |
| 2025 | 0.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.87MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$2.33BtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 19.66xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$115.33MtotalRevenueNet PP&E$5.87MpropertyPlantAndEquipmentNetResult 19.66x | 0.36xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$554.00KcapitalExpendituresD&A$1.52MdepreciationAndAmortizationResult 0.36x | $18.71Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.33BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$2.07BtotalLiabTangible book$265.64MShares14,194,601commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.71 | 0.49xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.90MebitdaCapex$554.00KcapitalExpendituresInterest$52.69MinterestExpenseShort-term debt$4.82MshortTermDebtEBITDA − capex$28.35MPrincipal due is short-term debt.Result 0.49x | $22.03MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$22.58MtotalCashFromOperatingActivitiesCapex$554.00KcapitalExpendituresFree cash flow$22.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $22.03M | 10.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$27.38MoperatingIncomeTax expense$6.15MincomeTaxExpensePretax income$27.38MincomeBeforeTaxTax rate22.5%Equity$265.64MtotalStockholderEquityDebt$85.69MshortLongTermDebtTotalCash$147.25McashAndShortTermInvestmentsInvested capital$204.08MResult 10.4% | 4.67xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$27.38MoperatingIncomeNet PP&E$5.87MpropertyPlantAndEquipmentNetResult 4.67x |
- 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 (2025)
Net PP&E: $5.87M
Inventory: $0.00
Total assets: $2.33B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $2.07B
Tangible book: $265.64M
Shares: 14,194,601
Revenue: $115.33M
Capex: $554.00K
D&A: $1.52M
EBITDA: $28.90M
Interest: $52.69M
Short-term debt: $4.82M
Free cash flow: $22.03M
Operating income: $27.38M
Invested capital: $204.08M
Tax rate: 22.5%