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.
Jupiter Fund Management Plc
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 0.05x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 15.36x. Compare it with other names in the same basket.
Physical asset ratio
2.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
15.36x
Revenue per dollar of the physical asset base.
Capex / D&A
0.05x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
GBX 0.71
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
246.87x
Price GBX 175.80.
Fixed-charge coverage
17.99x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.1%
Latest free cash flow divided by current market cap (GBX 869.71M).
ROIC
18.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 4.22x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.8% | 58.13x | 0.43x | GBX 0.60 | 116.94x | GBX 168.80M | — | 26.03x |
| 2019 | 57.7% | 8.25x | 0.47x | -GBX 0.17 | 31.86x | GBX 146.20M | 42.9% | 3.00x |
| 2020 | 3.5% | 10.65x | 0.15x | -GBX 0.64 | 25.89x | GBX 102.00M | 29.3% | 4.17x |
| 2021 | 3.3% | 13.97x | 0.13x | -GBX 0.53 | 22.93x | GBX 185.40M | 30.4% | 4.79x |
| 2022 | -2.5% | 9.26x | 0.20x | -GBX 0.62 | 9.47x | GBX 157.00M | 11.4% | 1.67x |
| 2023 | 3.1% | 10.82x | 0.14x | GBX 0.53 | 3.66x | GBX 84.50M | 13.1% | 2.29x |
| 2024 | 2.7% | 11.57x | 0.46x | GBX 0.62 | 10.20x | GBX 66.30M | 16.7% | 2.48x |
| 2025 | 2.5% | 15.36x | 0.05x | GBX 0.71 | 17.99x | GBX 62.00M | 18.5% | 4.22x |
- 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: GBX 31.20M
Inventory: GBX 0.00
Total assets: GBX 1.24B
Goodwill: GBX 494.40M
Intangibles: GBX 11.70M
Liabilities: GBX 336.50M
Tangible book: GBX 400.00M
Shares: 561,700,000
Revenue: GBX 479.20M
Capex: GBX 500.00K
D&A: GBX 9.10M
EBITDA: GBX 144.40M
Interest: GBX 3.40M
Short-term debt: GBX 4.60M
Free cash flow: GBX 62.00M
Operating income: GBX 131.70M
Invested capital: GBX 541.80M
Tax rate: 23.9%