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.
Link Real Estate Investment Trust
Physical assets are 0.6% of total assets, a light footprint. Capex is 0.43x 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 -0.35x, 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 11.10x.
Physical asset ratio
0.6%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$1.26BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$219.67BtotalAssetsInventory was not reported and is treated as zero.Result 0.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
11.10xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$14.00BtotalRevenueNet PP&E$1.26BpropertyPlantAndEquipmentNetResult 11.10x
Revenue per dollar of the physical asset base.
Capex / D&A
0.43xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$38.98McapitalExpendituresD&A$89.95MdepreciationAndAmortizationResult 0.43x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$453.78Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$219.67BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$69.86BtotalLiabTangible book$149.80BShares330,116,859commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $453.78
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.01xPrice / tangible bookPrice / tangible book per sharePrice$5.10Latest quoteTangible book / share$453.782026-03-31Result 0.01x
Price $5.10.
Fixed-charge coverage
-0.35xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$4.79BebitdaCapex$38.98McapitalExpendituresInterest$1.96BinterestExpenseShort-term debt$11.76BshortLongTermDebtEBITDA − capex-$4.83BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result -0.35x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
52.3%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$6.77BfreeCashFlowMarket cap$12.94BMarketCapitalizationResult 52.3%
Latest free cash flow divided by current market cap ($12.94B).
ROIC
—ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.41BoperatingIncomeTax expense$946.51MincomeTaxExpensePretax income-$6.84BincomeBeforeTaxTax rate—Equity$150.02BtotalStockholderEquityDebt$56.27BshortLongTermDebtTotalCash$3.80BcashAndShortTermInvestmentsInvested capital$202.49BROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 7.47x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 96.3%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$218.63BpropertyPlantEquipmentInventory-$21.00MinventoryTotal assets$226.94BtotalAssetsResult 96.3% | 0.05xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$10.04BtotalRevenueNet PP&E$218.63BpropertyPlantEquipmentResult 0.05x | 2.23xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$49.00McapitalExpendituresD&A$22.00MdepreciationAndAmortizationResult 2.23x | $88.63Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$226.94BtotalAssetsGoodwill$433.00MgoodWillIntangibles$433.00MintangibleAssetsLiabilities$37.61BtotalLiabTangible book$188.46BShares2,126,334,234commonStockSharesOutstandingResult $88.63 | 5.61xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$22.26BebitdaCapex$49.00McapitalExpendituresInterest$874.00MinterestExpenseShort-term debt$3.08BshortTermDebtEBITDA − capex$22.21BPrincipal due is short-term debt.Result 5.61x | $5.89BFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$5.94BtotalCashFromOperatingActivitiesCapex$49.00McapitalExpendituresFree cash flow$5.89BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $5.89B | 3.2%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.28BoperatingIncomeTax expense$1.36BincomeTaxExpensePretax income$21.80BincomeBeforeTaxTax rate6.2%Equity$188.74BtotalStockholderEquityDebt$27.77BshortLongTermDebtTotalCash$2.72BcashAndShortTermInvestmentsInvested capital$213.79BResult 3.2% | 0.03xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$7.28BoperatingIncomeNet PP&E$218.63BpropertyPlantEquipmentResult 0.03x |
| 2020 | 93.7%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$194.61BpropertyPlantEquipmentInventory-$19.00MinventoryTotal assets$207.62BtotalAssetsUses the property line, which is larger than net PP&E ($1.39B, propertyPlantAndEquipmentNet).Result 93.7% | 0.06xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$10.90BtotalRevenueNet PP&E$194.61BpropertyPlantEquipmentResult 0.06x | 7.77xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$583.00McapitalExpendituresD&A$75.00MdepreciationAndAmortizationResult 7.77x | $73.84Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$207.62BtotalAssetsGoodwill$424.00MgoodWillIntangibles$424.00MintangibleAssetsLiabilities$47.50BtotalLiabTangible book$159.27BShares2,157,063,592commonStockSharesOutstandingResult $73.84 | -7.96xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$15.63BebitdaCapex$583.00McapitalExpendituresInterest$1.10BinterestExpenseShort-term debt$937.00MshortLongTermDebtEBITDA − capex-$16.21BPrincipal due is the current portion of debt.Result -7.96x | $6.01BFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$6.59BtotalCashFromOperatingActivitiesCapex$583.00McapitalExpendituresFree cash flow$6.01BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.01B | —ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.40BoperatingIncomeTax expense$712.00MincomeTaxExpensePretax income-$16.59BincomeBeforeTaxTax rate—Equity$159.71BtotalStockholderEquityDebt$38.38BshortLongTermDebtTotalCash$7.88BcashInvested capital$190.21BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.04xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$8.40BoperatingIncomeNet PP&E$194.61BpropertyPlantEquipmentResult 0.04x |
| 2021 | 95.4%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$200.38BpropertyPlantEquipmentInventory-$61.00MinventoryTotal assets$210.06BtotalAssetsUses the property line, which is larger than net PP&E ($1.30B, propertyPlantAndEquipmentNet).Result 95.4% | 0.05xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$10.87BtotalRevenueNet PP&E$200.38BpropertyPlantEquipmentResult 0.05x | 0.41xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$37.00McapitalExpendituresD&A$91.00MdepreciationAndAmortizationResult 0.41x | $74.25Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$210.06BtotalAssetsGoodwill$392.00MgoodWillIntangibles$392.00MintangibleAssetsLiabilities$51.37BtotalLiabTangible book$157.91BShares2,126,848,162commonStockSharesOutstandingResult $74.25 | 1.91xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$8.32BebitdaCapex$37.00McapitalExpendituresInterest$1.08BinterestExpenseShort-term debt$3.25BshortLongTermDebtEBITDA − capex$8.28BPrincipal due is the current portion of debt.Result 1.91x | $7.04BFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$7.08BtotalCashFromOperatingActivitiesCapex$37.00McapitalExpendituresFree cash flow$7.04BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.04B | 2.5%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.23BoperatingIncomeTax expense$1.09BincomeTaxExpensePretax income$1.84BincomeBeforeTaxTax rate40.0%Equity$158.72BtotalStockholderEquityDebt$42.48BshortLongTermDebtTotalCash$2.53BcashInvested capital$198.67BThe effective tax rate was above 40% and was capped at 40%.Result 2.5% | 0.04xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$8.23BoperatingIncomeNet PP&E$200.38BpropertyPlantEquipmentResult 0.04x |
| 2022 | 94.6%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$214.01BpropertyPlantEquipmentInventory-$404.00MinventoryTotal assets$225.90BtotalAssetsUses the property line, which is larger than net PP&E ($1.25B, propertyPlantAndEquipmentNet).Result 94.6% | 0.05xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$11.69BtotalRevenueNet PP&E$214.01BpropertyPlantEquipmentResult 0.05x | 0.33xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$28.00McapitalExpendituresD&A$84.00MdepreciationAndAmortizationResult 0.33x | $74.03Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$225.90BtotalAssetsGoodwill$400.00MgoodWillIntangibles$400.00MintangibleAssetsLiabilities$62.91BtotalLiabTangible book$162.19BShares2,190,823,428commonStockSharesOutstandingResult $74.03 | 1.32xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.15BebitdaCapex$28.00McapitalExpendituresInterest$1.16BinterestExpenseShort-term debt$5.74BshortTermDebtEBITDA − capex$9.12BPrincipal due is short-term debt.Result 1.32x | $6.67BFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$6.70BtotalCashFromOperatingActivitiesCapex$28.00McapitalExpendituresFree cash flow$6.67BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.67B | 3.4%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.50BoperatingIncomeTax expense$1.23BincomeTaxExpensePretax income$7.77BincomeBeforeTaxTax rate15.8%Equity$162.69BtotalStockholderEquityDebt$53.61BshortLongTermDebtTotalCash$2.95BcashAndShortTermInvestmentsInvested capital$213.35BResult 3.4% | 0.04xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$8.50BoperatingIncomeNet PP&E$214.01BpropertyPlantEquipmentResult 0.04x |
| 2023 | 89.0%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$238.93BpropertyPlantEquipmentInventory-$318.00MinventoryTotal assets$268.16BtotalAssetsUses the property line, which is larger than net PP&E ($1.46B, propertyPlantAndEquipmentNet).Result 89.0% | 0.05xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$12.34BtotalRevenueNet PP&E$238.93BpropertyPlantEquipmentResult 0.05x | 0.66xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$62.00McapitalExpendituresD&A$94.00MdepreciationAndAmortizationResult 0.66x | $83.94Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$268.16BtotalAssetsGoodwill$387.00MgoodWillIntangibles$387.00MintangibleAssetsLiabilities$79.10BtotalLiabTangible book$188.29BShares2,243,025,578commonStockSharesOutstandingResult $83.94 | 3.00xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$17.99BebitdaCapex$62.00McapitalExpendituresInterest$1.84BinterestExpenseShort-term debt$4.13BshortTermDebtEBITDA − capex$17.92BPrincipal due is short-term debt.Result 3.00x | $7.58BFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$7.64BtotalCashFromOperatingActivitiesCapex$62.00McapitalExpendituresFree cash flow$7.58BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.58B | 3.4%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.72BoperatingIncomeTax expense$1.01BincomeTaxExpensePretax income$16.21BincomeBeforeTaxTax rate6.2%Equity$188.94BtotalStockholderEquityDebt$69.10BshortLongTermDebtTotalCash$17.89BcashAndShortTermInvestmentsInvested capital$240.15BResult 3.4% | 0.04xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$8.72BoperatingIncomeNet PP&E$238.93BpropertyPlantEquipmentResult 0.04x |
| 2024 | 0.4%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$1.38BpropertyPlantAndEquipmentNetInventory-$263.00MinventoryTotal assets$252.31BtotalAssetsResult 0.4% | 9.82xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$13.58BtotalRevenueNet PP&E$1.38BpropertyPlantAndEquipmentNetResult 9.82x | 0.90xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$85.00McapitalExpendituresD&A$94.00MdepreciationAndAmortizationResult 0.90x | $69.67Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$252.31BtotalAssetsGoodwill$0.00goodWillIntangibles$0.00Not reported, treated as 0Liabilities$73.87BtotalLiabTangible book$178.44BShares2,561,266,590commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $69.67 | 0.13xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.40BebitdaCapex$85.00McapitalExpendituresInterest$2.22BinterestExpenseShort-term debt$7.95BshortTermDebtEBITDA − capex$1.32BPrincipal due is short-term debt.Result 0.13x | $8.40BFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$8.48BtotalCashFromOperatingActivitiesCapex$85.00McapitalExpendituresFree cash flow$8.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.40B | —ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.30BoperatingIncomeTax expense$1.55BincomeTaxExpensePretax income-$915.00MincomeBeforeTaxTax rate—Equity$178.82BtotalStockholderEquityDebt$59.29BshortLongTermDebtTotalCash$9.68BcashAndShortTermInvestmentsInvested capital$228.43BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 6.73xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$9.30BoperatingIncomeNet PP&E$1.38BpropertyPlantAndEquipmentNetResult 6.73x |
| 2025 | 0.6%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$1.37BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$229.18BtotalAssetsInventory was not reported and is treated as zero.Result 0.6% | 10.40xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$14.22BtotalRevenueNet PP&E$1.37BpropertyPlantAndEquipmentNetResult 10.40x | 0.80xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$69.00McapitalExpendituresD&A$86.00MdepreciationAndAmortizationResult 0.80x | $63.59Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$229.18BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$65.78BtotalLiabTangible book$163.40BShares2,569,454,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $63.59 | -0.66xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$6.66BebitdaCapex$69.00McapitalExpendituresInterest$2.13BinterestExpenseShort-term debt$8.05BshortLongTermDebtEBITDA − capex-$6.73BPrincipal due is the current portion of debt.Result -0.66x | $8.94BFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$9.01BtotalCashFromOperatingActivitiesCapex$69.00McapitalExpendituresFree cash flow$8.94BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.94B | —ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.70BoperatingIncomeTax expense$564.00MincomeTaxExpensePretax income-$8.87BincomeBeforeTaxTax rate—Equity$163.47BtotalStockholderEquityDebt$52.93BshortLongTermDebtTotalCash$3.23BcashAndShortTermInvestmentsInvested capital$213.17BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 7.10xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$9.70BoperatingIncomeNet PP&E$1.37BpropertyPlantAndEquipmentNetResult 7.10x |
| 2026 | 0.6%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$1.26BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$219.67BtotalAssetsInventory was not reported and is treated as zero.Result 0.6% | 11.10xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$14.00BtotalRevenueNet PP&E$1.26BpropertyPlantAndEquipmentNetResult 11.10x | 0.43xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$38.98McapitalExpendituresD&A$89.95MdepreciationAndAmortizationResult 0.43x | $453.78Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$219.67BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$69.86BtotalLiabTangible book$149.80BShares330,116,859commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $453.78 | -0.35xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$4.79BebitdaCapex$38.98McapitalExpendituresInterest$1.96BinterestExpenseShort-term debt$11.76BshortLongTermDebtEBITDA − capex-$4.83BThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result -0.35x | $6.77BFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$6.81BtotalCashFromOperatingActivitiesCapex$38.98McapitalExpendituresFree cash flow$6.77BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.77B | —ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.41BoperatingIncomeTax expense$946.51MincomeTaxExpensePretax income-$6.84BincomeBeforeTaxTax rate—Equity$150.02BtotalStockholderEquityDebt$56.27BshortLongTermDebtTotalCash$3.80BcashAndShortTermInvestmentsInvested capital$202.49BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 7.47xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$9.41BoperatingIncomeNet PP&E$1.26BpropertyPlantAndEquipmentNetResult 7.47x |
- Inventory was missing and treated as zero in the physical asset ratio.
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2026)
Net PP&E: $1.26B
Inventory: $0.00
Total assets: $219.67B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $69.86B
Tangible book: $149.80B
Shares: 330,116,859
Revenue: $14.00B
Capex: $38.98M
D&A: $89.95M
EBITDA: -$4.79B
Interest: $1.96B
Short-term debt: $11.76B
Free cash flow: $6.77B
Operating income: $9.41B
Invested capital: $202.49B
Tax rate: —