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.
Landsea Homes Corp
Physical assets are 82.5% of total assets, a heavy footprint. Capex is 0.80x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 1.4%, below an 8% cost-of-capital hurdle.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 24.06x.
Physical asset ratio
82.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$64.43MpropertyPlantAndEquipmentNetInventory$1.34BinventoryTotal assets$1.70BtotalAssetsResult 82.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
24.06xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.55BtotalRevenueNet PP&E$64.43MpropertyPlantAndEquipmentNetResult 24.06x
Revenue per dollar of the physical asset base.
Capex / D&A
0.80xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$5.86McapitalExpendituresD&A$7.37MdepreciationAndAmortizationResult 0.80x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$14.22Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.70BtotalAssetsGoodwill$155.60MgoodWillIntangibles$757.00KintangibleAssetsLiabilities$1.03BtotalLiabTangible book$519.76MShares36,556,000commonStockSharesOutstandingResult $14.22
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$14.222024-12-31A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
—Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$34.83MebitdaCapex$5.86McapitalExpendituresInterest—Not reportedShort-term debt$194.44MshortTermDebtEBITDA − capex$28.97MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.8%Free cash flow yield · 2024-12-31Latest free cash flow / current market capFree cash flow$23.74MfreeCashFlowMarket cap$411.79MMarketCapitalizationResult 5.8%
Latest free cash flow divided by current market cap ($411.79M).
ROIC
1.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$27.46MoperatingIncomeTax expense$8.14MincomeTaxExpensePretax income$26.68MincomeBeforeTaxTax rate30.5%Equity$667.18MtotalStockholderEquityDebt$779.28MshortLongTermDebtTotalCash$53.32McashInvested capital$1.39BResult 1.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.43x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2017 | —Physical asset ratio · 2017-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$197.82KtotalAssetsResult — | —Fixed asset turnover · 2017-12-31Revenue / net PP&ERevenue$197.31MtotalRevenueNet PP&E—Not reportedResult — | 3.84xCapex / D&A · 2017-12-31Capital expenditures / depreciation and amortizationCapex$784.00KcapitalExpendituresD&A$204.00KdepreciationAndAmortizationResult 3.84x | -$0.01Tangible book / share · 2017-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$197.82KtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$295.40KtotalLiabTangible book-$97.58KShares16,875,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$0.01 | —Fixed-charge coverage · 2017-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$123.00KebitdaCapex$784.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex-$907.00KResult — | -$840.87KFree cash flow · 2017-12-31Reported free cash flowOperating cash flow-$56.87KtotalCashFromOperatingActivitiesCapex$784.00KcapitalExpendituresFree cash flow-$840.87KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$840.87K | —ROIC · 2017-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$123.00KoperatingIncomeTax expense$158.00KincomeTaxExpensePretax income-$123.00KincomeBeforeTaxTax rate—Equity-$97.58KtotalStockholderEquityDebt$200.00KshortLongTermDebtTotalCash$19.54KcashInvested capital$82.88KROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2017-12-31Operating income / net PP&EOperating income-$123.00KoperatingIncomeNet PP&E—Not reportedResult — |
| 2018 | 407.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.12MpropertyPlantEquipmentInventory$647.15MinventoryTotal assets$159.96MtotalAssetsResult 407.8% | 73.95xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$378.62MtotalRevenueNet PP&E$5.12MpropertyPlantEquipmentResult 73.95x | 2.19xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$3.41McapitalExpendituresD&A$1.56MdepreciationAndAmortizationResult 2.19x | $9.93Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$159.96MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$5.75MtotalLiabTangible book$154.21MShares15,525,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $9.93 | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$784.90KebitdaCapex$3.41McapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex-$4.19MResult — | -$4.34MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$931.03KtotalCashFromOperatingActivitiesCapex$3.41McapitalExpendituresFree cash flow-$4.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.34M | -0.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$784.90KoperatingIncomeTax expense$311.18KincomeTaxExpensePretax income$904.03KincomeBeforeTaxTax rate34.4%Equity$154.21MtotalStockholderEquityDebt$191.15MshortLongTermDebtTotalCash$196.80KcashInvested capital$345.17MResult -0.1% | -0.15xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$784.90KoperatingIncomeNet PP&E$5.12MpropertyPlantEquipmentResult -0.15x |
| 2019 | 376.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.07MpropertyPlantEquipmentInventory$598.18MinventoryTotal assets$162.49MtotalAssetsResult 376.8% | 44.84xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$630.99MtotalRevenueNet PP&E$14.07MpropertyPlantEquipmentResult 44.84x | 1.89xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$5.59McapitalExpendituresD&A$2.96MdepreciationAndAmortizationResult 1.89x | $7.20Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$162.49MtotalAssetsGoodwill$5.32MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$17.45MtotalLiabTangible book$139.72MShares19,406,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $7.20 | 2.29xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$41.01MebitdaCapex$5.59McapitalExpendituresInterest$14.69MinterestExpenseShort-term debt$750.00KshortLongTermDebtEBITDA − capex$35.43MPrincipal due is the current portion of debt.Result 2.29x | $100.46MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$106.04MtotalCashFromOperatingActivitiesCapex$5.59McapitalExpendituresFree cash flow$100.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $100.46M | 20.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$38.05MoperatingIncomeTax expense$6.16MincomeTaxExpensePretax income$28.55MincomeBeforeTaxTax rate21.6%Equity$145.04MtotalStockholderEquityDebt$750.00KshortLongTermDebtTotalCash$161.41KcashInvested capital$145.63MResult 20.5% | 2.70xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$38.05MoperatingIncomeNet PP&E$14.07MpropertyPlantEquipmentResult 2.70x |
| 2020 | 78.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$12.36MpropertyPlantEquipmentInventory$687.82MinventoryTotal assets$895.76MtotalAssetsResult 78.2% | 59.44xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$734.61MtotalRevenueNet PP&E$12.36MpropertyPlantEquipmentResult 59.44x | 0.50xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.79McapitalExpendituresD&A$3.58MdepreciationAndAmortizationResult 0.50x | $15.60Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$895.76MtotalAssetsGoodwill$20.71MgoodWillIntangibles$1.05MintangibleAssetsLiabilities$366.28MtotalLiabTangible book$507.74MShares32,557,000commonStockSharesOutstandingResult $15.60 | 0.32xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.75MebitdaCapex$1.79McapitalExpendituresInterest$16.21MinterestExpenseShort-term debt$2.50MshortTermDebtEBITDA − capex$5.96MPrincipal due is short-term debt.Result 0.32x | -$2.60MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$806.93KtotalCashFromOperatingActivitiesCapex$1.79McapitalExpendituresFree cash flow-$2.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.60M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.17MoperatingIncomeTax expense-$3.08MincomeTaxExpensePretax income-$12.17MincomeBeforeTaxTax rate—Equity$528.19MtotalStockholderEquityDebt$264.81MshortLongTermDebtTotalCash$105.78McashInvested capital$687.22MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.34xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$4.17MoperatingIncomeNet PP&E$12.36MpropertyPlantEquipmentResult 0.34x |
| 2021 | 68.3%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$19.19MpropertyPlantEquipmentInventory$844.79MinventoryTotal assets$1.27BtotalAssetsResult 68.3% | 53.31xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.02BtotalRevenueNet PP&E$19.19MpropertyPlantEquipmentResult 53.31x | 0.59xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.18McapitalExpendituresD&A$5.39MdepreciationAndAmortizationResult 0.59x | $13.17Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.27BtotalAssetsGoodwill$24.46MgoodWillIntangibles$910.00KintangibleAssetsLiabilities$644.12MtotalLiabTangible book$596.03MShares45,250,718commonStockSharesOutstandingResult $13.17 | 0.15xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$64.89MebitdaCapex$3.18McapitalExpendituresInterest$9.38MinterestExpenseShort-term debt$390.30MshortTermDebtEBITDA − capex$61.71MPrincipal due is short-term debt.Result 0.15x | $30.22MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$33.40MtotalCashFromOperatingActivitiesCapex$3.18McapitalExpendituresFree cash flow$30.22MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $30.22M | 4.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$59.49MoperatingIncomeTax expense$14.00MincomeTaxExpensePretax income$66.73MincomeBeforeTaxTax rate21.0%Equity$620.15MtotalStockholderEquityDebt$851.42MshortLongTermDebtTotalCash$342.81McashInvested capital$1.13BResult 4.2% | 3.10xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$59.49MoperatingIncomeNet PP&E$19.19MpropertyPlantEquipmentResult 3.10x |
| 2022 | 77.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.12MpropertyPlantEquipmentInventory$1.09BinventoryTotal assets$1.44BtotalAssetsResult 77.6% | 57.58xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.45BtotalRevenueNet PP&E$25.12MpropertyPlantEquipmentResult 57.58x | 0.99xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$5.47McapitalExpendituresD&A$5.55MdepreciationAndAmortizationResult 0.99x | $15.20Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.44BtotalAssetsGoodwill$68.64MgoodWillIntangibles$44.00KintangibleAssetsLiabilities$730.18MtotalLiabTangible book$641.64MShares42,199,462commonStockSharesOutstandingResult $15.20 | 0.21xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$113.84MebitdaCapex$5.47McapitalExpendituresInterest$16.66MinterestExpenseShort-term debt$505.42MshortTermDebtEBITDA − capex$108.37MPrincipal due is short-term debt.Result 0.21x | $10.53MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$16.00MtotalCashFromOperatingActivitiesCapex$5.47McapitalExpendituresFree cash flow$10.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.53M | 7.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$108.29MoperatingIncomeTax expense$25.40MincomeTaxExpensePretax income$101.07MincomeBeforeTaxTax rate25.1%Equity$655.95MtotalStockholderEquityDebt$505.42MshortLongTermDebtTotalCash$123.63McashInvested capital$1.04BResult 7.8% | 4.31xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$108.29MoperatingIncomeNet PP&E$25.12MpropertyPlantEquipmentResult 4.31x |
| 2023 | 77.9%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$24.53MpropertyPlantAndEquipmentNetInventory$1.12BinventoryTotal assets$1.47BtotalAssetsResult 77.9% | 49.32xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.21BtotalRevenueNet PP&E$24.53MpropertyPlantAndEquipmentNetResult 49.32x | 1.47xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$7.48McapitalExpendituresD&A$5.10MdepreciationAndAmortizationResult 1.47x | $15.86Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.47BtotalAssetsGoodwill$68.64MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$782.88MtotalLiabTangible book$619.71MShares39,076,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $15.86 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$45.39MebitdaCapex$7.48McapitalExpendituresInterest—Not reportedShort-term debt$307.63MshortLongTermDebtEBITDA − capex$37.91MPrincipal due is the current portion of debt.Result — | $19.69MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$27.17MtotalCashFromOperatingActivitiesCapex$7.48McapitalExpendituresFree cash flow$19.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $19.69M | 2.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$40.28MoperatingIncomeTax expense$11.90MincomeTaxExpensePretax income$44.55MincomeBeforeTaxTax rate26.7%Equity$652.88MtotalStockholderEquityDebt$556.84MshortLongTermDebtTotalCash$119.56McashInvested capital$1.09BResult 2.7% | 1.64xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$40.28MoperatingIncomeNet PP&E$24.53MpropertyPlantAndEquipmentNetResult 1.64x |
| 2024 | 82.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$64.43MpropertyPlantAndEquipmentNetInventory$1.34BinventoryTotal assets$1.70BtotalAssetsResult 82.5% | 24.06xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.55BtotalRevenueNet PP&E$64.43MpropertyPlantAndEquipmentNetResult 24.06x | 0.80xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$5.86McapitalExpendituresD&A$7.37MdepreciationAndAmortizationResult 0.80x | $14.22Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.70BtotalAssetsGoodwill$155.60MgoodWillIntangibles$757.00KintangibleAssetsLiabilities$1.03BtotalLiabTangible book$519.76MShares36,556,000commonStockSharesOutstandingResult $14.22 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$34.83MebitdaCapex$5.86McapitalExpendituresInterest—Not reportedShort-term debt$194.44MshortTermDebtEBITDA − capex$28.97MPrincipal due is short-term debt.Result — | $23.74MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$29.60MtotalCashFromOperatingActivitiesCapex$5.86McapitalExpendituresFree cash flow$23.74MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $23.74M | 1.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$27.46MoperatingIncomeTax expense$8.14MincomeTaxExpensePretax income$26.68MincomeBeforeTaxTax rate30.5%Equity$667.18MtotalStockholderEquityDebt$779.28MshortLongTermDebtTotalCash$53.32McashInvested capital$1.39BResult 1.4% | 0.43xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$27.46MoperatingIncomeNet PP&E$64.43MpropertyPlantAndEquipmentNetResult 0.43x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2024)
Net PP&E: $64.43M
Inventory: $1.34B
Total assets: $1.70B
Goodwill: $155.60M
Intangibles: $757.00K
Liabilities: $1.03B
Tangible book: $519.76M
Shares: 36,556,000
Revenue: $1.55B
Capex: $5.86M
D&A: $7.37M
EBITDA: $34.83M
Interest: —
Short-term debt: $194.44M
Free cash flow: $23.74M
Operating income: $27.46M
Invested capital: $1.39B
Tax rate: 30.5%