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.
Lightspeed Commerce Inc
Physical assets are 3.0% of total assets, a light footprint. Capex is 0.04x 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 0.22x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 36.27x.
Physical asset ratio
3.0%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$33.83MpropertyPlantAndEquipmentNetInventory$15.94MinventoryTotal assets$1.67BtotalAssetsResult 3.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
36.27xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$1.23BtotalRevenueNet PP&E$33.83MpropertyPlantAndEquipmentNetResult 36.27x
Revenue per dollar of the physical asset base.
Capex / D&A
0.04xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$6.52McapitalExpendituresD&A$150.76MdepreciationAndAmortizationResult 0.04x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.36Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.67BtotalAssetsGoodwill$807.70MgoodWillIntangibles$73.82MintangibleAssetsLiabilities$182.67MtotalLiabTangible book$606.51MShares139,167,885commonStockSharesOutstandingResult $4.36
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.36xPrice / tangible bookPrice / tangible book per sharePrice$10.29Latest quoteTangible book / share$4.362026-03-31Result 2.36x
Price $10.29.
Fixed-charge coverage
0.22xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.98MebitdaCapex$6.52McapitalExpendituresInterest$1.27MinterestExpenseShort-term debt$5.27MshortTermDebtEBITDA − capex$1.46MPrincipal due is short-term debt.Result 0.22x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.2%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$70.35MfreeCashFlowMarket cap$1.35BMarketCapitalizationResult 5.2%
Latest free cash flow divided by current market cap ($1.35B).
ROIC
—ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$147.59MoperatingIncomeTax expense$361.00KincomeTaxExpensePretax income-$144.05MincomeBeforeTaxTax rate—Equity$1.49BtotalStockholderEquityDebt$20.23MshortLongTermDebtTotalCash$456.93McashInvested capital$1.05BROIC 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 -4.36x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 2.2%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$5.37MpropertyPlantEquipmentInventory$269.00KinventoryTotal assets$255.81MtotalAssetsResult 2.2% | 14.42xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$77.45MtotalRevenueNet PP&E$5.37MpropertyPlantEquipmentResult 14.42x | 0.45xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$2.03McapitalExpendituresD&A$4.54MdepreciationAndAmortizationResult 0.45x | $5.17Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$255.81MtotalAssetsGoodwill$22.54MgoodWillIntangibles$2.62MintangibleAssetsLiabilities$59.15MtotalLiabTangible book$171.51MShares33,203,567commonStockSharesOutstandingResult $5.17 | -0.60xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$17.24MebitdaCapex$2.03McapitalExpendituresInterest$0.00interestExpenseShort-term debt$32.32MshortTermDebtEBITDA − capex-$19.27MPrincipal due is short-term debt.Result -0.60x | -$9.59MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow-$7.56MtotalCashFromOperatingActivitiesCapex$2.03McapitalExpendituresFree cash flow-$9.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$9.59M | —ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$23.22MoperatingIncomeTax expense-$30.73MincomeTaxExpensePretax income-$214.25MincomeBeforeTaxTax rate—Equity$196.67MtotalStockholderEquityDebt$46.53MshortLongTermDebtTotalCash$207.70McashInvested capital$35.50MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.32xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income-$23.22MoperatingIncomeNet PP&E$5.37MpropertyPlantEquipmentResult -4.32x |
| 2020 | 5.2%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$23.95MpropertyPlantEquipmentInventory$932.00KinventoryTotal assets$478.43MtotalAssetsResult 5.2% | 5.04xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$120.64MtotalRevenueNet PP&E$23.95MpropertyPlantEquipmentResult 5.04x | 0.27xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$3.61McapitalExpendituresD&A$13.47MdepreciationAndAmortizationResult 0.27x | $1.57Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$478.43MtotalAssetsGoodwill$146.60MgoodWillIntangibles$62.82MintangibleAssetsLiabilities$134.29MtotalLiabTangible book$134.72MShares85,890,314commonStockSharesOutstandingResult $1.57 | -1.65xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$34.25MebitdaCapex$3.61McapitalExpendituresInterest$19.62MinterestExpenseShort-term debt$3.30MshortTermDebtEBITDA − capex-$37.86MPrincipal due is short-term debt.Result -1.65x | -$32.16MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow-$28.55MtotalCashFromOperatingActivitiesCapex$3.61McapitalExpendituresFree cash flow-$32.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$32.16M | —ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$58.41MoperatingIncomeTax expense-$3.11MincomeTaxExpensePretax income-$56.64MincomeBeforeTaxTax rate—Equity$344.14MtotalStockholderEquityDebt$29.69MlongTermDebt + shortLongTermDebtCash$212.80McashInvested capital$161.03MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.44xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income-$58.41MoperatingIncomeNet PP&E$23.95MpropertyPlantEquipmentResult -2.44x |
| 2021 | 1.5%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$29.55MpropertyPlantEquipmentInventory$1.57MinventoryTotal assets$2.11BtotalAssetsResult 1.5% | 7.50xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$221.73MtotalRevenueNet PP&E$29.55MpropertyPlantEquipmentResult 7.50x | 0.05xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$1.79McapitalExpendituresD&A$36.48MdepreciationAndAmortizationResult 0.05x | $6.92Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.11BtotalAssetsGoodwill$971.94MgoodWillIntangibles$234.49MintangibleAssetsLiabilities$171.04MtotalLiabTangible book$727.85MShares105,221,907commonStockSharesOutstandingResult $6.92 | -11.54xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$90.69MebitdaCapex$1.79McapitalExpendituresInterest$2.90MinterestExpenseShort-term debt$5.12MshortTermDebtEBITDA − capex-$92.48MPrincipal due is short-term debt.Result -11.54x | -$94.86MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow-$93.06MtotalCashFromOperatingActivitiesCapex$1.79McapitalExpendituresFree cash flow-$94.86MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$94.86M | —ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$129.72MoperatingIncomeTax expense-$5.79MincomeTaxExpensePretax income-$130.07MincomeBeforeTaxTax rate—Equity$1.93BtotalStockholderEquityDebt$29.77MlongTermDebt + shortLongTermDebtCash$814.90McashInvested capital$1.15BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.39xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income-$129.72MoperatingIncomeNet PP&E$29.55MpropertyPlantEquipmentResult -4.39x |
| 2022 | 1.4%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$42.00MpropertyPlantEquipmentInventory$7.54MinventoryTotal assets$3.62BtotalAssetsResult 1.4% | 13.06xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$548.37MtotalRevenueNet PP&E$42.00MpropertyPlantEquipmentResult 13.06x | 0.10xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$10.65McapitalExpendituresD&A$104.55MdepreciationAndAmortizationResult 0.10x | $6.25Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.62BtotalAssetsGoodwill$2.10BgoodWillIntangibles$409.57MintangibleAssetsLiabilities$220.69MtotalLiabTangible book$885.35MShares141,580,917commonStockSharesOutstandingResult $6.25 | -20.82xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$207.94MebitdaCapex$10.65McapitalExpendituresInterest$2.87MinterestExpenseShort-term debt$7.63MshortTermDebtEBITDA − capex-$218.59MPrincipal due is short-term debt.Result -20.82x | -$97.87MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow-$87.22MtotalCashFromOperatingActivitiesCapex$10.65McapitalExpendituresFree cash flow-$97.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$97.87M | —ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$318.34MoperatingIncomeTax expense-$26.92MincomeTaxExpensePretax income-$315.35MincomeBeforeTaxTax rate—Equity$3.40BtotalStockholderEquityDebt$29.84MlongTermDebt + shortLongTermDebtCash$953.65McashInvested capital$2.48BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -7.58xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income-$318.34MoperatingIncomeNet PP&E$42.00MpropertyPlantEquipmentResult -7.58x |
| 2023 | 2.0%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$40.46MpropertyPlantAndEquipmentNetInventory$12.84MinventoryTotal assets$2.67BtotalAssetsResult 2.0% | 18.05xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$730.51MtotalRevenueNet PP&E$40.46MpropertyPlantAndEquipmentNetResult 18.05x | 0.11xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$13.12McapitalExpendituresD&A$115.26MdepreciationAndAmortizationResult 0.11x | $5.55Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.67BtotalAssetsGoodwill$1.35BgoodWillIntangibles$311.45MintangibleAssetsLiabilities$171.28MtotalLiabTangible book$835.35MShares150,404,130commonStockSharesOutstandingResult $5.55 | -111.87xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$956.91MebitdaCapex$13.12McapitalExpendituresInterest$2.05MinterestExpenseShort-term debt$6.62MshortTermDebtEBITDA − capex-$970.03MPrincipal due is short-term debt.Result -111.87x | -$138.41MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow-$125.28MtotalCashFromOperatingActivitiesCapex$13.12McapitalExpendituresFree cash flow-$138.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$138.41M | —ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.10BoperatingIncomeTax expense-$4.22MincomeTaxExpensePretax income-$1.07BincomeBeforeTaxTax rate—Equity$2.50BtotalStockholderEquityDebt$25.19MshortLongTermDebtTotalCash$800.15McashInvested capital$1.72BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -27.16xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income-$1.10BoperatingIncomeNet PP&E$40.46MpropertyPlantAndEquipmentNetResult -27.16x |
| 2024 | 2.1%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$37.57MpropertyPlantAndEquipmentNetInventory$16.49MinventoryTotal assets$2.58BtotalAssetsResult 2.1% | 24.20xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$909.27MtotalRevenueNet PP&E$37.57MpropertyPlantAndEquipmentNetResult 24.20x | 0.17xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$18.18McapitalExpendituresD&A$109.63MdepreciationAndAmortizationResult 0.17x | $5.44Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.58BtotalAssetsGoodwill$1.35BgoodWillIntangibles$227.03MintangibleAssetsLiabilities$162.75MtotalLiabTangible book$836.14MShares153,765,412commonStockSharesOutstandingResult $5.44 | -8.27xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$49.43MebitdaCapex$18.18McapitalExpendituresInterest$1.24MinterestExpenseShort-term debt$6.94MshortTermDebtEBITDA − capex-$67.62MPrincipal due is short-term debt.Result -8.27x | -$115.85MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow-$97.67MtotalCashFromOperatingActivitiesCapex$18.18McapitalExpendituresFree cash flow-$115.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$115.85M | —ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$203.02MoperatingIncomeTax expense$3.48MincomeTaxExpensePretax income-$160.49MincomeBeforeTaxTax rate—Equity$2.41BtotalStockholderEquityDebt$23.21MshortLongTermDebtTotalCash$722.10McashInvested capital$1.71BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -5.40xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income-$203.02MoperatingIncomeNet PP&E$37.57MpropertyPlantAndEquipmentNetResult -5.40x |
| 2025 | 2.4%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$29.82MpropertyPlantAndEquipmentNetInventory$14.61MinventoryTotal assets$1.83BtotalAssetsResult 2.4% | 36.12xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$1.08BtotalRevenueNet PP&E$29.82MpropertyPlantAndEquipmentNetResult 36.12x | 0.23xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$23.12McapitalExpendituresD&A$100.99MdepreciationAndAmortizationResult 0.23x | $4.60Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.83BtotalAssetsGoodwill$797.96MgoodWillIntangibles$159.54MintangibleAssetsLiabilities$162.24MtotalLiabTangible book$706.46MShares153,677,000commonStockSharesOutstandingResult $4.60 | -81.31xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$557.04MebitdaCapex$23.12McapitalExpendituresInterest$1.48MinterestExpenseShort-term debt$5.65MshortTermDebtEBITDA − capex-$580.16MPrincipal due is short-term debt.Result -81.31x | -$55.89MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow-$32.76MtotalCashFromOperatingActivitiesCapex$23.12McapitalExpendituresFree cash flow-$55.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$55.89M | —ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$696.01MoperatingIncomeTax expense$7.69MincomeTaxExpensePretax income-$659.51MincomeBeforeTaxTax rate—Equity$1.66BtotalStockholderEquityDebt$16.97MshortLongTermDebtTotalCash$558.47McashInvested capital$1.12BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -23.34xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income-$696.01MoperatingIncomeNet PP&E$29.82MpropertyPlantAndEquipmentNetResult -23.34x |
| 2026 | 3.0%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$33.83MpropertyPlantAndEquipmentNetInventory$15.94MinventoryTotal assets$1.67BtotalAssetsResult 3.0% | 36.27xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$1.23BtotalRevenueNet PP&E$33.83MpropertyPlantAndEquipmentNetResult 36.27x | 0.04xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$6.52McapitalExpendituresD&A$150.76MdepreciationAndAmortizationResult 0.04x | $4.36Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.67BtotalAssetsGoodwill$807.70MgoodWillIntangibles$73.82MintangibleAssetsLiabilities$182.67MtotalLiabTangible book$606.51MShares139,167,885commonStockSharesOutstandingResult $4.36 | 0.22xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.98MebitdaCapex$6.52McapitalExpendituresInterest$1.27MinterestExpenseShort-term debt$5.27MshortTermDebtEBITDA − capex$1.46MPrincipal due is short-term debt.Result 0.22x | $70.35MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$76.87MtotalCashFromOperatingActivitiesCapex$6.52McapitalExpendituresFree cash flow$70.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $70.35M | —ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$147.59MoperatingIncomeTax expense$361.00KincomeTaxExpensePretax income-$144.05MincomeBeforeTaxTax rate—Equity$1.49BtotalStockholderEquityDebt$20.23MshortLongTermDebtTotalCash$456.93McashInvested capital$1.05BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -4.36xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income-$147.59MoperatingIncomeNet PP&E$33.83MpropertyPlantAndEquipmentNetResult -4.36x |
- 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 (2026)
Net PP&E: $33.83M
Inventory: $15.94M
Total assets: $1.67B
Goodwill: $807.70M
Intangibles: $73.82M
Liabilities: $182.67M
Tangible book: $606.51M
Shares: 139,167,885
Revenue: $1.23B
Capex: $6.52M
D&A: $150.76M
EBITDA: $7.98M
Interest: $1.27M
Short-term debt: $5.27M
Free cash flow: $70.35M
Operating income: -$147.59M
Invested capital: $1.05B
Tax rate: —