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.
NextNav Inc.
Physical assets are 10.7% of total assets, a light footprint. Capex is 0.01x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -11.17x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 0.17x.
Physical asset ratio
10.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$26.62MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$248.09MtotalAssetsInventory was not reported and is treated as zero.Result 10.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.57MtotalRevenueNet PP&E$26.62MpropertyPlantAndEquipmentNetResult 0.17x
Revenue per dollar of the physical asset base.
Capex / D&A
0.01xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$50.00KcapitalExpendituresD&A$7.75MdepreciationAndAmortizationResult 0.01x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$1.11Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$248.09MtotalAssetsGoodwill$19.16MgoodWillIntangibles$42.17MintangibleAssetsLiabilities$334.33MtotalLiabTangible book-$147.56MShares132,866,000commonStockSharesOutstandingResult -$1.11
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$8.52Latest quoteTangible book / share-$1.112025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $8.52.
Fixed-charge coverage
-11.17xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$168.86MebitdaCapex$50.00KcapitalExpendituresInterest$12.44MinterestExpenseShort-term debt$2.67MshortTermDebtEBITDA − capex-$168.91MPrincipal due is short-term debt.Result -11.17x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-3.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$50.80MfreeCashFlowMarket cap$1.36BMarketCapitalizationResult -3.7%
Latest free cash flow divided by current market cap ($1.36B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$70.23MoperatingIncomeTax expense$198.00KincomeTaxExpensePretax income-$189.06MincomeBeforeTaxTax rate—Equity-$86.24MtotalStockholderEquityDebt$288.60MshortLongTermDebtTotalCash$152.14McashAndShortTermInvestmentsInvested capital$50.23MROIC 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 -2.64x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 0.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$45.00KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$39.29MtotalAssetsInventory was not reported and is treated as zero.Result 0.1% | 3.64xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$164.00KtotalRevenueNet PP&E$45.00KpropertyPlantEquipmentResult 3.64x | 0.51xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$59.00KcapitalExpendituresD&A$115.00KdepreciationAndAmortizationResult 0.51x | $0.36Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$39.29MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$3.47MintangibleAssetsLiabilities$30.12MtotalLiabTangible book$5.71MShares15,742,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.36 | —Fixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$17.17MebitdaCapex$59.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex-$17.23MResult — | -$15.57MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$15.52MtotalCashFromOperatingActivitiesCapex$59.00KcapitalExpendituresFree cash flow-$15.57MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$15.57M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$17.28MoperatingIncomeTax expense$19.00KincomeTaxExpensePretax income-$18.28MincomeBeforeTaxTax rate—Equity$9.18MtotalStockholderEquityDebt$15.83MshortLongTermDebtTotalCash$14.48McashInvested capital$10.53MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -384.02xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$17.28MoperatingIncomeNet PP&E$45.00KpropertyPlantEquipmentResult -384.02x |
| 2020 | 23.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.71MpropertyPlantEquipmentInventory$5.00MinventoryTotal assets$44.90MtotalAssetsResult 23.8% | 0.10xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$569.00KtotalRevenueNet PP&E$5.71MpropertyPlantEquipmentResult 0.10x | 30.54xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$7.18McapitalExpendituresD&A$235.00KdepreciationAndAmortizationResult 30.54x | -$19.78Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$44.90MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.14MintangibleAssetsLiabilities$535.28MtotalLiabTangible book-$494.52MShares25,000,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result -$19.78 | -13.37xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$127.03MebitdaCapex$7.18McapitalExpendituresInterest$10.04MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex-$134.20MShort-term debt is total debt minus long-term debt.Result -13.37x | -$35.58MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$28.41MtotalCashFromOperatingActivitiesCapex$7.18McapitalExpendituresFree cash flow-$35.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$35.58M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$29.47MoperatingIncomeTax expense$38.00KincomeTaxExpensePretax income-$137.30MincomeBeforeTaxTax rate—Equity-$490.38MtotalStockholderEquityDebt$58.87MshortLongTermDebtTotalCash$8.67McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -5.16xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$29.47MoperatingIncomeNet PP&E$5.71MpropertyPlantEquipmentResult -5.16x |
| 2021 | 15.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$21.76MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$136.82MtotalAssetsInventory was not reported and is treated as zero.Result 15.9% | 0.04xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$763.00KtotalRevenueNet PP&E$21.76MpropertyPlantEquipmentResult 0.04x | 0.72xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.28McapitalExpendituresD&A$1.78MdepreciationAndAmortizationResult 0.72x | $0.98Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$136.82MtotalAssetsGoodwill$0.00goodWillIntangibles$4.10MintangibleAssetsLiabilities$36.87MtotalLiabTangible book$95.86MShares98,171,667commonStockSharesOutstandingResult $0.98 | -7.08xFixed-charge coverage · 2021-12-31(EBITDA − capex) / interestEBITDA-$124.99MebitdaCapex$1.28McapitalExpendituresInterest$17.84MinterestExpenseEBITDA − capex-$126.27MShort-term debt was not reported, so the denominator is interest only.Result -7.08x | -$49.21MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$47.93MtotalCashFromOperatingActivitiesCapex$1.28McapitalExpendituresFree cash flow-$49.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$49.21M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$42.43MoperatingIncomeTax expense$52.00KincomeTaxExpensePretax income-$144.61MincomeBeforeTaxTax rate—Equity$99.96MtotalStockholderEquityDebt$28.88MlongTermDebtCash$100.08McashInvested capital$28.76MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.95xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$42.43MoperatingIncomeNet PP&E$21.76MpropertyPlantEquipmentResult -1.95x |
| 2022 | 26.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$32.90MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$123.79MtotalAssetsInventory was not reported and is treated as zero.Result 26.6% | 0.12xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$3.93MtotalRevenueNet PP&E$32.90MpropertyPlantAndEquipmentNetResult 0.12x | 0.97xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$3.58McapitalExpendituresD&A$3.67MdepreciationAndAmortizationResult 0.97x | $0.75Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$123.79MtotalAssetsGoodwill$17.49MgoodWillIntangibles$10.40MintangibleAssetsLiabilities$19.92MtotalLiabTangible book$75.97MShares101,029,000commonStockSharesOutstandingResult $0.75 | -18.80xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$60.96MebitdaCapex$3.58McapitalExpendituresInterest$901.00KinterestExpenseShort-term debt$2.53MshortTermDebtEBITDA − capex-$64.54MPrincipal due is short-term debt.Result -18.80x | -$40.67MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$37.10MtotalCashFromOperatingActivitiesCapex$3.58McapitalExpendituresFree cash flow-$40.67MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$40.67M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$65.54MoperatingIncomeTax expense-$28.00KincomeTaxExpensePretax income-$40.14MincomeBeforeTaxTax rate—Equity$100.02MtotalStockholderEquityDebt$7.82MshortLongTermDebtTotalCash$55.45McashAndShortTermInvestmentsInvested capital$52.39MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.99xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$65.54MoperatingIncomeNet PP&E$32.90MpropertyPlantAndEquipmentNetResult -1.99x |
| 2023 | 25.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$40.83MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$162.16MtotalAssetsResult 25.2% | 0.09xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$3.86MtotalRevenueNet PP&E$40.83MpropertyPlantAndEquipmentNetResult 0.09x | 0.57xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.75McapitalExpendituresD&A$4.82MdepreciationAndAmortizationResult 0.57x | $0.48Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$162.16MtotalAssetsGoodwill$17.98MgoodWillIntangibles$10.63MintangibleAssetsLiabilities$82.06MtotalLiabTangible book$51.49MShares107,972,000commonStockSharesOutstandingResult $0.48 | -10.63xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$63.03MebitdaCapex$2.75McapitalExpendituresInterest$3.66MinterestExpenseShort-term debt$2.52MshortTermDebtEBITDA − capex-$65.78MPrincipal due is short-term debt.Result -10.63x | -$38.19MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$35.44MtotalCashFromOperatingActivitiesCapex$2.75McapitalExpendituresFree cash flow-$38.19MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$38.19M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$63.53MoperatingIncomeTax expense$221.00KincomeTaxExpensePretax income-$71.51MincomeBeforeTaxTax rate—Equity$78.73MtotalStockholderEquityDebt$66.12MshortLongTermDebtTotalCash$85.83McashAndShortTermInvestmentsInvested capital$59.02MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.56xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$63.53MoperatingIncomeNet PP&E$40.83MpropertyPlantAndEquipmentNetResult -1.56x |
| 2024 | 21.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$35.34MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$161.74MtotalAssetsInventory was not reported and is treated as zero.Result 21.9% | 0.16xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$5.67MtotalRevenueNet PP&E$35.34MpropertyPlantAndEquipmentNetResult 0.16x | 0.07xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$350.00KcapitalExpendituresD&A$5.24MdepreciationAndAmortizationResult 0.07x | $0.19Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$161.74MtotalAssetsGoodwill$16.97MgoodWillIntangibles$9.59MintangibleAssetsLiabilities$111.62MtotalLiabTangible book$23.57MShares121,500,000commonStockSharesOutstandingResult $0.19 | -7.37xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$87.07MebitdaCapex$350.00KcapitalExpendituresInterest$9.40MinterestExpenseShort-term debt$2.46MshortTermDebtEBITDA − capex-$87.42MPrincipal due is short-term debt.Result -7.37x | -$38.36MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$38.01MtotalCashFromOperatingActivitiesCapex$350.00KcapitalExpendituresFree cash flow-$38.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$38.36M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$60.10MoperatingIncomeTax expense$173.00KincomeTaxExpensePretax income-$101.71MincomeBeforeTaxTax rate—Equity$50.12MtotalStockholderEquityDebt$71.44MshortLongTermDebtTotalCash$80.12McashAndShortTermInvestmentsInvested capital$41.44MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.70xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$60.10MoperatingIncomeNet PP&E$35.34MpropertyPlantAndEquipmentNetResult -1.70x |
| 2025 | 10.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$26.62MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$248.09MtotalAssetsInventory was not reported and is treated as zero.Result 10.7% | 0.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.57MtotalRevenueNet PP&E$26.62MpropertyPlantAndEquipmentNetResult 0.17x | 0.01xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$50.00KcapitalExpendituresD&A$7.75MdepreciationAndAmortizationResult 0.01x | -$1.11Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$248.09MtotalAssetsGoodwill$19.16MgoodWillIntangibles$42.17MintangibleAssetsLiabilities$334.33MtotalLiabTangible book-$147.56MShares132,866,000commonStockSharesOutstandingResult -$1.11 | -11.17xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$168.86MebitdaCapex$50.00KcapitalExpendituresInterest$12.44MinterestExpenseShort-term debt$2.67MshortTermDebtEBITDA − capex-$168.91MPrincipal due is short-term debt.Result -11.17x | -$50.80MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$50.75MtotalCashFromOperatingActivitiesCapex$50.00KcapitalExpendituresFree cash flow-$50.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$50.80M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$70.23MoperatingIncomeTax expense$198.00KincomeTaxExpensePretax income-$189.06MincomeBeforeTaxTax rate—Equity-$86.24MtotalStockholderEquityDebt$288.60MshortLongTermDebtTotalCash$152.14McashAndShortTermInvestmentsInvested capital$50.23MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.64xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$70.23MoperatingIncomeNet PP&E$26.62MpropertyPlantAndEquipmentNetResult -2.64x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $26.62M
Inventory: $0.00
Total assets: $248.09M
Goodwill: $19.16M
Intangibles: $42.17M
Liabilities: $334.33M
Tangible book: -$147.56M
Shares: 132,866,000
Revenue: $4.57M
Capex: $50.00K
D&A: $7.75M
EBITDA: -$168.86M
Interest: $12.44M
Short-term debt: $2.67M
Free cash flow: -$50.80M
Operating income: -$70.23M
Invested capital: $50.23M
Tax rate: —