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.
NNN REIT, Inc.
Physical assets are 98.5% of total assets, a heavy footprint. Capex is 3.49x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -0.14x, 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 0.10x.
Physical asset ratio
98.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.10x
Revenue per dollar of the physical asset base.
Capex / D&A
3.49x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$23.25
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.77x
Price $41.16.
Fixed-charge coverage
-0.14x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-3.5%
Latest free cash flow divided by current market cap ($7.76B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.06x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 96.7% | 0.09x | 3.49x | $26.26 | -0.22x | -$136.59M | 6.2% | 0.06x |
| 2019 | 98.1% | 0.09x | 3.30x | $25.78 | -0.12x | -$121.80M | 3.4% | 0.06x |
| 2020 | 94.5% | 0.09x | 1.00x | $24.68 | 2.76x | $254.25M | 3.1% | 0.05x |
| 2021 | 96.1% | 0.10x | 2.70x | $21.93 | 0.58x | $15.10M | 3.6% | 0.06x |
| 2022 | 98.5% | 0.10x | 3.77x | $23.25 | -0.43x | -$264.52M | 3.6% | 0.06x |
| 2023 | 98.6% | 0.10x | 3.33x | $22.66 | 0.00x | -$183.38M | 3.9% | 0.07x |
| 2024 | 98.6% | 0.10x | 2.29x | $23.46 | 1.40x | $62.63M | — | 0.07x |
| 2025 | 98.5% | 0.10x | 3.49x | $23.25 | -0.14x | -$269.95M | — | 0.06x |
- 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.
- Reported free cash flow matched operating cash flow, so capex was subtracted.
Latest year inputs (2025)
Net PP&E: $9.24B
Inventory: $0.00
Total assets: $9.38B
Goodwill: $0.00
Intangibles: $37.31M
Liabilities: $4.97B
Tangible book: $4.37B
Shares: 187,986,798
Revenue: $926.21M
Capex: $937.08M
D&A: $268.44M
EBITDA: $860.48M
Interest: $202.27M
Short-term debt: $348.10M
Free cash flow: -$269.95M
Operating income: $569.87M
Invested capital: $9.22B
Tax rate: —