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.
Primaris Retail R.E. Invest. Tr. Units
Physical assets are 0.4% of total assets, a light footprint. Capex is 0.32x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 33.12x.
Physical asset ratio
0.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
33.12x
Revenue per dollar of the physical asset base.
Capex / D&A
0.32x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$19.90
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.12x
Price $22.28.
Fixed-charge coverage
2.35x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.5%
Latest free cash flow divided by current market cap ($2.99B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 17.82x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 99.2% | 0.10x | 0.00x | $16.14 | 0.60x | -$140.32M | — | 0.06x |
| 2019 | 99.1% | 0.10x | 0.00x | $15.70 | 0.88x | $253.25M | — | 0.06x |
| 2020 | 99.7% | 0.13x | 0.48x | $10.20 | 0.18x | $213.63M | — | 0.06x |
| 2021 | 99.8% | 0.08x | 95.65x | $22.30 | 2.07x | -$101.04M | 4.8% | 0.04x |
| 2022 | 99.7% | 0.12x | 0.49x | $20.87 | 0.04x | $163.39M | — | 0.06x |
| 2023 | 93.5% | 0.12x | 1.16x | $21.10 | 1.43x | $163.35M | 3.4% | 0.06x |
| 2024 | 0.5% | 24.82x | 8.19x | $19.95 | 1.25x | $151.57M | — | 12.48x |
| 2025 | 0.4% | 33.12x | 0.32x | $19.90 | 2.35x | $225.07M | — | 17.82x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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 (2025)
Net PP&E: $19.70M
Inventory: $0.00
Total assets: $5.28B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $2.75B
Tangible book: $2.53B
Shares: 127,313,000
Revenue: $652.57M
Capex: $667.00K
D&A: $2.10M
EBITDA: $319.87M
Interest: $134.58M
Short-term debt: $1.47M
Free cash flow: $225.07M
Operating income: $351.01M
Invested capital: $4.69B
Tax rate: —