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.
PTC Inc
Physical assets are 2.7% of total assets, a light footprint. Capex is 0.08x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 15.6%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 15.58x.
Physical asset ratio
2.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
15.58x
Revenue per dollar of the physical asset base.
Capex / D&A
0.08x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$4.07
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $193.15.
Fixed-charge coverage
10.99x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.1%
Latest free cash flow divided by current market cap ($20.98B).
ROIC
15.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 5.59x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 5.6% | 15.40x | 0.45x | -$4.30 | 2.85x | $208.77M | 5.9% | 0.91x |
| 2019 | 5.9% | 11.90x | 0.83x | -$1.75 | 1.78x | $220.73M | 4.5% | 1.11x |
| 2020 | 9.5% | 5.80x | 0.26x | -$3.66 | 2.70x | $202.56M | 8.7% | 0.84x |
| 2021 | 2.6% | 7.15x | 0.21x | -$4.50 | 6.89x | $343.55M | 11.3% | 1.51x |
| 2022 | 3.5% | 8.20x | 0.21x | -$3.72 | 7.18x | $409.38M | 9.9% | 1.90x |
| 2023 | 0.9% | 9.06x | 0.18x | -$13.60 | 4.14x | $586.25M | 7.9% | 1.98x |
| 2024 | 3.3% | 11.02x | 0.13x | -$9.48 | 1.11x | $731.62M | 9.7% | 2.82x |
| 2025 | 2.7% | 15.58x | 0.08x | -$4.07 | 10.99x | $856.69M | 15.6% | 5.59x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $175.82M
Inventory: $0.00
Total assets: $6.62B
Goodwill: $3.49B
Intangibles: $824.66M
Liabilities: $2.79B
Tangible book: -$491.75M
Shares: 120,777,000
Revenue: $2.74B
Capex: $11.01M
D&A: $135.42M
EBITDA: $1.13B
Interest: $77.02M
Short-term debt: $25.00M
Free cash flow: $856.69M
Operating income: $982.39M
Invested capital: $5.01B
Tax rate: 20.2%