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.
Pubmatic Inc
Physical assets are 13.3% of total assets, a light footprint. Capex is 0.33x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 3.12x.
Physical asset ratio
13.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.12x
Revenue per dollar of the physical asset base.
Capex / D&A
0.33x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.90
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.64x
Price $17.83.
Fixed-charge coverage
—
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.3%
Latest free cash flow divided by current market cap ($803.50M).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.19x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 10.5% | 5.29x | 0.79x | $0.36 | — | $5.94M | — | 0.26x |
| 2019 | 9.8% | 5.60x | 1.19x | $0.55 | 9.58x | $20.13M | — | 0.42x |
| 2020 | 8.1% | 4.95x | 1.99x | $3.52 | 91.97x | -$7.07M | 35.2% | 1.06x |
| 2021 | 13.0% | 3.16x | 2.51x | $4.43 | 4.16x | $49.32M | 43.1% | 0.82x |
| 2022 | 15.2% | 2.63x | 1.43x | $4.82 | 2.61x | $38.32M | 18.9% | 0.42x |
| 2023 | 11.8% | 3.26x | 0.63x | $4.65 | — | $52.83M | 1.2% | 0.02x |
| 2024 | 13.9% | 2.83x | 0.85x | $4.48 | — | $34.90M | 1.5% | 0.04x |
| 2025 | 13.3% | 3.12x | 0.33x | $4.90 | — | $66.71M | — | -0.19x |
- 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: $90.81M
Inventory: $0.00
Total assets: $680.20M
Goodwill: $29.58M
Intangibles: $2.70M
Liabilities: $417.61M
Tangible book: $230.31M
Shares: 47,008,000
Revenue: $282.93M
Capex: $14.35M
D&A: $43.77M
EBITDA: $27.82M
Interest: —
Short-term debt: $6.95M
Free cash flow: $66.71M
Operating income: -$17.26M
Invested capital: $160.93M
Tax rate: —