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.
Ready Capital Corp
Physical assets are 3.4% of total assets, a light footprint. Reported capex is 0.84x depreciation. Acquisitions sit outside that line, so a low ratio here is the landlord pattern rather than an aging building stock. EBITDA after capex covers debt service by 0.24x, 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 1.90x.
Physical asset ratio
3.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$263.45MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$7.77BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($3.37M, propertyPlantAndEquipmentNet).Result 3.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.90xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$499.47MtotalRevenueNet PP&E$263.45MpropertyPlantEquipmentResult 1.90x
Revenue per dollar of the physical asset base.
Capex / D&A
0.84xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.37McapitalExpendituresD&A$2.81MdepreciationAndAmortizationProperty acquisitions sit outside reported capital expenditures, so this ratio does not capture portfolio growth.Result 0.84x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$8.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.77BtotalAssetsGoodwill$49.50MgoodWillIntangibles$164.45MintangibleAssetsLiabilities$6.12BtotalLiabTangible book$1.44BShares167,259,712commonStockSharesOutstandingResult $8.60
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.13xPrice / tangible bookPrice / tangible book per sharePrice$1.14Latest quoteTangible book / share$8.602025-12-31Result 0.13x
Price $1.14.
Fixed-charge coverage
0.24xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$214.38MebitdaCapex$2.37McapitalExpendituresInterest$514.13MinterestExpenseShort-term debt$385.12MshortLongTermDebtEBITDA − capex$212.02MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.24x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-109.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$205.85MNot reportedMarket cap$188.68MMarketCapitalizationResult -109.1%
Latest free cash flow divided by current market cap ($188.68M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$120.96MoperatingIncomeTax expense-$86.70MincomeTaxExpensePretax income-$302.56MincomeBeforeTaxTax rate—Equity$1.55BtotalStockholderEquityDebt$3.52BlongTermDebt + shortLongTermDebtCash$247.59McashAndShortTermInvestmentsInvested capital$4.82BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC 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 0.46x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$24.00MpropertyPlantAndEquipmentNetInventory$14.54MinventoryTotal assets$3.04BtotalAssetsResult 1.3% | 6.59xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$158.26MtotalRevenueNet PP&E$24.00MpropertyPlantAndEquipmentNetResult 6.59x | 0.07xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$362.00KcapitalExpendituresD&A$5.06MdepreciationAndAmortizationResult 0.07x | $13.83Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.04BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$120.06MintangibleAssetsLiabilities$2.47BtotalLiabTangible book$444.01MShares32,102,184commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $13.83 | 0.28xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$56.20MebitdaCapex$362.00KcapitalExpendituresInterest$109.24MinterestExpenseShort-term debt$88.39MshortTermDebtEBITDA − capex$55.84MPrincipal due is short-term debt.Result 0.28x | $139.94MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$140.30MtotalCashFromOperatingActivitiesCapex$362.00KcapitalExpendituresFree cash flow$139.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $139.94M | -7.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$121.49MoperatingIncomeTax expense$1.39MincomeTaxExpensePretax income$62.84MincomeBeforeTaxTax rate2.2%Equity$544.83MtotalStockholderEquityDebt$1.15BlongTermDebt + shortLongTermDebtCash$54.41McashAndEquivalentsInvested capital$1.64BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result -7.3% | -5.06xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$121.49MoperatingIncomeNet PP&E$24.00MpropertyPlantAndEquipmentNetResult -5.06x |
| 2019 | -1.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.53MpropertyPlantEquipmentInventory-$95.28MinventoryTotal assets$4.98BtotalAssetsResult -1.8% | 32.25xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$146.11MtotalRevenueNet PP&E$4.53MpropertyPlantEquipmentResult 32.25x | 0.14xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$894.00KcapitalExpendituresD&A$6.25MdepreciationAndAmortizationResult 0.14x | $16.73Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.98BtotalAssetsGoodwill$11.21MgoodWillIntangibles$130.28MintangibleAssetsLiabilities$4.13BtotalLiabTangible book$703.30MShares42,047,648commonStockSharesOutstandingResult $16.73 | 0.12xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$62.42MebitdaCapex$894.00KcapitalExpendituresInterest$151.88MinterestExpenseShort-term debt$380.20MshortTermDebtEBITDA − capex$61.52MPrincipal due is short-term debt.Result 0.12x | -$53.29MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$52.40MtotalCashFromOperatingActivitiesCapex$894.00KcapitalExpendituresFree cash flow-$53.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$53.29M | 2.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$62.42MoperatingIncomeTax expense-$10.55MincomeTaxExpensePretax income$64.50MincomeBeforeTaxTax rate0.0%Equity$825.41MtotalStockholderEquityDebt$1.69BlongTermDebt + shortLongTermDebtCash$67.93McashAndEquivalentsInvested capital$2.44BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 2.6% | 13.78xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$62.42MoperatingIncomeNet PP&E$4.53MpropertyPlantEquipmentResult 13.78x |
| 2020 | 0.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.17MpropertyPlantEquipmentInventory$45.35MinventoryTotal assets$5.37BtotalAssetsResult 0.9% | 85.16xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$270.14MtotalRevenueNet PP&E$3.17MpropertyPlantEquipmentResult 85.16x | 0.01xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$329.00KcapitalExpendituresD&A$33.55MdepreciationAndAmortizationResult 0.01x | $13.03Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.37BtotalAssetsGoodwill$11.21MgoodWillIntangibles$121.65MintangibleAssetsLiabilities$4.54BtotalLiabTangible book$701.35MShares53,818,378commonStockSharesOutstandingResult $13.03 | 0.12xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$86.80MebitdaCapex$329.00KcapitalExpendituresInterest$175.48MinterestExpenseShort-term debt$542.95MshortLongTermDebtEBITDA − capex$86.48MPrincipal due is the current portion of debt.Result 0.12x | $68.56MFree cash flow · 2020-12-31Operating cash flow − capexOperating cash flow$68.89MtotalCashFromOperatingActivitiesCapex$329.00KcapitalExpendituresFree cash flow$68.56MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $68.56M | 1.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$53.25MoperatingIncomeTax expense$8.38MincomeTaxExpensePretax income$54.45MincomeBeforeTaxTax rate15.4%Equity$815.40MtotalStockholderEquityDebt$2.04BlongTermDebt + shortLongTermDebtCash$138.98McashAndEquivalentsInvested capital$2.71BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 1.7% | 16.79xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$53.25MoperatingIncomeNet PP&E$3.17MpropertyPlantEquipmentResult 16.79x |
| 2021 | 0.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.40MpropertyPlantEquipmentInventory$42.29MinventoryTotal assets$9.53BtotalAssetsResult 0.5% | 159.61xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$383.37MtotalRevenueNet PP&E$2.40MpropertyPlantEquipmentResult 159.61x | 157.23xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.70BcapitalExpendituresD&A$23.56MdepreciationAndAmortizationResult 157.23x | $15.21Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.53BtotalAssetsGoodwill$31.47MgoodWillIntangibles$204.60MintangibleAssetsLiabilities$8.25BtotalLiabTangible book$1.04BShares68,660,906commonStockSharesOutstandingResult $15.21 | -5.17xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$163.26MebitdaCapex$3.70BcapitalExpendituresInterest$213.56MinterestExpenseShort-term debt$471.88MshortTermDebtEBITDA − capex-$3.54BPrincipal due is short-term debt.Result -5.17x | -$3.74BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$34.44MtotalCashFromOperatingActivitiesCapex$3.70BcapitalExpendituresFree cash flow-$3.74BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.74B | 1.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$186.83MoperatingIncomeTax expense$29.08MincomeTaxExpensePretax income$189.06MincomeBeforeTaxTax rate15.4%Equity$1.28BtotalStockholderEquityDebt$8.39BshortLongTermDebtTotalCash$229.53McashAndEquivalentsInvested capital$9.44BResult 1.7% | 77.78xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$186.83MoperatingIncomeNet PP&E$2.40MpropertyPlantEquipmentResult 77.78x |
| 2022 | 1.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.69MpropertyPlantEquipmentInventory$117.10MinventoryTotal assets$11.62BtotalAssetsResult 1.0% | 227.23xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$383.33MtotalRevenueNet PP&E$1.69MpropertyPlantEquipmentResult 227.23x | 0.44xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$10.97McapitalExpendituresD&A$25.07MdepreciationAndAmortizationResult 0.44x | $13.49Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.62BtotalAssetsGoodwill$37.82MgoodWillIntangibles$279.32MintangibleAssetsLiabilities$9.72BtotalLiabTangible book$1.58BShares117,193,958commonStockSharesOutstandingResult $13.49 | 0.64xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$600.87MebitdaCapex$10.97McapitalExpendituresInterest$400.77MinterestExpenseShort-term debt$517.02MshortLongTermDebtEBITDA − capex$589.90MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.64x | $348.18MFree cash flow · 2022-12-31Operating cash flow − capexOperating cash flow$359.15MtotalCashFromOperatingActivitiesCapex$10.97McapitalExpendituresFree cash flow$348.18MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $348.18M | 1.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$242.12MoperatingIncomeTax expense$15.48MincomeTaxExpensePretax income$175.03MincomeBeforeTaxTax rate8.8%Equity$1.90BtotalStockholderEquityDebt$9.79BshortLongTermDebtTotalCash$281.68McashAndShortTermInvestmentsInvested capital$11.41BResult 1.9% | 143.52xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$242.12MoperatingIncomeNet PP&E$1.69MpropertyPlantEquipmentResult 143.52x |
| 2023 | -1.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.54MpropertyPlantEquipmentInventory-$129.93MinventoryTotal assets$12.44BtotalAssetsResult -1.0% | 153.58xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$389.94MtotalRevenueNet PP&E$2.54MpropertyPlantEquipmentResult 153.58x | 45.93xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$929.05McapitalExpendituresD&A$20.23MdepreciationAndAmortizationResult 45.93x | $16.74Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.44BtotalAssetsGoodwill$38.53MgoodWillIntangibles$120.59MintangibleAssetsLiabilities$9.79BtotalLiabTangible book$2.49BShares148,567,026commonStockSharesOutstandingResult $16.74 | 0.19xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.10BebitdaCapex$929.05McapitalExpendituresInterest$716.47MinterestExpenseShort-term debt$149.92MshortTermDebtEBITDA − capex$166.06MPrincipal due is short-term debt.Result 0.19x | -$895.98MFree cash flow · 2023-12-31Operating cash flow − capexOperating cash flow$33.07MtotalCashFromOperatingActivitiesCapex$929.05McapitalExpendituresFree cash flow-$895.98MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$895.98M | 2.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$223.22MoperatingIncomeTax expense$7.17MincomeTaxExpensePretax income$358.42MincomeBeforeTaxTax rate2.0%Equity$2.55BtotalStockholderEquityDebt$7.24BshortLongTermDebtTotalCash$148.27McashAndShortTermInvestmentsInvested capital$9.64BResult 2.3% | 87.92xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$223.22MoperatingIncomeNet PP&E$2.54MpropertyPlantEquipmentResult 87.92x |
| 2024 | 0.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.36MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$10.14BtotalAssetsInventory was not reported and is treated as zero.Result 0.1% | 3.72xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$27.35MtotalRevenueNet PP&E$7.36MpropertyPlantEquipmentResult 3.72x | 0.07xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$1.41McapitalExpendituresD&A$19.77MdepreciationAndAmortizationResult 0.07x | $10.09Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.14BtotalAssetsGoodwill$49.50MgoodWillIntangibles$165.45MintangibleAssetsLiabilities$8.21BtotalLiabTangible book$1.72BShares170,472,273commonStockSharesOutstandingResult $10.09 | 0.20xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$199.72MebitdaCapex$1.41McapitalExpendituresInterest$696.46MinterestExpenseShort-term debt$317.05MshortTermDebtEBITDA − capex$198.31MPrincipal due is short-term debt.Result 0.20x | -$52.63MFree cash flow · 2024-12-31Operating cash flow − capexOperating cash flow-$51.22MtotalCashFromOperatingActivitiesCapex$1.41McapitalExpendituresFree cash flow-$52.63MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$52.63M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$412.00MoperatingIncomeTax expense-$104.51MincomeTaxExpensePretax income-$516.51MincomeBeforeTaxTax rate—Equity$1.84BtotalStockholderEquityDebt$6.04BshortLongTermDebtTotalCash$143.80McashAndEquivalentsInvested capital$7.73BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -55.96xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$412.00MoperatingIncomeNet PP&E$7.36MpropertyPlantEquipmentResult -55.96x |
| 2025 | 3.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$263.45MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$7.77BtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($3.37M, propertyPlantAndEquipmentNet).Result 3.4% | 1.90xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$499.47MtotalRevenueNet PP&E$263.45MpropertyPlantEquipmentResult 1.90x | 0.84xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$2.37McapitalExpendituresD&A$2.81MdepreciationAndAmortizationProperty acquisitions sit outside reported capital expenditures, so this ratio does not capture portfolio growth.Result 0.84x | $8.60Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.77BtotalAssetsGoodwill$49.50MgoodWillIntangibles$164.45MintangibleAssetsLiabilities$6.12BtotalLiabTangible book$1.44BShares167,259,712commonStockSharesOutstandingResult $8.60 | 0.24xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$214.38MebitdaCapex$2.37McapitalExpendituresInterest$514.13MinterestExpenseShort-term debt$385.12MshortLongTermDebtEBITDA − capex$212.02MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.24x | -$205.85MFree cash flow · 2025-12-31Operating cash flow − capexOperating cash flow-$203.48MtotalCashFromOperatingActivitiesCapex$2.37McapitalExpendituresFree cash flow-$205.85MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$205.85M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$120.96MoperatingIncomeTax expense-$86.70MincomeTaxExpensePretax income-$302.56MincomeBeforeTaxTax rate—Equity$1.55BtotalStockholderEquityDebt$3.52BlongTermDebt + shortLongTermDebtCash$247.59McashAndShortTermInvestmentsInvested capital$4.82BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.46xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$120.96MoperatingIncomeNet PP&E$263.45MpropertyPlantEquipmentResult 0.46x |
- Inventory was missing and treated as zero in the physical asset ratio.
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
- The physical ratio uses the property line, which is larger than net corporate PP&E. Real estate portfolios are often carried there.
- Capex/D&A uses reported capital expenditures only. Property acquisitions sit in other investing cash flow, so this ratio does not capture portfolio growth.
- Reported free cash flow matched operating cash flow, so capex was subtracted.
Latest year inputs (2025)
Net PP&E: $263.45M
Inventory: $0.00
Total assets: $7.77B
Goodwill: $49.50M
Intangibles: $164.45M
Liabilities: $6.12B
Tangible book: $1.44B
Shares: 167,259,712
Revenue: $499.47M
Capex: $2.37M
D&A: $2.81M
EBITDA: $214.38M
Interest: $514.13M
Short-term debt: $385.12M
Free cash flow: -$205.85M
Operating income: $120.96M
Invested capital: $4.82B
Tax rate: —