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.
Redwood Trust Inc
Physical assets are 0.1% of total assets, a light footprint. Reported capex is 0.00x 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 0.25x, 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 69.61x.
Physical asset ratio
0.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.90MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$23.70BtotalAssetsInventory was not reported and is treated as zero.Result 0.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
69.61xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.11BtotalRevenueNet PP&E$15.90MpropertyPlantAndEquipmentNetResult 69.61x
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$10.06MdepreciationAndAmortizationProperty acquisitions sit outside reported capital expenditures, so this ratio does not capture portfolio growth.Result 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$7.28Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.70BtotalAssetsGoodwill$23.37MgoodWillIntangibles$10.62MintangibleAssetsLiabilities$22.72BtotalLiabTangible book$948.62MShares130,250,167commonStockSharesOutstandingResult $7.28
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.44xPrice / tangible bookPrice / tangible book per sharePrice$3.20Latest quoteTangible book / share$7.282025-12-31Result 0.44x
Price $3.20.
Fixed-charge coverage
0.25xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.07BebitdaCapex$0.00capitalExpendituresInterest$1.10BinterestExpenseShort-term debt$3.25BshortLongTermDebtEBITDA − capex$1.07BPrincipal due is the current portion of debt.Result 0.25x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-2,465.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$10.09BfreeCashFlowMarket cap$409.50MMarketCapitalizationResult -2,465.1%
Latest free cash flow divided by current market cap ($409.50M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.06BoperatingIncomeTax expense$25.19MincomeTaxExpensePretax income-$44.84MincomeBeforeTaxTax rate—Equity$982.62MtotalStockholderEquityDebt$22.16BshortLongTermDebtTotalCash$678.68McashAndShortTermInvestmentsInvested capital$22.47BROIC 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 66.37x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.11MpropertyPlantEquipmentInventory$3.94MinventoryTotal assets$11.94BtotalAssetsResult 0.1% | 42.34xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$216.17MtotalRevenueNet PP&E$5.11MpropertyPlantEquipmentResult 42.34x | 19.49xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$25.49McapitalExpendituresD&A$1.31MdepreciationAndAmortizationResult 19.49x | $11.71Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$11.94BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$60.28MintangibleAssetsLiabilities$10.59BtotalLiabTangible book$1.29BShares110,027,770commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $11.71 | 0.21xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$371.12MebitdaCapex$25.49McapitalExpendituresInterest$239.00MinterestExpenseShort-term debt$1.41BshortLongTermDebtEBITDA − capex$345.64MPrincipal due is the current portion of debt.Result 0.21x | -$1.64BFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$1.61BtotalCashFromOperatingActivitiesCapex$25.49McapitalExpendituresFree cash flow-$1.64BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.64B | 1.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$133.39MoperatingIncomeTax expense$11.09MincomeTaxExpensePretax income$130.69MincomeBeforeTaxTax rate8.5%Equity$1.35BtotalStockholderEquityDebt$10.47BshortLongTermDebtTotalCash$175.76McashAndEquivalentsInvested capital$11.64BResult 1.0% | 26.12xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$133.39MoperatingIncomeNet PP&E$5.11MpropertyPlantEquipmentResult 26.12x |
| 2019 | 0.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$16.77MpropertyPlantEquipmentInventory$9.46MinventoryTotal assets$18.00BtotalAssetsResult 0.1% | 19.51xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$327.17MtotalRevenueNet PP&E$16.77MpropertyPlantEquipmentResult 19.51x | 124.42xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.26BcapitalExpendituresD&A$10.13MdepreciationAndAmortizationResult 124.42x | $12.18Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.00BtotalAssetsGoodwill$88.68MgoodWillIntangibles$72.79MintangibleAssetsLiabilities$16.17BtotalLiabTangible book$1.67BShares136,780,594commonStockSharesOutstandingResult $12.18 | -0.36xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$675.08MebitdaCapex$1.26BcapitalExpendituresInterest$480.00MinterestExpenseShort-term debt$1.15BshortLongTermDebtEBITDA − capex-$585.71MPrincipal due is the current portion of debt.Result -0.36x | $95.21MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$1.17BtotalCashFromOperatingActivitiesCapex$1.26BcapitalExpendituresFree cash flow$95.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $95.21M | 1.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$211.51MoperatingIncomeTax expense$7.44MincomeTaxExpensePretax income$176.62MincomeBeforeTaxTax rate4.2%Equity$1.83BtotalStockholderEquityDebt$15.96BshortLongTermDebtTotalCash$436.33McashAndShortTermInvestmentsInvested capital$17.35BResult 1.2% | 12.61xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$211.51MoperatingIncomeNet PP&E$16.77MpropertyPlantEquipmentResult 12.61x |
| 2020 | 0.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$19.22MpropertyPlantEquipmentInventory$8.41MinventoryTotal assets$10.36BtotalAssetsResult 0.3% | -16.55xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue-$318.03MtotalRevenueNet PP&E$19.22MpropertyPlantEquipmentResult -16.55x | 0.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$17.37MdepreciationAndAmortizationResult 0.00x | $9.25Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.36BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$56.87MintangibleAssetsLiabilities$9.24BtotalLiabTangible book$1.05BShares113,935,605commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.25 | -0.03xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$30.75MebitdaCapex$0.00capitalExpendituresInterest$448.00MinterestExpenseShort-term debt$523.00MshortTermDebtEBITDA − capex-$30.75MPrincipal due is short-term debt.Result -0.03x | -$505.47MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$505.47MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$505.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$505.47M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$439.41MoperatingIncomeTax expense-$4.61MincomeTaxExpensePretax income-$586.46MincomeBeforeTaxTax rate—Equity$1.11BtotalStockholderEquityDebt$9.07BshortLongTermDebtTotalCash$679.46McashAndShortTermInvestmentsInvested capital$9.50BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -22.87xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$439.41MoperatingIncomeNet PP&E$19.22MpropertyPlantEquipmentResult -22.87x |
| 2021 | 0.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.79MpropertyPlantEquipmentInventory$36.13MinventoryTotal assets$14.71BtotalAssetsResult 0.4% | 34.26xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$952.04MtotalRevenueNet PP&E$27.79MpropertyPlantEquipmentResult 34.26x | 0.00xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$16.78MdepreciationAndAmortizationResult 0.00x | $9.32Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.71BtotalAssetsGoodwill$20.87MgoodWillIntangibles$41.56MintangibleAssetsLiabilities$13.32BtotalLiabTangible book$1.32BShares142,070,301commonStockSharesOutstandingResult $9.32 | 0.30xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$781.62MebitdaCapex$0.00capitalExpendituresInterest$427.00MinterestExpenseShort-term debt$2.18BshortTermDebtEBITDA − capex$781.62MPrincipal due is short-term debt.Result 0.30x | -$5.69BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$5.69BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$5.69BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$5.69B | 5.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$768.65MoperatingIncomeTax expense$18.48MincomeTaxExpensePretax income$338.09MincomeBeforeTaxTax rate5.5%Equity$1.39BtotalStockholderEquityDebt$13.07BshortLongTermDebtTotalCash$656.79McashAndShortTermInvestmentsInvested capital$13.80BResult 5.3% | 27.66xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$768.65MoperatingIncomeNet PP&E$27.79MpropertyPlantEquipmentResult 27.66x |
| 2022 | 0.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.79MpropertyPlantEquipmentInventory$6.46MinventoryTotal assets$13.03BtotalAssetsResult 0.3% | 18.15xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$522.58MtotalRevenueNet PP&E$28.79MpropertyPlantEquipmentResult 18.15x | 0.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$15.92MdepreciationAndAmortizationResult 0.00x | $8.70Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.03BtotalAssetsGoodwill$23.37MgoodWillIntangibles$40.89MintangibleAssetsLiabilities$11.95BtotalLiabTangible book$1.02BShares117,227,846commonStockSharesOutstandingResult $8.70 | 0.15xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$384.88MebitdaCapex$0.00capitalExpendituresInterest$552.00MinterestExpenseShort-term debt$2.03BshortLongTermDebtEBITDA − capex$384.88MThe short-term debt line matched total current liabilities, so principal due is the current portion of debt.Result 0.15x | -$139.14MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$139.14MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$139.14MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$139.14M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$368.96MoperatingIncomeTax expense-$19.92MincomeTaxExpensePretax income-$183.44MincomeBeforeTaxTax rate—Equity$1.08BtotalStockholderEquityDebt$11.77BshortLongTermDebtTotalCash$662.00McashAndShortTermInvestmentsInvested capital$12.19BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 12.81xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$368.96MoperatingIncomeNet PP&E$28.79MpropertyPlantEquipmentResult 12.81x |
| 2023 | 0.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$20.36MpropertyPlantEquipmentInventory$93.60MinventoryTotal assets$14.50BtotalAssetsResult 0.8% | 7.79xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$158.60MtotalRevenueNet PP&E$20.36MpropertyPlantEquipmentResult 7.79x | 0.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$14.85MdepreciationAndAmortizationResult 0.00x | $9.90Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.50BtotalAssetsGoodwill$23.37MgoodWillIntangibles$28.46MintangibleAssetsLiabilities$13.30BtotalLiabTangible book$1.15BShares116,283,000commonStockSharesOutstandingResult $9.90 | 0.00xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$7.82MebitdaCapex$0.00capitalExpendituresInterest$631.52MinterestExpenseShort-term debt$1.35BshortTermDebtEBITDA − capex$7.82MPrincipal due is short-term debt.Result 0.00x | -$2.02BFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$2.02BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$2.02BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.02B | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.57MoperatingIncomeTax expense$1.64MincomeTaxExpensePretax income-$639.00KincomeBeforeTaxTax rate—Equity$1.20BtotalStockholderEquityDebt$12.84BshortLongTermDebtTotalCash$380.48McashAndShortTermInvestmentsInvested capital$13.67BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.52xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$10.57MoperatingIncomeNet PP&E$20.36MpropertyPlantEquipmentResult 0.52x |
| 2024 | 0.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.17MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$18.26BtotalAssetsInventory was not reported and is treated as zero.Result 0.1% | 76.47xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.08BtotalRevenueNet PP&E$14.17MpropertyPlantAndEquipmentNetResult 76.47x | 0.00xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$11.92MdepreciationAndAmortizationResult 0.00x | $8.67Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$18.26BtotalAssetsGoodwill$23.37MgoodWillIntangibles$19.05MintangibleAssetsLiabilities$17.07BtotalLiabTangible book$1.15BShares132,139,000commonStockSharesOutstandingResult $8.67 | 0.36xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$927.31MebitdaCapex$0.00capitalExpendituresInterest$842.56MinterestExpenseShort-term debt$1.75BshortTermDebtEBITDA − capex$927.31MPrincipal due is short-term debt.Result 0.36x | -$5.86BFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$5.86BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$5.86BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$5.86B | 4.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$915.40MoperatingIncomeTax expense$18.84MincomeTaxExpensePretax income$72.84MincomeBeforeTaxTax rate25.9%Equity$1.19BtotalStockholderEquityDebt$16.39BshortLongTermDebtTotalCash$456.64McashAndShortTermInvestmentsInvested capital$17.13BResult 4.0% | 64.61xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$915.40MoperatingIncomeNet PP&E$14.17MpropertyPlantAndEquipmentNetResult 64.61x |
| 2025 | 0.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$15.90MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$23.70BtotalAssetsInventory was not reported and is treated as zero.Result 0.1% | 69.61xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.11BtotalRevenueNet PP&E$15.90MpropertyPlantAndEquipmentNetResult 69.61x | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$10.06MdepreciationAndAmortizationProperty acquisitions sit outside reported capital expenditures, so this ratio does not capture portfolio growth.Result 0.00x | $7.28Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$23.70BtotalAssetsGoodwill$23.37MgoodWillIntangibles$10.62MintangibleAssetsLiabilities$22.72BtotalLiabTangible book$948.62MShares130,250,167commonStockSharesOutstandingResult $7.28 | 0.25xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.07BebitdaCapex$0.00capitalExpendituresInterest$1.10BinterestExpenseShort-term debt$3.25BshortLongTermDebtEBITDA − capex$1.07BPrincipal due is the current portion of debt.Result 0.25x | -$10.09BFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$10.09BtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$10.09BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.09B | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.06BoperatingIncomeTax expense$25.19MincomeTaxExpensePretax income-$44.84MincomeBeforeTaxTax rate—Equity$982.62MtotalStockholderEquityDebt$22.16BshortLongTermDebtTotalCash$678.68McashAndShortTermInvestmentsInvested capital$22.47BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 66.37xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.06BoperatingIncomeNet PP&E$15.90MpropertyPlantAndEquipmentNetResult 66.37x |
- 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.
- Capex/D&A uses reported capital expenditures only. Property acquisitions sit in other investing cash flow, so this ratio does not capture portfolio growth.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2025)
Net PP&E: $15.90M
Inventory: $0.00
Total assets: $23.70B
Goodwill: $23.37M
Intangibles: $10.62M
Liabilities: $22.72B
Tangible book: $948.62M
Shares: 130,250,167
Revenue: $1.11B
Capex: $0.00
D&A: $10.06M
EBITDA: $1.07B
Interest: $1.10B
Short-term debt: $3.25B
Free cash flow: -$10.09B
Operating income: $1.06B
Invested capital: $22.47B
Tax rate: —