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.
Sandy Spring Bancorp Inc
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.61x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 12.01x. Compare it with other names in the same basket.
Physical asset ratio
0.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$56.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$14.13BtotalAssetsInventory was not reported and is treated as zero.Result 0.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.01xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$672.27MtotalRevenueNet PP&E$56.00MpropertyPlantAndEquipmentNetResult 12.01x
Revenue per dollar of the physical asset base.
Capex / D&A
0.61xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$16.15McapitalExpendituresD&A$26.29MreconciledDepreciationResult 0.61x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$26.93Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.13BtotalAssetsGoodwill$309.05MgoodWillIntangibles$30.75MintangibleAssetsLiabilities$12.57BtotalLiabTangible book$1.22BShares45,243,000commonStockSharesOutstandingResult $26.93
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$26.932024-12-31A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
1.90xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$671.99MOperating income + D&ACapex$16.15McapitalExpendituresInterest$345.15MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$655.83MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Short-term debt is total debt minus long-term debt.Result 1.90x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.4%Free cash flow yield · 2024-12-31Latest free cash flow / current market capFree cash flow$67.56MfreeCashFlowMarket cap$1.26BMarketCapitalizationResult 5.4%
Latest free cash flow divided by current market cap ($1.26B).
ROIC
23.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$645.70MoperatingIncomeTax expense$29.03MincomeTaxExpensePretax income$48.96MincomeBeforeTaxTax rate40.0%Equity$1.56BtotalStockholderEquityDebt$621.40MshortLongTermDebtTotalCash$518.96McashInvested capital$1.66BThe effective tax rate was above 40% and was capped at 40%.Result 23.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 11.53x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2017 | 1.0%Physical asset ratio · 2017-12-31(Net PP&E + inventory) / total assetsNet PP&E$54.76MpropertyPlantEquipmentInventory$2.25MinventoryTotal assets$5.45BtotalAssetsResult 1.0% | 4.02xFixed asset turnover · 2017-12-31Revenue / net PP&ERevenue$220.01MtotalRevenueNet PP&E$54.76MpropertyPlantEquipmentResult 4.02x | 1.38xCapex / D&A · 2017-12-31Capital expenditures / depreciation and amortizationCapex$7.44McapitalExpendituresD&A$5.40MdepreciationAndAmortizationResult 1.38x | $19.72Tangible book / share · 2017-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.45BtotalAssetsGoodwill$85.77MgoodWillIntangibles$580.00KintangibleAssetsLiabilities$4.88BtotalLiabTangible book$477.47MShares24,207,728commonStockSharesOutstandingResult $19.72 | 0.15xFixed-charge coverage · 2017-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$97.74MebitdaCapex$7.44McapitalExpendituresInterest$26.03MinterestExpenseShort-term debt$575.00MshortLongTermDebtEBITDA − capex$90.30MPrincipal due is the current portion of debt.Result 0.15x | $61.98MFree cash flow · 2017-12-31Reported free cash flowOperating cash flow$69.42MtotalCashFromOperatingActivitiesCapex$7.44McapitalExpendituresFree cash flow$61.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $61.98M | 15.0%ROIC · 2017-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$121.84MoperatingIncomeTax expense$34.73MincomeTaxExpensePretax income$87.94MincomeBeforeTaxTax rate39.5%Equity$563.82MtotalStockholderEquityDebt$765.83MshortLongTermDebtTotalCash$839.16McashAndShortTermInvestmentsInvested capital$490.49MResult 15.0% | 2.22xEBIT / PP&E · 2017-12-31Operating income / net PP&EOperating income$121.84MoperatingIncomeNet PP&E$54.76MpropertyPlantEquipmentResult 2.22x |
| 2018 | 0.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$61.94MpropertyPlantEquipmentInventory$1.58MinventoryTotal assets$8.24BtotalAssetsResult 0.8% | 5.19xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$321.49MtotalRevenueNet PP&E$61.94MpropertyPlantEquipmentResult 5.19x | 1.11xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$10.40McapitalExpendituresD&A$9.36MdepreciationAndAmortizationResult 1.11x | $20.04Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.24BtotalAssetsGoodwill$346.13MgoodWillIntangibles$9.79MintangibleAssetsLiabilities$7.18BtotalLiabTangible book$711.99MShares35,523,000commonStockSharesOutstandingResult $20.04 | 0.20xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$145.20MebitdaCapex$10.40McapitalExpendituresInterest$63.64MinterestExpenseShort-term debt$625.97MshortLongTermDebtEBITDA − capex$134.80MPrincipal due is the current portion of debt.Result 0.20x | $137.25MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$147.65MtotalCashFromOperatingActivitiesCapex$10.40McapitalExpendituresFree cash flow$137.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $137.25M | 14.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$196.33MoperatingIncomeTax expense$31.82MincomeTaxExpensePretax income$132.69MincomeBeforeTaxTax rate24.0%Equity$1.07BtotalStockholderEquityDebt$990.82MshortLongTermDebtTotalCash$1.04BcashAndShortTermInvestmentsInvested capital$1.02BResult 14.6% | 3.17xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$196.33MoperatingIncomeNet PP&E$61.94MpropertyPlantEquipmentResult 3.17x |
| 2019 | -1.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$58.62MpropertyPlantEquipmentInventory-$170.87MinventoryTotal assets$8.63BtotalAssetsResult -1.3% | 5.74xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$336.63MtotalRevenueNet PP&E$58.62MpropertyPlantEquipmentResult 5.74x | 0.56xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$5.15McapitalExpendituresD&A$9.15MdepreciationAndAmortizationResult 0.56x | $21.70Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.63BtotalAssetsGoodwill$347.15MgoodWillIntangibles$7.84MintangibleAssetsLiabilities$7.50BtotalLiabTangible book$777.98MShares35,853,000commonStockSharesOutstandingResult $21.70 | 0.74xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$166.26MebitdaCapex$5.15McapitalExpendituresInterest$82.56MinterestExpenseShort-term debt$134.17MshortLongTermDebtEBITDA − capex$161.11MPrincipal due is the current portion of debt.Result 0.74x | $94.80MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$99.94MtotalCashFromOperatingActivitiesCapex$5.15McapitalExpendituresFree cash flow$94.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $94.80M | 45.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$152.86MoperatingIncomeTax expense$36.43MincomeTaxExpensePretax income$152.86MincomeBeforeTaxTax rate23.8%Equity$1.13BtotalStockholderEquityDebt$343.57MlongTermDebt + shortLongTermDebtCash$1.22BcashAndShortTermInvestmentsInvested capital$257.32MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 45.2% | 2.61xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$152.86MoperatingIncomeNet PP&E$58.62MpropertyPlantEquipmentResult 2.61x |
| 2020 | -2.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$57.72MpropertyPlantEquipmentInventory-$344.89MinventoryTotal assets$12.80BtotalAssetsResult -2.2% | 8.07xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$465.88MtotalRevenueNet PP&E$57.72MpropertyPlantEquipmentResult 8.07x | 0.34xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$5.04McapitalExpendituresD&A$14.72MdepreciationAndAmortizationResult 0.34x | $24.18Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.80BtotalAssetsGoodwill$370.22MgoodWillIntangibles$32.52MintangibleAssetsLiabilities$11.33BtotalLiabTangible book$1.07BShares44,132,000commonStockSharesOutstandingResult $24.18 | 0.16xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$144.30MebitdaCapex$5.04McapitalExpendituresInterest$60.40MinterestExpenseShort-term debt$785.89MshortTermDebtEBITDA − capex$139.26MPrincipal due is short-term debt.Result 0.16x | $136.94MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$141.98MtotalCashFromOperatingActivitiesCapex$5.04McapitalExpendituresFree cash flow$136.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $136.94M | 9.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$124.42MoperatingIncomeTax expense$27.47MincomeTaxExpensePretax income$124.42MincomeBeforeTaxTax rate22.1%Equity$1.47BtotalStockholderEquityDebt$1.15BlongTermDebt + shortLongTermDebtCash$1.64BcashAndShortTermInvestmentsInvested capital$974.54MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 9.9% | 2.16xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$124.42MoperatingIncomeNet PP&E$57.72MpropertyPlantEquipmentResult 2.16x |
| 2021 | -3.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$59.69MpropertyPlantEquipmentInventory-$455.40MinventoryTotal assets$12.59BtotalAssetsResult -3.1% | 8.82xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$526.57MtotalRevenueNet PP&E$59.69MpropertyPlantEquipmentResult 8.82x | 0.79xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$11.49McapitalExpendituresD&A$14.50MdepreciationAndAmortizationResult 0.79x | $23.96Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$12.59BtotalAssetsGoodwill$370.22MgoodWillIntangibles$25.92MintangibleAssetsLiabilities$11.07BtotalLiabTangible book$1.12BShares46,899,000commonStockSharesOutstandingResult $23.96 | 1.76xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$326.18MebitdaCapex$11.49McapitalExpendituresInterest$25.77MinterestExpenseShort-term debt$152.58MshortTermDebtEBITDA − capex$314.69MPrincipal due is short-term debt.Result 1.76x | $204.91MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$216.40MtotalCashFromOperatingActivitiesCapex$11.49McapitalExpendituresFree cash flow$204.91MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $204.91M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$311.66MoperatingIncomeTax expense$76.55MincomeTaxExpensePretax income$311.66MincomeBeforeTaxTax rate24.6%Equity$1.52BtotalStockholderEquityDebt$172.71MlongTermDebt + shortLongTermDebtCash$1.89BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 5.22xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$311.66MoperatingIncomeNet PP&E$59.69MpropertyPlantEquipmentResult 5.22x |
| 2022 | -1.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$67.07MpropertyPlantEquipmentInventory-$234.05MinventoryTotal assets$13.83BtotalAssetsResult -1.2% | 7.42xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$497.51MtotalRevenueNet PP&E$67.07MpropertyPlantEquipmentResult 7.42x | 1.22xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$14.59McapitalExpendituresD&A$11.91MdepreciationAndAmortizationResult 1.22x | $24.43Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.83BtotalAssetsGoodwill$363.44MgoodWillIntangibles$19.86MintangibleAssetsLiabilities$12.35BtotalLiabTangible book$1.10BShares45,039,000commonStockSharesOutstandingResult $24.43 | 0.29xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$234.26MebitdaCapex$14.59McapitalExpendituresInterest$68.66MinterestExpenseShort-term debt$683.50MshortTermDebtEBITDA − capex$219.68MPrincipal due is short-term debt.Result 0.29x | $201.73MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$216.32MtotalCashFromOperatingActivitiesCapex$14.59McapitalExpendituresFree cash flow$201.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $201.73M | 16.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$291.02MoperatingIncomeTax expense$56.06MincomeTaxExpensePretax income$222.36MincomeBeforeTaxTax rate25.2%Equity$1.48BtotalStockholderEquityDebt$1.24BlongTermDebt + shortLongTermDebtCash$1.41BcashAndShortTermInvestmentsInvested capital$1.32BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 16.5% | 4.34xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$291.02MoperatingIncomeNet PP&E$67.07MpropertyPlantEquipmentResult 4.34x |
| 2023 | -0.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$59.49MpropertyPlantAndEquipmentNetInventory-$128.84MinventoryTotal assets$14.03BtotalAssetsResult -0.5% | 7.05xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$419.34MtotalRevenueNet PP&E$59.49MpropertyPlantAndEquipmentNetResult 7.05x | 0.64xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$13.98McapitalExpendituresD&A$22.01MdepreciationAndAmortizationResult 0.64x | $26.62Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.03BtotalAssetsGoodwill$363.44MgoodWillIntangibles$28.30MintangibleAssetsLiabilities$12.44BtotalLiabTangible book$1.20BShares44,947,000commonStockSharesOutstandingResult $26.62 | 0.48xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$186.14MebitdaCapex$13.98McapitalExpendituresInterest$282.97MinterestExpenseShort-term debt$75.03MshortTermDebtEBITDA − capex$172.16MPrincipal due is short-term debt.Result 0.48x | $123.83MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$137.82MtotalCashFromOperatingActivitiesCapex$13.98McapitalExpendituresFree cash flow$123.83MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $123.83M | 9.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$164.14MoperatingIncomeTax expense$41.29MincomeTaxExpensePretax income$164.14MincomeBeforeTaxTax rate25.2%Equity$1.59BtotalStockholderEquityDebt$920.80MshortLongTermDebtTotalCash$1.22BcashAndShortTermInvestmentsInvested capital$1.29BResult 9.5% | 2.76xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$164.14MoperatingIncomeNet PP&E$59.49MpropertyPlantAndEquipmentNetResult 2.76x |
| 2024 | 0.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$56.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$14.13BtotalAssetsInventory was not reported and is treated as zero.Result 0.4% | 12.01xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$672.27MtotalRevenueNet PP&E$56.00MpropertyPlantAndEquipmentNetResult 12.01x | 0.61xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$16.15McapitalExpendituresD&A$26.29MreconciledDepreciationResult 0.61x | $26.93Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$14.13BtotalAssetsGoodwill$309.05MgoodWillIntangibles$30.75MintangibleAssetsLiabilities$12.57BtotalLiabTangible book$1.22BShares45,243,000commonStockSharesOutstandingResult $26.93 | 1.90xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$671.99MOperating income + D&ACapex$16.15McapitalExpendituresInterest$345.15MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$655.83MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Short-term debt is total debt minus long-term debt.Result 1.90x | $67.56MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$38.29MtotalCashFromOperatingActivitiesCapex$16.15McapitalExpendituresFree cash flow$67.56MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $67.56M | 23.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$645.70MoperatingIncomeTax expense$29.03MincomeTaxExpensePretax income$48.96MincomeBeforeTaxTax rate40.0%Equity$1.56BtotalStockholderEquityDebt$621.40MshortLongTermDebtTotalCash$518.96McashInvested capital$1.66BThe effective tax rate was above 40% and was capped at 40%.Result 23.3% | 11.53xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$645.70MoperatingIncomeNet PP&E$56.00MpropertyPlantAndEquipmentNetResult 11.53x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is total debt minus long-term debt.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2024)
Net PP&E: $56.00M
Inventory: $0.00
Total assets: $14.13B
Goodwill: $309.05M
Intangibles: $30.75M
Liabilities: $12.57B
Tangible book: $1.22B
Shares: 45,243,000
Revenue: $672.27M
Capex: $16.15M
D&A: $26.29M
EBITDA: $671.99M
Interest: $345.15M
Short-term debt: $0.00
Free cash flow: $67.56M
Operating income: $645.70M
Invested capital: $1.66B
Tax rate: 40.0%