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.
SmartCentres Real Estate Investment Trust
Net PP&E was missing, so the physical footprint could not be scored. Capex is 0.31x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.52x, which is below 1.
Physical asset ratio
—
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
—
Revenue per dollar of the physical asset base.
Capex / D&A
0.31x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$34.66
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.77x
Price $26.71.
Fixed-charge coverage
0.52x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.2%
Latest free cash flow divided by current market cap ($5.24B).
ROIC
—
After-tax operating income over equity plus debt minus cash.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 94.4% | 0.09x | 0.00x | $30.71 | 0.76x | $350.41M | 5.7% | 0.06x |
| 2019 | 91.4% | 0.09x | 0.00x | $31.19 | 2.53x | $344.33M | 3.5% | 0.06x |
| 2020 | 82.8% | 0.09x | 0.40x | $29.60 | 0.42x | $428.94M | 3.5% | 0.06x |
| 2021 | 87.5% | 0.08x | 0.00x | $33.36 | 0.84x | $371.28M | 4.2% | 0.07x |
| 2022 | 87.6% | 0.08x | 0.15x | $34.06 | 1.31x | $369.17M | 4.8% | 0.05x |
| 2023 | 0.5% | 223.04x | 0.15x | $37.09 | 0.89x | $328.95M | 3.4% | 138.61x |
| 2024 | — | — | 0.07x | $34.84 | 0.41x | $373.66M | — | — |
| 2025 | — | — | 0.31x | $34.66 | 0.52x | $375.48M | — | — |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: —
Inventory: $21.15M
Total assets: $12.14B
Goodwill: $13.98M
Intangibles: $25.83M
Liabilities: $5.79B
Tangible book: $6.31B
Shares: 181,970,462
Revenue: $927.28M
Capex: $1.96M
D&A: $6.24M
EBITDA: $484.86M
Interest: $167.87M
Short-term debt: $755.43M
Free cash flow: $375.48M
Operating income: $530.38M
Invested capital: $10.38B
Tax rate: —