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.
SS&C Technologies Holdings Inc
Physical assets are 2.5% of total assets, a light footprint. Capex is 0.11x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 10.7%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 12.00x.
Physical asset ratio
2.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
12.00x
Revenue per dollar of the physical asset base.
Capex / D&A
0.11x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$28.23
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $84.19.
Fixed-charge coverage
4.49x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.7%
Latest free cash flow divided by current market cap ($19.25B).
ROIC
10.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.75x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 4.5% | 6.18x | 0.17x | -$33.98 | 2.27x | $551.00M | 2.8% | 0.78x |
| 2019 | 6.3% | 5.50x | 0.17x | -$27.78 | 3.26x | $1.20B | 6.0% | 1.09x |
| 2020 | 6.0% | 6.11x | 0.15x | -$23.99 | 5.41x | $1.08B | 6.5% | 1.29x |
| 2021 | 16.0% | 7.50x | 0.20x | -$20.15 | 7.01x | $1.29B | 8.1% | 1.85x |
| 2022 | 9.5% | 8.74x | 0.31x | -$25.55 | 4.49x | $926.00M | 6.6% | 1.89x |
| 2023 | 3.0% | 10.25x | 0.38x | -$24.18 | 3.32x | $963.60M | 6.7% | 2.25x |
| 2024 | 2.6% | 12.00x | 0.09x | -$24.16 | 4.09x | $1.33B | 8.7% | 2.74x |
| 2025 | 2.5% | 12.00x | 0.11x | -$28.23 | 4.49x | $1.67B | 10.7% | 2.75x |
- 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: $522.80M
Inventory: $0.00
Total assets: $20.71B
Goodwill: $9.99B
Intangibles: $4.09B
Liabilities: $13.77B
Tangible book: -$7.14B
Shares: 253,100,000
Revenue: $6.27B
Capex: $80.80M
D&A: $703.80M
EBITDA: $2.10B
Interest: $426.30M
Short-term debt: $25.00M
Free cash flow: $1.67B
Operating income: $1.44B
Invested capital: $10.96B
Tax rate: 18.1%