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.
Strawberry Fields REIT LLC
Physical assets are 0.1% of total assets, a light footprint. Capex is 0.00x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 182.14x.
Physical asset ratio
0.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$851.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$885.23MtotalAssetsInventory 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
182.14xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$155.00MtotalRevenueNet PP&E$851.00KpropertyPlantAndEquipmentNetResult 182.14x
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$46.25MdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$1.40Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$885.23MtotalAssetsGoodwill$1.32MgoodWillIntangibles$67.03MintangibleAssetsLiabilities$834.70MtotalLiabTangible book-$17.83MShares12,696,831commonStockSharesOutstandingResult -$1.40
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$12.12Latest quoteTangible book / share-$1.402025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $12.12.
Fixed-charge coverage
2.52xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$130.51MebitdaCapex$0.00capitalExpendituresInterest$50.95MinterestExpenseShort-term debt$851.00KshortLongTermDebtTotal − longTermDebtEBITDA − capex$130.51MShort-term debt is total debt minus long-term debt.Result 2.52x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
12.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$90.04MfreeCashFlowMarket cap$702.54MMarketCapitalizationResult 12.8%
Latest free cash flow divided by current market cap ($702.54M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$84.29MoperatingIncomeTax expense—Not reportedPretax income$33.31MincomeBeforeTaxTax rate—Equity$12.11MtotalStockholderEquityDebt$791.35MshortLongTermDebtTotalCash$31.81McashInvested capital$771.64MROIC 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 99.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$396.55MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets—Not reportedInventory was not reported and is treated as zero.Result — | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue—Not reportedNet PP&E$396.55MpropertyPlantEquipmentResult — | 0.00xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$24.07MdepreciationDepreciation comes from the cash-flow statement because income-statement D&A was missing.Result 0.00x | —Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares—Goodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$53.60MOperating income + D&ACapex$0.00capitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex$53.60MEBITDA is operating income plus D&A because the income statement did not report EBITDA.Result — | $30.57MFree cash flow · 2018-12-31Operating cash flow − capexOperating cash flow$30.57MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$30.57MNot reportedFree cash flow is operating cash flow minus capex because the statement did not report free cash flow.Result $30.57M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$29.53MebitTax expense—Not reportedPretax income—Not reportedTax rate—Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.07xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$29.53MebitNet PP&E$396.55MpropertyPlantEquipmentResult 0.07x |
| 2019 | —Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$424.31MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets—Not reportedInventory was not reported and is treated as zero.Result — | 0.19xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$81.26MtotalRevenueNet PP&E$424.31MpropertyPlantEquipmentResult 0.19x | 0.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$27.50MdepreciationAndAmortizationResult 0.00x | —Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares5,879,667commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | 2.24xFixed-charge coverage · 2019-12-31(EBITDA − capex) / interestEBITDA$58.03MebitdaCapex$0.00capitalExpendituresInterest$25.93MinterestExpenseEBITDA − capex$58.03MShort-term debt was not reported, so the denominator is interest only.Result 2.24x | $27.98MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$27.98MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$27.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $27.98M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$31.51MoperatingIncomeTax expense$26.18MincomeTaxExpensePretax income$4.61MincomeBeforeTaxTax rate40.0%Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—The effective tax rate was above 40% and was capped at 40%.Result — | 0.07xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$31.51MoperatingIncomeNet PP&E$424.31MpropertyPlantEquipmentResult 0.07x |
| 2020 | 78.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$408.47MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$523.68MtotalAssetsInventory was not reported and is treated as zero.Result 78.0% | 0.21xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$84.09MtotalRevenueNet PP&E$408.47MpropertyPlantEquipmentResult 0.21x | 0.00xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$26.92MdepreciationAndAmortizationResult 0.00x | -$0.73Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$523.68MtotalAssetsGoodwill$1.32MgoodWillIntangibles$16.36MintangibleAssetsLiabilities$510.26MtotalLiabTangible book-$4.27MShares5,879,667commonStockSharesOutstandingResult -$0.73 | 2.40xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$62.57MebitdaCapex$0.00capitalExpendituresInterest$23.76MinterestExpenseShort-term debt$2.35MshortLongTermDebtTotal − longTermDebtEBITDA − capex$62.57MShort-term debt is total debt minus long-term debt.Result 2.40x | $37.34MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$37.34MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$37.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $37.34M | 4.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$39.54MoperatingIncomeTax expense$24.01MincomeTaxExpensePretax income$11.89MincomeBeforeTaxTax rate40.0%Equity$13.42MtotalStockholderEquityDebt$488.81MshortLongTermDebtTotalCash$17.81McashInvested capital$484.42MThe effective tax rate was above 40% and was capped at 40%.Result 4.9% | 0.10xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$39.54MoperatingIncomeNet PP&E$408.47MpropertyPlantEquipmentResult 0.10x |
| 2021 | 81.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$464.79MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$569.96MtotalAssetsInventory was not reported and is treated as zero.Uses the property line, which is larger than net PP&E ($2.06M, propertyPlantAndEquipmentNet).Result 81.5% | 0.19xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$87.03MtotalRevenueNet PP&E$464.79MpropertyPlantEquipmentResult 0.19x | 0.00xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$27.77MdepreciationAndAmortizationResult 0.00x | $3.47Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$569.96MtotalAssetsGoodwill$1.32MgoodWillIntangibles$13.34MintangibleAssetsLiabilities$534.91MtotalLiabTangible book$20.39MShares5,879,667commonStockSharesOutstandingResult $3.47 | 2.46xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$57.56MebitdaCapex$0.00capitalExpendituresInterest$21.37MinterestExpenseShort-term debt$2.06MshortLongTermDebtTotal − longTermDebtEBITDA − capex$57.56MShort-term debt is total debt minus long-term debt.Result 2.46x | $44.79MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$44.79MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$44.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $44.79M | 4.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$36.76MoperatingIncomeTax expense$24.45MincomeTaxExpensePretax income$8.42MincomeBeforeTaxTax rate40.0%Equity$2.27MtotalStockholderEquityDebt$503.86MshortLongTermDebtTotalCash$26.21McashInvested capital$479.92MThe effective tax rate was above 40% and was capped at 40%.Result 4.6% | 0.08xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$36.76MoperatingIncomeNet PP&E$464.79MpropertyPlantEquipmentResult 0.08x |
| 2022 | 101.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$440.74MpropertyPlantEquipmentInventory$114.16MinventoryTotal assets$547.00MtotalAssetsUses the property line, which is larger than net PP&E ($1.83M, propertyPlantAndEquipmentNet).Result 101.4% | 0.21xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$92.54MtotalRevenueNet PP&E$440.74MpropertyPlantEquipmentResult 0.21x | 0.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$28.79MdepreciationAndAmortizationResult 0.00x | $6.28Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$547.00MtotalAssetsGoodwill$1.32MgoodWillIntangibles$10.31MintangibleAssetsLiabilities$497.62MtotalLiabTangible book$37.75MShares6,008,953commonStockSharesOutstandingResult $6.28 | 1.34xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$66.42MebitdaCapex$0.00capitalExpendituresInterest$21.21MinterestExpenseShort-term debt$28.22MshortTermDebtEBITDA − capex$66.42MPrincipal due is short-term debt.Result 1.34x | $50.93MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$50.93MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$50.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $50.93M | 6.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$49.95MoperatingIncomeTax expense$34.43MincomeTaxExpensePretax income$16.42MincomeBeforeTaxTax rate40.0%Equity$7.79MtotalStockholderEquityDebt$457.25MshortLongTermDebtTotalCash$20.20McashInvested capital$444.84MThe effective tax rate was above 40% and was capped at 40%.Result 6.7% | 0.11xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$49.95MoperatingIncomeNet PP&E$440.74MpropertyPlantEquipmentResult 0.11x |
| 2023 | 0.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.54MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$616.80MtotalAssetsInventory was not reported and is treated as zero.Result 0.3% | 64.72xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$99.81MtotalRevenueNet PP&E$1.54MpropertyPlantAndEquipmentNetResult 64.72x | 0.00xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$29.53MdepreciationAndAmortizationResult 0.00x | $6.08Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$616.80MtotalAssetsGoodwill$1.32MgoodWillIntangibles$7.28MintangibleAssetsLiabilities$569.52MtotalLiabTangible book$38.67MShares6,365,196commonStockSharesOutstandingResult $6.08 | 1.71xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$75.21MebitdaCapex$0.00capitalExpendituresInterest$25.44MinterestExpenseShort-term debt$18.55MshortTermDebtEBITDA − capex$75.21MPrincipal due is short-term debt.Result 1.71x | $54.94MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$54.94MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$54.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $54.94M | 5.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$47.44MoperatingIncomeTax expense$17.75MincomeTaxExpensePretax income$20.24MincomeBeforeTaxTax rate40.0%Equity$7.51MtotalStockholderEquityDebt$537.99MshortLongTermDebtTotalCash$12.17McashInvested capital$533.32MThe effective tax rate was above 40% and was capped at 40%.Result 5.3% | 30.76xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$47.44MoperatingIncomeNet PP&E$1.54MpropertyPlantAndEquipmentNetResult 30.76x |
| 2024 | 0.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.20MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$787.59MtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 97.22xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$117.06MtotalRevenueNet PP&E$1.20MpropertyPlantAndEquipmentNetResult 97.22x | 0.70xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$24.00McapitalExpendituresD&A$34.19MdepreciationAndAmortizationResult 0.70x | $7.81Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$787.59MtotalAssetsGoodwill$1.32MgoodWillIntangibles$26.62MintangibleAssetsLiabilities$704.02MtotalLiabTangible book$55.62MShares7,124,158commonStockSharesOutstandingResult $7.81 | 1.16xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$94.34MebitdaCapex$24.00McapitalExpendituresInterest$33.64MinterestExpenseShort-term debt$27.02MshortTermDebtEBITDA − capex$70.34MPrincipal due is short-term debt.Result 1.16x | $35.33MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$59.33MtotalCashFromOperatingActivitiesCapex$24.00McapitalExpendituresFree cash flow$35.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $35.33M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$61.30MoperatingIncomeTax expense—Not reportedPretax income$26.51MincomeBeforeTaxTax rate—Equity$18.17MtotalStockholderEquityDebt$671.74MshortLongTermDebtTotalCash$48.37McashInvested capital$641.53MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 50.92xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$61.30MoperatingIncomeNet PP&E$1.20MpropertyPlantAndEquipmentNetResult 50.92x |
| 2025 | 0.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$851.00KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$885.23MtotalAssetsInventory was not reported and is treated as zero.Result 0.1% | 182.14xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$155.00MtotalRevenueNet PP&E$851.00KpropertyPlantAndEquipmentNetResult 182.14x | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$46.25MdepreciationAndAmortizationResult 0.00x | -$1.40Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$885.23MtotalAssetsGoodwill$1.32MgoodWillIntangibles$67.03MintangibleAssetsLiabilities$834.70MtotalLiabTangible book-$17.83MShares12,696,831commonStockSharesOutstandingResult -$1.40 | 2.52xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$130.51MebitdaCapex$0.00capitalExpendituresInterest$50.95MinterestExpenseShort-term debt$851.00KshortLongTermDebtTotal − longTermDebtEBITDA − capex$130.51MShort-term debt is total debt minus long-term debt.Result 2.52x | $90.04MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$90.04MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow$90.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $90.04M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$84.29MoperatingIncomeTax expense—Not reportedPretax income$33.31MincomeBeforeTaxTax rate—Equity$12.11MtotalStockholderEquityDebt$791.35MshortLongTermDebtTotalCash$31.81McashInvested capital$771.64MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 99.04xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$84.29MoperatingIncomeNet PP&E$851.00KpropertyPlantAndEquipmentNetResult 99.04x |
- 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 total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $851.00K
Inventory: $0.00
Total assets: $885.23M
Goodwill: $1.32M
Intangibles: $67.03M
Liabilities: $834.70M
Tangible book: -$17.83M
Shares: 12,696,831
Revenue: $155.00M
Capex: $0.00
D&A: $46.25M
EBITDA: $130.51M
Interest: $50.95M
Short-term debt: $851.00K
Free cash flow: $90.04M
Operating income: $84.29M
Invested capital: $771.64M
Tax rate: —