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.
TriCo Bancshares
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 0.37x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 5.60x. Compare it with other names in the same basket.
Physical asset ratio
1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$95.23MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$9.82BtotalAssetsInventory was not reported and is treated as zero.Result 1.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$533.31MtotalRevenueNet PP&E$95.23MpropertyPlantAndEquipmentNetResult 5.60x
Revenue per dollar of the physical asset base.
Capex / D&A
0.37xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$5.36McapitalExpendituresD&A$14.39MdepreciationAndAmortizationResult 0.37x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$31.23Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.82BtotalAssetsGoodwill$304.44MgoodWillIntangibles$4.47MintangibleAssetsLiabilities$8.49BtotalLiabTangible book$1.02BShares32,630,819commonStockSharesOutstandingResult $31.23
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.68xPrice / tangible bookPrice / tangible book per sharePrice$52.44Latest quoteTangible book / share$31.232025-12-31Result 1.68x
Price $52.44.
Fixed-charge coverage
1.21xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$183.63MebitdaCapex$5.36McapitalExpendituresInterest$119.73MinterestExpenseShort-term debt$27.28MshortLongTermDebtTotal − longTermDebtEBITDA − capex$178.27MShort-term debt is total debt minus long-term debt.Result 1.21x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$127.93MfreeCashFlowMarket cap$1.72BMarketCapitalizationResult 7.4%
Latest free cash flow divided by current market cap ($1.72B).
ROIC
10.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$169.24MoperatingIncomeTax expense$44.60MincomeTaxExpensePretax income$166.16MincomeBeforeTaxTax rate26.8%Equity$1.33BtotalStockholderEquityDebt$52.95MlongTermDebt + shortLongTermDebtCash$157.01McashInvested capital$1.22BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 10.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.78x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -2.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$89.35MpropertyPlantEquipmentInventory-$249.23MinventoryTotal assets$6.35BtotalAssetsResult -2.5% | 3.05xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$272.42MtotalRevenueNet PP&E$89.35MpropertyPlantEquipmentResult 3.05x | 0.70xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$7.37McapitalExpendituresD&A$10.51MdepreciationAndAmortizationResult 0.70x | $21.47Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.35BtotalAssetsGoodwill$220.97MgoodWillIntangibles$29.28MintangibleAssetsLiabilities$5.53BtotalLiabTangible book$577.12MShares26,880,000commonStockSharesOutstandingResult $21.47 | 3.36xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$103.87MebitdaCapex$7.37McapitalExpendituresInterest$12.87MinterestExpenseShort-term debt$15.84MshortTermDebtEBITDA − capex$96.49MPrincipal due is short-term debt.Result 3.36x | $83.63MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$91.07MtotalCashFromOperatingActivitiesCapex$7.37McapitalExpendituresFree cash flow$83.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $83.63M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$93.35MoperatingIncomeTax expense$25.03MincomeTaxExpensePretax income$93.35MincomeBeforeTaxTax rate26.8%Equity$827.37MtotalStockholderEquityDebt$88.72MshortLongTermDebtTotalCash$1.34BcashAndShortTermInvestmentsInvested capital—Result — | 1.04xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$93.35MoperatingIncomeNet PP&E$89.35MpropertyPlantEquipmentResult 1.04x |
| 2019 | -2.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$114.97MpropertyPlantAndEquipmentNetInventory-$295.40MinventoryTotal assets$6.47BtotalAssetsResult -2.8% | 2.79xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$320.76MtotalRevenueNet PP&E$114.97MpropertyPlantAndEquipmentNetResult 2.79x | 0.25xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$4.29McapitalExpendituresD&A$17.23MdepreciationAndAmortizationResult 0.25x | $21.61Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.47BtotalAssetsGoodwill$220.87MgoodWillIntangibles$23.56MintangibleAssetsLiabilities$5.56BtotalLiabTangible book$662.14MShares30,645,000commonStockSharesOutstandingResult $21.61 | 4.13xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$144.13MebitdaCapex$4.29McapitalExpendituresInterest$15.38MinterestExpenseShort-term debt$18.45MshortTermDebtEBITDA − capex$139.84MPrincipal due is short-term debt.Result 4.13x | $98.51MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$102.81MtotalCashFromOperatingActivitiesCapex$4.29McapitalExpendituresFree cash flow$98.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $98.51M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$126.82MoperatingIncomeTax expense$34.75MincomeTaxExpensePretax income$126.82MincomeBeforeTaxTax rate27.4%Equity$906.57MtotalStockholderEquityDebt$75.69MlongTermDebt + shortLongTermDebtCash$1.23BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 1.10xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$126.82MoperatingIncomeNet PP&E$114.97MpropertyPlantAndEquipmentNetResult 1.10x |
| 2020 | -7.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$111.58MpropertyPlantAndEquipmentNetInventory-$689.56MinventoryTotal assets$7.64BtotalAssetsResult -7.6% | 2.84xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$317.18MtotalRevenueNet PP&E$111.58MpropertyPlantAndEquipmentNetResult 2.84x | 0.16xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.81McapitalExpendituresD&A$17.57MdepreciationAndAmortizationResult 0.16x | $23.09Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.64BtotalAssetsGoodwill$220.87MgoodWillIntangibles$17.83MintangibleAssetsLiabilities$6.71BtotalLiabTangible book$686.41MShares29,727,000commonStockSharesOutstandingResult $23.09 | 2.81xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$104.99MebitdaCapex$2.81McapitalExpendituresInterest$9.46MinterestExpenseShort-term debt$26.91MshortTermDebtEBITDA − capex$102.18MPrincipal due is short-term debt.Result 2.81x | $111.99MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$114.80MtotalCashFromOperatingActivitiesCapex$2.81McapitalExpendituresFree cash flow$111.99MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $111.99M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$87.35MoperatingIncomeTax expense$22.54MincomeTaxExpensePretax income$87.35MincomeBeforeTaxTax rate25.8%Equity$925.11MtotalStockholderEquityDebt$139.44MshortLongTermDebtTotalCash$2.08BcashAndShortTermInvestmentsInvested capital—Result — | 0.78xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$87.35MoperatingIncomeNet PP&E$111.58MpropertyPlantAndEquipmentNetResult 0.78x |
| 2021 | -7.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$104.35MpropertyPlantEquipmentInventory-$787.71MinventoryTotal assets$8.61BtotalAssetsResult -7.9% | 3.21xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$334.90MtotalRevenueNet PP&E$104.35MpropertyPlantEquipmentResult 3.21x | 0.18xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.20McapitalExpendituresD&A$17.28MdepreciationAndAmortizationResult 0.18x | $25.67Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.61BtotalAssetsGoodwill$220.87MgoodWillIntangibles$12.37MintangibleAssetsLiabilities$7.61BtotalLiabTangible book$766.94MShares29,882,000commonStockSharesOutstandingResult $25.67 | 3.20xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$180.98MebitdaCapex$3.20McapitalExpendituresInterest$5.51MinterestExpenseShort-term debt$50.09MshortTermDebtEBITDA − capex$177.79MPrincipal due is short-term debt.Result 3.20x | $129.01MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$132.21MtotalCashFromOperatingActivitiesCapex$3.20McapitalExpendituresFree cash flow$129.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $129.01M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$163.70MoperatingIncomeTax expense$46.05MincomeTaxExpensePretax income$163.70MincomeBeforeTaxTax rate28.1%Equity$1.00BtotalStockholderEquityDebt$158.25MshortLongTermDebtTotalCash$2.98BcashAndShortTermInvestmentsInvested capital—Result — | 1.57xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$163.70MoperatingIncomeNet PP&E$104.35MpropertyPlantEquipmentResult 1.57x |
| 2022 | 1.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$99.19MpropertyPlantAndEquipmentNetInventory$3.44MinventoryTotal assets$9.93BtotalAssetsResult 1.0% | 4.15xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$412.05MtotalRevenueNet PP&E$99.19MpropertyPlantAndEquipmentNetResult 4.15x | 0.20xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$3.62McapitalExpendituresD&A$18.38MdepreciationAndAmortizationResult 0.20x | $22.17Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.93BtotalAssetsGoodwill$304.44MgoodWillIntangibles$16.67MintangibleAssetsLiabilities$8.88BtotalLiabTangible book$725.30MShares32,720,999commonStockSharesOutstandingResult $22.17 | 3.28xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$192.29MebitdaCapex$3.62McapitalExpendituresInterest$9.53MinterestExpenseShort-term debt$47.91MshortTermDebtEBITDA − capex$188.66MPrincipal due is short-term debt.Result 3.28x | $159.27MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$162.90MtotalCashFromOperatingActivitiesCapex$3.62McapitalExpendituresFree cash flow$159.27MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $159.27M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$173.91MoperatingIncomeTax expense$48.49MincomeTaxExpensePretax income$173.91MincomeBeforeTaxTax rate27.9%Equity$1.05BtotalStockholderEquityDebt$413.55MshortLongTermDebtTotalCash$2.56BcashAndShortTermInvestmentsInvested capital—Result — | 1.75xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$173.91MoperatingIncomeNet PP&E$99.19MpropertyPlantAndEquipmentNetResult 1.75x |
| 2023 | 1.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$97.48MpropertyPlantAndEquipmentNetInventory$61.93MinventoryTotal assets$9.91BtotalAssetsResult 1.6% | 5.06xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$492.81MtotalRevenueNet PP&E$97.48MpropertyPlantAndEquipmentNetResult 5.06x | 0.26xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$4.89McapitalExpendituresD&A$18.85MdepreciationAndAmortizationResult 0.26x | $25.32Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.91BtotalAssetsGoodwill$304.44MgoodWillIntangibles$10.55MintangibleAssetsLiabilities$8.75BtotalLiabTangible book$844.69MShares33,355,000commonStockSharesOutstandingResult $25.32 | 1.53xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$179.75MebitdaCapex$4.89McapitalExpendituresInterest$81.68MinterestExpenseShort-term debt$32.58MshortTermDebtEBITDA − capex$174.87MPrincipal due is short-term debt.Result 1.53x | $134.00MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$138.89MtotalCashFromOperatingActivitiesCapex$4.89McapitalExpendituresFree cash flow$134.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $134.00M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$160.93MoperatingIncomeTax expense$43.52MincomeTaxExpensePretax income$160.91MincomeBeforeTaxTax rate27.0%Equity$1.16BtotalStockholderEquityDebt$794.52MshortLongTermDebtTotalCash$2.25BcashAndShortTermInvestmentsInvested capital—Result — | 1.65xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$160.93MoperatingIncomeNet PP&E$97.48MpropertyPlantAndEquipmentNetResult 1.65x |
| 2024 | 1.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$93.82MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$9.67BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 5.59xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$523.97MtotalRevenueNet PP&E$93.82MpropertyPlantAndEquipmentNetResult 5.59x | 0.28xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.56McapitalExpendituresD&A$16.07MdepreciationAndAmortizationResult 0.28x | $27.39Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.67BtotalAssetsGoodwill$304.44MgoodWillIntangibles$6.43MintangibleAssetsLiabilities$8.45BtotalLiabTangible book$910.03MShares33,230,000commonStockSharesOutstandingResult $27.39 | 0.72xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$171.17MebitdaCapex$4.56McapitalExpendituresInterest$135.20MinterestExpenseShort-term debt$95.12MshortTermDebtEBITDA − capex$166.62MPrincipal due is short-term debt.Result 0.72x | $105.15MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$109.71MtotalCashFromOperatingActivitiesCapex$4.56McapitalExpendituresFree cash flow$105.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $105.15M | 8.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$155.12MoperatingIncomeTax expense$40.24MincomeTaxExpensePretax income$155.10MincomeBeforeTaxTax rate25.9%Equity$1.22BtotalStockholderEquityDebt$216.24MshortLongTermDebtTotalCash$152.79McashAndShortTermInvestmentsInvested capital$1.28BResult 8.9% | 1.65xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$155.12MoperatingIncomeNet PP&E$93.82MpropertyPlantAndEquipmentNetResult 1.65x |
| 2025 | 1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$95.23MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$9.82BtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 5.60xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$533.31MtotalRevenueNet PP&E$95.23MpropertyPlantAndEquipmentNetResult 5.60x | 0.37xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$5.36McapitalExpendituresD&A$14.39MdepreciationAndAmortizationResult 0.37x | $31.23Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.82BtotalAssetsGoodwill$304.44MgoodWillIntangibles$4.47MintangibleAssetsLiabilities$8.49BtotalLiabTangible book$1.02BShares32,630,819commonStockSharesOutstandingResult $31.23 | 1.21xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$183.63MebitdaCapex$5.36McapitalExpendituresInterest$119.73MinterestExpenseShort-term debt$27.28MshortLongTermDebtTotal − longTermDebtEBITDA − capex$178.27MShort-term debt is total debt minus long-term debt.Result 1.21x | $127.93MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$133.29MtotalCashFromOperatingActivitiesCapex$5.36McapitalExpendituresFree cash flow$127.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $127.93M | 10.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$169.24MoperatingIncomeTax expense$44.60MincomeTaxExpensePretax income$166.16MincomeBeforeTaxTax rate26.8%Equity$1.33BtotalStockholderEquityDebt$52.95MlongTermDebt + shortLongTermDebtCash$157.01McashInvested capital$1.22BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 10.1% | 1.78xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$169.24MoperatingIncomeNet PP&E$95.23MpropertyPlantAndEquipmentNetResult 1.78x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $95.23M
Inventory: $0.00
Total assets: $9.82B
Goodwill: $304.44M
Intangibles: $4.47M
Liabilities: $8.49B
Tangible book: $1.02B
Shares: 32,630,819
Revenue: $533.31M
Capex: $5.36M
D&A: $14.39M
EBITDA: $183.63M
Interest: $119.73M
Short-term debt: $27.28M
Free cash flow: $127.93M
Operating income: $169.24M
Invested capital: $1.22B
Tax rate: 26.8%