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.
U.S. Physical Therapy, Inc.
Physical assets are 22.5% of total assets, a light footprint. Capex is 0.63x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 9.9%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.88x. Compare it with other names in the same basket.
Physical asset ratio
22.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$271.07MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.20BtotalAssetsInventory was not reported and is treated as zero.Result 22.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.88xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$780.99MtotalRevenueNet PP&E$271.07MpropertyPlantAndEquipmentNetResult 2.88x
Revenue per dollar of the physical asset base.
Capex / D&A
0.63xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$14.07McapitalExpendituresD&A$22.39MdepreciationAndAmortizationResult 0.63x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$6.26Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.20BtotalAssetsGoodwill$692.39MgoodWillIntangibles$172.86MintangibleAssetsLiabilities$433.81MtotalLiabTangible book-$95.05MShares15,175,000commonStockSharesOutstandingResult -$6.26
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$89.18Latest quoteTangible book / share-$6.262025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $89.18.
Fixed-charge coverage
4.95xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$109.66MebitdaCapex$14.07McapitalExpendituresInterest$9.46MinterestExpenseShort-term debt$9.87MshortLongTermDebtEBITDA − capex$95.59MPrincipal due is the current portion of debt.Result 4.95x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$60.99MfreeCashFlowMarket cap$1.33BMarketCapitalizationResult 4.6%
Latest free cash flow divided by current market cap ($1.33B).
ROIC
9.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$80.43MoperatingIncomeTax expense$19.81MincomeTaxExpensePretax income$77.81MincomeBeforeTaxTax rate25.5%Equity$476.43MtotalStockholderEquityDebt$162.46MlongTermDebt + shortLongTermDebtCash$35.57McashInvested capital$603.32MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 9.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.30x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 4.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$20.17MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$443.17MtotalAssetsInventory was not reported and is treated as zero.Result 4.6% | 22.51xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$453.91MtotalRevenueNet PP&E$20.17MpropertyPlantEquipmentResult 22.51x | 0.74xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$7.19McapitalExpendituresD&A$9.76MdepreciationAndAmortizationResult 0.74x | $0.67Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$443.17MtotalAssetsGoodwill$293.53MgoodWillIntangibles$48.83MintangibleAssetsLiabilities$92.35MtotalLiabTangible book$8.47MShares12,666,000commonStockSharesOutstandingResult $0.67 | 18.65xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$72.01MebitdaCapex$7.19McapitalExpendituresInterest$2.04MinterestExpenseShort-term debt$1.43MshortTermDebtEBITDA − capex$64.82MPrincipal due is short-term debt.Result 18.65x | $65.81MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$73.01MtotalCashFromOperatingActivitiesCapex$7.19McapitalExpendituresFree cash flow$65.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $65.81M | 21.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$60.31MoperatingIncomeTax expense$11.37MincomeTaxExpensePretax income$60.21MincomeBeforeTaxTax rate18.9%Equity$215.95MtotalStockholderEquityDebt$39.84MshortLongTermDebtTotalCash$23.37McashInvested capital$232.41MResult 21.1% | 2.99xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$60.31MoperatingIncomeNet PP&E$20.17MpropertyPlantEquipmentResult 2.99x |
| 2019 | 18.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$103.68MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$560.85MtotalAssetsResult 18.5% | 4.65xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$481.97MtotalRevenueNet PP&E$103.68MpropertyPlantAndEquipmentNetResult 4.65x | 1.01xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$10.19McapitalExpendituresD&A$10.10MdepreciationAndAmortizationResult 1.01x | $0.72Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$560.85MtotalAssetsGoodwill$317.68MgoodWillIntangibles$52.59MintangibleAssetsLiabilities$181.39MtotalLiabTangible book$9.19MShares12,756,000commonStockSharesOutstandingResult $0.72 | 25.97xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$83.08MebitdaCapex$10.19McapitalExpendituresInterest$2.08MinterestExpenseShort-term debt$728.00KshortLongTermDebtEBITDA − capex$72.89MPrincipal due is the current portion of debt.Result 25.97x | $52.26MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$62.45MtotalCashFromOperatingActivitiesCapex$10.19McapitalExpendituresFree cash flow$52.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $52.26M | 20.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$67.43MoperatingIncomeTax expense$13.65MincomeTaxExpensePretax income$70.91MincomeBeforeTaxTax rate19.2%Equity$240.26MtotalStockholderEquityDebt$51.09MlongTermDebt + shortLongTermDebtCash$23.55McashInvested capital$267.80MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 20.3% | 0.65xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$67.43MoperatingIncomeNet PP&E$103.68MpropertyPlantAndEquipmentNetResult 0.65x |
| 2020 | 17.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$103.26MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$594.36MtotalAssetsResult 17.4% | 4.10xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$422.97MtotalRevenueNet PP&E$103.26MpropertyPlantAndEquipmentNetResult 4.10x | 0.73xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$7.64McapitalExpendituresD&A$10.53MdepreciationAndAmortizationResult 0.73x | $0.63Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$594.36MtotalAssetsGoodwill$345.65MgoodWillIntangibles$56.28MintangibleAssetsLiabilities$184.39MtotalLiabTangible book$8.04MShares12,835,000commonStockSharesOutstandingResult $0.63 | 10.72xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$77.68MebitdaCapex$7.64McapitalExpendituresInterest$1.63MinterestExpenseShort-term debt$4.90MshortLongTermDebtEBITDA − capex$70.04MPrincipal due is the current portion of debt.Result 10.72x | $92.36MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$100.00MtotalCashFromOperatingActivitiesCapex$7.64McapitalExpendituresFree cash flow$92.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $92.36M | 15.9%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$52.41MoperatingIncomeTax expense$13.02MincomeTaxExpensePretax income$65.51MincomeBeforeTaxTax rate19.9%Equity$276.16MtotalStockholderEquityDebt$21.50MlongTermDebt + shortLongTermDebtCash$32.92McashInvested capital$264.74MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 15.9% | 0.51xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$52.41MoperatingIncomeNet PP&E$103.26MpropertyPlantAndEquipmentNetResult 0.51x |
| 2021 | 15.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$119.41MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$749.43MtotalAssetsResult 15.9% | 4.15xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$495.02MtotalRevenueNet PP&E$119.41MpropertyPlantEquipmentResult 4.15x | 0.71xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$8.20McapitalExpendituresD&A$11.59MdepreciationAndAmortizationResult 0.71x | -$5.32Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$749.43MtotalAssetsGoodwill$434.68MgoodWillIntangibles$86.38MintangibleAssetsLiabilities$296.98MtotalLiabTangible book-$68.62MShares12,898,000commonStockSharesOutstandingResult -$5.32 | 43.75xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$85.73MebitdaCapex$8.20McapitalExpendituresInterest$942.00KinterestExpenseShort-term debt$830.00KshortLongTermDebtEBITDA − capex$77.53MPrincipal due is the current portion of debt.Result 43.75x | $68.21MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$76.41MtotalCashFromOperatingActivitiesCapex$8.20McapitalExpendituresFree cash flow$68.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $68.21M | 14.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$70.65MoperatingIncomeTax expense$15.27MincomeTaxExpensePretax income$73.20MincomeBeforeTaxTax rate20.9%Equity$295.61MtotalStockholderEquityDebt$118.42MlongTermDebt + shortLongTermDebtCash$28.57McashInvested capital$385.46MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 14.5% | 0.59xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$70.65MoperatingIncomeNet PP&E$119.41MpropertyPlantEquipmentResult 0.59x |
| 2022 | 14.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$127.75MpropertyPlantEquipmentInventory-$2.86MinventoryTotal assets$858.15MtotalAssetsResult 14.6% | 4.33xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$553.14MtotalRevenueNet PP&E$127.75MpropertyPlantEquipmentResult 4.33x | 0.56xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$8.25McapitalExpendituresD&A$14.74MdepreciationAndAmortizationResult 0.56x | -$9.11Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$858.15MtotalAssetsGoodwill$494.10MgoodWillIntangibles$108.76MintangibleAssetsLiabilities$373.59MtotalLiabTangible book-$118.29MShares12,985,000commonStockSharesOutstandingResult -$9.11 | 4.97xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$76.09MebitdaCapex$8.25McapitalExpendituresInterest$5.78MinterestExpenseShort-term debt$7.86MshortLongTermDebtEBITDA − capex$67.85MPrincipal due is the current portion of debt.Result 4.97x | $50.29MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$58.54MtotalCashFromOperatingActivitiesCapex$8.25McapitalExpendituresFree cash flow$50.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $50.29M | 9.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$56.80MoperatingIncomeTax expense$12.16MincomeTaxExpensePretax income$55.57MincomeBeforeTaxTax rate21.9%Equity$315.79MtotalStockholderEquityDebt$183.69MlongTermDebt + shortLongTermDebtCash$31.59McashInvested capital$467.89MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 9.5% | 0.44xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$56.80MoperatingIncomeNet PP&E$127.75MpropertyPlantEquipmentResult 0.44x |
| 2023 | 12.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$129.53MpropertyPlantAndEquipmentNetInventory-$2.66MinventoryTotal assets$997.24MtotalAssetsResult 12.7% | 4.67xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$604.80MtotalRevenueNet PP&E$129.53MpropertyPlantAndEquipmentNetResult 4.67x | 0.59xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$9.29McapitalExpendituresD&A$15.70MdepreciationAndAmortizationResult 0.59x | $2.32Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$997.24MtotalAssetsGoodwill$509.57MgoodWillIntangibles$109.68MintangibleAssetsLiabilities$345.00MtotalLiabTangible book$32.99MShares14,188,000commonStockSharesOutstandingResult $2.32 | 3.83xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$74.37MebitdaCapex$9.29McapitalExpendituresInterest$9.30MinterestExpenseShort-term debt$7.69MshortLongTermDebtEBITDA − capex$65.08MPrincipal due is the current portion of debt.Result 3.83x | $72.68MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$81.98MtotalCashFromOperatingActivitiesCapex$9.29McapitalExpendituresFree cash flow$72.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $72.68M | 8.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$52.06MoperatingIncomeTax expense$12.16MincomeTaxExpensePretax income$49.38MincomeBeforeTaxTax rate24.6%Equity$476.19MtotalStockholderEquityDebt$146.68MlongTermDebt + shortLongTermDebtCash$152.83McashInvested capital$470.05MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.3% | 0.40xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$52.06MoperatingIncomeNet PP&E$129.53MpropertyPlantAndEquipmentNetResult 0.40x |
| 2024 | 14.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$166.08MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.17BtotalAssetsInventory was not reported and is treated as zero.Result 14.2% | 4.04xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$671.35MtotalRevenueNet PP&E$166.08MpropertyPlantAndEquipmentNetResult 4.04x | 0.49xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$9.19McapitalExpendituresD&A$18.68MdepreciationAndAmortizationResult 0.49x | -$5.80Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.17BtotalAssetsGoodwill$667.15MgoodWillIntangibles$179.31MintangibleAssetsLiabilities$408.42MtotalLiabTangible book-$87.42MShares15,064,000commonStockSharesOutstandingResult -$5.80 | 4.09xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$86.91MebitdaCapex$9.19McapitalExpendituresInterest$8.02MinterestExpenseShort-term debt$11.00MshortLongTermDebtEBITDA − capex$77.72MPrincipal due is the current portion of debt.Result 4.09x | $65.75MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$74.94MtotalCashFromOperatingActivitiesCapex$9.19McapitalExpendituresFree cash flow$65.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $65.75M | 8.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$63.21MoperatingIncomeTax expense$14.61MincomeTaxExpensePretax income$60.21MincomeBeforeTaxTax rate24.3%Equity$488.93MtotalStockholderEquityDebt$153.53MlongTermDebt + shortLongTermDebtCash$41.36McashInvested capital$601.10MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.0% | 0.38xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$63.21MoperatingIncomeNet PP&E$166.08MpropertyPlantAndEquipmentNetResult 0.38x |
| 2025 | 22.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$271.07MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.20BtotalAssetsInventory was not reported and is treated as zero.Result 22.5% | 2.88xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$780.99MtotalRevenueNet PP&E$271.07MpropertyPlantAndEquipmentNetResult 2.88x | 0.63xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$14.07McapitalExpendituresD&A$22.39MdepreciationAndAmortizationResult 0.63x | -$6.26Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.20BtotalAssetsGoodwill$692.39MgoodWillIntangibles$172.86MintangibleAssetsLiabilities$433.81MtotalLiabTangible book-$95.05MShares15,175,000commonStockSharesOutstandingResult -$6.26 | 4.95xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$109.66MebitdaCapex$14.07McapitalExpendituresInterest$9.46MinterestExpenseShort-term debt$9.87MshortLongTermDebtEBITDA − capex$95.59MPrincipal due is the current portion of debt.Result 4.95x | $60.99MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$75.06MtotalCashFromOperatingActivitiesCapex$14.07McapitalExpendituresFree cash flow$60.99MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $60.99M | 9.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$80.43MoperatingIncomeTax expense$19.81MincomeTaxExpensePretax income$77.81MincomeBeforeTaxTax rate25.5%Equity$476.43MtotalStockholderEquityDebt$162.46MlongTermDebt + shortLongTermDebtCash$35.57McashInvested capital$603.32MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 9.9% | 0.30xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$80.43MoperatingIncomeNet PP&E$271.07MpropertyPlantAndEquipmentNetResult 0.30x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $271.07M
Inventory: $0.00
Total assets: $1.20B
Goodwill: $692.39M
Intangibles: $172.86M
Liabilities: $433.81M
Tangible book: -$95.05M
Shares: 15,175,000
Revenue: $780.99M
Capex: $14.07M
D&A: $22.39M
EBITDA: $109.66M
Interest: $9.46M
Short-term debt: $9.87M
Free cash flow: $60.99M
Operating income: $80.43M
Invested capital: $603.32M
Tax rate: 25.5%