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.
Wex Inc
Physical assets are 1.8% of total assets, a light footprint. Capex is 0.42x 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 0.55x, which is below 1.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 10.49x.
Physical asset ratio
1.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
10.49x
Revenue per dollar of the physical asset base.
Capex / D&A
0.42x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$79.92
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $180.95.
Fixed-charge coverage
0.55x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.1%
Latest free cash flow divided by current market cap ($6.17B).
ROIC
57.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.66x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 4.6% | 7.95x | 0.44x | -$24.57 | 1.42x | $313.08M | 7.5% | 2.03x |
| 2019 | 6.8% | 6.14x | 0.43x | -$43.93 | 1.27x | $560.31M | 7.0% | 1.37x |
| 2020 | 10.3% | 5.71x | 0.31x | -$50.29 | 0.12x | $776.55M | — | -0.34x |
| 2021 | 10.2% | 7.14x | 0.32x | -$54.26 | 1.96x | $64.36M | 8.8% | 1.32x |
| 2022 | 11.7% | 8.73x | 0.44x | -$57.08 | 1.82x | $563.20M | 25.2% | 1.75x |
| 2023 | 2.2% | 8.36x | 0.52x | -$61.29 | -0.11x | $763.90M | 0.5% | 0.05x |
| 2024 | 2.4% | 8.32x | 0.46x | -$70.63 | 0.54x | $334.10M | — | 2.17x |
| 2025 | 1.8% | 10.49x | 0.42x | -$79.92 | 0.55x | $313.70M | 57.3% | 2.66x |
- 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: $253.70M
Inventory: $0.00
Total assets: $14.40B
Goodwill: $3.02B
Intangibles: $1.09B
Liabilities: $13.17B
Tangible book: -$2.87B
Shares: 35,900,000
Revenue: $2.66B
Capex: $140.60M
D&A: $331.10M
EBITDA: $994.90M
Interest: $240.60M
Short-term debt: $1.33B
Free cash flow: $313.70M
Operating income: $676.00M
Invested capital: $854.10M
Tax rate: 27.6%