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.
W P Carey Inc
Physical assets are 86.0% of total assets, a heavy footprint. Reported capex is 0.36x depreciation. Acquisitions sit outside that line, so a low ratio here is the landlord pattern rather than an aging building stock. ROIC is 4.3%, below an 8% cost-of-capital hurdle.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.11x.
Physical asset ratio
86.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.11x
Revenue per dollar of the physical asset base.
Capex / D&A
0.36x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$21.17
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.04x
Price $64.46.
Fixed-charge coverage
3.92x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.5%
Latest free cash flow divided by current market cap ($14.48B).
ROIC
4.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.05x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 62.2% | 0.10x | 0.31x | $25.26 | 3.92x | $401.48M | 3.9% | 0.09x |
| 2019 | 64.1% | 0.13x | 1.06x | $17.03 | 2.23x | $236.88M | 7.3% | 0.11x |
| 2020 | 67.4% | 0.12x | 1.29x | $15.93 | 1.29x | $145.23M | 7.6% | 0.10x |
| 2021 | 76.7% | 0.11x | 0.02x | $18.85 | 4.75x | $918.19M | 7.2% | 0.09x |
| 2022 | 61.7% | 0.13x | 0.19x | $22.34 | 1.76x | $899.12M | 7.1% | 0.11x |
| 2023 | 87.0% | 0.12x | 0.19x | $29.05 | 4.57x | $951.81M | 8.4% | 0.10x |
| 2024 | 83.4% | 0.11x | 0.25x | $27.49 | 1.24x | $1.70B | 7.7% | 0.09x |
| 2025 | 86.0% | 0.11x | 0.36x | $21.17 | 3.92x | $1.09B | 4.3% | 0.05x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
- Capex/D&A uses reported capital expenditures only. Property acquisitions sit in other investing cash flow, so this ratio does not capture portfolio growth.
Latest year inputs (2025)
Net PP&E: $15.47B
Inventory: $0.00
Total assets: $17.99B
Goodwill: $987.07M
Intangibles: $2.47B
Liabilities: $9.86B
Tangible book: $4.68B
Shares: 221,112,343
Revenue: $1.72B
Capex: $191.21M
D&A: $537.65M
EBITDA: $1.33B
Interest: $291.18M
Short-term debt: $0.00
Free cash flow: $1.09B
Operating income: $762.92M
Invested capital: $16.69B
Tax rate: 6.3%