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.
WisdomTree Inc.
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 0.04x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 154.54x. Compare it with other names in the same basket.
Physical asset ratio
0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.20MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$1.51BtotalAssetsInventory was not reported and is treated as zero.Result 0.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
154.54xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$493.75MtotalRevenueNet PP&E$3.20MpropertyPlantEquipmentResult 154.54x
Revenue per dollar of the physical asset base.
Capex / D&A
0.04xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$215.00KcapitalExpendituresD&A$5.31MdepreciationAndAmortizationResult 0.04x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$3.89Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.51BtotalAssetsGoodwill$228.62MgoodWillIntangibles$748.96MintangibleAssetsLiabilities$1.10BtotalLiabTangible book-$563.91MShares144,939,000commonStockSharesOutstandingResult -$3.89
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$19.48Latest quoteTangible book / share-$3.892025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $19.48.
Fixed-charge coverage
1.02xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$184.19MebitdaCapex$215.00KcapitalExpendituresInterest$30.42MinterestExpenseShort-term debt$149.60MshortLongTermDebtEBITDA − capex$183.98MPrincipal due is the current portion of debt.Result 1.02x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$149.24MfreeCashFlowMarket cap$2.87BMarketCapitalizationResult 5.2%
Latest free cash flow divided by current market cap ($2.87B).
ROIC
14.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$174.20MoperatingIncomeTax expense$33.09MincomeTaxExpensePretax income$142.22MincomeBeforeTaxTax rate23.3%Equity$413.67MtotalStockholderEquityDebt$956.59MshortLongTermDebtTotalCash$418.85McashAndShortTermInvestmentsInvested capital$951.41MResult 14.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 54.52x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 1.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.12MpropertyPlantEquipmentInventory$4.44MinventoryTotal assets$902.64MtotalAssetsResult 1.5% | 30.05xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$274.12MtotalRevenueNet PP&E$9.12MpropertyPlantEquipmentResult 30.05x | 0.05xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$71.00KcapitalExpendituresD&A$1.30MdepreciationAndAmortizationResult 0.05x | -$2.09Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$902.64MtotalAssetsGoodwill$85.86MgoodWillIntangibles$603.21MintangibleAssetsLiabilities$544.31MtotalLiabTangible book-$330.73MShares158,415,000commonStockSharesOutstandingResult -$2.09 | 7.56xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$60.30MebitdaCapex$71.00KcapitalExpendituresInterest$7.96MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$60.23MPrincipal due is short-term debt.Result 7.56x | $37.40MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$37.47MtotalCashFromOperatingActivitiesCapex$71.00KcapitalExpendituresFree cash flow$37.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $37.40M | 9.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$61.28MoperatingIncomeTax expense$14.41MincomeTaxExpensePretax income$51.04MincomeBeforeTaxTax rate28.2%Equity$358.34MtotalStockholderEquityDebt$194.59MshortLongTermDebtTotalCash$86.66McashAndShortTermInvestmentsInvested capital$466.27MResult 9.4% | 6.72xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$61.28MoperatingIncomeNet PP&E$9.12MpropertyPlantEquipmentResult 6.72x |
| 2019 | 3.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$26.29MpropertyPlantEquipmentInventory$3.72MinventoryTotal assets$933.24MtotalAssetsResult 3.2% | 10.14xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$266.53MtotalRevenueNet PP&E$26.29MpropertyPlantEquipmentResult 10.14x | 0.01xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$47.00KcapitalExpendituresD&A$4.22MdepreciationAndAmortizationResult 0.01x | -$2.12Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$933.24MtotalAssetsGoodwill$85.86MgoodWillIntangibles$603.29MintangibleAssetsLiabilities$565.69MtotalLiabTangible book-$321.60MShares151,823,000commonStockSharesOutstandingResult -$2.12 | 1.04xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$15.58MebitdaCapex$47.00KcapitalExpendituresInterest$11.24MinterestExpenseShort-term debt$3.68MshortTermDebtEBITDA − capex$15.53MPrincipal due is short-term debt.Result 1.04x | $46.79MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$46.83MtotalCashFromOperatingActivitiesCapex$47.00KcapitalExpendituresFree cash flow$46.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $46.79M | 6.8%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$53.53MoperatingIncomeTax expense$10.55MincomeTaxExpensePretax income$121.00KincomeBeforeTaxTax rate40.0%Equity$367.55MtotalStockholderEquityDebt$198.70MshortLongTermDebtTotalCash$92.29McashAndShortTermInvestmentsInvested capital$473.95MThe effective tax rate was above 40% and was capped at 40%.Result 6.8% | 2.04xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$53.53MoperatingIncomeNet PP&E$26.29MpropertyPlantEquipmentResult 2.04x |
| 2020 | 3.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$23.91MpropertyPlantEquipmentInventory$3.83MinventoryTotal assets$896.69MtotalAssetsResult 3.1% | 10.45xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$249.91MtotalRevenueNet PP&E$23.91MpropertyPlantEquipmentResult 10.45x | 0.11xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$472.00KcapitalExpendituresD&A$4.20MdepreciationAndAmortizationResult 0.11x | -$2.83Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$896.69MtotalAssetsGoodwill$85.86MgoodWillIntangibles$601.25MintangibleAssetsLiabilities$630.43MtotalLiabTangible book-$420.84MShares148,682,000commonStockSharesOutstandingResult -$2.83 | -1.70xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$21.35MebitdaCapex$472.00KcapitalExpendituresInterest$9.67MinterestExpenseShort-term debt$3.14MshortTermDebtEBITDA − capex-$21.82MPrincipal due is short-term debt.Result -1.70x | $28.92MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$29.40MtotalCashFromOperatingActivitiesCapex$472.00KcapitalExpendituresFree cash flow$28.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $28.92M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$55.08MoperatingIncomeTax expense$433.00KincomeTaxExpensePretax income-$35.22MincomeBeforeTaxTax rate—Equity$266.27MtotalStockholderEquityDebt$187.22MshortLongTermDebtTotalCash$108.32McashAndShortTermInvestmentsInvested capital$345.16MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 2.30xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$55.08MoperatingIncomeNet PP&E$23.91MpropertyPlantEquipmentResult 2.30x |
| 2021 | 0.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.08MpropertyPlantEquipmentInventory$3.95MinventoryTotal assets$1.04BtotalAssetsResult 0.5% | 282.56xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$304.32MtotalRevenueNet PP&E$1.08MpropertyPlantEquipmentResult 282.56x | 0.11xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$293.00KcapitalExpendituresD&A$2.69MdepreciationAndAmortizationResult 0.11x | -$2.88Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.04BtotalAssetsGoodwill$85.86MgoodWillIntangibles$601.25MintangibleAssetsLiabilities$768.44MtotalLiabTangible book-$417.68MShares145,055,000commonStockSharesOutstandingResult -$2.88 | 5.69xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$71.69MebitdaCapex$293.00KcapitalExpendituresInterest$12.33MinterestExpenseShort-term debt$209.00KshortTermDebtEBITDA − capex$71.40MPrincipal due is short-term debt.Result 5.69x | $75.03MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$75.32MtotalCashFromOperatingActivitiesCapex$293.00KcapitalExpendituresFree cash flow$75.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $75.03M | 24.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$89.06MoperatingIncomeTax expense$6.87MincomeTaxExpensePretax income$56.67MincomeBeforeTaxTax rate12.1%Equity$269.42MtotalStockholderEquityDebt$319.16MshortLongTermDebtTotalCash$267.88McashAndShortTermInvestmentsInvested capital$320.71MResult 24.4% | 82.69xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$89.06MoperatingIncomeNet PP&E$1.08MpropertyPlantEquipmentResult 82.69x |
| 2022 | 0.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.99MpropertyPlantEquipmentInventory$4.68MinventoryTotal assets$1.03BtotalAssetsResult 0.6% | 151.20xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$301.35MtotalRevenueNet PP&E$1.99MpropertyPlantEquipmentResult 151.20x | 0.18xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$220.00KcapitalExpendituresD&A$1.23MdepreciationAndAmortizationResult 0.18x | -$2.68Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.03BtotalAssetsGoodwill$85.86MgoodWillIntangibles$603.57MintangibleAssetsLiabilities$728.21MtotalLiabTangible book-$383.81MShares143,295,000commonStockSharesOutstandingResult -$2.68 | 0.30xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$56.11MebitdaCapex$220.00KcapitalExpendituresInterest$14.94MinterestExpenseShort-term debt$174.20MshortLongTermDebtEBITDA − capex$55.89MPrincipal due is the current portion of debt.Result 0.30x | $54.87MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$55.09MtotalCashFromOperatingActivitiesCapex$220.00KcapitalExpendituresFree cash flow$54.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $54.87M | 12.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$60.09MoperatingIncomeTax expense-$10.73MincomeTaxExpensePretax income$39.95MincomeBeforeTaxTax rate0.0%Equity$305.61MtotalStockholderEquityDebt$437.34MshortLongTermDebtTotalCash$258.34McashAndShortTermInvestmentsInvested capital$484.61MResult 12.4% | 30.15xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$60.09MoperatingIncomeNet PP&E$1.99MpropertyPlantEquipmentResult 30.15x |
| 2023 | -0.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$990.00KpropertyPlantEquipmentInventory-$5.26MinventoryTotal assets$944.14MtotalAssetsResult -0.5% | 352.56xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$349.04MtotalRevenueNet PP&E$990.00KpropertyPlantEquipmentResult 352.56x | 1.05xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$2.26McapitalExpendituresD&A$2.16MdepreciationAndAmortizationResult 1.05x | -$1.02Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$944.14MtotalAssetsGoodwill$86.84MgoodWillIntangibles$605.08MintangibleAssetsLiabilities$402.43MtotalLiabTangible book-$150.22MShares147,827,000commonStockSharesOutstandingResult -$1.02 | 8.48xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$136.41MebitdaCapex$2.26McapitalExpendituresInterest$15.24MinterestExpenseShort-term debt$578.00KshortTermDebtEBITDA − capex$134.15MPrincipal due is short-term debt.Result 8.48x | $83.34MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$85.60MtotalCashFromOperatingActivitiesCapex$2.26McapitalExpendituresFree cash flow$83.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $83.34M | 12.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$87.49MoperatingIncomeTax expense$16.46MincomeTaxExpensePretax income$119.01MincomeBeforeTaxTax rate13.8%Equity$541.71MtotalStockholderEquityDebt$275.47MshortLongTermDebtTotalCash$188.03McashAndShortTermInvestmentsInvested capital$629.14MResult 12.0% | 88.38xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$87.49MoperatingIncomeNet PP&E$990.00KpropertyPlantEquipmentResult 88.38x |
| 2024 | 0.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.22MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$1.03BtotalAssetsInventory was not reported and is treated as zero.Result 0.1% | 351.76xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$427.74MtotalRevenueNet PP&E$1.22MpropertyPlantEquipmentResult 351.76x | 0.05xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$141.00KcapitalExpendituresD&A$3.06MdepreciationAndAmortizationResult 0.05x | -$1.96Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.03BtotalAssetsGoodwill$86.84MgoodWillIntangibles$605.90MintangibleAssetsLiabilities$633.56MtotalLiabTangible book-$292.76MShares149,253,000commonStockSharesOutstandingResult -$1.96 | 5.97xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$117.37MebitdaCapex$141.00KcapitalExpendituresInterest$18.91MinterestExpenseShort-term debt$709.00KshortTermDebtEBITDA − capex$117.23MPrincipal due is short-term debt.Result 5.97x | $113.32MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$113.46MtotalCashFromOperatingActivitiesCapex$141.00KcapitalExpendituresFree cash flow$113.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $113.32M | 14.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$137.29MoperatingIncomeTax expense$28.71MincomeTaxExpensePretax income$95.40MincomeBeforeTaxTax rate30.1%Equity$399.98MtotalStockholderEquityDebt$512.91MshortLongTermDebtTotalCash$266.63McashAndShortTermInvestmentsInvested capital$646.26MResult 14.9% | 112.91xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$137.29MoperatingIncomeNet PP&E$1.22MpropertyPlantEquipmentResult 112.91x |
| 2025 | 0.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.20MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$1.51BtotalAssetsInventory was not reported and is treated as zero.Result 0.2% | 154.54xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$493.75MtotalRevenueNet PP&E$3.20MpropertyPlantEquipmentResult 154.54x | 0.04xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$215.00KcapitalExpendituresD&A$5.31MdepreciationAndAmortizationResult 0.04x | -$3.89Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.51BtotalAssetsGoodwill$228.62MgoodWillIntangibles$748.96MintangibleAssetsLiabilities$1.10BtotalLiabTangible book-$563.91MShares144,939,000commonStockSharesOutstandingResult -$3.89 | 1.02xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$184.19MebitdaCapex$215.00KcapitalExpendituresInterest$30.42MinterestExpenseShort-term debt$149.60MshortLongTermDebtEBITDA − capex$183.98MPrincipal due is the current portion of debt.Result 1.02x | $149.24MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$149.46MtotalCashFromOperatingActivitiesCapex$215.00KcapitalExpendituresFree cash flow$149.24MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $149.24M | 14.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$174.20MoperatingIncomeTax expense$33.09MincomeTaxExpensePretax income$142.22MincomeBeforeTaxTax rate23.3%Equity$413.67MtotalStockholderEquityDebt$956.59MshortLongTermDebtTotalCash$418.85McashAndShortTermInvestmentsInvested capital$951.41MResult 14.0% | 54.52xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$174.20MoperatingIncomeNet PP&E$3.20MpropertyPlantEquipmentResult 54.52x |
- 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 the current portion of debt.
Latest year inputs (2025)
Net PP&E: $3.20M
Inventory: $0.00
Total assets: $1.51B
Goodwill: $228.62M
Intangibles: $748.96M
Liabilities: $1.10B
Tangible book: -$563.91M
Shares: 144,939,000
Revenue: $493.75M
Capex: $215.00K
D&A: $5.31M
EBITDA: $184.19M
Interest: $30.42M
Short-term debt: $149.60M
Free cash flow: $149.24M
Operating income: $174.20M
Invested capital: $951.41M
Tax rate: 23.3%