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.
Wintrust Financial Corporation
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 0.42x 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 0.79x, which is below 1.
Fixed-asset turnover is 5.41x. Compare it with other names in the same basket.
Physical asset ratio
1.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$781.61MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$71.14BtotalAssetsInventory was not reported and is treated as zero.Result 1.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.41xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.23BtotalRevenueNet PP&E$781.61MpropertyPlantAndEquipmentNetResult 5.41x
Revenue per dollar of the physical asset base.
Capex / D&A
0.42xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$49.95McapitalExpendituresD&A$118.78MdepreciationAndAmortizationResult 0.42x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$94.06Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$71.14BtotalAssetsGoodwill$797.96MgoodWillIntangibles$98.00MintangibleAssetsLiabilities$63.88BtotalLiabTangible book$6.36BShares67,649,000commonStockSharesOutstandingResult $94.06
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.61xPrice / tangible bookPrice / tangible book per sharePrice$151.72Latest quoteTangible book / share$94.062025-12-31Result 1.61x
Price $151.72.
Fixed-charge coverage
0.79xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.24BebitdaCapex$49.95McapitalExpendituresInterest$1.50BinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$1.19BShort-term debt is total debt minus long-term debt.Result 0.79x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$860.40MfreeCashFlowMarket cap$10.53BMarketCapitalizationResult 8.2%
Latest free cash flow divided by current market cap ($10.53B).
ROIC
16.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.12BoperatingIncomeTax expense$294.56MincomeTaxExpensePretax income$1.12BincomeBeforeTaxTax rate26.3%Equity$7.26BtotalStockholderEquityDebt$4.48BshortLongTermDebtTotalCash$6.70BcashAndShortTermInvestmentsInvested capital$5.04BResult 16.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.43x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | -3.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$904.38MpropertyPlantEquipmentInventory-$2.05BinventoryTotal assets$31.24BtotalAssetsResult -3.7% | 1.68xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.52BtotalRevenueNet PP&E$904.38MpropertyPlantEquipmentResult 1.68x | 1.01xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$68.27McapitalExpendituresD&A$67.67MdepreciationAndAmortizationResult 1.01x | $46.29Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$31.24BtotalAssetsGoodwill$573.14MgoodWillIntangibles$49.42MintangibleAssetsLiabilities$27.97BtotalLiabTangible book$2.65BShares57,208,000commonStockSharesOutstandingResult $46.29 | 1.79xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$527.80MebitdaCapex$68.27McapitalExpendituresInterest$205.91MinterestExpenseShort-term debt$50.59MshortLongTermDebtEBITDA − capex$459.53MPrincipal due is the current portion of debt.Result 1.79x | $308.91MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$377.18MtotalCashFromOperatingActivitiesCapex$68.27McapitalExpendituresFree cash flow$308.91MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $308.91M | 39.8%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$460.13MoperatingIncomeTax expense$116.97MincomeTaxExpensePretax income$460.13MincomeBeforeTaxTax rate25.4%Equity$3.27BtotalStockholderEquityDebt$1.21BshortLongTermDebtTotalCash$3.62BcashAndShortTermInvestmentsInvested capital$862.71MResult 39.8% | 0.51xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$460.13MoperatingIncomeNet PP&E$904.38MpropertyPlantEquipmentResult 0.51x |
| 2019 | -4.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$985.52MpropertyPlantEquipmentInventory-$2.79BinventoryTotal assets$36.62BtotalAssetsResult -4.9% | 1.82xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.79BtotalRevenueNet PP&E$985.52MpropertyPlantEquipmentResult 1.82x | 0.93xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$82.02McapitalExpendituresD&A$88.36MdepreciationAndAmortizationResult 0.93x | $52.05Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$36.62BtotalAssetsGoodwill$645.22MgoodWillIntangibles$47.06MintangibleAssetsLiabilities$32.93BtotalLiabTangible book$3.00BShares57,619,000commonStockSharesOutstandingResult $52.05 | 1.39xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$568.46MebitdaCapex$82.02McapitalExpendituresInterest$330.22MinterestExpenseShort-term debt$20.52MshortLongTermDebtEBITDA − capex$486.44MPrincipal due is the current portion of debt.Result 1.39x | $183.97MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$265.99MtotalCashFromOperatingActivitiesCapex$82.02McapitalExpendituresFree cash flow$183.97MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $183.97M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$480.10MoperatingIncomeTax expense$124.40MincomeTaxExpensePretax income$480.10MincomeBeforeTaxTax rate25.9%Equity$3.69BtotalStockholderEquityDebt$1.13BlongTermDebt + shortLongTermDebtCash$5.56BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.49xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$480.10MoperatingIncomeNet PP&E$985.52MpropertyPlantEquipmentResult 0.49x |
| 2020 | -9.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.01BpropertyPlantAndEquipmentNetInventory-$5.43BinventoryTotal assets$45.08BtotalAssetsResult -9.8% | 1.88xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.90BtotalRevenueNet PP&E$1.01BpropertyPlantAndEquipmentNetResult 1.88x | 0.66xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$63.65McapitalExpendituresD&A$96.37MdepreciationAndAmortizationResult 0.66x | $59.19Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$45.08BtotalAssetsGoodwill$645.71MgoodWillIntangibles$36.04MintangibleAssetsLiabilities$40.96BtotalLiabTangible book$3.43BShares58,019,000commonStockSharesOutstandingResult $59.19 | 1.60xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$486.15MebitdaCapex$63.65McapitalExpendituresInterest$253.11MinterestExpenseShort-term debt$11.37MshortLongTermDebtEBITDA − capex$422.50MPrincipal due is the current portion of debt.Result 1.60x | -$582.11MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$518.47MtotalCashFromOperatingActivitiesCapex$63.65McapitalExpendituresFree cash flow-$582.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$582.11M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$389.78MoperatingIncomeTax expense$96.79MincomeTaxExpensePretax income$389.78MincomeBeforeTaxTax rate24.8%Equity$4.12BtotalStockholderEquityDebt$1.22BlongTermDebt + shortLongTermDebtCash$7.90BcashAndShortTermInvestmentsInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result — | 0.39xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$389.78MoperatingIncomeNet PP&E$1.01BpropertyPlantAndEquipmentNetResult 0.39x |
| 2021 | -11.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.01BpropertyPlantAndEquipmentNetInventory-$6.63BinventoryTotal assets$50.14BtotalAssetsResult -11.2% | 1.85xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.86BtotalRevenueNet PP&E$1.01BpropertyPlantAndEquipmentNetResult 1.85x | 0.56xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$57.08McapitalExpendituresD&A$101.80MdepreciationAndAmortizationResult 0.56x | $66.02Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$50.14BtotalAssetsGoodwill$655.15MgoodWillIntangibles$28.31MintangibleAssetsLiabilities$45.64BtotalLiabTangible book$3.82BShares57,786,000commonStockSharesOutstandingResult $66.02 | 3.03xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$739.59MebitdaCapex$57.08McapitalExpendituresInterest$150.53MinterestExpenseShort-term debt$75.00MshortLongTermDebtEBITDA − capex$682.52MPrincipal due is the current portion of debt.Result 3.03x | $1.07BFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$1.13BtotalCashFromOperatingActivitiesCapex$57.08McapitalExpendituresFree cash flow$1.07BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.07B | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$637.80MoperatingIncomeTax expense$171.65MincomeTaxExpensePretax income$637.80MincomeBeforeTaxTax rate26.9%Equity$4.50BtotalStockholderEquityDebt$2.43BshortLongTermDebtTotalCash$7.85BcashAndShortTermInvestmentsInvested capital—Result — | 0.63xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$637.80MoperatingIncomeNet PP&E$1.01BpropertyPlantAndEquipmentNetResult 0.63x |
| 2022 | 1.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.02BpropertyPlantAndEquipmentNetInventory$9.90MinventoryTotal assets$52.95BtotalAssetsResult 1.9% | 2.17xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$2.21BtotalRevenueNet PP&E$1.02BpropertyPlantAndEquipmentNetResult 2.17x | 0.65xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$53.45McapitalExpendituresD&A$82.07MdepreciationAndAmortizationResult 0.65x | $68.58Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$52.95BtotalAssetsGoodwill$653.52MgoodWillIntangibles$22.19MintangibleAssetsLiabilities$48.15BtotalLiabTangible book$4.12BShares60,091,000commonStockSharesOutstandingResult $68.58 | 1.35xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$782.63MebitdaCapex$53.45McapitalExpendituresInterest$252.08MinterestExpenseShort-term debt$290.00MshortLongTermDebtEBITDA − capex$729.18MPrincipal due is the current portion of debt.Result 1.35x | $1.32BFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$1.38BtotalCashFromOperatingActivitiesCapex$53.45McapitalExpendituresFree cash flow$1.32BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.32B | 17.6%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$700.56MoperatingIncomeTax expense$190.87MincomeTaxExpensePretax income$700.56MincomeBeforeTaxTax rate27.2%Equity$4.80BtotalStockholderEquityDebt$3.60BshortLongTermDebtTotalCash$5.50BcashAndShortTermInvestmentsInvested capital$2.90BResult 17.6% | 0.69xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$700.56MoperatingIncomeNet PP&E$1.02BpropertyPlantAndEquipmentNetResult 0.69x |
| 2023 | -1.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.03BpropertyPlantAndEquipmentNetInventory-$1.83BinventoryTotal assets$56.26BtotalAssetsResult -1.4% | 2.81xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.89BtotalRevenueNet PP&E$1.03BpropertyPlantAndEquipmentNetResult 2.81x | 0.94xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$45.21McapitalExpendituresD&A$47.86MdepreciationAndAmortizationResult 0.94x | $76.02Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$56.26BtotalAssetsGoodwill$656.67MgoodWillIntangibles$22.89MintangibleAssetsLiabilities$50.86BtotalLiabTangible book$4.72BShares62,087,000commonStockSharesOutstandingResult $76.02 | 0.01xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$53.30MebitdaCapex$45.21McapitalExpendituresInterest$1.06BinterestExpenseShort-term debt$13.43MshortTermDebtEBITDA − capex$8.09MPrincipal due is short-term debt.Result 0.01x | $1.80BFree cash flow · 2023-12-31Operating cash flow − capexOperating cash flow$1.84BtotalCashFromOperatingActivitiesCapex$45.21McapitalExpendituresFree cash flow$1.80BNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result $1.80B | 1.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$53.30MoperatingIncomeTax expense$222.46MincomeTaxExpensePretax income$845.08MincomeBeforeTaxTax rate26.3%Equity$5.40BtotalStockholderEquityDebt$3.66BshortLongTermDebtTotalCash$5.80BcashAndShortTermInvestmentsInvested capital$3.26BResult 1.2% | 0.05xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$53.30MoperatingIncomeNet PP&E$1.03BpropertyPlantAndEquipmentNetResult 0.05x |
| 2024 | 1.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.06BpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$64.88BtotalAssetsInventory was not reported and is treated as zero.Result 1.6% | 3.75xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$3.97BtotalRevenueNet PP&E$1.06BpropertyPlantAndEquipmentNetResult 3.75x | 0.86xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$86.03McapitalExpendituresD&A$100.08MdepreciationAndAmortizationResult 0.86x | $83.86Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$64.88BtotalAssetsGoodwill$796.94MgoodWillIntangibles$121.69MintangibleAssetsLiabilities$58.54BtotalLiabTangible book$5.43BShares64,701,000commonStockSharesOutstandingResult $83.86 | 0.47xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.05BebitdaCapex$86.03McapitalExpendituresInterest$1.52BinterestExpenseShort-term debt$534.80MshortTermDebtEBITDA − capex$961.14MPrincipal due is short-term debt.Result 0.47x | $635.53MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$721.56MtotalCashFromOperatingActivitiesCapex$86.03McapitalExpendituresFree cash flow$635.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $635.53M | 38.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$947.09MoperatingIncomeTax expense$252.04MincomeTaxExpensePretax income$947.09MincomeBeforeTaxTax rate26.6%Equity$6.34BtotalStockholderEquityDebt$4.24BshortLongTermDebtTotalCash$8.76BcashAndShortTermInvestmentsInvested capital$1.82BResult 38.2% | 0.90xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$947.09MoperatingIncomeNet PP&E$1.06BpropertyPlantAndEquipmentNetResult 0.90x |
| 2025 | 1.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$781.61MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$71.14BtotalAssetsInventory was not reported and is treated as zero.Result 1.1% | 5.41xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$4.23BtotalRevenueNet PP&E$781.61MpropertyPlantAndEquipmentNetResult 5.41x | 0.42xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$49.95McapitalExpendituresD&A$118.78MdepreciationAndAmortizationResult 0.42x | $94.06Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$71.14BtotalAssetsGoodwill$797.96MgoodWillIntangibles$98.00MintangibleAssetsLiabilities$63.88BtotalLiabTangible book$6.36BShares67,649,000commonStockSharesOutstandingResult $94.06 | 0.79xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.24BebitdaCapex$49.95McapitalExpendituresInterest$1.50BinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$1.19BShort-term debt is total debt minus long-term debt.Result 0.79x | $860.40MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$910.35MtotalCashFromOperatingActivitiesCapex$49.95McapitalExpendituresFree cash flow$860.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $860.40M | 16.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.12BoperatingIncomeTax expense$294.56MincomeTaxExpensePretax income$1.12BincomeBeforeTaxTax rate26.3%Equity$7.26BtotalStockholderEquityDebt$4.48BshortLongTermDebtTotalCash$6.70BcashAndShortTermInvestmentsInvested capital$5.04BResult 16.4% | 1.43xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$1.12BoperatingIncomeNet PP&E$781.61MpropertyPlantAndEquipmentNetResult 1.43x |
- 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: $781.61M
Inventory: $0.00
Total assets: $71.14B
Goodwill: $797.96M
Intangibles: $98.00M
Liabilities: $63.88B
Tangible book: $6.36B
Shares: 67,649,000
Revenue: $4.23B
Capex: $49.95M
D&A: $118.78M
EBITDA: $1.24B
Interest: $1.50B
Short-term debt: $0.00
Free cash flow: $860.40M
Operating income: $1.12B
Invested capital: $5.04B
Tax rate: 26.3%