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.
Expro Group Holdings NV
Physical assets are 32.5% of total assets, a mixed footprint. Capex is 0.59x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 4.9%, below an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 2.70x.
Physical asset ratio
32.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$595.93MpropertyPlantAndEquipmentNetInventory$167.90MinventoryTotal assets$2.35BtotalAssetsResult 32.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.70xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.61BtotalRevenueNet PP&E$595.93MpropertyPlantAndEquipmentNetResult 2.70x
Revenue per dollar of the physical asset base.
Capex / D&A
0.59xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$112.39McapitalExpendituresD&A$192.11MdepreciationAndAmortizationResult 0.59x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$8.07Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.35BtotalAssetsGoodwill$348.56MgoodWillIntangibles$251.33MintangibleAssetsLiabilities$814.17MtotalLiabTangible book$934.24MShares115,749,247commonStockSharesOutstandingResult $8.07
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.72xPrice / tangible bookPrice / tangible book per sharePrice$13.86Latest quoteTangible book / share$8.072025-12-31Result 1.72x
Price $13.86.
Fixed-charge coverage
5.17xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$292.73MebitdaCapex$112.39McapitalExpendituresInterest$14.28MinterestExpenseShort-term debt$20.58MshortTermDebtEBITDA − capex$180.34MPrincipal due is short-term debt.Result 5.17x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.5%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$97.79MfreeCashFlowMarket cap$1.50BMarketCapitalizationResult 6.5%
Latest free cash flow divided by current market cap ($1.50B).
ROIC
4.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$115.83MoperatingIncomeTax expense$34.65MincomeTaxExpensePretax income$86.34MincomeBeforeTaxTax rate40.0%Equity$1.53BtotalStockholderEquityDebt$79.07MlongTermDebt + shortLongTermDebtCash$197.47McashInvested capital$1.42BThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.19x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 40.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$416.49MpropertyPlantAndEquipmentNetInventory$69.38MinventoryTotal assets$1.19BtotalAssetsResult 40.7% | 1.25xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$522.49MtotalRevenueNet PP&E$416.49MpropertyPlantAndEquipmentNetResult 1.25x | 0.51xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$56.47McapitalExpendituresD&A$111.29MdepreciationAndAmortizationResult 0.51x | $21.23Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.19BtotalAssetsGoodwill$211.04MgoodWillIntangibles$31.07MintangibleAssetsLiabilities$159.16MtotalLiabTangible book$792.66MShares37,333,167commonStockSharesOutstandingResult $21.23 | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$17.61MebitdaCapex$56.47McapitalExpendituresInterest—Not reportedShort-term debt$5.63MshortTermDebtEBITDA − capex-$38.86MPrincipal due is short-term debt.Result — | -$90.85MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$34.38MtotalCashFromOperatingActivitiesCapex$56.47McapitalExpendituresFree cash flow-$90.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$90.85M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$94.50MoperatingIncomeTax expense-$2.95MincomeTaxExpensePretax income-$93.68MincomeBeforeTaxTax rate—Equity$1.03BtotalStockholderEquityDebt$5.63MshortLongTermDebtTotalCash$212.82McashAndShortTermInvestmentsInvested capital$827.58MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.23xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$94.50MoperatingIncomeNet PP&E$416.49MpropertyPlantAndEquipmentNetResult -0.23x |
| 2019 | 44.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$361.02MpropertyPlantAndEquipmentNetInventory$78.83MinventoryTotal assets$994.17MtotalAssetsResult 44.2% | 1.61xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$579.92MtotalRevenueNet PP&E$361.02MpropertyPlantAndEquipmentNetResult 1.61x | 0.40xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$36.94McapitalExpendituresD&A$92.80MdepreciationAndAmortizationResult 0.40x | $11.99Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$994.17MtotalAssetsGoodwill$99.93MgoodWillIntangibles$260.51MintangibleAssetsLiabilities$183.87MtotalLiabTangible book$449.85MShares37,526,499commonStockSharesOutstandingResult $11.99 | -1.44xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$118.74MebitdaCapex$36.94McapitalExpendituresInterest$100.40MinterestExpenseShort-term debt$7.93MshortTermDebtEBITDA − capex-$155.68MPrincipal due is short-term debt.Result -1.44x | -$10.08MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$26.86MtotalCashFromOperatingActivitiesCapex$36.94McapitalExpendituresFree cash flow-$10.08MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.08M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$50.32MoperatingIncomeTax expense$23.79MincomeTaxExpensePretax income-$211.54MincomeBeforeTaxTax rate—Equity$810.29MtotalStockholderEquityDebt$32.89MshortLongTermDebtTotalCash$196.74McashInvested capital$646.45MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.14xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$50.32MoperatingIncomeNet PP&E$361.02MpropertyPlantAndEquipmentNetResult -0.14x |
| 2020 | 39.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$351.97MpropertyPlantAndEquipmentNetInventory$53.36MinventoryTotal assets$1.04BtotalAssetsResult 39.0% | 1.92xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$675.03MtotalRevenueNet PP&E$351.97MpropertyPlantAndEquipmentNetResult 1.92x | 0.99xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$112.39McapitalExpendituresD&A$113.69MdepreciationAndAmortizationResult 0.99x | $5.83Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.04BtotalAssetsGoodwill$25.50MgoodWillIntangibles$173.17MintangibleAssetsLiabilities$427.77MtotalLiabTangible book$413.31MShares70,889,610commonStockSharesOutstandingResult $5.83 | -14.50xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$191.10MebitdaCapex$112.39McapitalExpendituresInterest$5.66MinterestExpenseShort-term debt$15.28MshortTermDebtEBITDA − capex-$303.48MPrincipal due is short-term debt.Result -14.50x | -$42.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$70.39MtotalCashFromOperatingActivitiesCapex$112.39McapitalExpendituresFree cash flow-$42.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$42.00M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$29.36MoperatingIncomeTax expense-$3.40MincomeTaxExpensePretax income-$310.45MincomeBeforeTaxTax rate—Equity$611.98MtotalStockholderEquityDebt$90.84MshortLongTermDebtTotalCash$116.92McashInvested capital$585.90MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.08xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$29.36MoperatingIncomeNet PP&E$351.97MpropertyPlantAndEquipmentNetResult -0.08x |
| 2021 | 35.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$561.95MpropertyPlantEquipmentInventory$125.12MinventoryTotal assets$1.92BtotalAssetsResult 35.7% | 1.47xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$825.76MtotalRevenueNet PP&E$561.95MpropertyPlantEquipmentResult 1.47x | 0.66xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$81.51McapitalExpendituresD&A$123.87MdepreciationAndAmortizationResult 0.66x | $10.74Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.92BtotalAssetsGoodwill$179.90MgoodWillIntangibles$253.05MintangibleAssetsLiabilities$626.11MtotalLiabTangible book$864.62MShares80,525,694commonStockSharesOutstandingResult $10.74 | -2.18xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$17.04MebitdaCapex$81.51McapitalExpendituresInterest$8.80MinterestExpenseShort-term debt$20.84MshortTermDebtEBITDA − capex-$64.47MPrincipal due is short-term debt.Result -2.18x | -$65.37MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$16.14MtotalCashFromOperatingActivitiesCapex$81.51McapitalExpendituresFree cash flow-$65.37MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$65.37M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$73.15MoperatingIncomeTax expense$16.27MincomeTaxExpensePretax income-$115.62MincomeBeforeTaxTax rate—Equity$1.30BtotalStockholderEquityDebt$110.30MshortLongTermDebtTotalCash$239.85McashInvested capital$1.17BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.13xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$73.15MoperatingIncomeNet PP&E$561.95MpropertyPlantEquipmentResult -0.13x |
| 2022 | 35.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$537.17MpropertyPlantAndEquipmentNetInventory$153.72MinventoryTotal assets$1.96BtotalAssetsResult 35.2% | 2.38xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.28BtotalRevenueNet PP&E$537.17MpropertyPlantAndEquipmentNetResult 2.38x | 0.64xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$89.87McapitalExpendituresD&A$139.77MdepreciationAndAmortizationResult 0.64x | $7.66Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.96BtotalAssetsGoodwill$220.98MgoodWillIntangibles$229.50MintangibleAssetsLiabilities$678.54MtotalLiabTangible book$835.41MShares109,072,761commonStockSharesOutstandingResult $7.66 | 3.50xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$161.11MebitdaCapex$89.87McapitalExpendituresInterest$241.00KinterestExpenseShort-term debt$20.10MshortTermDebtEBITDA − capex$71.24MPrincipal due is short-term debt.Result 3.50x | -$9.70MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$80.17MtotalCashFromOperatingActivitiesCapex$89.87McapitalExpendituresFree cash flow-$9.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$9.70M | 1.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$23.91MoperatingIncomeTax expense$41.25MincomeTaxExpensePretax income$21.10MincomeBeforeTaxTax rate40.0%Equity$1.29BtotalStockholderEquityDebt$94.72MshortLongTermDebtTotalCash$218.46McashInvested capital$1.16BThe effective tax rate was above 40% and was capped at 40%.Result 1.2% | 0.04xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$23.91MoperatingIncomeNet PP&E$537.17MpropertyPlantAndEquipmentNetResult 0.04x |
| 2023 | 35.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$585.53MpropertyPlantAndEquipmentNetInventory$143.33MinventoryTotal assets$2.07BtotalAssetsResult 35.3% | 2.58xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.51BtotalRevenueNet PP&E$585.53MpropertyPlantAndEquipmentNetResult 2.58x | 0.71xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$122.11McapitalExpendituresD&A$172.26MdepreciationAndAmortizationResult 0.71x | $7.41Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.07BtotalAssetsGoodwill$247.69MgoodWillIntangibles$239.72MintangibleAssetsLiabilities$769.74MtotalLiabTangible book$808.47MShares109,161,453commonStockSharesOutstandingResult $7.41 | 3.20xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$197.15MebitdaCapex$122.11McapitalExpendituresInterest$3.94MinterestExpenseShort-term debt$19.50MshortTermDebtEBITDA − capex$75.04MPrincipal due is short-term debt.Result 3.20x | $16.20MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$138.31MtotalCashFromOperatingActivitiesCapex$122.11McapitalExpendituresFree cash flow$16.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $16.20M | 1.8%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$34.96MoperatingIncomeTax expense$44.31MincomeTaxExpensePretax income$20.95MincomeBeforeTaxTax rate40.0%Equity$1.30BtotalStockholderEquityDebt$20.00MlongTermDebt + shortLongTermDebtCash$153.17McashInvested capital$1.16BThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 1.8% | 0.06xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$34.96MoperatingIncomeNet PP&E$585.53MpropertyPlantAndEquipmentNetResult 0.06x |
| 2024 | 32.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$630.34MpropertyPlantAndEquipmentNetInventory$159.04MinventoryTotal assets$2.41BtotalAssetsResult 32.8% | 2.72xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.71BtotalRevenueNet PP&E$630.34MpropertyPlantAndEquipmentNetResult 2.72x | 0.88xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$143.58McapitalExpendituresD&A$163.47MdepreciationAndAmortizationResult 0.88x | $7.28Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.41BtotalAssetsGoodwill$348.92MgoodWillIntangibles$298.86MintangibleAssetsLiabilities$916.47MtotalLiabTangible book$843.71MShares115,829,638commonStockSharesOutstandingResult $7.28 | 4.07xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$273.95MebitdaCapex$143.58McapitalExpendituresInterest$12.52MinterestExpenseShort-term debt$19.49MshortTermDebtEBITDA − capex$130.38MPrincipal due is short-term debt.Result 4.07x | $25.90MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$169.48MtotalCashFromOperatingActivitiesCapex$143.58McapitalExpendituresFree cash flow$25.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $25.90M | 5.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$127.55MoperatingIncomeTax expense$46.05MincomeTaxExpensePretax income$97.97MincomeBeforeTaxTax rate40.0%Equity$1.49BtotalStockholderEquityDebt$121.07MlongTermDebt + shortLongTermDebtCash$184.66McashInvested capital$1.43BThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 5.4% | 0.20xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$127.55MoperatingIncomeNet PP&E$630.34MpropertyPlantAndEquipmentNetResult 0.20x |
| 2025 | 32.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$595.93MpropertyPlantAndEquipmentNetInventory$167.90MinventoryTotal assets$2.35BtotalAssetsResult 32.5% | 2.70xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.61BtotalRevenueNet PP&E$595.93MpropertyPlantAndEquipmentNetResult 2.70x | 0.59xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$112.39McapitalExpendituresD&A$192.11MdepreciationAndAmortizationResult 0.59x | $8.07Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.35BtotalAssetsGoodwill$348.56MgoodWillIntangibles$251.33MintangibleAssetsLiabilities$814.17MtotalLiabTangible book$934.24MShares115,749,247commonStockSharesOutstandingResult $8.07 | 5.17xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$292.73MebitdaCapex$112.39McapitalExpendituresInterest$14.28MinterestExpenseShort-term debt$20.58MshortTermDebtEBITDA − capex$180.34MPrincipal due is short-term debt.Result 5.17x | $97.79MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$210.17MtotalCashFromOperatingActivitiesCapex$112.39McapitalExpendituresFree cash flow$97.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $97.79M | 4.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$115.83MoperatingIncomeTax expense$34.65MincomeTaxExpensePretax income$86.34MincomeBeforeTaxTax rate40.0%Equity$1.53BtotalStockholderEquityDebt$79.07MlongTermDebt + shortLongTermDebtCash$197.47McashInvested capital$1.42BThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.9% | 0.19xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$115.83MoperatingIncomeNet PP&E$595.93MpropertyPlantAndEquipmentNetResult 0.19x |
- Principal due is short-term debt, the amount reported as due within a year.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: $595.93M
Inventory: $167.90M
Total assets: $2.35B
Goodwill: $348.56M
Intangibles: $251.33M
Liabilities: $814.17M
Tangible book: $934.24M
Shares: 115,749,247
Revenue: $1.61B
Capex: $112.39M
D&A: $192.11M
EBITDA: $292.73M
Interest: $14.28M
Short-term debt: $20.58M
Free cash flow: $97.79M
Operating income: $115.83M
Invested capital: $1.42B
Tax rate: 40.0%