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.
Zeta Global Holdings Corp
Physical assets are 2.3% of total assets, a light footprint. Capex is 0.19x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 37.82x.
Physical asset ratio
2.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$34.49MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.50BtotalAssetsInventory was not reported and is treated as zero.Result 2.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
37.82xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.30BtotalRevenueNet PP&E$34.49MpropertyPlantAndEquipmentNetResult 37.82x
Revenue per dollar of the physical asset base.
Capex / D&A
0.19xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$13.82McapitalExpendituresD&A$72.04MdepreciationAndAmortizationResult 0.19x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.12Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.50BtotalAssetsGoodwill$527.89MgoodWillIntangibles$249.46MintangibleAssetsLiabilities$698.94MtotalLiabTangible book$27.24MShares222,440,882commonStockSharesOutstandingResult $0.12
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
257.23xPrice / tangible bookPrice / tangible book per sharePrice$31.50Latest quoteTangible book / share$0.122025-12-31Result 257.23x
Price $31.50.
Fixed-charge coverage
68.75xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$39.32MebitdaCapex$13.82McapitalExpendituresInterest$371.00KinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$25.51MShort-term debt is total debt minus long-term debt.Result 68.75x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$185.09MfreeCashFlowMarket cap$7.92BMarketCapitalizationResult 2.3%
Latest free cash flow divided by current market cap ($7.92B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.37MoperatingIncomeTax expense-$1.58MincomeTaxExpensePretax income-$33.09MincomeBeforeTaxTax rate—Equity$804.59MtotalStockholderEquityDebt$197.08MshortLongTermDebtTotalCash$319.76McashInvested capital$681.91MROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.16x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 3.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.99MpropertyPlantEquipmentInventory$3.35MinventoryTotal assets$320.10MtotalAssetsResult 3.2% | 43.77xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$306.05MtotalRevenueNet PP&E$6.99MpropertyPlantEquipmentResult 43.77x | 0.66xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$22.67McapitalExpendituresD&A$34.34MdepreciationAndAmortizationResult 0.66x | -$5.67Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$320.10MtotalAssetsGoodwill$78.15MgoodWillIntangibles$74.66MintangibleAssetsLiabilities$352.22MtotalLiabTangible book-$184.93MShares32,607,405commonStockSharesOutstandingResult -$5.67 | -0.17xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$12.38MebitdaCapex$22.67McapitalExpendituresInterest$15.49MinterestExpenseShort-term debt$43.85MshortTermDebtEBITDA − capex-$10.30MPrincipal due is short-term debt.Result -0.17x | $7.93MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$30.60MtotalCashFromOperatingActivitiesCapex$22.67McapitalExpendituresFree cash flow$7.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.93M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$10.22MoperatingIncomeTax expense$1.01MincomeTaxExpensePretax income-$37.46MincomeBeforeTaxTax rate—Equity-$32.12MtotalStockholderEquityDebt$183.11MshortLongTermDebtTotalCash$37.48McashInvested capital$113.50MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.46xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$10.22MoperatingIncomeNet PP&E$6.99MpropertyPlantEquipmentResult -1.46x |
| 2020 | 3.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$6.12MpropertyPlantEquipmentInventory$3.90MinventoryTotal assets$289.80MtotalAssetsResult 3.5% | 60.18xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$368.12MtotalRevenueNet PP&E$6.12MpropertyPlantEquipmentResult 60.18x | 0.63xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$25.21McapitalExpendituresD&A$40.06MdepreciationAndAmortizationResult 0.63x | -$6.84Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$289.80MtotalAssetsGoodwill$76.43MgoodWillIntangibles$61.48MintangibleAssetsLiabilities$374.81MtotalLiabTangible book-$222.92MShares32,571,437commonStockSharesOutstandingResult -$6.84 | -0.35xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$4.02MebitdaCapex$25.21McapitalExpendituresInterest$16.26MinterestExpenseShort-term debt$44.62MshortTermDebtEBITDA − capex-$21.19MPrincipal due is short-term debt.Result -0.35x | $10.33MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$35.54MtotalCashFromOperatingActivitiesCapex$25.21McapitalExpendituresFree cash flow$10.33MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.33M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$583.00KoperatingIncomeTax expense$919.00KincomeTaxExpensePretax income-$52.31MincomeBeforeTaxTax rate—Equity-$85.01MtotalStockholderEquityDebt$189.69MshortLongTermDebtTotalCash$50.73McashInvested capital$53.96MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.10xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$583.00KoperatingIncomeNet PP&E$6.12MpropertyPlantEquipmentResult -0.10x |
| 2021 | 3.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$5.63MpropertyPlantEquipmentInventory$6.97MinventoryTotal assets$397.27MtotalAssetsResult 3.2% | 81.41xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$458.34MtotalRevenueNet PP&E$5.63MpropertyPlantEquipmentResult 81.41x | 0.58xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$26.76McapitalExpendituresD&A$45.92MdepreciationAndAmortizationResult 0.58x | -$0.52Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$397.27MtotalAssetsGoodwill$114.51MgoodWillIntangibles$79.00MintangibleAssetsLiabilities$306.78MtotalLiabTangible book-$103.02MShares197,830,942commonStockSharesOutstandingResult -$0.52 | -3.15xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$197.21MebitdaCapex$26.76McapitalExpendituresInterest$7.03MinterestExpenseShort-term debt$63.98MshortTermDebtEBITDA − capex-$223.96MPrincipal due is short-term debt.Result -3.15x | $17.54MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$44.29MtotalCashFromOperatingActivitiesCapex$26.76McapitalExpendituresFree cash flow$17.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $17.54M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$245.73MoperatingIncomeTax expense-$598.00KincomeTaxExpensePretax income-$250.16MincomeBeforeTaxTax rate—Equity$90.49MtotalStockholderEquityDebt$247.59MshortLongTermDebtTotalCash$103.86McashInvested capital$234.22MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -43.65xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$245.73MoperatingIncomeNet PP&E$5.63MpropertyPlantEquipmentResult -43.65x |
| 2022 | 4.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.37MpropertyPlantAndEquipmentNetInventory$7.15MinventoryTotal assets$480.01MtotalAssetsResult 4.3% | 44.20xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$590.96MtotalRevenueNet PP&E$13.37MpropertyPlantAndEquipmentNetResult 44.20x | 0.76xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$39.24McapitalExpendituresD&A$51.88MdepreciationAndAmortizationResult 0.76x | -$0.62Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$480.01MtotalAssetsGoodwill$133.07MgoodWillIntangibles$81.07MintangibleAssetsLiabilities$351.98MtotalLiabTangible book-$86.11MShares138,985,265commonStockSharesOutstandingResult -$0.62 | -35.71xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$221.55MebitdaCapex$39.24McapitalExpendituresInterest$7.30MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex-$260.79MShort-term debt is total debt minus long-term debt.Result -35.71x | $39.25MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$78.49MtotalCashFromOperatingActivitiesCapex$39.24McapitalExpendituresFree cash flow$39.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $39.25M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$258.69MoperatingIncomeTax expense-$1.49MincomeTaxExpensePretax income-$280.73MincomeBeforeTaxTax rate—Equity$128.03MtotalStockholderEquityDebt$183.95MshortLongTermDebtTotalCash$121.11McashInvested capital$190.87MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -19.35xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$258.69MoperatingIncomeNet PP&E$13.37MpropertyPlantAndEquipmentNetResult -19.35x |
| 2023 | 2.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$14.06MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$564.79MtotalAssetsInventory was not reported and is treated as zero.Result 2.5% | 51.85xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$728.72MtotalRevenueNet PP&E$14.06MpropertyPlantAndEquipmentNetResult 51.85x | 0.70xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$35.97McapitalExpendituresD&A$51.15MdepreciationAndAmortizationResult 0.70x | -$0.26Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$564.79MtotalAssetsGoodwill$140.91MgoodWillIntangibles$80.91MintangibleAssetsLiabilities$384.27MtotalLiabTangible book-$41.29MShares156,697,308commonStockSharesOutstandingResult -$0.26 | -12.60xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$124.36MebitdaCapex$35.97McapitalExpendituresInterest$10.94MinterestExpenseShort-term debt$1.79MshortTermDebtEBITDA − capex-$160.33MPrincipal due is short-term debt.Result -12.60x | $54.55MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$90.52MtotalCashFromOperatingActivitiesCapex$35.97McapitalExpendituresFree cash flow$54.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $54.55M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$164.64MoperatingIncomeTax expense$1.04MincomeTaxExpensePretax income-$186.44MincomeBeforeTaxTax rate—Equity$180.52MtotalStockholderEquityDebt$184.15MshortLongTermDebtTotalCash$131.73McashInvested capital$232.94MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -11.71xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$164.64MoperatingIncomeNet PP&E$14.06MpropertyPlantAndEquipmentNetResult -11.71x |
| 2024 | 1.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.66MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.13BtotalAssetsInventory was not reported and is treated as zero.Result 1.6% | 56.94xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.01BtotalRevenueNet PP&E$17.66MpropertyPlantAndEquipmentNetResult 56.94x | 0.74xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$41.77McapitalExpendituresD&A$56.10MdepreciationAndAmortizationResult 0.74x | $1.11Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.13BtotalAssetsGoodwill$325.99MgoodWillIntangibles$144.13MintangibleAssetsLiabilities$454.36MtotalLiabTangible book$206.68MShares185,984,000commonStockSharesOutstandingResult $1.11 | -7.48xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$11.70MebitdaCapex$41.77McapitalExpendituresInterest$7.15MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex-$53.47MShort-term debt is total debt minus long-term debt.Result -7.48x | $92.09MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$133.86MtotalCashFromOperatingActivitiesCapex$41.77McapitalExpendituresFree cash flow$92.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $92.09M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$59.69MoperatingIncomeTax expense-$5.18MincomeTaxExpensePretax income-$74.95MincomeBeforeTaxTax rate—Equity$676.80MtotalStockholderEquityDebt$196.29MshortLongTermDebtTotalCash$366.16McashInvested capital$506.93MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.38xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$59.69MoperatingIncomeNet PP&E$17.66MpropertyPlantAndEquipmentNetResult -3.38x |
| 2025 | 2.3%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$34.49MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.50BtotalAssetsInventory was not reported and is treated as zero.Result 2.3% | 37.82xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.30BtotalRevenueNet PP&E$34.49MpropertyPlantAndEquipmentNetResult 37.82x | 0.19xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$13.82McapitalExpendituresD&A$72.04MdepreciationAndAmortizationResult 0.19x | $0.12Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.50BtotalAssetsGoodwill$527.89MgoodWillIntangibles$249.46MintangibleAssetsLiabilities$698.94MtotalLiabTangible book$27.24MShares222,440,882commonStockSharesOutstandingResult $0.12 | 68.75xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$39.32MebitdaCapex$13.82McapitalExpendituresInterest$371.00KinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$25.51MShort-term debt is total debt minus long-term debt.Result 68.75x | $185.09MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$198.90MtotalCashFromOperatingActivitiesCapex$13.82McapitalExpendituresFree cash flow$185.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $185.09M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.37MoperatingIncomeTax expense-$1.58MincomeTaxExpensePretax income-$33.09MincomeBeforeTaxTax rate—Equity$804.59MtotalStockholderEquityDebt$197.08MshortLongTermDebtTotalCash$319.76McashInvested capital$681.91MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.16xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$5.37MoperatingIncomeNet PP&E$34.49MpropertyPlantAndEquipmentNetResult 0.16x |
- 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 total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $34.49M
Inventory: $0.00
Total assets: $1.50B
Goodwill: $527.89M
Intangibles: $249.46M
Liabilities: $698.94M
Tangible book: $27.24M
Shares: 222,440,882
Revenue: $1.30B
Capex: $13.82M
D&A: $72.04M
EBITDA: $39.32M
Interest: $371.00K
Short-term debt: $0.00
Free cash flow: $185.09M
Operating income: $5.37M
Invested capital: $681.91M
Tax rate: —