Actually, based on their budgeted Revenue for FY2019, based on...

Actually, based on their budgeted Revenue for FY2019, based on your approach, each piece of equipment is going to be generating revenue of $460,000.

I have gone back and conducted the exercise for each year and, as can be seen from the table below, BOL's current fleet, in terms of size, is half of what it was at the peak of the cycle in 2008 and 2009.

And, as can be seen from the table, based on its current revenue output, the fleet is performing at record levels.



So, whether one looks at it from a balance sheet basis, or from a "pieces of gear", BOL's assets look like they are currently maxed out.

If they want to increase Revenues, I'm afraid they are going to have to start spending again (which, as the latest result commentary suggests, is exactly what they are doing).

That's why I describe an investment in a company like this as "profitless prosperity".
Because shareholders never get to access the profits of the business... during the bad times, there is no spare cash for shareholders and when the good times come around all the capital that gets generated is ploughed back into the business.