We develop a text-based measure of intangible investment intensity derived from firms’ 10-K filings. Our approach further classifies disclosure text into knowledge, customer, and organization capital. Firms with high intangible intensity are smaller, younger, and invest heavily in R&D and human capital, while the three subcomponents map cleanly to distinct economic firm types. Intangible intensity contains information about future profitability that is not captured by standard accounting measures. Managerial language thus embeds forward-looking signals about intangible investment that accounting data obscure.