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.
Astronics Corporation
Physical assets are 47.6% of total assets, a mixed footprint. Capex is 1.45x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 14.0%, above 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 6.19x.
Physical asset ratio
47.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$139.35MpropertyPlantAndEquipmentNetInventory$196.86MinventoryTotal assets$706.68MtotalAssetsResult 47.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.19xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$862.13MtotalRevenueNet PP&E$139.35MpropertyPlantAndEquipmentNetResult 6.19x
Revenue per dollar of the physical asset base.
Capex / D&A
1.45xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$31.67McapitalExpendituresD&A$21.84MdepreciationAndAmortizationResult 1.45x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.57Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$706.68MtotalAssetsGoodwill$62.92MgoodWillIntangibles$55.35MintangibleAssetsLiabilities$566.60MtotalLiabTangible book$21.80MShares38,481,000commonStockSharesOutstandingResult $0.57
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
111.00xPrice / tangible bookPrice / tangible book per sharePrice$62.88Latest quoteTangible book / share$0.572025-12-31Result 111.00x
Price $62.88.
Fixed-charge coverage
1.89xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$66.34MebitdaCapex$31.67McapitalExpendituresInterest$12.56MinterestExpenseShort-term debt$5.80MshortTermDebtEBITDA − capex$34.67MPrincipal due is short-term debt.Result 1.89x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
1.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$43.12MfreeCashFlowMarket cap$2.60BMarketCapitalizationResult 1.7%
Latest free cash flow divided by current market cap ($2.60B).
ROIC
14.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$76.41MoperatingIncomeTax expense$2.59MincomeTaxExpensePretax income$31.95MincomeBeforeTaxTax rate8.1%Equity$140.07MtotalStockholderEquityDebt$378.35MshortLongTermDebtTotalCash$18.18McashInvested capital$500.25MResult 14.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.55x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 33.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$120.86MpropertyPlantEquipmentInventory$138.69MinventoryTotal assets$774.64MtotalAssetsResult 33.5% | 6.65xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$803.26MtotalRevenueNet PP&E$120.86MpropertyPlantEquipmentResult 6.65x | 0.47xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$16.32McapitalExpendituresD&A$35.03MdepreciationAndAmortizationResult 0.47x | $3.87Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$774.64MtotalAssetsGoodwill$124.95MgoodWillIntangibles$133.38MintangibleAssetsLiabilities$388.02MtotalLiabTangible book$128.29MShares33,136,000commonStockSharesOutstandingResult $3.87 | 7.11xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$98.70MebitdaCapex$16.32McapitalExpendituresInterest$9.71MinterestExpenseShort-term debt$1.87MshortTermDebtEBITDA − capex$82.38MPrincipal due is short-term debt.Result 7.11x | $38.56MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$54.88MtotalCashFromOperatingActivitiesCapex$16.32McapitalExpendituresFree cash flow$38.56MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $38.56M | 9.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$63.66MoperatingIncomeTax expense$5.48MincomeTaxExpensePretax income$52.28MincomeBeforeTaxTax rate10.5%Equity$386.63MtotalStockholderEquityDebt$238.76MshortLongTermDebtTotalCash$16.62McashInvested capital$608.76MResult 9.4% | 0.53xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$63.66MoperatingIncomeNet PP&E$120.86MpropertyPlantEquipmentResult 0.53x |
| 2019 | 36.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$138.60MpropertyPlantAndEquipmentNetInventory$145.79MinventoryTotal assets$782.72MtotalAssetsResult 36.3% | 5.58xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$772.70MtotalRevenueNet PP&E$138.60MpropertyPlantAndEquipmentNetResult 5.58x | 0.37xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$12.08McapitalExpendituresD&A$33.05MdepreciationAndAmortizationResult 0.37x | $3.59Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$782.72MtotalAssetsGoodwill$144.97MgoodWillIntangibles$127.29MintangibleAssetsLiabilities$393.86MtotalLiabTangible book$116.59MShares32,459,000commonStockSharesOutstandingResult $3.59 | 5.30xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$45.83MebitdaCapex$12.08McapitalExpendituresInterest$6.14MinterestExpenseShort-term debt$224.00KshortLongTermDebtEBITDA − capex$33.75MPrincipal due is the current portion of debt.Result 5.30x | $30.61MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$42.69MtotalCashFromOperatingActivitiesCapex$12.08McapitalExpendituresFree cash flow$30.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $30.61M | 0.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.70MoperatingIncomeTax expense$16.29MincomeTaxExpensePretax income$68.30MincomeBeforeTaxTax rate23.8%Equity$388.86MtotalStockholderEquityDebt$218.48MshortLongTermDebtTotalCash$31.91McashInvested capital$575.43MResult 0.2% | 0.01xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$1.70MoperatingIncomeNet PP&E$138.60MpropertyPlantAndEquipmentNetResult 0.01x |
| 2020 | 42.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$106.68MpropertyPlantEquipmentInventory$157.06MinventoryTotal assets$619.75MtotalAssetsResult 42.6% | 4.71xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$502.59MtotalRevenueNet PP&E$106.68MpropertyPlantEquipmentResult 4.71x | 0.23xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$7.46McapitalExpendituresD&A$31.85MdepreciationAndAmortizationResult 0.23x | $3.32Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$619.75MtotalAssetsGoodwill$58.28MgoodWillIntangibles$109.89MintangibleAssetsLiabilities$349.37MtotalLiabTangible book$102.20MShares30,795,000commonStockSharesOutstandingResult $3.32 | 0.91xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$18.17MebitdaCapex$7.46McapitalExpendituresInterest$6.74MinterestExpenseShort-term debt$5.00MshortTermDebtEBITDA − capex$10.71MPrincipal due is short-term debt.Result 0.91x | $29.88MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$37.34MtotalCashFromOperatingActivitiesCapex$7.46McapitalExpendituresFree cash flow$29.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $29.88M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$100.70MoperatingIncomeTax expense$3.37MincomeTaxExpensePretax income-$112.41MincomeBeforeTaxTax rate—Equity$270.37MtotalStockholderEquityDebt$178.00MshortLongTermDebtTotalCash$40.41McashInvested capital$407.96MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.94xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$100.70MoperatingIncomeNet PP&E$106.68MpropertyPlantEquipmentResult -0.94x |
| 2021 | 41.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$95.24MpropertyPlantEquipmentInventory$157.58MinventoryTotal assets$609.14MtotalAssetsResult 41.5% | 4.67xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$444.91MtotalRevenueNet PP&E$95.24MpropertyPlantEquipmentResult 4.67x | 0.21xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$6.03McapitalExpendituresD&A$29.01MdepreciationAndAmortizationResult 0.21x | $3.35Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$609.14MtotalAssetsGoodwill$58.28MgoodWillIntangibles$94.32MintangibleAssetsLiabilities$352.53MtotalLiabTangible book$104.00MShares31,061,000commonStockSharesOutstandingResult $3.35 | -0.79xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$4.68MebitdaCapex$6.03McapitalExpendituresInterest$6.80MinterestExpenseShort-term debt$6.78MshortTermDebtEBITDA − capex-$10.72MPrincipal due is short-term debt.Result -0.79x | -$11.56MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$5.53MtotalCashFromOperatingActivitiesCapex$6.03McapitalExpendituresFree cash flow-$11.56MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$11.56M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$28.67MoperatingIncomeTax expense-$1.38MincomeTaxExpensePretax income-$26.96MincomeBeforeTaxTax rate—Equity$256.60MtotalStockholderEquityDebt$169.78MshortLongTermDebtTotalCash$29.76McashInvested capital$396.63MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.30xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$28.67MoperatingIncomeNet PP&E$95.24MpropertyPlantEquipmentResult -0.30x |
| 2022 | 47.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$103.69MpropertyPlantAndEquipmentNetInventory$187.98MinventoryTotal assets$615.03MtotalAssetsResult 47.4% | 5.16xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$534.89MtotalRevenueNet PP&E$103.69MpropertyPlantAndEquipmentNetResult 5.16x | 0.28xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$7.68McapitalExpendituresD&A$27.78MdepreciationAndAmortizationResult 0.28x | $3.18Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$615.03MtotalAssetsGoodwill$58.17MgoodWillIntangibles$79.28MintangibleAssetsLiabilities$375.11MtotalLiabTangible book$102.47MShares32,204,505commonStockSharesOutstandingResult $3.18 | -0.70xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$2.02MebitdaCapex$7.68McapitalExpendituresInterest$9.42MinterestExpenseShort-term debt$4.50MshortLongTermDebtEBITDA − capex-$9.69MPrincipal due is the current portion of debt.Result -0.70x | -$35.99MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$28.31MtotalCashFromOperatingActivitiesCapex$7.68McapitalExpendituresFree cash flow-$35.99MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$35.99M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$30.04MoperatingIncomeTax expense$5.95MincomeTaxExpensePretax income-$29.79MincomeBeforeTaxTax rate—Equity$239.92MtotalStockholderEquityDebt$178.41MshortLongTermDebtTotalCash$13.78McashInvested capital$404.55MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.29xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$30.04MoperatingIncomeNet PP&E$103.69MpropertyPlantAndEquipmentNetResult -0.29x |
| 2023 | 47.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$113.35MpropertyPlantAndEquipmentNetInventory$191.80MinventoryTotal assets$649.00MtotalAssetsResult 47.0% | 6.08xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$689.21MtotalRevenueNet PP&E$113.35MpropertyPlantAndEquipmentNetResult 6.08x | 0.29xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$7.64McapitalExpendituresD&A$26.10MdepreciationAndAmortizationResult 0.29x | $3.80Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$649.00MtotalAssetsGoodwill$58.21MgoodWillIntangibles$65.42MintangibleAssetsLiabilities$399.48MtotalLiabTangible book$125.89MShares33,104,000commonStockSharesOutstandingResult $3.80 | -0.24xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$207.00KebitdaCapex$7.64McapitalExpendituresInterest$23.33MinterestExpenseShort-term debt$9.00MshortLongTermDebtEBITDA − capex-$7.85MPrincipal due is the current portion of debt.Result -0.24x | -$31.59MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$23.95MtotalCashFromOperatingActivitiesCapex$7.64McapitalExpendituresFree cash flow-$31.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$31.59M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$6.67MoperatingIncomeTax expense$110.00KincomeTaxExpensePretax income-$26.31MincomeBeforeTaxTax rate—Equity$249.52MtotalStockholderEquityDebt$197.88MshortLongTermDebtTotalCash$11.31McashInvested capital$436.08MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.06xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$6.67MoperatingIncomeNet PP&E$113.35MpropertyPlantAndEquipmentNetResult -0.06x |
| 2024 | 46.9%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$104.30MpropertyPlantAndEquipmentNetInventory$199.74MinventoryTotal assets$648.76MtotalAssetsResult 46.9% | 7.63xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$795.43MtotalRevenueNet PP&E$104.30MpropertyPlantAndEquipmentNetResult 7.63x | 0.34xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$8.43McapitalExpendituresD&A$24.47MdepreciationAndAmortizationResult 0.34x | $4.13Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$648.76MtotalAssetsGoodwill$58.06MgoodWillIntangibles$52.48MintangibleAssetsLiabilities$392.67MtotalLiabTangible book$145.56MShares35,250,000commonStockSharesOutstandingResult $4.13 | 0.31xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$16.60MebitdaCapex$8.43McapitalExpendituresInterest$22.00MinterestExpenseShort-term debt$4.70MshortTermDebtEBITDA − capex$8.17MPrincipal due is short-term debt.Result 0.31x | $22.14MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$30.57MtotalCashFromOperatingActivitiesCapex$8.43McapitalExpendituresFree cash flow$22.14MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $22.14M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$26.47MoperatingIncomeTax expense$8.35MincomeTaxExpensePretax income-$7.87MincomeBeforeTaxTax rate—Equity$256.10MtotalStockholderEquityDebt$193.87MshortLongTermDebtTotalCash$9.29McashInvested capital$440.69MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.25xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$26.47MoperatingIncomeNet PP&E$104.30MpropertyPlantAndEquipmentNetResult 0.25x |
| 2025 | 47.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$139.35MpropertyPlantAndEquipmentNetInventory$196.86MinventoryTotal assets$706.68MtotalAssetsResult 47.6% | 6.19xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$862.13MtotalRevenueNet PP&E$139.35MpropertyPlantAndEquipmentNetResult 6.19x | 1.45xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$31.67McapitalExpendituresD&A$21.84MdepreciationAndAmortizationResult 1.45x | $0.57Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$706.68MtotalAssetsGoodwill$62.92MgoodWillIntangibles$55.35MintangibleAssetsLiabilities$566.60MtotalLiabTangible book$21.80MShares38,481,000commonStockSharesOutstandingResult $0.57 | 1.89xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$66.34MebitdaCapex$31.67McapitalExpendituresInterest$12.56MinterestExpenseShort-term debt$5.80MshortTermDebtEBITDA − capex$34.67MPrincipal due is short-term debt.Result 1.89x | $43.12MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$74.80MtotalCashFromOperatingActivitiesCapex$31.67McapitalExpendituresFree cash flow$43.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $43.12M | 14.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$76.41MoperatingIncomeTax expense$2.59MincomeTaxExpensePretax income$31.95MincomeBeforeTaxTax rate8.1%Equity$140.07MtotalStockholderEquityDebt$378.35MshortLongTermDebtTotalCash$18.18McashInvested capital$500.25MResult 14.0% | 0.55xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$76.41MoperatingIncomeNet PP&E$139.35MpropertyPlantAndEquipmentNetResult 0.55x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $139.35M
Inventory: $196.86M
Total assets: $706.68M
Goodwill: $62.92M
Intangibles: $55.35M
Liabilities: $566.60M
Tangible book: $21.80M
Shares: 38,481,000
Revenue: $862.13M
Capex: $31.67M
D&A: $21.84M
EBITDA: $66.34M
Interest: $12.56M
Short-term debt: $5.80M
Free cash flow: $43.12M
Operating income: $76.41M
Invested capital: $500.25M
Tax rate: 8.1%