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.
Azenta Inc
Physical assets are 13.7% of total assets, a light footprint. Capex is 0.55x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 2.85x. Compare it with other names in the same basket.
Physical asset ratio
13.7%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$208.00MpropertyPlantAndEquipmentNetInventory$74.96MinventoryTotal assets$2.06BtotalAssetsResult 13.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.85xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$593.82MtotalRevenueNet PP&E$208.00MpropertyPlantAndEquipmentNetResult 2.85x
Revenue per dollar of the physical asset base.
Capex / D&A
0.55xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$33.86McapitalExpendituresD&A$61.21MdepreciationAndAmortizationResult 0.55x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$20.15Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.06BtotalAssetsGoodwill$702.40MgoodWillIntangibles$101.81MintangibleAssetsLiabilities$330.70MtotalLiabTangible book$924.68MShares45,896,000commonStockSharesOutstandingResult $20.15
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.94xPrice / tangible bookPrice / tangible book per sharePrice$39.06Latest quoteTangible book / share$20.152025-09-30Result 1.94x
Price $39.06.
Fixed-charge coverage
—Fixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$54.07MebitdaCapex$33.86McapitalExpendituresInterest—Not reportedShort-term debt$7.78MshortTermDebtEBITDA − capex$20.21MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.2%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow$38.32MfreeCashFlowMarket cap$1.71BMarketCapitalizationResult 2.2%
Latest free cash flow divided by current market cap ($1.71B).
ROIC
—ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.27MoperatingIncomeTax expense-$31.60MincomeTaxExpensePretax income-$7.14MincomeBeforeTaxTax rate—Equity$1.73BtotalStockholderEquityDebt$111.17MshortLongTermDebtTotalCash$340.92McashAndShortTermInvestmentsInvested capital$1.50BROIC 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 -0.05x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 14.3%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E$59.99MpropertyPlantEquipmentInventory$96.99MinventoryTotal assets$1.10BtotalAssetsResult 14.3% | 10.53xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$631.56MtotalRevenueNet PP&E$59.99MpropertyPlantEquipmentResult 10.53x | 0.34xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$12.79McapitalExpendituresD&A$37.43MdepreciationAndAmortizationResult 0.34x | $5.10Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.10BtotalAssetsGoodwill$255.88MgoodWillIntangibles$99.96MintangibleAssetsLiabilities$378.18MtotalLiabTangible book$362.00MShares70,937,000commonStockSharesOutstandingResult $5.10 | 4.74xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$67.42MebitdaCapex$12.79McapitalExpendituresInterest$9.52MinterestExpenseShort-term debt$2.00MshortTermDebtEBITDA − capex$54.63MPrincipal due is short-term debt.Result 4.74x | $61.18MFree cash flow · 2018-09-30Reported free cash flowOperating cash flow$73.96MtotalCashFromOperatingActivitiesCapex$12.79McapitalExpendituresFree cash flow$61.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $61.18M | 5.1%ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$34.42MoperatingIncomeTax expense-$47.25MincomeTaxExpensePretax income$20.47MincomeBeforeTaxTax rate0.0%Equity$717.83MtotalStockholderEquityDebt$196.07MshortLongTermDebtTotalCash$243.99McashAndShortTermInvestmentsInvested capital$669.91MResult 5.1% | 0.57xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income$34.42MoperatingIncomeNet PP&E$59.99MpropertyPlantEquipmentResult 0.57x |
| 2019 | 13.2%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$100.67MpropertyPlantEquipmentInventory$99.45MinventoryTotal assets$1.52BtotalAssetsResult 13.2% | 7.76xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$780.85MtotalRevenueNet PP&E$100.67MpropertyPlantEquipmentResult 7.76x | 0.44xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$23.86McapitalExpendituresD&A$54.45MdepreciationAndAmortizationResult 0.44x | $5.52Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.52BtotalAssetsGoodwill$488.60MgoodWillIntangibles$251.17MintangibleAssetsLiabilities$377.76MtotalLiabTangible book$399.52MShares72,386,000commonStockSharesOutstandingResult $5.52 | 2.70xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$86.15MebitdaCapex$23.86McapitalExpendituresInterest$22.25MinterestExpenseShort-term debt$829.00KshortTermDebtEBITDA − capex$62.29MPrincipal due is short-term debt.Result 2.70x | $67.04MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$90.90MtotalCashFromOperatingActivitiesCapex$23.86McapitalExpendituresFree cash flow$67.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $67.04M | 6.5%ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$55.13MoperatingIncomeTax expense-$111.00KincomeTaxExpensePretax income$9.44MincomeBeforeTaxTax rate0.0%Equity$1.14BtotalStockholderEquityDebt$51.14MshortLongTermDebtTotalCash$335.77McashAndShortTermInvestmentsInvested capital$854.67MResult 6.5% | 0.55xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$55.13MoperatingIncomeNet PP&E$100.67MpropertyPlantEquipmentResult 0.55x |
| 2020 | 14.9%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$117.67MpropertyPlantAndEquipmentNetInventory$114.83MinventoryTotal assets$1.56BtotalAssetsResult 14.9% | 3.30xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$388.54MtotalRevenueNet PP&E$117.67MpropertyPlantAndEquipmentNetResult 3.30x | 0.61xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$39.92McapitalExpendituresD&A$65.50MdepreciationAndAmortizationResult 0.61x | $6.69Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.56BtotalAssetsGoodwill$501.54MgoodWillIntangibles$218.33MintangibleAssetsLiabilities$345.51MtotalLiabTangible book$493.75MShares73,850,000commonStockSharesOutstandingResult $6.69 | -3.12xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$28.15MebitdaCapex$39.92McapitalExpendituresInterest$2.94MinterestExpenseShort-term debt$827.00KshortTermDebtEBITDA − capex-$11.78MPrincipal due is short-term debt.Result -3.12x | -$2.06MFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$37.87MtotalCashFromOperatingActivitiesCapex$39.92McapitalExpendituresFree cash flow-$2.06MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.06M | —ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$27.53MoperatingIncomeTax expense-$13.93MincomeTaxExpensePretax income-$40.29MincomeBeforeTaxTax rate—Equity$1.21BtotalStockholderEquityDebt$50.42MlongTermDebt + shortLongTermDebtCash$295.72McashAndShortTermInvestmentsInvested capital$968.31MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.23xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income-$27.53MoperatingIncomeNet PP&E$117.67MpropertyPlantAndEquipmentNetResult -0.23x |
| 2021 | 13.2%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$180.37MpropertyPlantEquipmentInventory$60.40MinventoryTotal assets$1.82BtotalAssetsUses the property line, which is larger than net PP&E ($130.72M, propertyPlantAndEquipmentNet).Result 13.2% | 2.85xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$513.70MtotalRevenueNet PP&E$180.37MpropertyPlantEquipmentResult 2.85x | 0.93xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$52.81McapitalExpendituresD&A$56.87MdepreciationAndAmortizationResult 0.93x | $8.99Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.82BtotalAssetsGoodwill$469.36MgoodWillIntangibles$186.53MintangibleAssetsLiabilities$494.18MtotalLiabTangible book$669.44MShares74,455,000commonStockSharesOutstandingResult $8.99 | -0.29xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$9.94MebitdaCapex$52.81McapitalExpendituresInterest$2.04MinterestExpenseShort-term debt$148.07MshortTermDebtEBITDA − capex-$42.87MPrincipal due is short-term debt.Result -0.29x | $97.05MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow$149.86MtotalCashFromOperatingActivitiesCapex$52.81McapitalExpendituresFree cash flow$97.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $97.05M | —ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$3.60MoperatingIncomeTax expense-$20.10MincomeTaxExpensePretax income-$48.97MincomeBeforeTaxTax rate—Equity$1.33BtotalStockholderEquityDebt$49.68MlongTermDebt + shortLongTermDebtCash$227.51McashAndShortTermInvestmentsInvested capital$1.15BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.02xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$3.60MoperatingIncomeNet PP&E$180.37MpropertyPlantEquipmentResult 0.02x |
| 2022 | 6.5%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$154.47MpropertyPlantEquipmentInventory$85.54MinventoryTotal assets$3.72BtotalAssetsResult 6.5% | 3.60xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$555.50MtotalRevenueNet PP&E$154.47MpropertyPlantEquipmentResult 3.60x | 1.44xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$77.44McapitalExpendituresD&A$53.70MdepreciationAndAmortizationResult 1.44x | $35.67Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.72BtotalAssetsGoodwill$513.62MgoodWillIntangibles$178.40MintangibleAssetsLiabilities$352.74MtotalLiabTangible book$2.67BShares74,897,000commonStockSharesOutstandingResult $35.67 | -2.50xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$48.36MebitdaCapex$77.44McapitalExpendituresInterest$4.59MinterestExpenseShort-term debt$7.02MshortTermDebtEBITDA − capex-$29.08MPrincipal due is short-term debt.Result -2.50x | -$543.48MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow-$466.05MtotalCashFromOperatingActivitiesCapex$77.44McapitalExpendituresFree cash flow-$543.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$543.48M | —ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$24.02MoperatingIncomeTax expense$1.35MincomeTaxExpensePretax income-$9.94MincomeBeforeTaxTax rate—Equity$3.36BtotalStockholderEquityDebt$49.23MshortLongTermDebtTotalCash$1.57BcashAndShortTermInvestmentsInvested capital$1.84BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.16xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income-$24.02MoperatingIncomeNet PP&E$154.47MpropertyPlantEquipmentResult -0.16x |
| 2023 | 13.9%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$272.32MpropertyPlantEquipmentInventory$128.20MinventoryTotal assets$2.89BtotalAssetsUses the property line, which is larger than net PP&E ($205.74M, propertyPlantAndEquipmentNet).Result 13.9% | 2.44xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$665.07MtotalRevenueNet PP&E$272.32MpropertyPlantEquipmentResult 2.44x | 0.46xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$39.44McapitalExpendituresD&A$85.58MdepreciationAndAmortizationResult 0.46x | $21.97Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.89BtotalAssetsGoodwill$784.34MgoodWillIntangibles$294.30MintangibleAssetsLiabilities$351.22MtotalLiabTangible book$1.46BShares66,253,000commonStockSharesOutstandingResult $21.97 | 1.48xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$55.15MebitdaCapex$39.44McapitalExpendituresInterest$478.00KinterestExpenseShort-term debt$10.18MshortTermDebtEBITDA − capex$15.72MPrincipal due is short-term debt.Result 1.48x | -$33.60MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow$5.83MtotalCashFromOperatingActivitiesCapex$39.44McapitalExpendituresFree cash flow-$33.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$33.60M | —ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$82.20MoperatingIncomeTax expense-$17.55MincomeTaxExpensePretax income-$30.43MincomeBeforeTaxTax rate—Equity$2.53BtotalStockholderEquityDebt$60.44MshortLongTermDebtTotalCash$1.02BcashAndShortTermInvestmentsInvested capital$1.58BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.30xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income-$82.20MoperatingIncomeNet PP&E$272.32MpropertyPlantEquipmentResult -0.30x |
| 2024 | 18.2%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$266.65MpropertyPlantAndEquipmentNetInventory$115.26MinventoryTotal assets$2.10BtotalAssetsResult 18.2% | 2.15xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$573.45MtotalRevenueNet PP&E$266.65MpropertyPlantAndEquipmentNetResult 2.15x | 0.41xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$37.39McapitalExpendituresD&A$90.74MdepreciationAndAmortizationResult 0.41x | $15.60Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.10BtotalAssetsGoodwill$691.41MgoodWillIntangibles$248.03MintangibleAssetsLiabilities$331.07MtotalLiabTangible book$829.53MShares53,175,000commonStockSharesOutstandingResult $15.60 | —Fixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$71.62MebitdaCapex$37.39McapitalExpendituresInterest—Not reportedShort-term debt$10.55MshortTermDebtEBITDA − capex$34.23MPrincipal due is short-term debt.Result — | $12.35MFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$49.74MtotalCashFromOperatingActivitiesCapex$37.39McapitalExpendituresFree cash flow$12.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $12.35M | —ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$29.98MoperatingIncomeTax expense$5.24MincomeTaxExpensePretax income-$19.13MincomeBeforeTaxTax rate—Equity$1.77BtotalStockholderEquityDebt$70.68MshortLongTermDebtTotalCash$462.09McashAndShortTermInvestmentsInvested capital$1.38BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.11xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income-$29.98MoperatingIncomeNet PP&E$266.65MpropertyPlantAndEquipmentNetResult -0.11x |
| 2025 | 13.7%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$208.00MpropertyPlantAndEquipmentNetInventory$74.96MinventoryTotal assets$2.06BtotalAssetsResult 13.7% | 2.85xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$593.82MtotalRevenueNet PP&E$208.00MpropertyPlantAndEquipmentNetResult 2.85x | 0.55xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$33.86McapitalExpendituresD&A$61.21MdepreciationAndAmortizationResult 0.55x | $20.15Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.06BtotalAssetsGoodwill$702.40MgoodWillIntangibles$101.81MintangibleAssetsLiabilities$330.70MtotalLiabTangible book$924.68MShares45,896,000commonStockSharesOutstandingResult $20.15 | —Fixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$54.07MebitdaCapex$33.86McapitalExpendituresInterest—Not reportedShort-term debt$7.78MshortTermDebtEBITDA − capex$20.21MPrincipal due is short-term debt.Result — | $38.32MFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$72.18MtotalCashFromOperatingActivitiesCapex$33.86McapitalExpendituresFree cash flow$38.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $38.32M | —ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.27MoperatingIncomeTax expense-$31.60MincomeTaxExpensePretax income-$7.14MincomeBeforeTaxTax rate—Equity$1.73BtotalStockholderEquityDebt$111.17MshortLongTermDebtTotalCash$340.92McashAndShortTermInvestmentsInvested capital$1.50BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.05xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income-$11.27MoperatingIncomeNet PP&E$208.00MpropertyPlantAndEquipmentNetResult -0.05x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $208.00M
Inventory: $74.96M
Total assets: $2.06B
Goodwill: $702.40M
Intangibles: $101.81M
Liabilities: $330.70M
Tangible book: $924.68M
Shares: 45,896,000
Revenue: $593.82M
Capex: $33.86M
D&A: $61.21M
EBITDA: $54.07M
Interest: —
Short-term debt: $7.78M
Free cash flow: $38.32M
Operating income: -$11.27M
Invested capital: $1.50B
Tax rate: —