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.
AZZ Incorporated
Physical assets are 35.3% of total assets, a mixed footprint. Capex is 0.90x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 10.7%, 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 2.47x.
Physical asset ratio
35.3%Physical asset ratio · 2026-02-28(Net PP&E + inventory) / total assetsNet PP&E$668.87MpropertyPlantAndEquipmentNetInventory$113.41MinventoryTotal assets$2.21BtotalAssetsResult 35.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.47xFixed asset turnover · 2026-02-28Revenue / net PP&ERevenue$1.65BtotalRevenueNet PP&E$668.87MpropertyPlantAndEquipmentNetResult 2.47x
Revenue per dollar of the physical asset base.
Capex / D&A
0.90xCapex / D&A · 2026-02-28Capital expenditures / depreciation and amortizationCapex$80.78McapitalExpendituresD&A$90.06MdepreciationAndAmortizationResult 0.90x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$7.04Tangible book / share · 2026-02-28(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.21BtotalAssetsGoodwill$714.75MgoodWillIntangibles$409.74MintangibleAssetsLiabilities$876.44MtotalLiabTangible book$212.54MShares30,211,000commonStockSharesOutstandingResult $7.04
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
19.38xPrice / tangible bookPrice / tangible book per sharePrice$136.34Latest quoteTangible book / share$7.042026-02-28Result 19.38x
Price $136.34.
Fixed-charge coverage
7.54xFixed-charge coverage · 2026-02-28(EBITDA − capex) / (interest + short-term debt)EBITDA$566.02MebitdaCapex$80.78McapitalExpendituresInterest$55.65MinterestExpenseShort-term debt$8.68MshortTermDebtEBITDA − capex$485.25MPrincipal due is short-term debt.Result 7.54x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
10.8%Free cash flow yield · 2026-02-28Latest free cash flow / current market capFree cash flow$444.67MfreeCashFlowMarket cap$4.13BMarketCapitalizationResult 10.8%
Latest free cash flow divided by current market cap ($4.13B).
ROIC
10.7%ROIC · 2026-02-28Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$264.62MoperatingIncomeTax expense$103.06MincomeTaxExpensePretax income$420.32MincomeBeforeTaxTax rate24.5%Equity$1.34BtotalStockholderEquityDebt$538.39MshortLongTermDebtTotalCash$705.00KcashInvested capital$1.87BResult 10.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.40x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 30.8%Physical asset ratio · 2019-02-28(Net PP&E + inventory) / total assetsNet PP&E$210.23MpropertyPlantEquipmentInventory$124.85MinventoryTotal assets$1.09BtotalAssetsResult 30.8% | 4.41xFixed asset turnover · 2019-02-28Revenue / net PP&ERevenue$927.09MtotalRevenueNet PP&E$210.23MpropertyPlantEquipmentResult 4.41x | 0.51xCapex / D&A · 2019-02-28Capital expenditures / depreciation and amortizationCapex$25.62McapitalExpendituresD&A$50.25MdepreciationAndAmortizationResult 0.51x | $5.74Tangible book / share · 2019-02-28(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.09BtotalAssetsGoodwill$323.76MgoodWillIntangibles$130.17MintangibleAssetsLiabilities$484.84MtotalLiabTangible book$149.80MShares26,107,000commonStockSharesOutstandingResult $5.74 | 4.97xFixed-charge coverage · 2019-02-28(EBITDA − capex) / (interest + short-term debt)EBITDA$128.22MebitdaCapex$25.62McapitalExpendituresInterest$14.97MinterestExpenseShort-term debt$5.66MshortTermDebtEBITDA − capex$102.61MPrincipal due is short-term debt.Result 4.97x | $89.05MFree cash flow · 2019-02-28Reported free cash flowOperating cash flow$114.67MtotalCashFromOperatingActivitiesCapex$25.62McapitalExpendituresFree cash flow$89.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $89.05M | 7.6%ROIC · 2019-02-28Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$76.96MoperatingIncomeTax expense$11.80MincomeTaxExpensePretax income$63.01MincomeBeforeTaxTax rate18.7%Equity$603.73MtotalStockholderEquityDebt$246.40MshortLongTermDebtTotalCash$24.01McashAndEquivalentsInvested capital$826.13MResult 7.6% | 0.37xEBIT / PP&E · 2019-02-28Operating income / net PP&EOperating income$76.96MoperatingIncomeNet PP&E$210.23MpropertyPlantEquipmentResult 0.37x |
| 2020 | 29.1%Physical asset ratio · 2020-02-29(Net PP&E + inventory) / total assetsNet PP&E$213.10MpropertyPlantEquipmentInventory$99.84MinventoryTotal assets$1.07BtotalAssetsResult 29.1% | 4.98xFixed asset turnover · 2020-02-29Revenue / net PP&ERevenue$1.06BtotalRevenueNet PP&E$213.10MpropertyPlantEquipmentResult 4.98x | 0.70xCapex / D&A · 2020-02-29Capital expenditures / depreciation and amortizationCapex$35.04McapitalExpendituresD&A$50.19MdepreciationAndAmortizationResult 0.70x | $6.52Tangible book / share · 2020-02-29(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.07BtotalAssetsGoodwill$356.23MgoodWillIntangibles$106.73MintangibleAssetsLiabilities$439.47MtotalLiabTangible book$171.41MShares26,281,000commonStockSharesOutstandingResult $6.52 | 0.68xFixed-charge coverage · 2020-02-29(EBITDA − capex) / (interest + short-term debt)EBITDA$128.55MebitdaCapex$35.04McapitalExpendituresInterest$13.46MinterestExpenseShort-term debt$125.00MshortLongTermDebtEBITDA − capex$93.50MPrincipal due is the current portion of debt.Result 0.68x | $109.72MFree cash flow · 2020-02-29Reported free cash flowOperating cash flow$144.76MtotalCashFromOperatingActivitiesCapex$35.04McapitalExpendituresFree cash flow$109.72MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $109.72M | 9.9%ROIC · 2020-02-29Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$107.13MoperatingIncomeTax expense$16.66MincomeTaxExpensePretax income$64.89MincomeBeforeTaxTax rate25.7%Equity$634.37MtotalStockholderEquityDebt$209.21MshortLongTermDebtTotalCash$36.69McashAndEquivalentsInvested capital$806.88MResult 9.9% | 0.50xEBIT / PP&E · 2020-02-29Operating income / net PP&EOperating income$107.13MoperatingIncomeNet PP&E$213.10MpropertyPlantEquipmentResult 0.50x |
| 2021 | 30.0%Physical asset ratio · 2021-02-28(Net PP&E + inventory) / total assetsNet PP&E$205.91MpropertyPlantEquipmentInventory$92.91MinventoryTotal assets$996.44MtotalAssetsResult 30.0% | 2.33xFixed asset turnover · 2021-02-28Revenue / net PP&ERevenue$480.57MtotalRevenueNet PP&E$205.91MpropertyPlantEquipmentResult 2.33x | 0.83xCapex / D&A · 2021-02-28Capital expenditures / depreciation and amortizationCapex$37.08McapitalExpendituresD&A$44.60MdepreciationAndAmortizationResult 0.83x | $6.68Tangible book / share · 2021-02-28(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$996.44MtotalAssetsGoodwill$353.88MgoodWillIntangibles$95.36MintangibleAssetsLiabilities$373.15MtotalLiabTangible book$174.05MShares26,045,000commonStockSharesOutstandingResult $6.68 | 3.45xFixed-charge coverage · 2021-02-28(EBITDA − capex) / (interest + short-term debt)EBITDA$92.50MebitdaCapex$37.08McapitalExpendituresInterest$9.46MinterestExpenseShort-term debt$6.59MshortTermDebtEBITDA − capex$55.42MPrincipal due is short-term debt.Result 3.45x | $54.96MFree cash flow · 2021-02-28Reported free cash flowOperating cash flow$92.04MtotalCashFromOperatingActivitiesCapex$37.08McapitalExpendituresFree cash flow$54.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $54.96M | 4.2%ROIC · 2021-02-28Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$47.48MoperatingIncomeTax expense$11.25MincomeTaxExpensePretax income$38.43MincomeBeforeTaxTax rate29.3%Equity$623.29MtotalStockholderEquityDebt$185.01MshortLongTermDebtTotalCash$14.84McashAndEquivalentsInvested capital$793.46MResult 4.2% | 0.23xEBIT / PP&E · 2021-02-28Operating income / net PP&EOperating income$47.48MoperatingIncomeNet PP&E$205.91MpropertyPlantEquipmentResult 0.23x |
| 2022 | 27.7%Physical asset ratio · 2022-02-28(Net PP&E + inventory) / total assetsNet PP&E$230.85MpropertyPlantEquipmentInventory$83.00MinventoryTotal assets$1.13BtotalAssetsResult 27.7% | 2.28xFixed asset turnover · 2022-02-28Revenue / net PP&ERevenue$525.60MtotalRevenueNet PP&E$230.85MpropertyPlantEquipmentResult 2.28x | 0.89xCapex / D&A · 2022-02-28Capital expenditures / depreciation and amortizationCapex$28.41McapitalExpendituresD&A$32.08MdepreciationAndAmortizationResult 0.89x | $7.98Tangible book / share · 2022-02-28(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.13BtotalAssetsGoodwill$385.61MgoodWillIntangibles$81.56MintangibleAssetsLiabilities$465.66MtotalLiabTangible book$200.20MShares25,077,000commonStockSharesOutstandingResult $7.98 | 8.61xFixed-charge coverage · 2022-02-28(EBITDA − capex) / (interest + short-term debt)EBITDA$111.48MebitdaCapex$28.41McapitalExpendituresInterest$6.36MinterestExpenseShort-term debt$3.29MshortTermDebtEBITDA − capex$83.07MPrincipal due is short-term debt.Result 8.61x | $57.61MFree cash flow · 2022-02-28Reported free cash flowOperating cash flow$86.01MtotalCashFromOperatingActivitiesCapex$28.41McapitalExpendituresFree cash flow$57.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $57.61M | 6.0%ROIC · 2022-02-28Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$79.22MoperatingIncomeTax expense$23.21MincomeTaxExpensePretax income$73.03MincomeBeforeTaxTax rate31.8%Equity$667.37MtotalStockholderEquityDebt$241.18MshortLongTermDebtTotalCash$15.08McashAndEquivalentsInvested capital$893.46MResult 6.0% | 0.34xEBIT / PP&E · 2022-02-28Operating income / net PP&EOperating income$79.22MoperatingIncomeNet PP&E$230.85MpropertyPlantEquipmentResult 0.34x |
| 2023 | 28.9%Physical asset ratio · 2023-02-28(Net PP&E + inventory) / total assetsNet PP&E$498.50MpropertyPlantEquipmentInventory$143.92MinventoryTotal assets$2.22BtotalAssetsResult 28.9% | 2.66xFixed asset turnover · 2023-02-28Revenue / net PP&ERevenue$1.32BtotalRevenueNet PP&E$498.50MpropertyPlantEquipmentResult 2.66x | 0.77xCapex / D&A · 2023-02-28Capital expenditures / depreciation and amortizationCapex$57.12McapitalExpendituresD&A$74.59MdepreciationAndAmortizationResult 0.77x | -$13.15Tangible book / share · 2023-02-28(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.22BtotalAssetsGoodwill$702.51MgoodWillIntangibles$479.43MintangibleAssetsLiabilities$1.37BtotalLiabTangible book-$328.48MShares24,978,000commonStockSharesOutstandingResult -$13.15 | 2.05xFixed-charge coverage · 2023-02-28(EBITDA − capex) / (interest + short-term debt)EBITDA$252.07MebitdaCapex$57.12McapitalExpendituresInterest$88.80MinterestExpenseShort-term debt$6.40MshortTermDebtEBITDA − capex$194.95MPrincipal due is short-term debt.Result 2.05x | $34.31MFree cash flow · 2023-02-28Reported free cash flowOperating cash flow$91.43MtotalCashFromOperatingActivitiesCapex$57.12McapitalExpendituresFree cash flow$34.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $34.31M | 6.8%ROIC · 2023-02-28Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$173.64MoperatingIncomeTax expense$22.34MincomeTaxExpensePretax income$88.68MincomeBeforeTaxTax rate25.2%Equity$853.46MtotalStockholderEquityDebt$1.07BshortLongTermDebtTotalCash$2.82McashAndEquivalentsInvested capital$1.92BResult 6.8% | 0.35xEBIT / PP&E · 2023-02-28Operating income / net PP&EOperating income$173.64MoperatingIncomeNet PP&E$498.50MpropertyPlantEquipmentResult 0.35x |
| 2024 | 31.1%Physical asset ratio · 2024-02-29(Net PP&E + inventory) / total assetsNet PP&E$565.39MpropertyPlantEquipmentInventory$117.66MinventoryTotal assets$2.20BtotalAssetsResult 31.1% | 2.72xFixed asset turnover · 2024-02-29Revenue / net PP&ERevenue$1.54BtotalRevenueNet PP&E$565.39MpropertyPlantEquipmentResult 2.72x | 1.20xCapex / D&A · 2024-02-29Capital expenditures / depreciation and amortizationCapex$95.12McapitalExpendituresD&A$79.42MdepreciationAndAmortizationResult 1.20x | -$8.58Tangible book / share · 2024-02-29(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.20BtotalAssetsGoodwill$705.47MgoodWillIntangibles$445.44MintangibleAssetsLiabilities$1.26BtotalLiabTangible book-$216.41MShares25,209,000commonStockSharesOutstandingResult -$8.58 | 1.95xFixed-charge coverage · 2024-02-29(EBITDA − capex) / (interest + short-term debt)EBITDA$316.59MebitdaCapex$95.12McapitalExpendituresInterest$107.07MinterestExpenseShort-term debt$6.66MshortTermDebtEBITDA − capex$221.47MPrincipal due is short-term debt.Result 1.95x | $149.35MFree cash flow · 2024-02-29Reported free cash flowOperating cash flow$244.47MtotalCashFromOperatingActivitiesCapex$95.12McapitalExpendituresFree cash flow$149.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $149.35M | 9.1%ROIC · 2024-02-29Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$221.60MoperatingIncomeTax expense$28.50MincomeTaxExpensePretax income$130.10MincomeBeforeTaxTax rate21.9%Equity$934.49MtotalStockholderEquityDebt$977.23MshortLongTermDebtTotalCash$4.35McashAndEquivalentsInvested capital$1.91BResult 9.1% | 0.39xEBIT / PP&E · 2024-02-29Operating income / net PP&EOperating income$221.60MoperatingIncomeNet PP&E$565.39MpropertyPlantEquipmentResult 0.39x |
| 2025 | 32.8%Physical asset ratio · 2025-02-28(Net PP&E + inventory) / total assetsNet PP&E$618.89MpropertyPlantEquipmentInventory$112.31MinventoryTotal assets$2.23BtotalAssetsResult 32.8% | 2.55xFixed asset turnover · 2025-02-28Revenue / net PP&ERevenue$1.58BtotalRevenueNet PP&E$618.89MpropertyPlantEquipmentResult 2.55x | 1.41xCapex / D&A · 2025-02-28Capital expenditures / depreciation and amortizationCapex$115.88McapitalExpendituresD&A$82.21MdepreciationAndAmortizationResult 1.41x | -$2.73Tangible book / share · 2025-02-28(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.23BtotalAssetsGoodwill$703.86MgoodWillIntangibles$421.85MintangibleAssetsLiabilities$1.18BtotalLiabTangible book-$80.22MShares29,344,000commonStockSharesOutstandingResult -$2.73 | 2.45xFixed-charge coverage · 2025-02-28(EBITDA − capex) / (interest + short-term debt)EBITDA$334.17MebitdaCapex$115.88McapitalExpendituresInterest$81.28MinterestExpenseShort-term debt$7.75MshortTermDebtEBITDA − capex$218.29MPrincipal due is short-term debt.Result 2.45x | $134.03MFree cash flow · 2025-02-28Reported free cash flowOperating cash flow$249.91MtotalCashFromOperatingActivitiesCapex$115.88McapitalExpendituresFree cash flow$134.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $134.03M | 9.3%ROIC · 2025-02-28Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$236.36MoperatingIncomeTax expense$41.85MincomeTaxExpensePretax income$170.68MincomeBeforeTaxTax rate24.5%Equity$1.05BtotalStockholderEquityDebt$879.13MshortLongTermDebtTotalCash$1.49McashAndEquivalentsInvested capital$1.92BResult 9.3% | 0.38xEBIT / PP&E · 2025-02-28Operating income / net PP&EOperating income$236.36MoperatingIncomeNet PP&E$618.89MpropertyPlantEquipmentResult 0.38x |
| 2026 | 35.3%Physical asset ratio · 2026-02-28(Net PP&E + inventory) / total assetsNet PP&E$668.87MpropertyPlantAndEquipmentNetInventory$113.41MinventoryTotal assets$2.21BtotalAssetsResult 35.3% | 2.47xFixed asset turnover · 2026-02-28Revenue / net PP&ERevenue$1.65BtotalRevenueNet PP&E$668.87MpropertyPlantAndEquipmentNetResult 2.47x | 0.90xCapex / D&A · 2026-02-28Capital expenditures / depreciation and amortizationCapex$80.78McapitalExpendituresD&A$90.06MdepreciationAndAmortizationResult 0.90x | $7.04Tangible book / share · 2026-02-28(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.21BtotalAssetsGoodwill$714.75MgoodWillIntangibles$409.74MintangibleAssetsLiabilities$876.44MtotalLiabTangible book$212.54MShares30,211,000commonStockSharesOutstandingResult $7.04 | 7.54xFixed-charge coverage · 2026-02-28(EBITDA − capex) / (interest + short-term debt)EBITDA$566.02MebitdaCapex$80.78McapitalExpendituresInterest$55.65MinterestExpenseShort-term debt$8.68MshortTermDebtEBITDA − capex$485.25MPrincipal due is short-term debt.Result 7.54x | $444.67MFree cash flow · 2026-02-28Reported free cash flowOperating cash flow$525.45MtotalCashFromOperatingActivitiesCapex$80.78McapitalExpendituresFree cash flow$444.67MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $444.67M | 10.7%ROIC · 2026-02-28Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$264.62MoperatingIncomeTax expense$103.06MincomeTaxExpensePretax income$420.32MincomeBeforeTaxTax rate24.5%Equity$1.34BtotalStockholderEquityDebt$538.39MshortLongTermDebtTotalCash$705.00KcashInvested capital$1.87BResult 10.7% | 0.40xEBIT / PP&E · 2026-02-28Operating income / net PP&EOperating income$264.62MoperatingIncomeNet PP&E$668.87MpropertyPlantAndEquipmentNetResult 0.40x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: $668.87M
Inventory: $113.41M
Total assets: $2.21B
Goodwill: $714.75M
Intangibles: $409.74M
Liabilities: $876.44M
Tangible book: $212.54M
Shares: 30,211,000
Revenue: $1.65B
Capex: $80.78M
D&A: $90.06M
EBITDA: $566.02M
Interest: $55.65M
Short-term debt: $8.68M
Free cash flow: $444.67M
Operating income: $264.62M
Invested capital: $1.87B
Tax rate: 24.5%