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.
Brady Corporation
Physical assets are 29.6% of total assets, a light footprint. Capex is 1.15x 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 17.6%, 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 5.15x.
Physical asset ratio
29.6%Physical asset ratio · 2026-07-31(Net PP&E + inventory) / total assetsNet PP&E$322.38MpropertyPlantAndEquipmentNetInventory$225.21MinventoryTotal assets$1.85BtotalAssetsResult 29.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.15xFixed asset turnover · 2026-07-31Revenue / net PP&ERevenue$1.66BtotalRevenueNet PP&E$322.38MpropertyPlantAndEquipmentNetResult 5.15x
Revenue per dollar of the physical asset base.
Capex / D&A
1.15xCapex / D&A · 2026-07-31Capital expenditures / depreciation and amortizationCapex$51.47McapitalExpendituresD&A$44.87MdepreciationAndAmortizationResult 1.15x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$12.02Tangible book / share · 2026-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.85BtotalAssetsGoodwill$685.97MgoodWillIntangibles$97.83MintangibleAssetsLiabilities$494.39MtotalLiabTangible book$573.76MShares47,750,000commonStockSharesOutstandingResult $12.02
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
6.80xPrice / tangible bookPrice / tangible book per sharePrice$81.69Latest quoteTangible book / share$12.022026-07-31Result 6.80x
Price $81.69.
Fixed-charge coverage
10.86xFixed-charge coverage · 2026-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA$313.98MebitdaCapex$51.47McapitalExpendituresInterest$7.16MinterestExpenseShort-term debt$17.02MshortTermDebtEBITDA − capex$262.51MPrincipal due is short-term debt.Result 10.86x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.0%Free cash flow yield · 2026-07-31Latest free cash flow / current market capFree cash flow$192.65MfreeCashFlowMarket cap$3.87BMarketCapitalizationResult 5.0%
Latest free cash flow divided by current market cap ($3.87B).
ROIC
17.6%ROIC · 2026-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$263.49MoperatingIncomeTax expense$54.04MincomeTaxExpensePretax income$259.42MincomeBeforeTaxTax rate20.8%Equity$1.36BtotalStockholderEquityDebt$14.99MlongTermDebt + shortLongTermDebtCash$187.15McashInvested capital$1.19BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 17.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.82x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 19.9%Physical asset ratio · 2019-07-31(Net PP&E + inventory) / total assetsNet PP&E$110.05MpropertyPlantEquipmentInventory$120.04MinventoryTotal assets$1.16BtotalAssetsResult 19.9% | 10.55xFixed asset turnover · 2019-07-31Revenue / net PP&ERevenue$1.16BtotalRevenueNet PP&E$110.05MpropertyPlantEquipmentResult 10.55x | 1.38xCapex / D&A · 2019-07-31Capital expenditures / depreciation and amortizationCapex$32.83McapitalExpendituresD&A$23.80MdepreciationAndAmortizationResult 1.38x | $7.57Tangible book / share · 2019-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.16BtotalAssetsGoodwill$410.99MgoodWillIntangibles$36.12MintangibleAssetsLiabilities$306.53MtotalLiabTangible book$403.66MShares53,323,000commonStockSharesOutstandingResult $7.57 | 2.99xFixed-charge coverage · 2019-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA$191.27MebitdaCapex$32.83McapitalExpendituresInterest$2.83MinterestExpenseShort-term debt$50.17MshortTermDebtEBITDA − capex$158.45MPrincipal due is short-term debt.Result 2.99x | $129.39MFree cash flow · 2019-07-31Reported free cash flowOperating cash flow$162.21MtotalCashFromOperatingActivitiesCapex$32.83McapitalExpendituresFree cash flow$129.39MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $129.39M | 20.8%ROIC · 2019-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$162.43MoperatingIncomeTax expense$33.39MincomeTaxExpensePretax income$164.64MincomeBeforeTaxTax rate20.3%Equity$850.77MtotalStockholderEquityDebt$50.17MshortLongTermDebtTotalCash$279.07McashAndEquivalentsInvested capital$621.87MResult 20.8% | 1.48xEBIT / PP&E · 2019-07-31Operating income / net PP&EOperating income$162.43MoperatingIncomeNet PP&E$110.05MpropertyPlantEquipmentResult 1.48x |
| 2020 | 25.6%Physical asset ratio · 2020-07-31(Net PP&E + inventory) / total assetsNet PP&E$156.97MpropertyPlantEquipmentInventory$135.66MinventoryTotal assets$1.14BtotalAssetsResult 25.6% | 6.89xFixed asset turnover · 2020-07-31Revenue / net PP&ERevenue$1.08BtotalRevenueNet PP&E$156.97MpropertyPlantEquipmentResult 6.89x | 1.16xCapex / D&A · 2020-07-31Capital expenditures / depreciation and amortizationCapex$27.28McapitalExpendituresD&A$23.44MdepreciationAndAmortizationResult 1.16x | $7.98Tangible book / share · 2020-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.14BtotalAssetsGoodwill$416.03MgoodWillIntangibles$22.33MintangibleAssetsLiabilities$279.39MtotalLiabTangible book$424.70MShares53,231,000commonStockSharesOutstandingResult $7.98 | 7.97xFixed-charge coverage · 2020-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA$166.54MebitdaCapex$27.28McapitalExpendituresInterest$2.17MinterestExpenseShort-term debt$15.30MshortTermDebtEBITDA − capex$139.26MPrincipal due is short-term debt.Result 7.97x | $113.70MFree cash flow · 2020-07-31Reported free cash flowOperating cash flow$140.98MtotalCashFromOperatingActivitiesCapex$27.28McapitalExpendituresFree cash flow$113.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $113.70M | 17.4%ROIC · 2020-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$151.23MoperatingIncomeTax expense$28.32MincomeTaxExpensePretax income$140.69MincomeBeforeTaxTax rate20.1%Equity$863.07MtotalStockholderEquityDebt$47.29MshortLongTermDebtTotalCash$217.64McashAndEquivalentsInvested capital$692.72MResult 17.4% | 0.96xEBIT / PP&E · 2020-07-31Operating income / net PP&EOperating income$151.23MoperatingIncomeNet PP&E$156.97MpropertyPlantEquipmentResult 0.96x |
| 2021 | 21.8%Physical asset ratio · 2021-07-31(Net PP&E + inventory) / total assetsNet PP&E$163.62MpropertyPlantEquipmentInventory$136.11MinventoryTotal assets$1.38BtotalAssetsResult 21.8% | 7.00xFixed asset turnover · 2021-07-31Revenue / net PP&ERevenue$1.14BtotalRevenueNet PP&E$163.62MpropertyPlantEquipmentResult 7.00x | 1.07xCapex / D&A · 2021-07-31Capital expenditures / depreciation and amortizationCapex$27.19McapitalExpendituresD&A$25.48MdepreciationAndAmortizationResult 1.07x | $4.90Tangible book / share · 2021-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.38BtotalAssetsGoodwill$614.14MgoodWillIntangibles$92.33MintangibleAssetsLiabilities$414.73MtotalLiabTangible book$256.56MShares52,409,000commonStockSharesOutstandingResult $4.90 | 9.38xFixed-charge coverage · 2021-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA$196.94MebitdaCapex$27.19McapitalExpendituresInterest$437.00KinterestExpenseShort-term debt$17.67MshortTermDebtEBITDA − capex$169.75MPrincipal due is short-term debt.Result 9.38x | $178.48MFree cash flow · 2021-07-31Reported free cash flowOperating cash flow$205.67MtotalCashFromOperatingActivitiesCapex$27.19McapitalExpendituresFree cash flow$178.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $178.48M | 15.4%ROIC · 2021-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$167.13MoperatingIncomeTax expense$35.41MincomeTaxExpensePretax income$165.07MincomeBeforeTaxTax rate21.5%Equity$963.03MtotalStockholderEquityDebt$38.00MlongTermDebt + shortLongTermDebtCash$147.34McashAndEquivalentsInvested capital$853.69MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 15.4% | 1.02xEBIT / PP&E · 2021-07-31Operating income / net PP&EOperating income$167.13MoperatingIncomeNet PP&E$163.62MpropertyPlantEquipmentResult 1.02x |
| 2022 | 26.4%Physical asset ratio · 2022-07-31(Net PP&E + inventory) / total assetsNet PP&E$170.80MpropertyPlantAndEquipmentNetInventory$190.02MinventoryTotal assets$1.37BtotalAssetsResult 26.4% | 7.62xFixed asset turnover · 2022-07-31Revenue / net PP&ERevenue$1.30BtotalRevenueNet PP&E$170.80MpropertyPlantAndEquipmentNetResult 7.62x | 1.26xCapex / D&A · 2022-07-31Capital expenditures / depreciation and amortizationCapex$43.14McapitalExpendituresD&A$34.18MdepreciationAndAmortizationResult 1.26x | $4.85Tangible book / share · 2022-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.37BtotalAssetsGoodwill$586.83MgoodWillIntangibles$74.03MintangibleAssetsLiabilities$456.03MtotalLiabTangible book$250.44MShares51,651,000commonStockSharesOutstandingResult $4.85 | 11.32xFixed-charge coverage · 2022-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA$227.44MebitdaCapex$43.14McapitalExpendituresInterest$1.28MinterestExpenseShort-term debt$15.00MshortTermDebtEBITDA − capex$184.30MPrincipal due is short-term debt.Result 11.32x | $75.31MFree cash flow · 2022-07-31Reported free cash flowOperating cash flow$118.45MtotalCashFromOperatingActivitiesCapex$43.14McapitalExpendituresFree cash flow$75.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $75.31M | 16.3%ROIC · 2022-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$193.01MoperatingIncomeTax expense$42.00MincomeTaxExpensePretax income$191.98MincomeBeforeTaxTax rate21.9%Equity$911.30MtotalStockholderEquityDebt$129.15MshortLongTermDebtTotalCash$114.07McashAndEquivalentsInvested capital$926.38MResult 16.3% | 1.13xEBIT / PP&E · 2022-07-31Operating income / net PP&EOperating income$193.01MoperatingIncomeNet PP&E$170.80MpropertyPlantAndEquipmentNetResult 1.13x |
| 2023 | 25.1%Physical asset ratio · 2023-07-31(Net PP&E + inventory) / total assetsNet PP&E$171.84MpropertyPlantAndEquipmentNetInventory$177.08MinventoryTotal assets$1.39BtotalAssetsResult 25.1% | 7.75xFixed asset turnover · 2023-07-31Revenue / net PP&ERevenue$1.33BtotalRevenueNet PP&E$171.84MpropertyPlantAndEquipmentNetResult 7.75x | 0.59xCapex / D&A · 2023-07-31Capital expenditures / depreciation and amortizationCapex$19.23McapitalExpendituresD&A$32.37MdepreciationAndAmortizationResult 0.59x | $6.74Tangible book / share · 2023-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.39BtotalAssetsGoodwill$592.65MgoodWillIntangibles$62.10MintangibleAssetsLiabilities$398.34MtotalLiabTangible book$336.18MShares49,869,000commonStockSharesOutstandingResult $6.74 | 13.27xFixed-charge coverage · 2023-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA$261.61MebitdaCapex$19.23McapitalExpendituresInterest$3.54MinterestExpenseShort-term debt$14.73MshortTermDebtEBITDA − capex$242.38MPrincipal due is short-term debt.Result 13.27x | $189.92MFree cash flow · 2023-07-31Reported free cash flowOperating cash flow$209.15MtotalCashFromOperatingActivitiesCapex$19.23McapitalExpendituresFree cash flow$189.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $189.92M | 19.6%ROIC · 2023-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$225.21MoperatingIncomeTax expense$50.84MincomeTaxExpensePretax income$225.70MincomeBeforeTaxTax rate22.5%Equity$990.92MtotalStockholderEquityDebt$49.72MlongTermDebt + shortLongTermDebtCash$151.53McashAndEquivalentsInvested capital$889.10MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 19.6% | 1.31xEBIT / PP&E · 2023-07-31Operating income / net PP&EOperating income$225.21MoperatingIncomeNet PP&E$171.84MpropertyPlantAndEquipmentNetResult 1.31x |
| 2024 | 25.5%Physical asset ratio · 2024-07-31(Net PP&E + inventory) / total assetsNet PP&E$234.26MpropertyPlantEquipmentInventory$152.73MinventoryTotal assets$1.52BtotalAssetsResult 25.5% | 5.73xFixed asset turnover · 2024-07-31Revenue / net PP&ERevenue$1.34BtotalRevenueNet PP&E$234.26MpropertyPlantEquipmentResult 5.73x | 2.67xCapex / D&A · 2024-07-31Capital expenditures / depreciation and amortizationCapex$79.89McapitalExpendituresD&A$29.87MdepreciationAndAmortizationResult 2.67x | $8.77Tangible book / share · 2024-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.52BtotalAssetsGoodwill$589.61MgoodWillIntangibles$51.84MintangibleAssetsLiabilities$448.91MtotalLiabTangible book$425.21MShares48,496,000commonStockSharesOutstandingResult $8.77 | 12.17xFixed-charge coverage · 2024-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA$280.84MebitdaCapex$79.89McapitalExpendituresInterest$3.13MinterestExpenseShort-term debt$13.38MshortTermDebtEBITDA − capex$200.95MPrincipal due is short-term debt.Result 12.17x | $175.18MFree cash flow · 2024-07-31Reported free cash flowOperating cash flow$255.07MtotalCashFromOperatingActivitiesCapex$79.89McapitalExpendituresFree cash flow$175.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $175.18M | 20.5%ROIC · 2024-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$243.41MoperatingIncomeTax expense$50.63MincomeTaxExpensePretax income$247.84MincomeBeforeTaxTax rate20.4%Equity$1.07BtotalStockholderEquityDebt$129.66MshortLongTermDebtTotalCash$250.12McashAndEquivalentsInvested capital$946.20MResult 20.5% | 1.04xEBIT / PP&E · 2024-07-31Operating income / net PP&EOperating income$243.41MoperatingIncomeNet PP&E$234.26MpropertyPlantEquipmentResult 1.04x |
| 2025 | 28.0%Physical asset ratio · 2025-07-31(Net PP&E + inventory) / total assetsNet PP&E$283.99MpropertyPlantEquipmentInventory$200.88MinventoryTotal assets$1.73BtotalAssetsResult 28.0% | 5.33xFixed asset turnover · 2025-07-31Revenue / net PP&ERevenue$1.51BtotalRevenueNet PP&E$283.99MpropertyPlantEquipmentResult 5.33x | 0.68xCapex / D&A · 2025-07-31Capital expenditures / depreciation and amortizationCapex$27.58McapitalExpendituresD&A$40.64MdepreciationAndAmortizationResult 0.68x | $8.52Tangible book / share · 2025-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.73BtotalAssetsGoodwill$676.95MgoodWillIntangibles$105.37MintangibleAssetsLiabilities$542.04MtotalLiabTangible book$409.89MShares48,092,000commonStockSharesOutstandingResult $8.52 | 12.76xFixed-charge coverage · 2025-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA$282.48MebitdaCapex$27.58McapitalExpendituresInterest$4.75MinterestExpenseShort-term debt$15.23MshortTermDebtEBITDA − capex$254.91MPrincipal due is short-term debt.Result 12.76x | $153.62MFree cash flow · 2025-07-31Reported free cash flowOperating cash flow$181.20MtotalCashFromOperatingActivitiesCapex$27.58McapitalExpendituresFree cash flow$153.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $153.62M | 16.9%ROIC · 2025-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$236.64MoperatingIncomeTax expense$47.84MincomeTaxExpensePretax income$237.10MincomeBeforeTaxTax rate20.2%Equity$1.19BtotalStockholderEquityDebt$99.77MlongTermDebt + shortLongTermDebtCash$174.35McashAndEquivalentsInvested capital$1.12BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 16.9% | 0.83xEBIT / PP&E · 2025-07-31Operating income / net PP&EOperating income$236.64MoperatingIncomeNet PP&E$283.99MpropertyPlantEquipmentResult 0.83x |
| 2026 | 29.6%Physical asset ratio · 2026-07-31(Net PP&E + inventory) / total assetsNet PP&E$322.38MpropertyPlantAndEquipmentNetInventory$225.21MinventoryTotal assets$1.85BtotalAssetsResult 29.6% | 5.15xFixed asset turnover · 2026-07-31Revenue / net PP&ERevenue$1.66BtotalRevenueNet PP&E$322.38MpropertyPlantAndEquipmentNetResult 5.15x | 1.15xCapex / D&A · 2026-07-31Capital expenditures / depreciation and amortizationCapex$51.47McapitalExpendituresD&A$44.87MdepreciationAndAmortizationResult 1.15x | $12.02Tangible book / share · 2026-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.85BtotalAssetsGoodwill$685.97MgoodWillIntangibles$97.83MintangibleAssetsLiabilities$494.39MtotalLiabTangible book$573.76MShares47,750,000commonStockSharesOutstandingResult $12.02 | 10.86xFixed-charge coverage · 2026-07-31(EBITDA − capex) / (interest + short-term debt)EBITDA$313.98MebitdaCapex$51.47McapitalExpendituresInterest$7.16MinterestExpenseShort-term debt$17.02MshortTermDebtEBITDA − capex$262.51MPrincipal due is short-term debt.Result 10.86x | $192.65MFree cash flow · 2026-07-31Reported free cash flowOperating cash flow$244.13MtotalCashFromOperatingActivitiesCapex$51.47McapitalExpendituresFree cash flow$192.65MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $192.65M | 17.6%ROIC · 2026-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$263.49MoperatingIncomeTax expense$54.04MincomeTaxExpensePretax income$259.42MincomeBeforeTaxTax rate20.8%Equity$1.36BtotalStockholderEquityDebt$14.99MlongTermDebt + shortLongTermDebtCash$187.15McashInvested capital$1.19BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 17.6% | 0.82xEBIT / PP&E · 2026-07-31Operating income / net PP&EOperating income$263.49MoperatingIncomeNet PP&E$322.38MpropertyPlantAndEquipmentNetResult 0.82x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: $322.38M
Inventory: $225.21M
Total assets: $1.85B
Goodwill: $685.97M
Intangibles: $97.83M
Liabilities: $494.39M
Tangible book: $573.76M
Shares: 47,750,000
Revenue: $1.66B
Capex: $51.47M
D&A: $44.87M
EBITDA: $313.98M
Interest: $7.16M
Short-term debt: $17.02M
Free cash flow: $192.65M
Operating income: $263.49M
Invested capital: $1.19B
Tax rate: 20.8%