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.
Central Garden & Pet Company
Physical assets are 36.1% of total assets, a mixed footprint. Capex is 0.49x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 9.4%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 5.34x. Compare it with other names in the same basket.
Physical asset ratio
36.1%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$586.05MpropertyPlantAndEquipmentNetInventory$722.11MinventoryTotal assets$3.63BtotalAssetsResult 36.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.34xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$3.13BtotalRevenueNet PP&E$586.05MpropertyPlantAndEquipmentNetResult 5.34x
Revenue per dollar of the physical asset base.
Capex / D&A
0.49xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$41.42McapitalExpendituresD&A$84.89MdepreciationAndAmortizationResult 0.49x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$9.13Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.63BtotalAssetsGoodwill$554.69MgoodWillIntangibles$447.60MintangibleAssetsLiabilities$2.04BtotalLiabTangible book$582.64MShares63,815,000commonStockSharesOutstandingResult $9.13
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.93xPrice / tangible bookPrice / tangible book per sharePrice$45.01Latest quoteTangible book / share$9.132025-09-30Result 4.93x
Price $45.01.
Fixed-charge coverage
5.50xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$359.34MebitdaCapex$41.42McapitalExpendituresInterest$57.70MinterestExpenseShort-term debt$62.00KshortLongTermDebtEBITDA − capex$317.92MPrincipal due is the current portion of debt.Result 5.50x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
10.5%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow$291.09MfreeCashFlowMarket cap$2.78BMarketCapitalizationResult 10.5%
Latest free cash flow divided by current market cap ($2.78B).
ROIC
9.4%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$265.05MoperatingIncomeTax expense$52.79MincomeTaxExpensePretax income$216.75MincomeBeforeTaxTax rate24.4%Equity$1.58BtotalStockholderEquityDebt$1.44BshortLongTermDebtTotalCash$882.49McashInvested capital$2.14BResult 9.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.45x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 33.8%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E$217.65MpropertyPlantEquipmentInventory$427.82MinventoryTotal assets$1.91BtotalAssetsResult 33.8% | 10.18xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$2.22BtotalRevenueNet PP&E$217.65MpropertyPlantEquipmentResult 10.18x | 0.80xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$37.85McapitalExpendituresD&A$47.20MdepreciationAndAmortizationResult 0.80x | $9.74Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.91BtotalAssetsGoodwill$281.18MgoodWillIntangibles$152.27MintangibleAssetsLiabilities$954.38MtotalLiabTangible book$519.39MShares53,341,000commonStockSharesOutstandingResult $9.74 | 4.49xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$214.54MebitdaCapex$37.85McapitalExpendituresInterest$39.20MinterestExpenseShort-term debt$122.00KshortTermDebtEBITDA − capex$176.69MPrincipal due is short-term debt.Result 4.49x | $76.27MFree cash flow · 2018-09-30Reported free cash flowOperating cash flow$114.11MtotalCashFromOperatingActivitiesCapex$37.85McapitalExpendituresFree cash flow$76.27MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $76.27M | 14.0%ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$167.34MoperatingIncomeTax expense$3.31MincomeTaxExpensePretax income$127.43MincomeBeforeTaxTax rate2.6%Equity$952.45MtotalStockholderEquityDebt$692.15MshortLongTermDebtTotalCash$482.11McashInvested capital$1.16BResult 14.0% | 0.77xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income$167.34MoperatingIncomeNet PP&E$217.65MpropertyPlantEquipmentResult 0.77x |
| 2019 | 35.1%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$245.41MpropertyPlantEquipmentInventory$466.20MinventoryTotal assets$2.03BtotalAssetsResult 35.1% | 9.71xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$2.38BtotalRevenueNet PP&E$245.41MpropertyPlantEquipmentResult 9.71x | 0.62xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$31.58McapitalExpendituresD&A$50.83MdepreciationAndAmortizationResult 0.62x | $9.79Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.03BtotalAssetsGoodwill$286.08MgoodWillIntangibles$146.14MintangibleAssetsLiabilities$1.03BtotalLiabTangible book$563.96MShares57,611,000commonStockSharesOutstandingResult $9.79 | 4.24xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$212.69MebitdaCapex$31.58McapitalExpendituresInterest$42.61MinterestExpenseShort-term debt$113.00KshortTermDebtEBITDA − capex$181.12MPrincipal due is short-term debt.Result 4.24x | $173.40MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$204.97MtotalCashFromOperatingActivitiesCapex$31.58McapitalExpendituresFree cash flow$173.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $173.40M | 9.9%ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$151.37MoperatingIncomeTax expense$26.60MincomeTaxExpensePretax income$119.25MincomeBeforeTaxTax rate22.3%Equity$996.01MtotalStockholderEquityDebt$693.15MshortLongTermDebtTotalCash$497.75McashInvested capital$1.19BResult 9.9% | 0.62xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$151.37MoperatingIncomeNet PP&E$245.41MpropertyPlantEquipmentResult 0.62x |
| 2020 | 34.2%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$360.55MpropertyPlantEquipmentInventory$439.62MinventoryTotal assets$2.34BtotalAssetsResult 34.2% | 7.48xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$2.70BtotalRevenueNet PP&E$360.55MpropertyPlantEquipmentResult 7.48x | 0.48xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$43.06McapitalExpendituresD&A$90.38MdepreciationAndAmortizationResult 0.48x | $11.93Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.34BtotalAssetsGoodwill$289.96MgoodWillIntangibles$134.92MintangibleAssetsLiabilities$1.26BtotalLiabTangible book$652.80MShares54,738,000commonStockSharesOutstandingResult $11.93 | 5.56xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$288.14MebitdaCapex$43.06McapitalExpendituresInterest$44.02MinterestExpenseShort-term debt$97.00KshortLongTermDebtEBITDA − capex$245.08MPrincipal due is the current portion of debt.Result 5.56x | $221.22MFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$264.27MtotalCashFromOperatingActivitiesCapex$43.06McapitalExpendituresFree cash flow$221.22MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $221.22M | 12.6%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$197.98MoperatingIncomeTax expense$32.22MincomeTaxExpensePretax income$153.74MincomeBeforeTaxTax rate21.0%Equity$1.08BtotalStockholderEquityDebt$814.06MshortLongTermDebtTotalCash$652.71McashInvested capital$1.24BResult 12.6% | 0.55xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$197.98MoperatingIncomeNet PP&E$360.55MpropertyPlantEquipmentResult 0.55x |
| 2021 | 37.8%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$494.17MpropertyPlantEquipmentInventory$685.24MinventoryTotal assets$3.12BtotalAssetsResult 37.8% | 6.69xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$3.30BtotalRevenueNet PP&E$494.17MpropertyPlantEquipmentResult 6.69x | 0.69xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$80.33McapitalExpendituresD&A$115.77MdepreciationAndAmortizationResult 0.69x | $13.03Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.12BtotalAssetsGoodwill$369.39MgoodWillIntangibles$134.43MintangibleAssetsLiabilities$1.89BtotalLiabTangible book$719.72MShares55,248,000commonStockSharesOutstandingResult $13.03 | 4.80xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$366.68MebitdaCapex$80.33McapitalExpendituresInterest$58.60MinterestExpenseShort-term debt$1.08MshortLongTermDebtEBITDA − capex$286.34MPrincipal due is the current portion of debt.Result 4.80x | $170.51MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow$250.84MtotalCashFromOperatingActivitiesCapex$80.33McapitalExpendituresFree cash flow$170.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $170.51M | 9.4%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$257.11MoperatingIncomeTax expense$42.04MincomeTaxExpensePretax income$194.81MincomeBeforeTaxTax rate21.6%Equity$1.22BtotalStockholderEquityDebt$1.36BshortLongTermDebtTotalCash$426.42McashInvested capital$2.15BResult 9.4% | 0.52xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$257.11MoperatingIncomeNet PP&E$494.17MpropertyPlantEquipmentResult 0.52x |
| 2022 | 46.4%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$583.32MpropertyPlantEquipmentInventory$938.00MinventoryTotal assets$3.28BtotalAssetsResult 46.4% | 5.72xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$3.34BtotalRevenueNet PP&E$583.32MpropertyPlantEquipmentResult 5.72x | 1.42xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$115.21McapitalExpendituresD&A$80.95MdepreciationAndAmortizationResult 1.42x | $4.50Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.28BtotalAssetsGoodwill$546.44MgoodWillIntangibles$543.21MintangibleAssetsLiabilities$1.95BtotalLiabTangible book$245.07MShares54,425,000commonStockSharesOutstandingResult $4.50 | 3.81xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$338.11MebitdaCapex$115.21McapitalExpendituresInterest$58.25MinterestExpenseShort-term debt$317.00KshortLongTermDebtEBITDA − capex$222.90MPrincipal due is the current portion of debt.Result 3.81x | -$149.24MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow-$34.03MtotalCashFromOperatingActivitiesCapex$115.21McapitalExpendituresFree cash flow-$149.24MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$149.24M | 7.9%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$260.04MoperatingIncomeTax expense$46.23MincomeTaxExpensePretax income$198.91MincomeBeforeTaxTax rate23.2%Equity$1.33BtotalStockholderEquityDebt$1.38BshortLongTermDebtTotalCash$177.44McashInvested capital$2.54BResult 7.9% | 0.45xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income$260.04MoperatingIncomeNet PP&E$583.32MpropertyPlantEquipmentResult 0.45x |
| 2023 | 41.5%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$565.31MpropertyPlantAndEquipmentNetInventory$838.19MinventoryTotal assets$3.38BtotalAssetsResult 41.5% | 5.86xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$3.31BtotalRevenueNet PP&E$565.31MpropertyPlantAndEquipmentNetResult 5.86x | 0.62xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$53.97McapitalExpendituresD&A$87.70MdepreciationAndAmortizationResult 0.62x | $7.66Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.38BtotalAssetsGoodwill$546.44MgoodWillIntangibles$497.23MintangibleAssetsLiabilities$1.93BtotalLiabTangible book$409.15MShares53,427,000commonStockSharesOutstandingResult $7.66 | 4.42xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$307.17MebitdaCapex$53.97McapitalExpendituresInterest$57.03MinterestExpenseShort-term debt$247.00KshortLongTermDebtEBITDA − capex$253.20MPrincipal due is the current portion of debt.Result 4.42x | $327.67MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow$381.63MtotalCashFromOperatingActivitiesCapex$53.97McapitalExpendituresFree cash flow$327.67MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $327.67M | 7.0%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$210.65MoperatingIncomeTax expense$36.35MincomeTaxExpensePretax income$162.45MincomeBeforeTaxTax rate22.4%Equity$1.45BtotalStockholderEquityDebt$1.37BshortLongTermDebtTotalCash$488.73McashInvested capital$2.34BResult 7.0% | 0.37xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income$210.65MoperatingIncomeNet PP&E$565.31MpropertyPlantAndEquipmentNetResult 0.37x |
| 2024 | 37.8%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$584.30MpropertyPlantAndEquipmentNetInventory$757.94MinventoryTotal assets$3.55BtotalAssetsResult 37.8% | 5.48xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$3.20BtotalRevenueNet PP&E$584.30MpropertyPlantAndEquipmentNetResult 5.48x | 0.48xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$43.14McapitalExpendituresD&A$90.81MdepreciationAndAmortizationResult 0.48x | $7.97Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.55BtotalAssetsGoodwill$551.36MgoodWillIntangibles$473.28MintangibleAssetsLiabilities$2.00BtotalLiabTangible book$532.90MShares66,860,000commonStockSharesOutstandingResult $7.97 | 4.29xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$290.76MebitdaCapex$43.14McapitalExpendituresInterest$57.53MinterestExpenseShort-term debt$239.00KshortLongTermDebtEBITDA − capex$247.62MPrincipal due is the current portion of debt.Result 4.29x | $351.76MFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$394.89MtotalCashFromOperatingActivitiesCapex$43.14McapitalExpendituresFree cash flow$351.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $351.76M | 6.4%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$185.39MoperatingIncomeTax expense$33.11MincomeTaxExpensePretax income$142.43MincomeBeforeTaxTax rate23.2%Equity$1.56BtotalStockholderEquityDebt$1.42BshortLongTermDebtTotalCash$753.55McashInvested capital$2.22BResult 6.4% | 0.32xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$185.39MoperatingIncomeNet PP&E$584.30MpropertyPlantAndEquipmentNetResult 0.32x |
| 2025 | 36.1%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$586.05MpropertyPlantAndEquipmentNetInventory$722.11MinventoryTotal assets$3.63BtotalAssetsResult 36.1% | 5.34xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$3.13BtotalRevenueNet PP&E$586.05MpropertyPlantAndEquipmentNetResult 5.34x | 0.49xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$41.42McapitalExpendituresD&A$84.89MdepreciationAndAmortizationResult 0.49x | $9.13Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.63BtotalAssetsGoodwill$554.69MgoodWillIntangibles$447.60MintangibleAssetsLiabilities$2.04BtotalLiabTangible book$582.64MShares63,815,000commonStockSharesOutstandingResult $9.13 | 5.50xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$359.34MebitdaCapex$41.42McapitalExpendituresInterest$57.70MinterestExpenseShort-term debt$62.00KshortLongTermDebtEBITDA − capex$317.92MPrincipal due is the current portion of debt.Result 5.50x | $291.09MFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$332.51MtotalCashFromOperatingActivitiesCapex$41.42McapitalExpendituresFree cash flow$291.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $291.09M | 9.4%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$265.05MoperatingIncomeTax expense$52.79MincomeTaxExpensePretax income$216.75MincomeBeforeTaxTax rate24.4%Equity$1.58BtotalStockholderEquityDebt$1.44BshortLongTermDebtTotalCash$882.49McashInvested capital$2.14BResult 9.4% | 0.45xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$265.05MoperatingIncomeNet PP&E$586.05MpropertyPlantAndEquipmentNetResult 0.45x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $586.05M
Inventory: $722.11M
Total assets: $3.63B
Goodwill: $554.69M
Intangibles: $447.60M
Liabilities: $2.04B
Tangible book: $582.64M
Shares: 63,815,000
Revenue: $3.13B
Capex: $41.42M
D&A: $84.89M
EBITDA: $359.34M
Interest: $57.70M
Short-term debt: $62.00K
Free cash flow: $291.09M
Operating income: $265.05M
Invested capital: $2.14B
Tax rate: 24.4%