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.
Carter’s Inc
Physical assets are 51.6% of total assets, a heavy footprint. Capex is 0.97x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.88x, which is below 1.
Fixed-asset turnover is 3.72x. Compare it with other names in the same basket.
Physical asset ratio
51.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$778.11MpropertyPlantEquipmentInventory$544.62MinventoryTotal assets$2.57BtotalAssetsResult 51.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.72xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.90BtotalRevenueNet PP&E$778.11MpropertyPlantEquipmentResult 3.72x
Revenue per dollar of the physical asset base.
Capex / D&A
0.97xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$53.70McapitalExpendituresD&A$55.26MdepreciationAndAmortizationResult 0.97x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$12.05Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.57BtotalAssetsGoodwill$208.99MgoodWillIntangibles$288.79MintangibleAssetsLiabilities$1.64BtotalLiabTangible book$427.27MShares35,443,858commonStockSharesOutstandingResult $12.05
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.62xPrice / tangible bookPrice / tangible book per sharePrice$31.54Latest quoteTangible book / share$12.052025-12-31Result 2.62x
Price $31.54.
Fixed-charge coverage
0.88xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$203.32MebitdaCapex$53.70McapitalExpendituresInterest$34.23MinterestExpenseShort-term debt$136.49MshortTermDebtEBITDA − capex$149.62MPrincipal due is short-term debt.Result 0.88x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$68.63MfreeCashFlowMarket cap$1.23BMarketCapitalizationResult 5.6%
Latest free cash flow divided by current market cap ($1.23B).
ROIC
11.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$143.93MoperatingIncomeTax expense$22.04MincomeTaxExpensePretax income$113.83MincomeBeforeTaxTax rate19.4%Equity$925.05MtotalStockholderEquityDebt$567.17MlongTermDebt + shortLongTermDebtCash$487.08McashAndEquivalentsInvested capital$1.01BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 11.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.18x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 44.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$350.44MpropertyPlantEquipmentInventory$574.23MinventoryTotal assets$2.06BtotalAssetsResult 44.9% | 9.88xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.46BtotalRevenueNet PP&E$350.44MpropertyPlantEquipmentResult 9.88x | 0.71xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$63.78McapitalExpendituresD&A$89.65MdepreciationAndAmortizationResult 0.71x | $4.98Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.06BtotalAssetsGoodwill$227.10MgoodWillIntangibles$410.20MintangibleAssetsLiabilities$1.19BtotalLiabTangible book$232.13MShares46,648,420commonStockSharesOutstandingResult $4.98 | 7.33xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$480.20MebitdaCapex$63.78McapitalExpendituresInterest$34.57MinterestExpenseShort-term debt$22.24MshortTermDebtEBITDA − capex$416.41MPrincipal due is short-term debt.Result 7.33x | $292.42MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$356.20MtotalCashFromOperatingActivitiesCapex$63.78McapitalExpendituresFree cash flow$292.42MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $292.42M | 23.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$391.43MoperatingIncomeTax expense$73.91MincomeTaxExpensePretax income$355.98MincomeBeforeTaxTax rate20.8%Equity$869.43MtotalStockholderEquityDebt$615.50MshortLongTermDebtTotalCash$170.08McashAndEquivalentsInvested capital$1.31BResult 23.6% | 1.12xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$391.43MoperatingIncomeNet PP&E$350.44MpropertyPlantEquipmentResult 1.12x |
| 2019 | 58.2%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.01BpropertyPlantAndEquipmentNetInventory$593.99MinventoryTotal assets$2.75BtotalAssetsResult 58.2% | 3.49xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$3.52BtotalRevenueNet PP&E$1.01BpropertyPlantAndEquipmentNetResult 3.49x | 0.64xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$61.42McapitalExpendituresD&A$95.95MdepreciationAndAmortizationResult 0.64x | $6.16Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.75BtotalAssetsGoodwill$229.03MgoodWillIntangibles$375.77MintangibleAssetsLiabilities$1.87BtotalLiabTangible book$275.34MShares44,707,952commonStockSharesOutstandingResult $6.16 | 2.02xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$461.52MebitdaCapex$61.42McapitalExpendituresInterest$37.62MinterestExpenseShort-term debt$160.23MshortTermDebtEBITDA − capex$400.10MPrincipal due is short-term debt.Result 2.02x | $325.80MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$387.22MtotalCashFromOperatingActivitiesCapex$61.42McapitalExpendituresFree cash flow$325.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $325.80M | 23.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$371.87MoperatingIncomeTax expense$64.15MincomeTaxExpensePretax income$327.95MincomeBeforeTaxTax rate19.6%Equity$880.13MtotalStockholderEquityDebt$594.67MlongTermDebt + shortLongTermDebtCash$214.31McashAndEquivalentsInvested capital$1.26BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 23.7% | 0.37xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$371.87MoperatingIncomeNet PP&E$1.01BpropertyPlantAndEquipmentNetResult 0.37x |
| 2020 | 42.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$855.35MpropertyPlantAndEquipmentNetInventory$599.26MinventoryTotal assets$3.39BtotalAssetsResult 42.9% | 3.54xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$3.02BtotalRevenueNet PP&E$855.35MpropertyPlantAndEquipmentNetResult 3.54x | 0.35xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$32.87McapitalExpendituresD&A$94.00MdepreciationAndAmortizationResult 0.35x | $8.77Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.39BtotalAssetsGoodwill$211.78MgoodWillIntangibles$345.40MintangibleAssetsLiabilities$2.45BtotalLiabTangible book$380.85MShares43,407,721commonStockSharesOutstandingResult $8.77 | 1.23xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$328.90MebitdaCapex$32.87McapitalExpendituresInterest$56.06MinterestExpenseShort-term debt$185.15MshortTermDebtEBITDA − capex$296.03MPrincipal due is short-term debt.Result 1.23x | $555.62MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$588.49MtotalCashFromOperatingActivitiesCapex$32.87McapitalExpendituresFree cash flow$555.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $555.62M | 18.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$189.87MoperatingIncomeTax expense$25.27MincomeTaxExpensePretax income$134.98MincomeBeforeTaxTax rate18.7%Equity$938.03MtotalStockholderEquityDebt$989.53MlongTermDebt + shortLongTermDebtCash$1.10BcashAndEquivalentsInvested capital$825.24MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 18.7% | 0.22xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$189.87MoperatingIncomeNet PP&E$855.35MpropertyPlantAndEquipmentNetResult 0.22x |
| 2021 | 42.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$703.75MpropertyPlantAndEquipmentNetInventory$647.74MinventoryTotal assets$3.19BtotalAssetsResult 42.4% | 4.95xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$3.49BtotalRevenueNet PP&E$703.75MpropertyPlantAndEquipmentNetResult 4.95x | 0.40xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$37.44McapitalExpendituresD&A$94.11MdepreciationAndAmortizationResult 0.40x | $9.22Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.19BtotalAssetsGoodwill$212.02MgoodWillIntangibles$341.61MintangibleAssetsLiabilities$2.24BtotalLiabTangible book$396.55MShares43,002,628commonStockSharesOutstandingResult $9.22 | 2.86xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$592.69MebitdaCapex$37.44McapitalExpendituresInterest$60.29MinterestExpenseShort-term debt$133.74MshortTermDebtEBITDA − capex$555.25MPrincipal due is short-term debt.Result 2.86x | $230.82MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$268.26MtotalCashFromOperatingActivitiesCapex$37.44McapitalExpendituresFree cash flow$230.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $230.82M | 40.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$497.08MoperatingIncomeTax expense$98.54MincomeTaxExpensePretax income$438.29MincomeBeforeTaxTax rate22.5%Equity$950.19MtotalStockholderEquityDebt$991.37MlongTermDebt + shortLongTermDebtCash$984.29McashAndEquivalentsInvested capital$957.26MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 40.3% | 0.71xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$497.08MoperatingIncomeNet PP&E$703.75MpropertyPlantAndEquipmentNetResult 0.71x |
| 2022 | 58.5%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$682.16MpropertyPlantEquipmentInventory$744.57MinventoryTotal assets$2.44BtotalAssetsResult 58.5% | 4.71xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$3.21BtotalRevenueNet PP&E$682.16MpropertyPlantEquipmentResult 4.71x | 0.62xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$40.36McapitalExpendituresD&A$65.28MdepreciationAndAmortizationResult 0.62x | $6.64Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.44BtotalAssetsGoodwill$209.33MgoodWillIntangibles$328.96MintangibleAssetsLiabilities$1.64BtotalLiabTangible book$258.12MShares38,850,645commonStockSharesOutstandingResult $6.64 | 2.08xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$424.79MebitdaCapex$40.36McapitalExpendituresInterest$42.78MinterestExpenseShort-term debt$142.43MshortTermDebtEBITDA − capex$384.43MPrincipal due is short-term debt.Result 2.08x | $48.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$88.36MtotalCashFromOperatingActivitiesCapex$40.36McapitalExpendituresFree cash flow$48.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $48.00M | 24.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$379.17MoperatingIncomeTax expense$66.70MincomeTaxExpensePretax income$316.74MincomeBeforeTaxTax rate21.1%Equity$796.41MtotalStockholderEquityDebt$616.62MlongTermDebt + shortLongTermDebtCash$211.75McashAndEquivalentsInvested capital$1.20BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 24.9% | 0.56xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$379.17MoperatingIncomeNet PP&E$682.16MpropertyPlantEquipmentResult 0.56x |
| 2023 | 52.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$711.52MpropertyPlantEquipmentInventory$537.13MinventoryTotal assets$2.38BtotalAssetsResult 52.5% | 4.14xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.95BtotalRevenueNet PP&E$711.52MpropertyPlantEquipmentResult 4.14x | 0.93xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$59.86McapitalExpendituresD&A$64.14MdepreciationAndAmortizationResult 0.93x | $8.45Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.38BtotalAssetsGoodwill$210.54MgoodWillIntangibles$325.42MintangibleAssetsLiabilities$1.53BtotalLiabTangible book$309.29MShares36,593,266commonStockSharesOutstandingResult $8.45 | 2.01xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$400.35MebitdaCapex$59.86McapitalExpendituresInterest$33.97MinterestExpenseShort-term debt$135.37MshortTermDebtEBITDA − capex$340.49MPrincipal due is short-term debt.Result 2.01x | $469.27MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$529.13MtotalCashFromOperatingActivitiesCapex$59.86McapitalExpendituresFree cash flow$469.27MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $469.27M | 25.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$323.41MoperatingIncomeTax expense$69.74MincomeTaxExpensePretax income$302.24MincomeBeforeTaxTax rate23.1%Equity$845.25MtotalStockholderEquityDebt$497.35MlongTermDebt + shortLongTermDebtCash$351.21McashAndEquivalentsInvested capital$991.39MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 25.1% | 0.45xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$323.41MoperatingIncomeNet PP&E$711.52MpropertyPlantEquipmentResult 0.45x |
| 2024 | 51.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$758.09MpropertyPlantEquipmentInventory$502.33MinventoryTotal assets$2.43BtotalAssetsResult 51.8% | 3.75xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.84BtotalRevenueNet PP&E$758.09MpropertyPlantEquipmentResult 3.75x | 0.97xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$56.17McapitalExpendituresD&A$57.93MdepreciationAndAmortizationResult 0.97x | $10.02Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.43BtotalAssetsGoodwill$206.88MgoodWillIntangibles$291.55MintangibleAssetsLiabilities$1.58BtotalLiabTangible book$356.14MShares35,525,616commonStockSharesOutstandingResult $10.02 | 1.77xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$343.49MebitdaCapex$56.17McapitalExpendituresInterest$31.33MinterestExpenseShort-term debt$130.56MshortTermDebtEBITDA − capex$287.32MPrincipal due is short-term debt.Result 1.77x | $242.62MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$298.79MtotalCashFromOperatingActivitiesCapex$56.17McapitalExpendituresFree cash flow$242.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $242.62M | 21.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$254.73MoperatingIncomeTax expense$45.30MincomeTaxExpensePretax income$230.81MincomeBeforeTaxTax rate19.6%Equity$854.56MtotalStockholderEquityDebt$498.13MlongTermDebt + shortLongTermDebtCash$412.93McashAndEquivalentsInvested capital$939.76MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 21.8% | 0.34xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$254.73MoperatingIncomeNet PP&E$758.09MpropertyPlantEquipmentResult 0.34x |
| 2025 | 51.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$778.11MpropertyPlantEquipmentInventory$544.62MinventoryTotal assets$2.57BtotalAssetsResult 51.6% | 3.72xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.90BtotalRevenueNet PP&E$778.11MpropertyPlantEquipmentResult 3.72x | 0.97xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$53.70McapitalExpendituresD&A$55.26MdepreciationAndAmortizationResult 0.97x | $12.05Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.57BtotalAssetsGoodwill$208.99MgoodWillIntangibles$288.79MintangibleAssetsLiabilities$1.64BtotalLiabTangible book$427.27MShares35,443,858commonStockSharesOutstandingResult $12.05 | 0.88xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$203.32MebitdaCapex$53.70McapitalExpendituresInterest$34.23MinterestExpenseShort-term debt$136.49MshortTermDebtEBITDA − capex$149.62MPrincipal due is short-term debt.Result 0.88x | $68.63MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$122.33MtotalCashFromOperatingActivitiesCapex$53.70McapitalExpendituresFree cash flow$68.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $68.63M | 11.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$143.93MoperatingIncomeTax expense$22.04MincomeTaxExpensePretax income$113.83MincomeBeforeTaxTax rate19.4%Equity$925.05MtotalStockholderEquityDebt$567.17MlongTermDebt + shortLongTermDebtCash$487.08McashAndEquivalentsInvested capital$1.01BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 11.5% | 0.18xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$143.93MoperatingIncomeNet PP&E$778.11MpropertyPlantEquipmentResult 0.18x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $778.11M
Inventory: $544.62M
Total assets: $2.57B
Goodwill: $208.99M
Intangibles: $288.79M
Liabilities: $1.64B
Tangible book: $427.27M
Shares: 35,443,858
Revenue: $2.90B
Capex: $53.70M
D&A: $55.26M
EBITDA: $203.32M
Interest: $34.23M
Short-term debt: $136.49M
Free cash flow: $68.63M
Operating income: $143.93M
Invested capital: $1.01B
Tax rate: 19.4%