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.
Griffon Corporation
Physical assets are 43.7% of total assets, a mixed footprint. Capex is 0.83x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 7.9%, below 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 5.46x.
Physical asset ratio
43.7%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$461.36MpropertyPlantEquipmentInventory$440.77MinventoryTotal assets$2.06BtotalAssetsResult 43.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.46xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$2.52BtotalRevenueNet PP&E$461.36MpropertyPlantEquipmentResult 5.46x
Revenue per dollar of the physical asset base.
Capex / D&A
0.83xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$52.44McapitalExpendituresD&A$63.01MdepreciationAndAmortizationResult 0.83x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$13.00Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.06BtotalAssetsGoodwill$192.92MgoodWillIntangibles$488.11MintangibleAssetsLiabilities$1.99BtotalLiabTangible book-$607.06MShares46,685,000commonStockSharesOutstandingResult -$13.00
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$103.14Latest quoteTangible book / share-$13.002025-09-30Tangible book per share is not positive, so the multiple is left blank.Result —
Price $103.14.
Fixed-charge coverage
2.25xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$286.40MebitdaCapex$52.44McapitalExpendituresInterest$96.01MinterestExpenseShort-term debt$8.10MshortLongTermDebtEBITDA − capex$233.96MPrincipal due is the current portion of debt.Result 2.25x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.7%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow$303.58MfreeCashFlowMarket cap$4.52BMarketCapitalizationResult 6.7%
Latest free cash flow divided by current market cap ($4.52B).
ROIC
7.9%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$206.28MoperatingIncomeTax expense$76.26MincomeTaxExpensePretax income$127.37MincomeBeforeTaxTax rate40.0%Equity$73.97MtotalStockholderEquityDebt$1.59BshortLongTermDebtTotalCash$99.05McashAndEquivalentsInvested capital$1.57BThe effective tax rate was above 40% and was capped at 40%.Result 7.9%
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 | 35.5%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E$342.49MpropertyPlantEquipmentInventory$398.36MinventoryTotal assets$2.08BtotalAssetsResult 35.5% | 5.78xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$1.98BtotalRevenueNet PP&E$342.49MpropertyPlantEquipmentResult 5.78x | 0.90xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$50.14McapitalExpendituresD&A$55.80MdepreciationAndAmortizationResult 0.90x | -$7.92Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.08BtotalAssetsGoodwill$439.40MgoodWillIntangibles$370.86MintangibleAssetsLiabilities$1.61BtotalLiabTangible book-$335.86MShares42,422,000commonStockSharesOutstandingResult -$7.92 | 1.34xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$155.18MebitdaCapex$50.14McapitalExpendituresInterest$65.57MinterestExpenseShort-term debt$13.01MshortTermDebtEBITDA − capex$105.04MPrincipal due is short-term debt.Result 1.34x | -$29.32MFree cash flow · 2018-09-30Reported free cash flowOperating cash flow$12.57MtotalCashFromOperatingActivitiesCapex$50.14McapitalExpendituresFree cash flow-$29.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$29.32M | 6.2%ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$96.45MoperatingIncomeTax expense$555.00KincomeTaxExpensePretax income$33.81MincomeBeforeTaxTax rate1.6%Equity$474.39MtotalStockholderEquityDebt$1.12BshortLongTermDebtTotalCash$69.76McashAndEquivalentsInvested capital$1.53BResult 6.2% | 0.28xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income$96.45MoperatingIncomeNet PP&E$342.49MpropertyPlantEquipmentResult 0.28x |
| 2019 | 37.6%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$337.33MpropertyPlantEquipmentInventory$442.12MinventoryTotal assets$2.07BtotalAssetsResult 37.6% | 6.55xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$2.21BtotalRevenueNet PP&E$337.33MpropertyPlantEquipmentResult 6.55x | 0.88xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$45.36McapitalExpendituresD&A$51.52MdepreciationAndAmortizationResult 0.88x | -$7.37Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.07BtotalAssetsGoodwill$437.07MgoodWillIntangibles$356.64MintangibleAssetsLiabilities$1.60BtotalLiabTangible book-$315.94MShares42,888,000commonStockSharesOutstandingResult -$7.37 | 1.86xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$191.76MebitdaCapex$45.36McapitalExpendituresInterest$68.07MinterestExpenseShort-term debt$10.53MshortTermDebtEBITDA − capex$146.40MPrincipal due is short-term debt.Result 1.86x | $66.47MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$111.84MtotalCashFromOperatingActivitiesCapex$45.36McapitalExpendituresFree cash flow$66.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $66.47M | 5.7%ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$135.27MoperatingIncomeTax expense$26.56MincomeTaxExpensePretax income$72.18MincomeBeforeTaxTax rate36.8%Equity$477.76MtotalStockholderEquityDebt$1.10BshortLongTermDebtTotalCash$72.38McashAndEquivalentsInvested capital$1.51BResult 5.7% | 0.40xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$135.27MoperatingIncomeNet PP&E$337.33MpropertyPlantEquipmentResult 0.40x |
| 2020 | 37.4%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$505.59MpropertyPlantEquipmentInventory$413.83MinventoryTotal assets$2.46BtotalAssetsResult 37.4% | 4.09xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$2.07BtotalRevenueNet PP&E$505.59MpropertyPlantEquipmentResult 4.09x | 0.94xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$49.00McapitalExpendituresD&A$52.10MdepreciationAndAmortizationResult 0.94x | -$2.17Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.46BtotalAssetsGoodwill$442.64MgoodWillIntangibles$355.03MintangibleAssetsLiabilities$1.76BtotalLiabTangible book-$97.52MShares45,015,000commonStockSharesOutstandingResult -$2.17 | 2.08xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$208.10MebitdaCapex$49.00McapitalExpendituresInterest$66.54MinterestExpenseShort-term debt$9.92MshortLongTermDebtEBITDA − capex$159.10MPrincipal due is the current portion of debt.Result 2.08x | $85.01MFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$134.01MtotalCashFromOperatingActivitiesCapex$49.00McapitalExpendituresFree cash flow$85.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $85.01M | 5.1%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$139.54MoperatingIncomeTax expense$26.04MincomeTaxExpensePretax income$67.48MincomeBeforeTaxTax rate38.6%Equity$700.15MtotalStockholderEquityDebt$1.21BshortLongTermDebtTotalCash$218.09McashAndEquivalentsInvested capital$1.69BResult 5.1% | 0.28xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$139.54MoperatingIncomeNet PP&E$505.59MpropertyPlantEquipmentResult 0.28x |
| 2021 | 34.9%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$437.22MpropertyPlantEquipmentInventory$472.79MinventoryTotal assets$2.60BtotalAssetsResult 34.9% | 5.19xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$2.27BtotalRevenueNet PP&E$437.22MpropertyPlantEquipmentResult 5.19x | 0.71xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$36.95McapitalExpendituresD&A$52.30MdepreciationAndAmortizationResult 0.71x | $0.58Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.60BtotalAssetsGoodwill$426.15MgoodWillIntangibles$350.03MintangibleAssetsLiabilities$1.80BtotalLiabTangible book$30.99MShares53,369,000commonStockSharesOutstandingResult $0.58 | 2.49xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$225.43MebitdaCapex$36.95McapitalExpendituresInterest$63.18MinterestExpenseShort-term debt$12.49MshortLongTermDebtEBITDA − capex$188.48MPrincipal due is the current portion of debt.Result 2.49x | $74.82MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow$111.77MtotalCashFromOperatingActivitiesCapex$36.95McapitalExpendituresFree cash flow$74.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $74.82M | 6.2%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$170.58MoperatingIncomeTax expense$39.65MincomeTaxExpensePretax income$109.96MincomeBeforeTaxTax rate36.1%Equity$807.16MtotalStockholderEquityDebt$1.19BshortLongTermDebtTotalCash$248.65McashAndEquivalentsInvested capital$1.75BResult 6.2% | 0.39xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$170.58MoperatingIncomeNet PP&E$437.22MpropertyPlantEquipmentResult 0.39x |
| 2022 | 40.7%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$477.96MpropertyPlantEquipmentInventory$669.19MinventoryTotal assets$2.82BtotalAssetsResult 40.7% | 5.96xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$2.85BtotalRevenueNet PP&E$477.96MpropertyPlantEquipmentResult 5.96x | 0.66xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$42.49McapitalExpendituresD&A$64.66MdepreciationAndAmortizationResult 0.66x | -$12.00Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.82BtotalAssetsGoodwill$335.79MgoodWillIntangibles$761.91MintangibleAssetsLiabilities$2.34BtotalLiabTangible book-$620.13MShares51,672,000commonStockSharesOutstandingResult -$12.00 | 3.98xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$428.36MebitdaCapex$42.49McapitalExpendituresInterest$84.38MinterestExpenseShort-term debt$12.65MshortLongTermDebtEBITDA − capex$385.87MPrincipal due is the current portion of debt.Result 3.98x | $26.95MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow$69.44MtotalCashFromOperatingActivitiesCapex$42.49McapitalExpendituresFree cash flow$26.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $26.95M | —ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$189.07MoperatingIncomeTax expense$16.84MincomeTaxExpensePretax income-$270.88MincomeBeforeTaxTax rate—Equity$477.57MtotalStockholderEquityDebt$1.76BshortLongTermDebtTotalCash$120.18McashAndEquivalentsInvested capital$2.12BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.40xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income-$189.07MoperatingIncomeNet PP&E$477.96MpropertyPlantEquipmentResult -0.40x |
| 2023 | 39.5%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$449.16MpropertyPlantEquipmentInventory$507.13MinventoryTotal assets$2.42BtotalAssetsResult 39.5% | 5.98xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$2.69BtotalRevenueNet PP&E$449.16MpropertyPlantEquipmentResult 5.98x | 0.97xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$63.60McapitalExpendituresD&A$65.45MdepreciationAndAmortizationResult 0.97x | -$11.86Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.42BtotalAssetsGoodwill$327.86MgoodWillIntangibles$635.24MintangibleAssetsLiabilities$2.10BtotalLiabTangible book-$647.86MShares54,612,000commonStockSharesOutstandingResult -$11.86 | 1.94xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$279.57MebitdaCapex$63.60McapitalExpendituresInterest$101.45MinterestExpenseShort-term debt$9.63MshortLongTermDebtEBITDA − capex$215.97MPrincipal due is the current portion of debt.Result 1.94x | $365.17MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow$428.77MtotalCashFromOperatingActivitiesCapex$63.60McapitalExpendituresFree cash flow$365.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $365.17M | 7.3%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$196.89MoperatingIncomeTax expense$35.07MincomeTaxExpensePretax income$112.68MincomeBeforeTaxTax rate31.1%Equity$315.24MtotalStockholderEquityDebt$1.65BshortLongTermDebtTotalCash$102.89McashAndEquivalentsInvested capital$1.86BResult 7.3% | 0.44xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income$196.89MoperatingIncomeNet PP&E$449.16MpropertyPlantEquipmentResult 0.44x |
| 2024 | 37.3%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$459.51MpropertyPlantEquipmentInventory$425.49MinventoryTotal assets$2.37BtotalAssetsResult 37.3% | 5.71xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$2.62BtotalRevenueNet PP&E$459.51MpropertyPlantEquipmentResult 5.71x | 1.13xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$68.40McapitalExpendituresD&A$60.70MdepreciationAndAmortizationResult 1.13x | -$14.56Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.37BtotalAssetsGoodwill$329.39MgoodWillIntangibles$618.78MintangibleAssetsLiabilities$2.15BtotalLiabTangible book-$723.29MShares49,668,000commonStockSharesOutstandingResult -$14.56 | 3.50xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$461.44MebitdaCapex$68.40McapitalExpendituresInterest$104.09MinterestExpenseShort-term debt$8.16MshortLongTermDebtEBITDA − capex$393.04MPrincipal due is the current portion of debt.Result 3.50x | $308.87MFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$377.27MtotalCashFromOperatingActivitiesCapex$68.40McapitalExpendituresFree cash flow$308.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $308.87M | 15.5%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$398.30MoperatingIncomeTax expense$86.75MincomeTaxExpensePretax income$296.65MincomeBeforeTaxTax rate29.2%Equity$224.89MtotalStockholderEquityDebt$1.71BshortLongTermDebtTotalCash$114.44McashAndEquivalentsInvested capital$1.82BResult 15.5% | 0.87xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$398.30MoperatingIncomeNet PP&E$459.51MpropertyPlantEquipmentResult 0.87x |
| 2025 | 43.7%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$461.36MpropertyPlantEquipmentInventory$440.77MinventoryTotal assets$2.06BtotalAssetsResult 43.7% | 5.46xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$2.52BtotalRevenueNet PP&E$461.36MpropertyPlantEquipmentResult 5.46x | 0.83xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$52.44McapitalExpendituresD&A$63.01MdepreciationAndAmortizationResult 0.83x | -$13.00Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.06BtotalAssetsGoodwill$192.92MgoodWillIntangibles$488.11MintangibleAssetsLiabilities$1.99BtotalLiabTangible book-$607.06MShares46,685,000commonStockSharesOutstandingResult -$13.00 | 2.25xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$286.40MebitdaCapex$52.44McapitalExpendituresInterest$96.01MinterestExpenseShort-term debt$8.10MshortLongTermDebtEBITDA − capex$233.96MPrincipal due is the current portion of debt.Result 2.25x | $303.58MFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$356.02MtotalCashFromOperatingActivitiesCapex$52.44McapitalExpendituresFree cash flow$303.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $303.58M | 7.9%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$206.28MoperatingIncomeTax expense$76.26MincomeTaxExpensePretax income$127.37MincomeBeforeTaxTax rate40.0%Equity$73.97MtotalStockholderEquityDebt$1.59BshortLongTermDebtTotalCash$99.05McashAndEquivalentsInvested capital$1.57BThe effective tax rate was above 40% and was capped at 40%.Result 7.9% | 0.45xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$206.28MoperatingIncomeNet PP&E$461.36MpropertyPlantEquipmentResult 0.45x |
- Principal due is the current portion of debt.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: $461.36M
Inventory: $440.77M
Total assets: $2.06B
Goodwill: $192.92M
Intangibles: $488.11M
Liabilities: $1.99B
Tangible book: -$607.06M
Shares: 46,685,000
Revenue: $2.52B
Capex: $52.44M
D&A: $63.01M
EBITDA: $286.40M
Interest: $96.01M
Short-term debt: $8.10M
Free cash flow: $303.58M
Operating income: $206.28M
Invested capital: $1.57B
Tax rate: 40.0%