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.
GMS Inc
Physical assets are 37.5% of total assets, a mixed footprint. Capex is 0.29x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 5.8%, 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 6.49x.
Physical asset ratio
37.5%Physical asset ratio · 2025-04-30(Net PP&E + inventory) / total assetsNet PP&E$849.99MpropertyPlantEquipmentInventory$586.19MinventoryTotal assets$3.83BtotalAssetsResult 37.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.49xFixed asset turnover · 2025-04-30Revenue / net PP&ERevenue$5.51BtotalRevenueNet PP&E$849.99MpropertyPlantEquipmentResult 6.49x
Revenue per dollar of the physical asset base.
Capex / D&A
0.29xCapex / D&A · 2025-04-30Capital expenditures / depreciation and amortizationCapex$47.49McapitalExpendituresD&A$164.15MdepreciationAndAmortizationResult 0.29x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.05Tangible book / share · 2025-04-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.83BtotalAssetsGoodwill$881.33MgoodWillIntangibles$536.72MintangibleAssetsLiabilities$2.41BtotalLiabTangible book$2.13MShares39,503,000commonStockSharesOutstandingResult $0.05
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share$0.052025-04-30A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
3.89xFixed-charge coverage · 2025-04-30(EBITDA − capex) / (interest + short-term debt)EBITDA$427.52MebitdaCapex$47.49McapitalExpendituresInterest$89.08MinterestExpenseShort-term debt$8.57MshortLongTermDebtEBITDA − capex$380.03MPrincipal due is the current portion of debt.Result 3.89x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.0%Free cash flow yield · 2025-04-30Latest free cash flow / current market capFree cash flow$336.08MfreeCashFlowMarket cap$4.20BMarketCapitalizationResult 8.0%
Latest free cash flow divided by current market cap ($4.20B).
ROIC
5.8%ROIC · 2025-04-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$257.56MoperatingIncomeTax expense$58.83MincomeTaxExpensePretax income$174.30MincomeBeforeTaxTax rate33.8%Equity$1.42BtotalStockholderEquityDebt$1.60BshortLongTermDebtTotalCash$55.60McashAndEquivalentsInvested capital$2.96BResult 5.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.30x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 27.7%Physical asset ratio · 2018-04-30(Net PP&E + inventory) / total assetsNet PP&E$163.58MpropertyPlantEquipmentInventory$239.22MinventoryTotal assets$1.45BtotalAssetsResult 27.7% | 15.35xFixed asset turnover · 2018-04-30Revenue / net PP&ERevenue$2.51BtotalRevenueNet PP&E$163.58MpropertyPlantEquipmentResult 15.35x | 0.36xCapex / D&A · 2018-04-30Capital expenditures / depreciation and amortizationCapex$23.74McapitalExpendituresD&A$65.53MdepreciationAndAmortizationResult 0.36x | -$1.68Tangible book / share · 2018-04-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.45BtotalAssetsGoodwill$427.65MgoodWillIntangibles$222.68MintangibleAssetsLiabilities$875.06MtotalLiabTangible book-$70.88MShares42,163,000commonStockSharesOutstandingResult -$1.68 | 3.38xFixed-charge coverage · 2018-04-30(EBITDA − capex) / (interest + short-term debt)EBITDA$185.02MebitdaCapex$23.74McapitalExpendituresInterest$31.40MinterestExpenseShort-term debt$16.28MshortTermDebtEBITDA − capex$161.28MPrincipal due is short-term debt.Result 3.38x | $64.88MFree cash flow · 2018-04-30Reported free cash flowOperating cash flow$88.62MtotalCashFromOperatingActivitiesCapex$23.74McapitalExpendituresFree cash flow$64.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $64.88M | 7.9%ROIC · 2018-04-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$119.17MoperatingIncomeTax expense$20.88MincomeTaxExpensePretax income$83.85MincomeBeforeTaxTax rate24.9%Equity$579.45MtotalStockholderEquityDebt$595.89MshortLongTermDebtTotalCash$36.44McashAndEquivalentsInvested capital$1.14BResult 7.9% | 0.73xEBIT / PP&E · 2018-04-30Operating income / net PP&EOperating income$119.17MoperatingIncomeNet PP&E$163.58MpropertyPlantEquipmentResult 0.73x |
| 2019 | 26.7%Physical asset ratio · 2019-04-30(Net PP&E + inventory) / total assetsNet PP&E$282.35MpropertyPlantEquipmentInventory$290.83MinventoryTotal assets$2.15BtotalAssetsResult 26.7% | 11.04xFixed asset turnover · 2019-04-30Revenue / net PP&ERevenue$3.12BtotalRevenueNet PP&E$282.35MpropertyPlantEquipmentResult 11.04x | 0.16xCapex / D&A · 2019-04-30Capital expenditures / depreciation and amortizationCapex$18.77McapitalExpendituresD&A$117.46MdepreciationAndAmortizationResult 0.16x | -$10.04Tangible book / share · 2019-04-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.15BtotalAssetsGoodwill$617.33MgoodWillIntangibles$429.31MintangibleAssetsLiabilities$1.52BtotalLiabTangible book-$417.46MShares41,589,000commonStockSharesOutstandingResult -$10.04 | 2.20xFixed-charge coverage · 2019-04-30(EBITDA − capex) / (interest + short-term debt)EBITDA$273.84MebitdaCapex$18.77McapitalExpendituresInterest$73.68MinterestExpenseShort-term debt$42.12MshortTermDebtEBITDA − capex$255.07MPrincipal due is short-term debt.Result 2.20x | $174.85MFree cash flow · 2019-04-30Reported free cash flowOperating cash flow$193.62MtotalCashFromOperatingActivitiesCapex$18.77McapitalExpendituresFree cash flow$174.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $174.85M | 6.8%ROIC · 2019-04-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$147.20MoperatingIncomeTax expense$14.04MincomeTaxExpensePretax income$70.04MincomeBeforeTaxTax rate20.0%Equity$629.18MtotalStockholderEquityDebt$1.14BshortLongTermDebtTotalCash$47.34McashAndEquivalentsInvested capital$1.72BResult 6.8% | 0.52xEBIT / PP&E · 2019-04-30Operating income / net PP&EOperating income$147.20MoperatingIncomeNet PP&E$282.35MpropertyPlantEquipmentResult 0.52x |
| 2020 | 31.5%Physical asset ratio · 2020-04-30(Net PP&E + inventory) / total assetsNet PP&E$420.72MpropertyPlantEquipmentInventory$299.82MinventoryTotal assets$2.29BtotalAssetsResult 31.5% | 7.70xFixed asset turnover · 2020-04-30Revenue / net PP&ERevenue$3.24BtotalRevenueNet PP&E$420.72MpropertyPlantEquipmentResult 7.70x | 0.22xCapex / D&A · 2020-04-30Capital expenditures / depreciation and amortizationCapex$25.19McapitalExpendituresD&A$116.53MdepreciationAndAmortizationResult 0.22x | -$6.61Tangible book / share · 2020-04-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.29BtotalAssetsGoodwill$553.07MgoodWillIntangibles$361.88MintangibleAssetsLiabilities$1.65BtotalLiabTangible book-$280.98MShares42,504,000commonStockSharesOutstandingResult -$6.61 | 2.18xFixed-charge coverage · 2020-04-30(EBITDA − capex) / (interest + short-term debt)EBITDA$281.91MebitdaCapex$25.19McapitalExpendituresInterest$67.72MinterestExpenseShort-term debt$50.20MshortLongTermDebtEBITDA − capex$256.72MPrincipal due is the current portion of debt.Result 2.18x | $277.89MFree cash flow · 2020-04-30Reported free cash flowOperating cash flow$303.08MtotalCashFromOperatingActivitiesCapex$25.19McapitalExpendituresFree cash flow$277.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $277.89M | 6.0%ROIC · 2020-04-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$164.42MoperatingIncomeTax expense$22.94MincomeTaxExpensePretax income$46.33MincomeBeforeTaxTax rate40.0%Equity$633.98MtotalStockholderEquityDebt$1.22BshortLongTermDebtTotalCash$210.91McashAndEquivalentsInvested capital$1.64BThe effective tax rate was above 40% and was capped at 40%.Result 6.0% | 0.39xEBIT / PP&E · 2020-04-30Operating income / net PP&EOperating income$164.42MoperatingIncomeNet PP&E$420.72MpropertyPlantEquipmentResult 0.39x |
| 2021 | 31.7%Physical asset ratio · 2021-04-30(Net PP&E + inventory) / total assetsNet PP&E$429.74MpropertyPlantEquipmentInventory$357.05MinventoryTotal assets$2.48BtotalAssetsResult 31.7% | 7.68xFixed asset turnover · 2021-04-30Revenue / net PP&ERevenue$3.30BtotalRevenueNet PP&E$429.74MpropertyPlantEquipmentResult 7.68x | 0.28xCapex / D&A · 2021-04-30Capital expenditures / depreciation and amortizationCapex$29.87McapitalExpendituresD&A$108.13MdepreciationAndAmortizationResult 0.28x | -$2.42Tangible book / share · 2021-04-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.48BtotalAssetsGoodwill$576.33MgoodWillIntangibles$350.87MintangibleAssetsLiabilities$1.66BtotalLiabTangible book-$104.74MShares43,343,000commonStockSharesOutstandingResult -$2.42 | 2.71xFixed-charge coverage · 2021-04-30(EBITDA − capex) / (interest + short-term debt)EBITDA$299.86MebitdaCapex$29.87McapitalExpendituresInterest$53.79MinterestExpenseShort-term debt$46.02MshortLongTermDebtEBITDA − capex$269.99MPrincipal due is the current portion of debt.Result 2.71x | $123.43MFree cash flow · 2021-04-30Reported free cash flowOperating cash flow$153.30MtotalCashFromOperatingActivitiesCapex$29.87McapitalExpendituresFree cash flow$123.43MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $123.43M | 8.4%ROIC · 2021-04-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$190.95MoperatingIncomeTax expense$31.53MincomeTaxExpensePretax income$137.09MincomeBeforeTaxTax rate23.0%Equity$822.46MtotalStockholderEquityDebt$1.10BshortLongTermDebtTotalCash$167.01McashAndEquivalentsInvested capital$1.76BResult 8.4% | 0.44xEBIT / PP&E · 2021-04-30Operating income / net PP&EOperating income$190.95MoperatingIncomeNet PP&E$429.74MpropertyPlantEquipmentResult 0.44x |
| 2022 | 34.0%Physical asset ratio · 2022-04-30(Net PP&E + inventory) / total assetsNet PP&E$503.95MpropertyPlantEquipmentInventory$550.95MinventoryTotal assets$3.10BtotalAssetsResult 34.0% | 9.20xFixed asset turnover · 2022-04-30Revenue / net PP&ERevenue$4.63BtotalRevenueNet PP&E$503.95MpropertyPlantEquipmentResult 9.20x | 0.34xCapex / D&A · 2022-04-30Capital expenditures / depreciation and amortizationCapex$41.08McapitalExpendituresD&A$119.23MdepreciationAndAmortizationResult 0.34x | -$1.96Tangible book / share · 2022-04-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.10BtotalAssetsGoodwill$695.90MgoodWillIntangibles$454.75MintangibleAssetsLiabilities$2.04BtotalLiabTangible book-$86.15MShares43,898,000commonStockSharesOutstandingResult -$1.96 | 4.74xFixed-charge coverage · 2022-04-30(EBITDA − capex) / (interest + short-term debt)EBITDA$542.15MebitdaCapex$41.08McapitalExpendituresInterest$58.10MinterestExpenseShort-term debt$47.61MshortLongTermDebtEBITDA − capex$501.07MPrincipal due is the current portion of debt.Result 4.74x | $138.53MFree cash flow · 2022-04-30Reported free cash flowOperating cash flow$179.61MtotalCashFromOperatingActivitiesCapex$41.08McapitalExpendituresFree cash flow$138.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $138.53M | 13.7%ROIC · 2022-04-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$418.92MoperatingIncomeTax expense$91.38MincomeTaxExpensePretax income$364.82MincomeBeforeTaxTax rate25.0%Equity$1.06BtotalStockholderEquityDebt$1.33BshortLongTermDebtTotalCash$101.92McashAndEquivalentsInvested capital$2.30BResult 13.7% | 0.83xEBIT / PP&E · 2022-04-30Operating income / net PP&EOperating income$418.92MoperatingIncomeNet PP&E$503.95MpropertyPlantEquipmentResult 0.83x |
| 2023 | 35.5%Physical asset ratio · 2023-04-30(Net PP&E + inventory) / total assetsNet PP&E$585.77MpropertyPlantEquipmentInventory$575.50MinventoryTotal assets$3.27BtotalAssetsResult 35.5% | 9.10xFixed asset turnover · 2023-04-30Revenue / net PP&ERevenue$5.33BtotalRevenueNet PP&E$585.77MpropertyPlantEquipmentResult 9.10x | 0.42xCapex / D&A · 2023-04-30Capital expenditures / depreciation and amortizationCapex$52.67McapitalExpendituresD&A$126.91MdepreciationAndAmortizationResult 0.42x | $4.09Tangible book / share · 2023-04-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.27BtotalAssetsGoodwill$700.81MgoodWillIntangibles$399.66MintangibleAssetsLiabilities$1.99BtotalLiabTangible book$174.28MShares42,592,000commonStockSharesOutstandingResult $4.09 | 4.90xFixed-charge coverage · 2023-04-30(EBITDA − capex) / (interest + short-term debt)EBITDA$640.25MebitdaCapex$52.67McapitalExpendituresInterest$65.84MinterestExpenseShort-term debt$54.04MshortLongTermDebtEBITDA − capex$587.58MPrincipal due is the current portion of debt.Result 4.90x | $389.07MFree cash flow · 2023-04-30Reported free cash flowOperating cash flow$441.74MtotalCashFromOperatingActivitiesCapex$52.67McapitalExpendituresFree cash flow$389.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $389.07M | 15.7%ROIC · 2023-04-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$505.21MoperatingIncomeTax expense$114.51MincomeTaxExpensePretax income$447.50MincomeBeforeTaxTax rate25.6%Equity$1.27BtotalStockholderEquityDebt$1.29BshortLongTermDebtTotalCash$164.75McashAndEquivalentsInvested capital$2.40BResult 15.7% | 0.86xEBIT / PP&E · 2023-04-30Operating income / net PP&EOperating income$505.21MoperatingIncomeNet PP&E$585.77MpropertyPlantEquipmentResult 0.86x |
| 2024 | 34.7%Physical asset ratio · 2024-04-30(Net PP&E + inventory) / total assetsNet PP&E$723.46MpropertyPlantEquipmentInventory$580.83MinventoryTotal assets$3.76BtotalAssetsResult 34.7% | 7.60xFixed asset turnover · 2024-04-30Revenue / net PP&ERevenue$5.50BtotalRevenueNet PP&E$723.46MpropertyPlantEquipmentResult 7.60x | 0.43xCapex / D&A · 2024-04-30Capital expenditures / depreciation and amortizationCapex$57.25McapitalExpendituresD&A$133.36MdepreciationAndAmortizationResult 0.43x | $2.54Tangible book / share · 2024-04-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.76BtotalAssetsGoodwill$853.77MgoodWillIntangibles$502.69MintangibleAssetsLiabilities$2.30BtotalLiabTangible book$104.07MShares40,906,000commonStockSharesOutstandingResult $2.54 | 6.41xFixed-charge coverage · 2024-04-30(EBITDA − capex) / (interest + short-term debt)EBITDA$582.99MebitdaCapex$57.25McapitalExpendituresInterest$75.46MinterestExpenseShort-term debt$6.56MshortLongTermDebtEBITDA − capex$525.74MPrincipal due is the current portion of debt.Result 6.41x | $376.00MFree cash flow · 2024-04-30Reported free cash flowOperating cash flow$433.25MtotalCashFromOperatingActivitiesCapex$57.25McapitalExpendituresFree cash flow$376.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $376.00M | 11.6%ROIC · 2024-04-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$442.84MoperatingIncomeTax expense$98.09MincomeTaxExpensePretax income$374.17MincomeBeforeTaxTax rate26.2%Equity$1.46BtotalStockholderEquityDebt$1.53BshortLongTermDebtTotalCash$166.15McashAndEquivalentsInvested capital$2.83BResult 11.6% | 0.61xEBIT / PP&E · 2024-04-30Operating income / net PP&EOperating income$442.84MoperatingIncomeNet PP&E$723.46MpropertyPlantEquipmentResult 0.61x |
| 2025 | 37.5%Physical asset ratio · 2025-04-30(Net PP&E + inventory) / total assetsNet PP&E$849.99MpropertyPlantEquipmentInventory$586.19MinventoryTotal assets$3.83BtotalAssetsResult 37.5% | 6.49xFixed asset turnover · 2025-04-30Revenue / net PP&ERevenue$5.51BtotalRevenueNet PP&E$849.99MpropertyPlantEquipmentResult 6.49x | 0.29xCapex / D&A · 2025-04-30Capital expenditures / depreciation and amortizationCapex$47.49McapitalExpendituresD&A$164.15MdepreciationAndAmortizationResult 0.29x | $0.05Tangible book / share · 2025-04-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.83BtotalAssetsGoodwill$881.33MgoodWillIntangibles$536.72MintangibleAssetsLiabilities$2.41BtotalLiabTangible book$2.13MShares39,503,000commonStockSharesOutstandingResult $0.05 | 3.89xFixed-charge coverage · 2025-04-30(EBITDA − capex) / (interest + short-term debt)EBITDA$427.52MebitdaCapex$47.49McapitalExpendituresInterest$89.08MinterestExpenseShort-term debt$8.57MshortLongTermDebtEBITDA − capex$380.03MPrincipal due is the current portion of debt.Result 3.89x | $336.08MFree cash flow · 2025-04-30Reported free cash flowOperating cash flow$383.57MtotalCashFromOperatingActivitiesCapex$47.49McapitalExpendituresFree cash flow$336.08MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $336.08M | 5.8%ROIC · 2025-04-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$257.56MoperatingIncomeTax expense$58.83MincomeTaxExpensePretax income$174.30MincomeBeforeTaxTax rate33.8%Equity$1.42BtotalStockholderEquityDebt$1.60BshortLongTermDebtTotalCash$55.60McashAndEquivalentsInvested capital$2.96BResult 5.8% | 0.30xEBIT / PP&E · 2025-04-30Operating income / net PP&EOperating income$257.56MoperatingIncomeNet PP&E$849.99MpropertyPlantEquipmentResult 0.30x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $849.99M
Inventory: $586.19M
Total assets: $3.83B
Goodwill: $881.33M
Intangibles: $536.72M
Liabilities: $2.41B
Tangible book: $2.13M
Shares: 39,503,000
Revenue: $5.51B
Capex: $47.49M
D&A: $164.15M
EBITDA: $427.52M
Interest: $89.08M
Short-term debt: $8.57M
Free cash flow: $336.08M
Operating income: $257.56M
Invested capital: $2.96B
Tax rate: 33.8%