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.
Hudson Technologies Inc
Physical assets are 51.7% of total assets, a heavy footprint. Capex is 0.84x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. ROIC is 6.5%, 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 8.53x.
Physical asset ratio
51.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.91MpropertyPlantAndEquipmentNetInventory$135.92MinventoryTotal assets$318.65MtotalAssetsResult 51.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.53xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$246.61MtotalRevenueNet PP&E$28.91MpropertyPlantAndEquipmentNetResult 8.53x
Revenue per dollar of the physical asset base.
Capex / D&A
0.84xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$5.05McapitalExpendituresD&A$5.99MdepreciationAndAmortizationResult 0.84x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$3.88Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$318.65MtotalAssetsGoodwill$65.28MgoodWillIntangibles$11.29MintangibleAssetsLiabilities$75.26MtotalLiabTangible book$166.81MShares43,011,314commonStockSharesOutstandingResult $3.88
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.10xPrice / tangible bookPrice / tangible book per sharePrice$4.25Latest quoteTangible book / share$3.882025-12-31Result 1.10x
Price $4.25.
Fixed-charge coverage
5.80xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.68MebitdaCapex$5.05McapitalExpendituresInterest$2.02MinterestExpenseShort-term debt$2.06MshortTermDebtEBITDA − capex$23.63MPrincipal due is short-term debt.Result 5.80x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-4.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$8.21MfreeCashFlowMarket cap$186.03MMarketCapitalizationResult -4.4%
Latest free cash flow divided by current market cap ($186.03M).
ROIC
6.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$18.56MoperatingIncomeTax expense$6.02MincomeTaxExpensePretax income$22.69MincomeBeforeTaxTax rate26.5%Equity$243.39MtotalStockholderEquityDebt$5.29MshortLongTermDebtTotalCash$39.46McashInvested capital$209.22MResult 6.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.64x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 56.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.40MpropertyPlantEquipmentInventory$101.96MinventoryTotal assets$228.34MtotalAssetsResult 56.7% | 6.08xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$166.53MtotalRevenueNet PP&E$27.40MpropertyPlantEquipmentResult 6.08x | 6.78xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.09McapitalExpendituresD&A$161.14KdepreciationAndAmortizationResult 6.78x | -$0.19Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$228.34MtotalAssetsGoodwill$47.80MgoodWillIntangibles$29.45MintangibleAssetsLiabilities$159.13MtotalLiabTangible book-$8.04MShares42,484,972commonStockSharesOutstandingResult -$0.19 | -0.88xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$39.64MebitdaCapex$1.09McapitalExpendituresInterest$14.76MinterestExpenseShort-term debt$31.67MshortTermDebtEBITDA − capex-$40.73MPrincipal due is short-term debt.Result -0.88x | $35.24MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$36.33MtotalCashFromOperatingActivitiesCapex$1.09McapitalExpendituresFree cash flow$35.24MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $35.24M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$42.61MoperatingIncomeTax expense-$1.70MincomeTaxExpensePretax income-$57.36MincomeBeforeTaxTax rate—Equity$69.21MtotalStockholderEquityDebt$129.95MshortLongTermDebtTotalCash$2.27McashInvested capital$196.89MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.56xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$42.61MoperatingIncomeNet PP&E$27.40MpropertyPlantEquipmentResult -1.56x |
| 2019 | 50.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$31.72MpropertyPlantAndEquipmentNetInventory$59.24MinventoryTotal assets$180.15MtotalAssetsResult 50.5% | 5.11xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$162.06MtotalRevenueNet PP&E$31.72MpropertyPlantAndEquipmentNetResult 5.11x | 5.88xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.01McapitalExpendituresD&A$171.86KdepreciationAndAmortizationResult 5.88x | -$0.67Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$180.15MtotalAssetsGoodwill$47.80MgoodWillIntangibles$26.01MintangibleAssetsLiabilities$135.04MtotalLiabTangible book-$28.70MShares42,613,478commonStockSharesOutstandingResult -$0.67 | -0.12xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$3.44MebitdaCapex$1.01McapitalExpendituresInterest$18.91MinterestExpenseShort-term debt$17.01MshortTermDebtEBITDA − capex-$4.45MPrincipal due is short-term debt.Result -0.12x | $32.81MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$33.82MtotalCashFromOperatingActivitiesCapex$1.01McapitalExpendituresFree cash flow$32.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $32.81M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$15.78MoperatingIncomeTax expense$656.00KincomeTaxExpensePretax income-$25.28MincomeBeforeTaxTax rate—Equity$45.11MtotalStockholderEquityDebt$104.73MshortLongTermDebtTotalCash$2.60McashInvested capital$147.24MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.50xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$15.78MoperatingIncomeNet PP&E$31.72MpropertyPlantAndEquipmentNetResult -0.50x |
| 2020 | 45.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.47MpropertyPlantAndEquipmentNetInventory$44.46MinventoryTotal assets$161.65MtotalAssetsResult 45.1% | 5.18xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$147.61MtotalRevenueNet PP&E$28.47MpropertyPlantAndEquipmentNetResult 5.18x | 0.24xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$1.47McapitalExpendituresD&A$6.10MdepreciationAndAmortizationResult 0.24x | -$0.71Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$161.65MtotalAssetsGoodwill$47.80MgoodWillIntangibles$23.15MintangibleAssetsLiabilities$121.03MtotalLiabTangible book-$30.33MShares42,710,381commonStockSharesOutstandingResult -$0.71 | 0.53xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$13.03MebitdaCapex$1.47McapitalExpendituresInterest$12.33MinterestExpenseShort-term debt$9.31MshortLongTermDebtEBITDA − capex$11.56MPrincipal due is the current portion of debt.Result 0.53x | $10.22MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$11.69MtotalCashFromOperatingActivitiesCapex$1.47McapitalExpendituresFree cash flow$10.22MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $10.22M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.90MoperatingIncomeTax expense-$185.00KincomeTaxExpensePretax income-$5.39MincomeBeforeTaxTax rate—Equity$40.62MtotalStockholderEquityDebt$93.92MshortLongTermDebtTotalCash$1.35McashInvested capital$133.19MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.21xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$5.90MoperatingIncomeNet PP&E$28.47MpropertyPlantAndEquipmentNetResult 0.21x |
| 2021 | 56.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$26.90MpropertyPlantEquipmentInventory$94.14MinventoryTotal assets$215.72MtotalAssetsResult 56.1% | 7.17xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$192.75MtotalRevenueNet PP&E$26.90MpropertyPlantEquipmentResult 7.17x | 0.31xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.92McapitalExpendituresD&A$6.18MdepreciationAndAmortizationResult 0.31x | $0.06Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$215.72MtotalAssetsGoodwill$47.80MgoodWillIntangibles$20.36MintangibleAssetsLiabilities$144.78MtotalLiabTangible book$2.78MShares46,640,822commonStockSharesOutstandingResult $0.06 | 1.55xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$50.96MebitdaCapex$1.92McapitalExpendituresInterest$11.38MinterestExpenseShort-term debt$20.25MshortLongTermDebtEBITDA − capex$49.03MPrincipal due is the current portion of debt.Result 1.55x | -$3.15MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$1.23MtotalCashFromOperatingActivitiesCapex$1.92McapitalExpendituresFree cash flow-$3.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.15M | 24.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$42.31MoperatingIncomeTax expense$1.14MincomeTaxExpensePretax income$33.40MincomeBeforeTaxTax rate3.4%Equity$70.94MtotalStockholderEquityDebt$100.27MshortLongTermDebtTotalCash$3.49McashInvested capital$167.72MResult 24.4% | 1.57xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$42.31MoperatingIncomeNet PP&E$26.90MpropertyPlantEquipmentResult 1.57x |
| 2022 | 63.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.91MpropertyPlantAndEquipmentNetInventory$145.38MinventoryTotal assets$272.49MtotalAssetsResult 63.6% | 11.65xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$325.23MtotalRevenueNet PP&E$27.91MpropertyPlantAndEquipmentNetResult 11.65x | 0.61xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$3.66McapitalExpendituresD&A$5.98MdepreciationAndAmortizationResult 0.61x | $2.32Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$272.49MtotalAssetsGoodwill$47.80MgoodWillIntangibles$17.56MintangibleAssetsLiabilities$97.62MtotalLiabTangible book$109.51MShares47,109,018commonStockSharesOutstandingResult $2.32 | 7.20xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$137.49MebitdaCapex$3.66McapitalExpendituresInterest$14.33MinterestExpenseShort-term debt$4.25MshortLongTermDebtEBITDA − capex$133.83MPrincipal due is the current portion of debt.Result 7.20x | $59.16MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$62.82MtotalCashFromOperatingActivitiesCapex$3.66McapitalExpendituresFree cash flow$59.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $59.16M | 52.9%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$131.51MoperatingIncomeTax expense$13.38MincomeTaxExpensePretax income$117.18MincomeBeforeTaxTax rate11.4%Equity$174.88MtotalStockholderEquityDebt$50.67MshortLongTermDebtTotalCash$5.30McashInvested capital$220.25MResult 52.9% | 4.71xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$131.51MoperatingIncomeNet PP&E$27.91MpropertyPlantAndEquipmentNetResult 4.71x |
| 2023 | 60.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.97MpropertyPlantAndEquipmentNetInventory$154.45MinventoryTotal assets$296.67MtotalAssetsResult 60.8% | 11.13xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$289.03MtotalRevenueNet PP&E$25.97MpropertyPlantAndEquipmentNetResult 11.13x | 0.62xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$3.58McapitalExpendituresD&A$5.78MdepreciationAndAmortizationResult 0.62x | $3.51Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$296.67MtotalAssetsGoodwill$47.80MgoodWillIntangibles$14.77MintangibleAssetsLiabilities$67.90MtotalLiabTangible book$166.20MShares47,338,231commonStockSharesOutstandingResult $3.51 | 7.85xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$83.95MebitdaCapex$3.58McapitalExpendituresInterest$8.35MinterestExpenseShort-term debt$1.89MshortTermDebtEBITDA − capex$80.37MPrincipal due is short-term debt.Result 7.85x | $54.97MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$58.55MtotalCashFromOperatingActivitiesCapex$3.58McapitalExpendituresFree cash flow$54.97MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $54.97M | 26.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$78.17MoperatingIncomeTax expense$17.57MincomeTaxExpensePretax income$69.82MincomeBeforeTaxTax rate25.2%Equity$228.77MtotalStockholderEquityDebt$6.68MshortLongTermDebtTotalCash$12.45McashInvested capital$223.01MResult 26.2% | 3.01xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$78.17MoperatingIncomeNet PP&E$25.97MpropertyPlantAndEquipmentNetResult 3.01x |
| 2024 | 41.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.43MpropertyPlantAndEquipmentNetInventory$96.25MinventoryTotal assets$302.65MtotalAssetsResult 41.2% | 8.34xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$237.12MtotalRevenueNet PP&E$28.43MpropertyPlantAndEquipmentNetResult 8.34x | 0.83xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$5.30McapitalExpendituresD&A$6.39MdepreciationAndAmortizationResult 0.83x | $3.60Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$302.65MtotalAssetsGoodwill$62.28MgoodWillIntangibles$14.10MintangibleAssetsLiabilities$56.80MtotalLiabTangible book$169.47MShares47,076,000commonStockSharesOutstandingResult $3.60 | 13.59xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$38.41MebitdaCapex$5.30McapitalExpendituresInterest$476.00KinterestExpenseShort-term debt$1.96MshortTermDebtEBITDA − capex$33.11MPrincipal due is short-term debt.Result 13.59x | $86.51MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$91.81MtotalCashFromOperatingActivitiesCapex$5.30McapitalExpendituresFree cash flow$86.51MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $86.51M | 12.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$29.30MoperatingIncomeTax expense$7.64MincomeTaxExpensePretax income$32.03MincomeBeforeTaxTax rate23.9%Equity$245.85MtotalStockholderEquityDebt$6.88MshortLongTermDebtTotalCash$70.13McashInvested capital$182.59MResult 12.2% | 1.03xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$29.30MoperatingIncomeNet PP&E$28.43MpropertyPlantAndEquipmentNetResult 1.03x |
| 2025 | 51.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$28.91MpropertyPlantAndEquipmentNetInventory$135.92MinventoryTotal assets$318.65MtotalAssetsResult 51.7% | 8.53xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$246.61MtotalRevenueNet PP&E$28.91MpropertyPlantAndEquipmentNetResult 8.53x | 0.84xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$5.05McapitalExpendituresD&A$5.99MdepreciationAndAmortizationResult 0.84x | $3.88Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$318.65MtotalAssetsGoodwill$65.28MgoodWillIntangibles$11.29MintangibleAssetsLiabilities$75.26MtotalLiabTangible book$166.81MShares43,011,314commonStockSharesOutstandingResult $3.88 | 5.80xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.68MebitdaCapex$5.05McapitalExpendituresInterest$2.02MinterestExpenseShort-term debt$2.06MshortTermDebtEBITDA − capex$23.63MPrincipal due is short-term debt.Result 5.80x | -$8.21MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$3.16MtotalCashFromOperatingActivitiesCapex$5.05McapitalExpendituresFree cash flow-$8.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$8.21M | 6.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$18.56MoperatingIncomeTax expense$6.02MincomeTaxExpensePretax income$22.69MincomeBeforeTaxTax rate26.5%Equity$243.39MtotalStockholderEquityDebt$5.29MshortLongTermDebtTotalCash$39.46McashInvested capital$209.22MResult 6.5% | 0.64xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$18.56MoperatingIncomeNet PP&E$28.91MpropertyPlantAndEquipmentNetResult 0.64x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $28.91M
Inventory: $135.92M
Total assets: $318.65M
Goodwill: $65.28M
Intangibles: $11.29M
Liabilities: $75.26M
Tangible book: $166.81M
Shares: 43,011,314
Revenue: $246.61M
Capex: $5.05M
D&A: $5.99M
EBITDA: $28.68M
Interest: $2.02M
Short-term debt: $2.06M
Free cash flow: -$8.21M
Operating income: $18.56M
Invested capital: $209.22M
Tax rate: 26.5%