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.
Intertek Group PLC
Physical assets are 20.8% of total assets, a light footprint. Capex is 0.71x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 17.7%, above 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 4.51x.
Physical asset ratio
20.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 760.90MpropertyPlantAndEquipmentNetInventoryGBX 20.10MinventoryTotal assetsGBX 3.76BtotalAssetsResult 20.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.51xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueGBX 3.43BtotalRevenueNet PP&EGBX 760.90MpropertyPlantAndEquipmentNetResult 4.51x
Revenue per dollar of the physical asset base.
Capex / D&A
0.71xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexGBX 144.50McapitalExpendituresD&AGBX 202.90MdepreciationAndAmortizationResult 0.71x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-GBX 3.93Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 3.76BtotalAssetsGoodwillGBX 1.42BgoodWillIntangiblesGBX 329.40MintangibleAssetsLiabilitiesGBX 2.63BtotalLiabTangible book-GBX 624.20MShares159,000,000commonStockSharesOutstandingResult -GBX 3.93
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePriceGBX 5.93KLatest quoteTangible book / share-GBX 3.932025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price GBX 5.93K.
Fixed-charge coverage
2.95xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 786.60MebitdaCapexGBX 144.50McapitalExpendituresInterestGBX 54.30MinterestExpenseShort-term debtGBX 163.60MshortLongTermDebtEBITDA − capexGBX 642.10MPrincipal due is the current portion of debt.Result 2.95x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flowGBX 395.60MfreeCashFlowMarket capGBX 9.10BMarketCapitalizationResult 4.3%
Latest free cash flow divided by current market cap (GBX 9.10B).
ROIC
17.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 578.00MoperatingIncomeTax expenseGBX 130.20MincomeTaxExpensePretax incomeGBX 493.40MincomeBeforeTaxTax rate26.4%EquityGBX 1.08BtotalStockholderEquityDebtGBX 1.65BshortLongTermDebtTotalCashGBX 329.20McashInvested capitalGBX 2.40BResult 17.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.76x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 17.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 441.20MpropertyPlantEquipmentInventoryGBX 18.30MinventoryTotal assetsGBX 2.63BtotalAssetsResult 17.4% | 6.35xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenueGBX 2.80BtotalRevenueNet PP&EGBX 441.20MpropertyPlantEquipmentResult 6.35x | 0.78xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapexGBX 88.80McapitalExpendituresD&AGBX 113.30MdepreciationAndAmortizationResult 0.78x | -GBX 1.82Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 2.63BtotalAssetsGoodwillGBX 874.90MgoodWillIntangiblesGBX 329.50MintangibleAssetsLiabilitiesGBX 1.73BtotalLiabTangible book-GBX 296.10MShares162,800,000commonStockSharesOutstandingResult -GBX 1.82 | 2.74xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 544.40MebitdaCapexGBX 88.80McapitalExpendituresInterestGBX 28.20MinterestExpenseShort-term debtGBX 138.30MshortTermDebtEBITDA − capexGBX 455.60MPrincipal due is short-term debt.Result 2.74x | GBX 369.70MFree cash flow · 2018-12-31Reported free cash flowOperating cash flowGBX 458.50MtotalCashFromOperatingActivitiesCapexGBX 88.80McapitalExpendituresFree cash flowGBX 369.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 369.70M | 20.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 457.90MoperatingIncomeTax expenseGBX 99.30MincomeTaxExpensePretax incomeGBX 404.50MincomeBeforeTaxTax rate24.5%EquityGBX 874.00MtotalStockholderEquityDebtGBX 985.10MshortLongTermDebtTotalCashGBX 206.90McashInvested capitalGBX 1.65BResult 20.9% | 1.04xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating incomeGBX 457.90MoperatingIncomeNet PP&EGBX 441.20MpropertyPlantEquipmentResult 1.04x |
| 2019 | 23.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 644.20MpropertyPlantEquipmentInventoryGBX 19.20MinventoryTotal assetsGBX 2.82BtotalAssetsResult 23.5% | 4.64xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenueGBX 2.99BtotalRevenueNet PP&EGBX 644.20MpropertyPlantEquipmentResult 4.64x | 0.58xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapexGBX 116.80McapitalExpendituresD&AGBX 200.60MdepreciationAndAmortizationResult 0.58x | -GBX 6.38Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 2.82BtotalAssetsGoodwillGBX 859.80MgoodWillIntangiblesGBX 1.16BintangibleAssetsLiabilitiesGBX 1.83BtotalLiabTangible book-GBX 1.04BShares162,600,000commonStockSharesOutstandingResult -GBX 6.38 | 2.05xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 683.40MebitdaCapexGBX 116.80McapitalExpendituresInterestGBX 37.70MinterestExpenseShort-term debtGBX 238.90MshortLongTermDebtEBITDA − capexGBX 566.60MPrincipal due is the current portion of debt.Result 2.05x | GBX 446.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flowGBX 562.80MtotalCashFromOperatingActivitiesCapexGBX 116.80McapitalExpendituresFree cash flowGBX 446.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 446.00M | 20.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 494.20MoperatingIncomeTax expenseGBX 111.50MincomeTaxExpensePretax incomeGBX 445.10MincomeBeforeTaxTax rate25.1%EquityGBX 955.90MtotalStockholderEquityDebtGBX 1.10BshortLongTermDebtTotalCashGBX 227.40McashInvested capitalGBX 1.83BResult 20.2% | 0.77xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating incomeGBX 494.20MoperatingIncomeNet PP&EGBX 644.20MpropertyPlantEquipmentResult 0.77x |
| 2020 | 23.0%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 585.80MpropertyPlantEquipmentInventoryGBX 15.50MinventoryTotal assetsGBX 2.62BtotalAssetsResult 23.0% | 4.68xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenueGBX 2.74BtotalRevenueNet PP&EGBX 585.80MpropertyPlantEquipmentResult 4.68x | 0.39xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapexGBX 79.80McapitalExpendituresD&AGBX 202.10MdepreciationAndAmortizationResult 0.39x | -GBX 5.84Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 2.62BtotalAssetsGoodwillGBX 835.90MgoodWillIntangiblesGBX 1.12BintangibleAssetsLiabilitiesGBX 1.61BtotalLiabTangible book-GBX 948.50MShares162,300,000commonStockSharesOutstandingResult -GBX 5.84 | 8.70xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 601.50MebitdaCapexGBX 79.80McapitalExpendituresInterestGBX 29.00MinterestExpenseShort-term debtGBX 31.00MshortLongTermDebtEBITDA − capexGBX 521.70MPrincipal due is the current portion of debt.Result 8.70x | GBX 479.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flowGBX 558.80MtotalCashFromOperatingActivitiesCapexGBX 79.80McapitalExpendituresFree cash flowGBX 479.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 479.00M | 18.8%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 399.40MoperatingIncomeTax expenseGBX 81.30MincomeTaxExpensePretax incomeGBX 343.90MincomeBeforeTaxTax rate23.6%EquityGBX 975.00MtotalStockholderEquityDebtGBX 848.00MshortLongTermDebtTotalCashGBX 203.90McashInvested capitalGBX 1.62BResult 18.8% | 0.68xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating incomeGBX 399.40MoperatingIncomeNet PP&EGBX 585.80MpropertyPlantEquipmentResult 0.68x |
| 2021 | 20.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 641.80MpropertyPlantEquipmentInventoryGBX 14.90MinventoryTotal assetsGBX 3.25BtotalAssetsResult 20.2% | 4.34xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenueGBX 2.79BtotalRevenueNet PP&EGBX 641.80MpropertyPlantEquipmentResult 4.34x | 0.49xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapexGBX 97.10McapitalExpendituresD&AGBX 198.60MdepreciationAndAmortizationResult 0.49x | -GBX 10.67Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 3.25BtotalAssetsGoodwillGBX 1.24BgoodWillIntangiblesGBX 1.60BintangibleAssetsLiabilitiesGBX 2.14BtotalLiabTangible book-GBX 1.73BShares161,900,000commonStockSharesOutstandingResult -GBX 10.67 | 1.11xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 626.90MebitdaCapexGBX 97.10McapitalExpendituresInterestGBX 14.90MinterestExpenseShort-term debtGBX 462.00MshortLongTermDebtEBITDA − capexGBX 529.80MPrincipal due is the current portion of debt.Result 1.11x | GBX 453.10MFree cash flow · 2021-12-31Reported free cash flowOperating cash flowGBX 550.20MtotalCashFromOperatingActivitiesCapexGBX 97.10McapitalExpendituresFree cash flowGBX 453.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 453.10M | 15.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 445.40MoperatingIncomeTax expenseGBX 106.70MincomeTaxExpensePretax incomeGBX 413.40MincomeBeforeTaxTax rate25.8%EquityGBX 1.08BtotalStockholderEquityDebtGBX 1.29BshortLongTermDebtTotalCashGBX 265.90McashInvested capitalGBX 2.11BResult 15.7% | 0.69xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating incomeGBX 445.40MoperatingIncomeNet PP&EGBX 641.80MpropertyPlantEquipmentResult 0.69x |
| 2022 | 19.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 694.40MpropertyPlantEquipmentInventoryGBX 16.90MinventoryTotal assetsGBX 3.66BtotalAssetsResult 19.4% | 4.60xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenueGBX 3.19BtotalRevenueNet PP&EGBX 694.40MpropertyPlantEquipmentResult 4.60x | 0.54xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapexGBX 116.50McapitalExpendituresD&AGBX 215.30MdepreciationAndAmortizationResult 0.54x | -GBX 11.62Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 3.66BtotalAssetsGoodwillGBX 1.42BgoodWillIntangiblesGBX 1.78BintangibleAssetsLiabilitiesGBX 2.34BtotalLiabTangible book-GBX 1.88BShares161,900,000commonStockSharesOutstandingResult -GBX 11.62 | 1.84xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 677.90MebitdaCapexGBX 116.50McapitalExpendituresInterestGBX 42.80MinterestExpenseShort-term debtGBX 262.40MshortLongTermDebtEBITDA − capexGBX 561.40MPrincipal due is the current portion of debt.Result 1.84x | GBX 443.40MFree cash flow · 2022-12-31Reported free cash flowOperating cash flowGBX 559.90MtotalCashFromOperatingActivitiesCapexGBX 116.50McapitalExpendituresFree cash flowGBX 443.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 443.40M | 15.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 484.90MoperatingIncomeTax expenseGBX 113.00MincomeTaxExpensePretax incomeGBX 419.80MincomeBeforeTaxTax rate26.9%EquityGBX 1.28BtotalStockholderEquityDebtGBX 1.38BshortLongTermDebtTotalCashGBX 321.60McashInvested capitalGBX 2.34BResult 15.1% | 0.70xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating incomeGBX 484.90MoperatingIncomeNet PP&EGBX 694.40MpropertyPlantEquipmentResult 0.70x |
| 2023 | 19.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 669.60MpropertyPlantAndEquipmentNetInventoryGBX 17.20MinventoryTotal assetsGBX 3.54BtotalAssetsResult 19.4% | 4.97xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenueGBX 3.33BtotalRevenueNet PP&EGBX 669.60MpropertyPlantAndEquipmentNetResult 4.97x | 0.56xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapexGBX 116.90McapitalExpendituresD&AGBX 209.50MdepreciationAndAmortizationResult 0.56x | -GBX 2.20Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 3.54BtotalAssetsGoodwillGBX 1.39BgoodWillIntangiblesGBX 330.90MintangibleAssetsLiabilitiesGBX 2.18BtotalLiabTangible book-GBX 356.60MShares162,200,000commonStockSharesOutstandingResult -GBX 2.20 | 3.97xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 678.00MebitdaCapexGBX 116.90McapitalExpendituresInterestGBX 44.40MinterestExpenseShort-term debtGBX 96.80MshortLongTermDebtEBITDA − capexGBX 561.10MPrincipal due is the current portion of debt.Result 3.97x | GBX 418.10MFree cash flow · 2023-12-31Reported free cash flowOperating cash flowGBX 535.00MtotalCashFromOperatingActivitiesCapexGBX 116.90McapitalExpendituresFree cash flowGBX 418.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 418.10M | 16.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 486.20MoperatingIncomeTax expenseGBX 104.20MincomeTaxExpensePretax incomeGBX 422.30MincomeBeforeTaxTax rate24.7%EquityGBX 1.32BtotalStockholderEquityDebtGBX 1.22BshortLongTermDebtTotalCashGBX 299.30McashInvested capitalGBX 2.24BResult 16.3% | 0.73xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating incomeGBX 486.20MoperatingIncomeNet PP&EGBX 669.60MpropertyPlantAndEquipmentNetResult 0.73x |
| 2024 | 19.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 692.80MpropertyPlantAndEquipmentNetInventoryGBX 19.00MinventoryTotal assetsGBX 3.60BtotalAssetsResult 19.8% | 4.90xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenueGBX 3.39BtotalRevenueNet PP&EGBX 692.80MpropertyPlantAndEquipmentNetResult 4.90x | 0.70xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapexGBX 135.00McapitalExpendituresD&AGBX 194.00MdepreciationAndAmortizationResult 0.70x | -GBX 1.39Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 3.60BtotalAssetsGoodwillGBX 1.37BgoodWillIntangiblesGBX 304.20MintangibleAssetsLiabilitiesGBX 2.15BtotalLiabTangible book-GBX 225.20MShares162,400,000commonStockSharesOutstandingResult -GBX 1.39 | 4.08xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 725.30MebitdaCapexGBX 135.00McapitalExpendituresInterestGBX 43.40MinterestExpenseShort-term debtGBX 101.30MshortLongTermDebtEBITDA − capexGBX 590.30MPrincipal due is the current portion of debt.Result 4.08x | GBX 462.10MFree cash flow · 2024-12-31Reported free cash flowOperating cash flowGBX 597.10MtotalCashFromOperatingActivitiesCapexGBX 135.00McapitalExpendituresFree cash flowGBX 462.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 462.10M | 18.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 535.70MoperatingIncomeTax expenseGBX 122.80MincomeTaxExpensePretax incomeGBX 490.00MincomeBeforeTaxTax rate25.1%EquityGBX 1.40BtotalStockholderEquityDebtGBX 1.14BshortLongTermDebtTotalCashGBX 343.00McashInvested capitalGBX 2.20BResult 18.2% | 0.77xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating incomeGBX 535.70MoperatingIncomeNet PP&EGBX 692.80MpropertyPlantAndEquipmentNetResult 0.77x |
| 2025 | 20.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&EGBX 760.90MpropertyPlantAndEquipmentNetInventoryGBX 20.10MinventoryTotal assetsGBX 3.76BtotalAssetsResult 20.8% | 4.51xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenueGBX 3.43BtotalRevenueNet PP&EGBX 760.90MpropertyPlantAndEquipmentNetResult 4.51x | 0.71xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapexGBX 144.50McapitalExpendituresD&AGBX 202.90MdepreciationAndAmortizationResult 0.71x | -GBX 3.93Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 3.76BtotalAssetsGoodwillGBX 1.42BgoodWillIntangiblesGBX 329.40MintangibleAssetsLiabilitiesGBX 2.63BtotalLiabTangible book-GBX 624.20MShares159,000,000commonStockSharesOutstandingResult -GBX 3.93 | 2.95xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 786.60MebitdaCapexGBX 144.50McapitalExpendituresInterestGBX 54.30MinterestExpenseShort-term debtGBX 163.60MshortLongTermDebtEBITDA − capexGBX 642.10MPrincipal due is the current portion of debt.Result 2.95x | GBX 395.60MFree cash flow · 2025-12-31Reported free cash flowOperating cash flowGBX 540.10MtotalCashFromOperatingActivitiesCapexGBX 144.50McapitalExpendituresFree cash flowGBX 395.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 395.60M | 17.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 578.00MoperatingIncomeTax expenseGBX 130.20MincomeTaxExpensePretax incomeGBX 493.40MincomeBeforeTaxTax rate26.4%EquityGBX 1.08BtotalStockholderEquityDebtGBX 1.65BshortLongTermDebtTotalCashGBX 329.20McashInvested capitalGBX 2.40BResult 17.7% | 0.76xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating incomeGBX 578.00MoperatingIncomeNet PP&EGBX 760.90MpropertyPlantAndEquipmentNetResult 0.76x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: GBX 760.90M
Inventory: GBX 20.10M
Total assets: GBX 3.76B
Goodwill: GBX 1.42B
Intangibles: GBX 329.40M
Liabilities: GBX 2.63B
Tangible book: -GBX 624.20M
Shares: 159,000,000
Revenue: GBX 3.43B
Capex: GBX 144.50M
D&A: GBX 202.90M
EBITDA: GBX 786.60M
Interest: GBX 54.30M
Short-term debt: GBX 163.60M
Free cash flow: GBX 395.60M
Operating income: GBX 578.00M
Invested capital: GBX 2.40B
Tax rate: 26.4%