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.
MGP Ingredients Inc
Physical assets are 58.6% of total assets, a heavy footprint. Capex is 1.89x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. EBITDA after capex covers debt service by -8.53x, which is below 1.
Fixed-asset turnover is 1.57x. Compare it with other names in the same basket.
Physical asset ratio
58.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$341.83MpropertyPlantAndEquipmentNetInventory$382.74MinventoryTotal assets$1.24BtotalAssetsResult 58.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.57xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$536.38MtotalRevenueNet PP&E$341.83MpropertyPlantAndEquipmentNetResult 1.57x
Revenue per dollar of the physical asset base.
Capex / D&A
1.89xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$45.49McapitalExpendituresD&A$24.09MdepreciationAndAmortizationResult 1.89x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$16.68Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.24BtotalAssetsGoodwill$115.67MgoodWillIntangibles$244.70MintangibleAssetsLiabilities$519.07MtotalLiabTangible book$356.43MShares21,363,047commonStockSharesOutstandingResult $16.68
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.03xPrice / tangible bookPrice / tangible book per sharePrice$17.12Latest quoteTangible book / share$16.682025-12-31Result 1.03x
Price $17.12.
Fixed-charge coverage
-8.53xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$69.22MebitdaCapex$45.49McapitalExpendituresInterest$7.04MinterestExpenseShort-term debt$6.40MshortLongTermDebtEBITDA − capex-$114.71MPrincipal due is the current portion of debt.Result -8.53x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
20.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$76.04MfreeCashFlowMarket cap$366.74MMarketCapitalizationResult 20.7%
Latest free cash flow divided by current market cap ($366.74M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$94.62MoperatingIncomeTax expense$7.48MincomeTaxExpensePretax income-$100.35MincomeBeforeTaxTax rate—Equity$718.44MtotalStockholderEquityDebt$266.61MshortLongTermDebtTotalCash$18.46McashInvested capital$966.59MROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.28x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 82.6%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$120.79MpropertyPlantEquipmentInventory$108.77MinventoryTotal assets$277.89MtotalAssetsResult 82.6% | 3.11xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$376.09MtotalRevenueNet PP&E$120.79MpropertyPlantEquipmentResult 3.11x | 2.73xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$31.05McapitalExpendituresD&A$11.36MdepreciationAndAmortizationResult 2.73x | $11.94Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$277.89MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$76.45MtotalLiabTangible book$201.44MShares16,866,176commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $11.94 | 19.60xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$61.51MebitdaCapex$31.05McapitalExpendituresInterest$1.17MinterestExpenseShort-term debt$386.00KshortTermDebtEBITDA − capex$30.46MPrincipal due is short-term debt.Result 19.60x | $2.44MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$33.48MtotalCashFromOperatingActivitiesCapex$31.05McapitalExpendituresFree cash flow$2.44MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.44M | 16.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$50.15MoperatingIncomeTax expense$11.70MincomeTaxExpensePretax income$48.98MincomeBeforeTaxTax rate23.9%Equity$201.44MtotalStockholderEquityDebt$32.01MshortLongTermDebtTotalCash$5.03McashInvested capital$228.43MResult 16.7% | 0.42xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$50.15MoperatingIncomeNet PP&E$120.79MpropertyPlantEquipmentResult 0.42x |
| 2019 | 84.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$134.91MpropertyPlantAndEquipmentNetInventory$136.93MinventoryTotal assets$322.60MtotalAssetsResult 84.3% | 2.69xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$362.75MtotalRevenueNet PP&E$134.91MpropertyPlantAndEquipmentNetResult 2.69x | 1.45xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$16.73McapitalExpendituresD&A$11.57MdepreciationAndAmortizationResult 1.45x | $13.47Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$322.60MtotalAssetsGoodwill$1.50MgoodWillIntangibles$350.00KintangibleAssetsLiabilities$91.55MtotalLiabTangible book$229.19MShares17,012,288commonStockSharesOutstandingResult $13.47 | 24.67xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$58.81MebitdaCapex$16.73McapitalExpendituresInterest$1.31MinterestExpenseShort-term debt$401.00KshortLongTermDebtEBITDA − capex$42.08MPrincipal due is the current portion of debt.Result 24.67x | $2.99MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$19.72MtotalCashFromOperatingActivitiesCapex$16.73McapitalExpendituresFree cash flow$2.99MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.99M | 14.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$47.24MoperatingIncomeTax expense$7.14MincomeTaxExpensePretax income$45.94MincomeBeforeTaxTax rate15.6%Equity$231.04MtotalStockholderEquityDebt$47.57MshortLongTermDebtTotalCash$3.31McashInvested capital$275.31MResult 14.5% | 0.35xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$47.24MoperatingIncomeNet PP&E$134.91MpropertyPlantAndEquipmentNetResult 0.35x |
| 2020 | 75.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$137.14MpropertyPlantAndEquipmentNetInventory$141.01MinventoryTotal assets$366.58MtotalAssetsResult 75.9% | 2.88xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$395.52MtotalRevenueNet PP&E$137.14MpropertyPlantAndEquipmentNetResult 2.88x | 1.52xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$19.70McapitalExpendituresD&A$12.96MdepreciationAndAmortizationResult 1.52x | $15.29Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$366.58MtotalAssetsGoodwill$2.74MgoodWillIntangibles$890.00KintangibleAssetsLiabilities$104.05MtotalLiabTangible book$258.90MShares16,937,125commonStockSharesOutstandingResult $15.29 | 12.28xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$67.20MebitdaCapex$19.70McapitalExpendituresInterest$2.27MinterestExpenseShort-term debt$1.60MshortLongTermDebtEBITDA − capex$47.50MPrincipal due is the current portion of debt.Result 12.28x | $33.55MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$53.26MtotalCashFromOperatingActivitiesCapex$19.70McapitalExpendituresFree cash flow$33.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $33.55M | 14.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$54.24MoperatingIncomeTax expense$12.26MincomeTaxExpensePretax income$52.60MincomeBeforeTaxTax rate23.3%Equity$262.53MtotalStockholderEquityDebt$45.04MshortLongTermDebtTotalCash$21.66McashInvested capital$285.90MResult 14.6% | 0.40xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$54.24MoperatingIncomeNet PP&E$137.14MpropertyPlantAndEquipmentNetResult 0.40x |
| 2021 | 44.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$216.96MpropertyPlantAndEquipmentNetInventory$245.94MinventoryTotal assets$1.04BtotalAssetsResult 44.4% | 2.89xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$626.72MtotalRevenueNet PP&E$216.96MpropertyPlantAndEquipmentNetResult 2.89x | 2.48xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$47.39McapitalExpendituresD&A$19.09MdepreciationAndAmortizationResult 2.48x | $9.49Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.04BtotalAssetsGoodwill$226.29MgoodWillIntangibles$218.84MintangibleAssetsLiabilities$397.20MtotalLiabTangible book$199.13MShares20,982,453commonStockSharesOutstandingResult $9.49 | 13.33xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$144.23MebitdaCapex$47.39McapitalExpendituresInterest$4.04MinterestExpenseShort-term debt$3.23MshortLongTermDebtEBITDA − capex$96.84MPrincipal due is the current portion of debt.Result 13.33x | $40.87MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$88.26MtotalCashFromOperatingActivitiesCapex$47.39McapitalExpendituresFree cash flow$40.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $40.87M | 10.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$126.36MoperatingIncomeTax expense$30.28MincomeTaxExpensePretax income$121.10MincomeBeforeTaxTax rate25.0%Equity$644.76MtotalStockholderEquityDebt$243.26MshortLongTermDebtTotalCash$21.57McashInvested capital$866.45MResult 10.9% | 0.58xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$126.36MoperatingIncomeNet PP&E$216.96MpropertyPlantAndEquipmentNetResult 0.58x |
| 2022 | 46.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$250.67MpropertyPlantAndEquipmentNetInventory$289.72MinventoryTotal assets$1.16BtotalAssetsResult 46.7% | 3.12xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$782.36MtotalRevenueNet PP&E$250.67MpropertyPlantAndEquipmentNetResult 3.12x | 2.11xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$45.32McapitalExpendituresD&A$21.46MdepreciationAndAmortizationResult 2.11x | $13.72Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.16BtotalAssetsGoodwill$226.29MgoodWillIntangibles$216.77MintangibleAssetsLiabilities$412.57MtotalLiabTangible book$302.58MShares22,053,966commonStockSharesOutstandingResult $13.72 | 11.02xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$167.08MebitdaCapex$45.32McapitalExpendituresInterest$5.45MinterestExpenseShort-term debt$5.60MshortLongTermDebtEBITDA − capex$121.76MPrincipal due is the current portion of debt.Result 11.02x | $43.61MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$88.94MtotalCashFromOperatingActivitiesCapex$45.32McapitalExpendituresFree cash flow$43.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $43.61M | 12.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$148.97MoperatingIncomeTax expense$31.30MincomeTaxExpensePretax income$140.17MincomeBeforeTaxTax rate22.3%Equity$746.72MtotalStockholderEquityDebt$245.76MshortLongTermDebtTotalCash$47.89McashInvested capital$944.60MResult 12.2% | 0.59xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$148.97MoperatingIncomeNet PP&E$250.67MpropertyPlantAndEquipmentNetResult 0.59x |
| 2023 | 44.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$276.28MpropertyPlantAndEquipmentNetInventory$346.85MinventoryTotal assets$1.39BtotalAssetsResult 44.8% | 3.03xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$836.52MtotalRevenueNet PP&E$276.28MpropertyPlantAndEquipmentNetResult 3.03x | 2.50xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$55.27McapitalExpendituresD&A$22.11MdepreciationAndAmortizationResult 2.50x | $11.54Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.39BtotalAssetsGoodwill$321.54MgoodWillIntangibles$271.71MintangibleAssetsLiabilities$543.28MtotalLiabTangible book$255.82MShares22,173,918commonStockSharesOutstandingResult $11.54 | 8.83xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$170.51MebitdaCapex$55.27McapitalExpendituresInterest$6.65MinterestExpenseShort-term debt$6.40MshortLongTermDebtEBITDA − capex$115.24MPrincipal due is the current portion of debt.Result 8.83x | $28.52MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$83.78MtotalCashFromOperatingActivitiesCapex$55.27McapitalExpendituresFree cash flow$28.52MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $28.52M | 9.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$148.61MoperatingIncomeTax expense$34.62MincomeTaxExpensePretax income$141.75MincomeBeforeTaxTax rate24.4%Equity$850.49MtotalStockholderEquityDebt$301.86MshortLongTermDebtTotalCash$18.39McashInvested capital$1.13BResult 9.9% | 0.54xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$148.61MoperatingIncomeNet PP&E$276.28MpropertyPlantAndEquipmentNetResult 0.54x |
| 2024 | 49.6%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$332.21MpropertyPlantAndEquipmentNetInventory$364.94MinventoryTotal assets$1.41BtotalAssetsResult 49.6% | 2.12xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$703.63MtotalRevenueNet PP&E$332.21MpropertyPlantAndEquipmentNetResult 2.12x | 3.24xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$71.18McapitalExpendituresD&A$21.99MdepreciationAndAmortizationResult 3.24x | $14.37Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.41BtotalAssetsGoodwill$247.79MgoodWillIntangibles$268.45MintangibleAssetsLiabilities$573.24MtotalLiabTangible book$316.30MShares22,015,000commonStockSharesOutstandingResult $14.37 | 1.87xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$98.87MebitdaCapex$71.18McapitalExpendituresInterest$8.44MinterestExpenseShort-term debt$6.40MshortLongTermDebtEBITDA − capex$27.69MPrincipal due is the current portion of debt.Result 1.87x | $31.10MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$102.28MtotalCashFromOperatingActivitiesCapex$71.18McapitalExpendituresFree cash flow$31.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $31.10M | 3.9%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$74.43MoperatingIncomeTax expense$33.98MincomeTaxExpensePretax income$68.44MincomeBeforeTaxTax rate40.0%Equity$834.17MtotalStockholderEquityDebt$339.64MshortLongTermDebtTotalCash$25.27McashInvested capital$1.15BThe effective tax rate was above 40% and was capped at 40%.Result 3.9% | 0.22xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$74.43MoperatingIncomeNet PP&E$332.21MpropertyPlantAndEquipmentNetResult 0.22x |
| 2025 | 58.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$341.83MpropertyPlantAndEquipmentNetInventory$382.74MinventoryTotal assets$1.24BtotalAssetsResult 58.6% | 1.57xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$536.38MtotalRevenueNet PP&E$341.83MpropertyPlantAndEquipmentNetResult 1.57x | 1.89xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$45.49McapitalExpendituresD&A$24.09MdepreciationAndAmortizationResult 1.89x | $16.68Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.24BtotalAssetsGoodwill$115.67MgoodWillIntangibles$244.70MintangibleAssetsLiabilities$519.07MtotalLiabTangible book$356.43MShares21,363,047commonStockSharesOutstandingResult $16.68 | -8.53xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$69.22MebitdaCapex$45.49McapitalExpendituresInterest$7.04MinterestExpenseShort-term debt$6.40MshortLongTermDebtEBITDA − capex-$114.71MPrincipal due is the current portion of debt.Result -8.53x | $76.04MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$121.53MtotalCashFromOperatingActivitiesCapex$45.49McapitalExpendituresFree cash flow$76.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $76.04M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$94.62MoperatingIncomeTax expense$7.48MincomeTaxExpensePretax income-$100.35MincomeBeforeTaxTax rate—Equity$718.44MtotalStockholderEquityDebt$266.61MshortLongTermDebtTotalCash$18.46McashInvested capital$966.59MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.28xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$94.62MoperatingIncomeNet PP&E$341.83MpropertyPlantAndEquipmentNetResult -0.28x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $341.83M
Inventory: $382.74M
Total assets: $1.24B
Goodwill: $115.67M
Intangibles: $244.70M
Liabilities: $519.07M
Tangible book: $356.43M
Shares: 21,363,047
Revenue: $536.38M
Capex: $45.49M
D&A: $24.09M
EBITDA: -$69.22M
Interest: $7.04M
Short-term debt: $6.40M
Free cash flow: $76.04M
Operating income: -$94.62M
Invested capital: $966.59M
Tax rate: —