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.
Phibro Animal Health Corporation
Physical assets are 60.2% of total assets, a heavy footprint. Capex is 1.15x 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. ROIC is 13.2%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.11x. Compare it with other names in the same basket.
Physical asset ratio
60.2%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$369.17MpropertyPlantAndEquipmentNetInventory$534.88MinventoryTotal assets$1.50BtotalAssetsResult 60.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.11xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$1.52BtotalRevenueNet PP&E$369.17MpropertyPlantAndEquipmentNetResult 4.11x
Revenue per dollar of the physical asset base.
Capex / D&A
1.15xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$59.09McapitalExpendituresD&A$51.51MdepreciationAndAmortizationResult 1.15x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$7.20Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.50BtotalAssetsGoodwill$60.05MgoodWillIntangibles$30.05MintangibleAssetsLiabilities$1.12BtotalLiabTangible book$295.38MShares41,000,000commonStockSharesOutstandingResult $7.20
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
5.40xPrice / tangible bookPrice / tangible book per sharePrice$38.89Latest quoteTangible book / share$7.202026-06-30Result 5.40x
Price $38.89.
Fixed-charge coverage
2.44xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$236.46MebitdaCapex$59.09McapitalExpendituresInterest$47.60MinterestExpenseShort-term debt$25.03MshortLongTermDebtEBITDA − capex$177.38MPrincipal due is the current portion of debt.Result 2.44x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.6%Free cash flow yield · 2026-06-30Latest free cash flow / current market capFree cash flow$9.87MfreeCashFlowMarket cap$1.58BMarketCapitalizationResult 0.6%
Latest free cash flow divided by current market cap ($1.58B).
ROIC
13.2%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$198.44MoperatingIncomeTax expense$37.63MincomeTaxExpensePretax income$137.35MincomeBeforeTaxTax rate27.4%Equity$385.48MtotalStockholderEquityDebt$788.77MshortLongTermDebtTotalCash$81.99McashAndShortTermInvestmentsInvested capital$1.09BResult 13.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.54x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 46.6%Physical asset ratio · 2019-06-30(Net PP&E + inventory) / total assetsNet PP&E$140.24MpropertyPlantEquipmentInventory$198.32MinventoryTotal assets$726.67MtotalAssetsResult 46.6% | 5.90xFixed asset turnover · 2019-06-30Revenue / net PP&ERevenue$828.00MtotalRevenueNet PP&E$140.24MpropertyPlantEquipmentResult 5.90x | 1.08xCapex / D&A · 2019-06-30Capital expenditures / depreciation and amortizationCapex$29.89McapitalExpendituresD&A$27.56MdepreciationAndAmortizationResult 1.08x | $3.48Tangible book / share · 2019-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$726.67MtotalAssetsGoodwill$27.35MgoodWillIntangibles$47.48MintangibleAssetsLiabilities$510.66MtotalLiabTangible book$141.19MShares40,523,000commonStockSharesOutstandingResult $3.48 | 3.16xFixed-charge coverage · 2019-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$112.75MebitdaCapex$29.89McapitalExpendituresInterest$13.68MinterestExpenseShort-term debt$12.54MshortTermDebtEBITDA − capex$82.86MPrincipal due is short-term debt.Result 3.16x | $17.28MFree cash flow · 2019-06-30Reported free cash flowOperating cash flow$47.17MtotalCashFromOperatingActivitiesCapex$29.89McapitalExpendituresFree cash flow$17.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $17.28M | 23.1%ROIC · 2019-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$73.30MoperatingIncomeTax expense$16.80MincomeTaxExpensePretax income$71.50MincomeBeforeTaxTax rate23.5%Equity$216.02MtotalStockholderEquityDebt$108.54MlongTermDebt + shortLongTermDebtCash$81.57McashAndShortTermInvestmentsInvested capital$242.98MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 23.1% | 0.52xEBIT / PP&E · 2019-06-30Operating income / net PP&EOperating income$73.30MoperatingIncomeNet PP&E$140.24MpropertyPlantEquipmentResult 0.52x |
| 2020 | 46.9%Physical asset ratio · 2020-06-30(Net PP&E + inventory) / total assetsNet PP&E$170.98MpropertyPlantEquipmentInventory$196.66MinventoryTotal assets$784.10MtotalAssetsResult 46.9% | 4.68xFixed asset turnover · 2020-06-30Revenue / net PP&ERevenue$800.35MtotalRevenueNet PP&E$170.98MpropertyPlantEquipmentResult 4.68x | 1.05xCapex / D&A · 2020-06-30Capital expenditures / depreciation and amortizationCapex$34.05McapitalExpendituresD&A$32.34MdepreciationAndAmortizationResult 1.05x | $1.59Tangible book / share · 2020-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$784.10MtotalAssetsGoodwill$52.68MgoodWillIntangibles$71.00MintangibleAssetsLiabilities$595.90MtotalLiabTangible book$64.53MShares40,500,000commonStockSharesOutstandingResult $1.59 | 2.04xFixed-charge coverage · 2020-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$101.58MebitdaCapex$34.05McapitalExpendituresInterest$14.30MinterestExpenseShort-term debt$18.75MshortLongTermDebtEBITDA − capex$67.54MPrincipal due is the current portion of debt.Result 2.04x | $25.30MFree cash flow · 2020-06-30Reported free cash flowOperating cash flow$59.35MtotalCashFromOperatingActivitiesCapex$34.05McapitalExpendituresFree cash flow$25.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $25.30M | 8.2%ROIC · 2020-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$69.19MoperatingIncomeTax expense$21.96MincomeTaxExpensePretax income$55.51MincomeBeforeTaxTax rate39.6%Equity$188.20MtotalStockholderEquityDebt$410.72MshortLongTermDebtTotalCash$91.34McashAndShortTermInvestmentsInvested capital$507.58MResult 8.2% | 0.40xEBIT / PP&E · 2020-06-30Operating income / net PP&EOperating income$69.19MoperatingIncomeNet PP&E$170.98MpropertyPlantEquipmentResult 0.40x |
| 2021 | 48.0%Physical asset ratio · 2021-06-30(Net PP&E + inventory) / total assetsNet PP&E$187.67MpropertyPlantEquipmentInventory$216.31MinventoryTotal assets$841.33MtotalAssetsResult 48.0% | 4.44xFixed asset turnover · 2021-06-30Revenue / net PP&ERevenue$833.35MtotalRevenueNet PP&E$187.67MpropertyPlantEquipmentResult 4.44x | 0.92xCapex / D&A · 2021-06-30Capital expenditures / depreciation and amortizationCapex$29.32McapitalExpendituresD&A$31.88MdepreciationAndAmortizationResult 0.92x | $3.05Tangible book / share · 2021-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$841.33MtotalAssetsGoodwill$52.68MgoodWillIntangibles$62.28MintangibleAssetsLiabilities$602.80MtotalLiabTangible book$123.57MShares40,500,000commonStockSharesOutstandingResult $3.05 | 4.09xFixed-charge coverage · 2021-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$110.21MebitdaCapex$29.32McapitalExpendituresInterest$10.40MinterestExpenseShort-term debt$9.38MshortLongTermDebtEBITDA − capex$80.89MPrincipal due is the current portion of debt.Result 4.09x | $18.99MFree cash flow · 2021-06-30Reported free cash flowOperating cash flow$48.31MtotalCashFromOperatingActivitiesCapex$29.32McapitalExpendituresFree cash flow$18.99MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $18.99M | 10.7%ROIC · 2021-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$74.87MoperatingIncomeTax expense$12.08MincomeTaxExpensePretax income$66.47MincomeBeforeTaxTax rate18.2%Equity$238.53MtotalStockholderEquityDebt$426.71MshortLongTermDebtTotalCash$93.21McashAndShortTermInvestmentsInvested capital$572.02MResult 10.7% | 0.40xEBIT / PP&E · 2021-06-30Operating income / net PP&EOperating income$74.87MoperatingIncomeNet PP&E$187.67MpropertyPlantEquipmentResult 0.40x |
| 2022 | 49.6%Physical asset ratio · 2022-06-30(Net PP&E + inventory) / total assetsNet PP&E$203.17MpropertyPlantAndEquipmentNetInventory$259.16MinventoryTotal assets$931.70MtotalAssetsResult 49.6% | 4.64xFixed asset turnover · 2022-06-30Revenue / net PP&ERevenue$942.26MtotalRevenueNet PP&E$203.17MpropertyPlantAndEquipmentNetResult 4.64x | 1.13xCapex / D&A · 2022-06-30Capital expenditures / depreciation and amortizationCapex$37.04McapitalExpendituresD&A$32.71MdepreciationAndAmortizationResult 1.13x | $3.59Tangible book / share · 2022-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$931.70MtotalAssetsGoodwill$53.23MgoodWillIntangibles$63.86MintangibleAssetsLiabilities$669.26MtotalLiabTangible book$145.36MShares40,500,000commonStockSharesOutstandingResult $3.59 | 2.96xFixed-charge coverage · 2022-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$117.13MebitdaCapex$37.04McapitalExpendituresInterest$12.10MinterestExpenseShort-term debt$15.00MshortLongTermDebtEBITDA − capex$80.09MPrincipal due is the current portion of debt.Result 2.96x | -$5.40MFree cash flow · 2022-06-30Reported free cash flowOperating cash flow$31.65MtotalCashFromOperatingActivitiesCapex$37.04McapitalExpendituresFree cash flow-$5.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$5.40M | 8.4%ROIC · 2022-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$78.99MoperatingIncomeTax expense$23.15MincomeTaxExpensePretax income$72.33MincomeBeforeTaxTax rate32.0%Equity$262.44MtotalStockholderEquityDebt$470.48MshortLongTermDebtTotalCash$91.25McashAndShortTermInvestmentsInvested capital$641.68MResult 8.4% | 0.39xEBIT / PP&E · 2022-06-30Operating income / net PP&EOperating income$78.99MoperatingIncomeNet PP&E$203.17MpropertyPlantAndEquipmentNetResult 0.39x |
| 2023 | 52.4%Physical asset ratio · 2023-06-30(Net PP&E + inventory) / total assetsNet PP&E$231.33MpropertyPlantAndEquipmentNetInventory$277.57MinventoryTotal assets$971.40MtotalAssetsResult 52.4% | 4.23xFixed asset turnover · 2023-06-30Revenue / net PP&ERevenue$977.89MtotalRevenueNet PP&E$231.33MpropertyPlantAndEquipmentNetResult 4.23x | 1.52xCapex / D&A · 2023-06-30Capital expenditures / depreciation and amortizationCapex$51.79McapitalExpendituresD&A$34.01MdepreciationAndAmortizationResult 1.52x | $4.30Tangible book / share · 2023-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$971.40MtotalAssetsGoodwill$53.27MgoodWillIntangibles$54.99MintangibleAssetsLiabilities$688.89MtotalLiabTangible book$174.25MShares40,504,000commonStockSharesOutstandingResult $4.30 | 1.35xFixed-charge coverage · 2023-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$106.03MebitdaCapex$51.79McapitalExpendituresInterest$17.95MinterestExpenseShort-term debt$22.30MshortLongTermDebtEBITDA − capex$54.24MPrincipal due is the current portion of debt.Result 1.35x | -$38.48MFree cash flow · 2023-06-30Reported free cash flowOperating cash flow$13.31MtotalCashFromOperatingActivitiesCapex$51.79McapitalExpendituresFree cash flow-$38.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$38.48M | 6.1%ROIC · 2023-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$71.85MoperatingIncomeTax expense$21.47MincomeTaxExpensePretax income$54.07MincomeBeforeTaxTax rate39.7%Equity$282.51MtotalStockholderEquityDebt$509.97MshortLongTermDebtTotalCash$81.28McashAndShortTermInvestmentsInvested capital$711.19MResult 6.1% | 0.31xEBIT / PP&E · 2023-06-30Operating income / net PP&EOperating income$71.85MoperatingIncomeNet PP&E$231.33MpropertyPlantAndEquipmentNetResult 0.31x |
| 2024 | 51.6%Physical asset ratio · 2024-06-30(Net PP&E + inventory) / total assetsNet PP&E$240.90MpropertyPlantAndEquipmentNetInventory$265.91MinventoryTotal assets$982.18MtotalAssetsResult 51.6% | 4.22xFixed asset turnover · 2024-06-30Revenue / net PP&ERevenue$1.02BtotalRevenueNet PP&E$240.90MpropertyPlantAndEquipmentNetResult 4.22x | 1.14xCapex / D&A · 2024-06-30Capital expenditures / depreciation and amortizationCapex$41.24McapitalExpendituresD&A$36.18MdepreciationAndAmortizationResult 1.14x | $3.88Tangible book / share · 2024-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$982.18MtotalAssetsGoodwill$54.56MgoodWillIntangibles$45.03MintangibleAssetsLiabilities$725.54MtotalLiabTangible book$157.05MShares40,523,000commonStockSharesOutstandingResult $3.88 | 0.54xFixed-charge coverage · 2024-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$69.06MebitdaCapex$41.24McapitalExpendituresInterest$21.97MinterestExpenseShort-term debt$29.80MshortLongTermDebtEBITDA − capex$27.83MPrincipal due is the current portion of debt.Result 0.54x | $46.36MFree cash flow · 2024-06-30Reported free cash flowOperating cash flow$87.59MtotalCashFromOperatingActivitiesCapex$41.24McapitalExpendituresFree cash flow$46.36MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $46.36M | 4.8%ROIC · 2024-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$53.32MoperatingIncomeTax expense$8.50MincomeTaxExpensePretax income$10.92MincomeBeforeTaxTax rate40.0%Equity$256.64MtotalStockholderEquityDebt$525.46MshortLongTermDebtTotalCash$114.61McashAndShortTermInvestmentsInvested capital$667.49MThe effective tax rate was above 40% and was capped at 40%.Result 4.8% | 0.22xEBIT / PP&E · 2024-06-30Operating income / net PP&EOperating income$53.32MoperatingIncomeNet PP&E$240.90MpropertyPlantAndEquipmentNetResult 0.22x |
| 2025 | 61.8%Physical asset ratio · 2025-06-30(Net PP&E + inventory) / total assetsNet PP&E$396.03MpropertyPlantAndEquipmentNetInventory$444.43MinventoryTotal assets$1.36BtotalAssetsResult 61.8% | 3.27xFixed asset turnover · 2025-06-30Revenue / net PP&ERevenue$1.30BtotalRevenueNet PP&E$396.03MpropertyPlantAndEquipmentNetResult 3.27x | 0.84xCapex / D&A · 2025-06-30Capital expenditures / depreciation and amortizationCapex$38.29McapitalExpendituresD&A$45.61MdepreciationAndAmortizationResult 0.84x | $4.66Tangible book / share · 2025-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.36BtotalAssetsGoodwill$59.65MgoodWillIntangibles$36.47MintangibleAssetsLiabilities$1.08BtotalLiabTangible book$189.57MShares40,700,000commonStockSharesOutstandingResult $4.66 | 2.19xFixed-charge coverage · 2025-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$146.85MebitdaCapex$38.29McapitalExpendituresInterest$33.25MinterestExpenseShort-term debt$16.25MshortLongTermDebtEBITDA − capex$108.55MPrincipal due is the current portion of debt.Result 2.19x | $41.83MFree cash flow · 2025-06-30Reported free cash flowOperating cash flow$80.12MtotalCashFromOperatingActivitiesCapex$38.29McapitalExpendituresFree cash flow$41.83MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $41.83M | 8.1%ROIC · 2025-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$110.47MoperatingIncomeTax expense$19.73MincomeTaxExpensePretax income$67.99MincomeBeforeTaxTax rate29.0%Equity$285.68MtotalStockholderEquityDebt$761.55MshortLongTermDebtTotalCash$77.04McashAndShortTermInvestmentsInvested capital$970.20MResult 8.1% | 0.28xEBIT / PP&E · 2025-06-30Operating income / net PP&EOperating income$110.47MoperatingIncomeNet PP&E$396.03MpropertyPlantAndEquipmentNetResult 0.28x |
| 2026 | 60.2%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$369.17MpropertyPlantAndEquipmentNetInventory$534.88MinventoryTotal assets$1.50BtotalAssetsResult 60.2% | 4.11xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$1.52BtotalRevenueNet PP&E$369.17MpropertyPlantAndEquipmentNetResult 4.11x | 1.15xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$59.09McapitalExpendituresD&A$51.51MdepreciationAndAmortizationResult 1.15x | $7.20Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.50BtotalAssetsGoodwill$60.05MgoodWillIntangibles$30.05MintangibleAssetsLiabilities$1.12BtotalLiabTangible book$295.38MShares41,000,000commonStockSharesOutstandingResult $7.20 | 2.44xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$236.46MebitdaCapex$59.09McapitalExpendituresInterest$47.60MinterestExpenseShort-term debt$25.03MshortLongTermDebtEBITDA − capex$177.38MPrincipal due is the current portion of debt.Result 2.44x | $9.87MFree cash flow · 2026-06-30Reported free cash flowOperating cash flow$68.95MtotalCashFromOperatingActivitiesCapex$59.09McapitalExpendituresFree cash flow$9.87MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.87M | 13.2%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$198.44MoperatingIncomeTax expense$37.63MincomeTaxExpensePretax income$137.35MincomeBeforeTaxTax rate27.4%Equity$385.48MtotalStockholderEquityDebt$788.77MshortLongTermDebtTotalCash$81.99McashAndShortTermInvestmentsInvested capital$1.09BResult 13.2% | 0.54xEBIT / PP&E · 2026-06-30Operating income / net PP&EOperating income$198.44MoperatingIncomeNet PP&E$369.17MpropertyPlantAndEquipmentNetResult 0.54x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $369.17M
Inventory: $534.88M
Total assets: $1.50B
Goodwill: $60.05M
Intangibles: $30.05M
Liabilities: $1.12B
Tangible book: $295.38M
Shares: 41,000,000
Revenue: $1.52B
Capex: $59.09M
D&A: $51.51M
EBITDA: $236.46M
Interest: $47.60M
Short-term debt: $25.03M
Free cash flow: $9.87M
Operating income: $198.44M
Invested capital: $1.09B
Tax rate: 27.4%