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.
Polaris Industries Inc
Physical assets are 52.4% of total assets, a heavy footprint. Capex is 0.64x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by -1.77x, which is below 1.
Fixed-asset turnover is 6.21x. Compare it with other names in the same basket.
Physical asset ratio
52.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.15BpropertyPlantEquipmentInventory$1.41BinventoryTotal assets$4.89BtotalAssetsResult 52.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.21xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$7.15BtotalRevenueNet PP&E$1.15BpropertyPlantEquipmentResult 6.21x
Revenue per dollar of the physical asset base.
Capex / D&A
0.64xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$182.90McapitalExpendituresD&A$285.90MdepreciationAndAmortizationResult 0.64x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$0.70Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.89BtotalAssetsGoodwill$348.80MgoodWillIntangibles$451.20MintangibleAssetsLiabilities$4.05BtotalLiabTangible book$39.60MShares56,900,000commonStockSharesOutstandingResult $0.70
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
84.26xPrice / tangible bookPrice / tangible book per sharePrice$58.64Latest quoteTangible book / share$0.702025-12-31Result 84.26x
Price $58.64.
Fixed-charge coverage
-1.77xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$114.00MebitdaCapex$182.90McapitalExpendituresInterest$132.80MinterestExpenseShort-term debt$34.80MshortTermDebtEBITDA − capex-$296.90MPrincipal due is short-term debt.Result -1.77x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
16.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$558.10MfreeCashFlowMarket cap$3.30BMarketCapitalizationResult 16.9%
Latest free cash flow divided by current market cap ($3.30B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$28.30MoperatingIncomeTax expense-$67.90MincomeTaxExpensePretax income-$532.70MincomeBeforeTaxTax rate—Equity$828.40MtotalStockholderEquityDebt$1.54BshortLongTermDebtTotalCash$138.00McashAndEquivalentsInvested capital$2.23BROIC 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 -0.02x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 43.9%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$843.12MpropertyPlantEquipmentInventory$969.51MinventoryTotal assets$4.12BtotalAssetsResult 43.9% | 7.21xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$6.08BtotalRevenueNet PP&E$843.12MpropertyPlantEquipmentResult 7.21x | 1.07xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$225.41McapitalExpendituresD&A$211.04MdepreciationAndAmortizationResult 1.07x | -$10.18Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.12BtotalAssetsGoodwill$647.08MgoodWillIntangibles$870.52MintangibleAssetsLiabilities$3.26BtotalLiabTangible book-$650.58MShares63,900,000commonStockSharesOutstandingResult -$10.18 | 3.82xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$697.25MebitdaCapex$225.41McapitalExpendituresInterest$56.97MinterestExpenseShort-term debt$66.54MshortTermDebtEBITDA − capex$471.84MPrincipal due is short-term debt.Result 3.82x | $251.70MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$477.11MtotalCashFromOperatingActivitiesCapex$225.41McapitalExpendituresFree cash flow$251.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $251.70M | 11.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$399.30MoperatingIncomeTax expense$93.99MincomeTaxExpensePretax income$429.25MincomeBeforeTaxTax rate21.9%Equity$866.74MtotalStockholderEquityDebt$1.96BshortLongTermDebtTotalCash$161.16McashAndEquivalentsInvested capital$2.67BResult 11.7% | 0.47xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$399.30MoperatingIncomeNet PP&E$843.12MpropertyPlantEquipmentResult 0.47x |
| 2019 | 48.1%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.01BpropertyPlantAndEquipmentNetInventory$1.12BinventoryTotal assets$4.43BtotalAssetsResult 48.1% | 6.72xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$6.78BtotalRevenueNet PP&E$1.01BpropertyPlantAndEquipmentNetResult 6.72x | 1.07xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$251.37McapitalExpendituresD&A$234.51MdepreciationAndAmortizationResult 1.07x | -$6.13Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.43BtotalAssetsGoodwill$659.90MgoodWillIntangibles$830.30MintangibleAssetsLiabilities$3.32BtotalLiabTangible book-$382.00MShares62,292,000commonStockSharesOutstandingResult -$6.13 | 1.92xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$719.00MebitdaCapex$251.37McapitalExpendituresInterest$76.69MinterestExpenseShort-term debt$166.70MshortLongTermDebtEBITDA − capex$467.63MPrincipal due is the current portion of debt.Result 1.92x | $403.66MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$655.04MtotalCashFromOperatingActivitiesCapex$251.37McapitalExpendituresFree cash flow$403.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $403.66M | 11.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$401.89MoperatingIncomeTax expense$83.92MincomeTaxExpensePretax income$407.80MincomeBeforeTaxTax rate20.6%Equity$1.11BtotalStockholderEquityDebt$1.81BshortLongTermDebtTotalCash$157.10McashAndShortTermInvestmentsInvested capital$2.76BResult 11.6% | 0.40xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$401.89MoperatingIncomeNet PP&E$1.01BpropertyPlantAndEquipmentNetResult 0.40x |
| 2020 | 47.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.01BpropertyPlantAndEquipmentNetInventory$1.18BinventoryTotal assets$4.63BtotalAssetsResult 47.3% | 6.93xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$7.03BtotalRevenueNet PP&E$1.01BpropertyPlantAndEquipmentNetResult 6.93x | 0.82xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$213.90McapitalExpendituresD&A$260.70MdepreciationAndAmortizationResult 0.82x | $0.98Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.63BtotalAssetsGoodwill$397.30MgoodWillIntangibles$686.40MintangibleAssetsLiabilities$3.49BtotalLiabTangible book$61.10MShares62,600,000commonStockSharesOutstandingResult $0.98 | 1.23xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$462.70MebitdaCapex$213.90McapitalExpendituresInterest$60.60MinterestExpenseShort-term debt$142.10MshortLongTermDebtEBITDA − capex$248.80MPrincipal due is the current portion of debt.Result 1.23x | $804.70MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$1.02BtotalCashFromOperatingActivitiesCapex$213.90McapitalExpendituresFree cash flow$804.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $804.70M | 21.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$513.50MoperatingIncomeTax expense$16.50MincomeTaxExpensePretax income$141.40MincomeBeforeTaxTax rate11.7%Equity$1.14BtotalStockholderEquityDebt$1.58BshortLongTermDebtTotalCash$634.70McashAndEquivalentsInvested capital$2.09BResult 21.7% | 0.51xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$513.50MoperatingIncomeNet PP&E$1.01BpropertyPlantAndEquipmentNetResult 0.51x |
| 2021 | 52.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.14BpropertyPlantEquipmentInventory$1.51BinventoryTotal assets$5.05BtotalAssetsResult 52.5% | 6.52xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$7.44BtotalRevenueNet PP&E$1.14BpropertyPlantEquipmentResult 6.52x | 1.38xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$298.30McapitalExpendituresD&A$216.40MdepreciationAndAmortizationResult 1.38x | $4.64Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.05BtotalAssetsGoodwill$391.30MgoodWillIntangibles$543.90MintangibleAssetsLiabilities$3.82BtotalLiabTangible book$291.10MShares62,700,000commonStockSharesOutstandingResult $4.64 | 0.99xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$881.20MebitdaCapex$298.30McapitalExpendituresInterest$36.10MinterestExpenseShort-term debt$553.30MshortLongTermDebtEBITDA − capex$582.90MPrincipal due is the current portion of debt.Result 0.99x | -$4.60MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$293.70MtotalCashFromOperatingActivitiesCapex$298.30McapitalExpendituresFree cash flow-$4.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$4.60M | 19.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$657.70MoperatingIncomeTax expense$132.10MincomeTaxExpensePretax income$628.70MincomeBeforeTaxTax rate21.0%Equity$1.22BtotalStockholderEquityDebt$1.89BshortLongTermDebtTotalCash$509.20McashAndEquivalentsInvested capital$2.61BResult 19.9% | 0.58xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$657.70MoperatingIncomeNet PP&E$1.14BpropertyPlantEquipmentResult 0.58x |
| 2022 | 58.0%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.13BpropertyPlantEquipmentInventory$1.90BinventoryTotal assets$5.22BtotalAssetsResult 58.0% | 7.60xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$8.59BtotalRevenueNet PP&E$1.13BpropertyPlantEquipmentResult 7.60x | 1.32xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$306.60McapitalExpendituresD&A$232.80MdepreciationAndAmortizationResult 1.32x | $3.18Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.22BtotalAssetsGoodwill$386.20MgoodWillIntangibles$524.40MintangibleAssetsLiabilities$4.12BtotalLiabTangible book$190.90MShares60,100,000commonStockSharesOutstandingResult $3.18 | 1.21xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.07BebitdaCapex$306.60McapitalExpendituresInterest$72.70MinterestExpenseShort-term debt$553.60MshortLongTermDebtEBITDA − capex$760.30MPrincipal due is the current portion of debt.Result 1.21x | $202.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$508.60MtotalCashFromOperatingActivitiesCapex$306.60McapitalExpendituresFree cash flow$202.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $202.00M | 20.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$754.00MoperatingIncomeTax expense$158.00MincomeTaxExpensePretax income$761.40MincomeBeforeTaxTax rate20.8%Equity$1.10BtotalStockholderEquityDebt$2.17BshortLongTermDebtTotalCash$324.50McashAndEquivalentsInvested capital$2.94BResult 20.3% | 0.67xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$754.00MoperatingIncomeNet PP&E$1.13BpropertyPlantEquipmentResult 0.67x |
| 2023 | 57.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.35BpropertyPlantEquipmentInventory$1.81BinventoryTotal assets$5.52BtotalAssetsResult 57.2% | 6.64xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$8.93BtotalRevenueNet PP&E$1.35BpropertyPlantEquipmentResult 6.64x | 1.59xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$412.60McapitalExpendituresD&A$258.90MdepreciationAndAmortizationResult 1.59x | $8.92Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.52BtotalAssetsGoodwill$394.40MgoodWillIntangibles$512.00MintangibleAssetsLiabilities$4.10BtotalLiabTangible book$514.40MShares57,700,000commonStockSharesOutstandingResult $8.92 | 1.61xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$700.90MebitdaCapex$412.60McapitalExpendituresInterest$125.00MinterestExpenseShort-term debt$54.00MshortLongTermDebtEBITDA − capex$288.30MPrincipal due is the current portion of debt.Result 1.61x | $513.20MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$925.80MtotalCashFromOperatingActivitiesCapex$412.60McapitalExpendituresFree cash flow$513.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $513.20M | 18.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$700.90MoperatingIncomeTax expense$117.70MincomeTaxExpensePretax income$620.40MincomeBeforeTaxTax rate19.0%Equity$1.42BtotalStockholderEquityDebt$2.05BshortLongTermDebtTotalCash$367.80McashAndEquivalentsInvested capital$3.10BResult 18.3% | 0.52xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$700.90MoperatingIncomeNet PP&E$1.35BpropertyPlantEquipmentResult 0.52x |
| 2024 | 55.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.31BpropertyPlantEquipmentInventory$1.74BinventoryTotal assets$5.53BtotalAssetsResult 55.3% | 5.46xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$7.18BtotalRevenueNet PP&E$1.31BpropertyPlantEquipmentResult 5.46x | 0.91xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$261.70McapitalExpendituresD&A$286.30MdepreciationAndAmortizationResult 0.91x | $6.30Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.53BtotalAssetsGoodwill$393.50MgoodWillIntangibles$542.70MintangibleAssetsLiabilities$4.23BtotalLiabTangible book$357.90MShares56,800,000commonStockSharesOutstandingResult $6.30 | 0.53xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$569.40MebitdaCapex$261.70McapitalExpendituresInterest$142.30MinterestExpenseShort-term debt$434.30MshortLongTermDebtEBITDA − capex$307.70MPrincipal due is the current portion of debt.Result 0.53x | $6.50MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$268.20MtotalCashFromOperatingActivitiesCapex$261.70McapitalExpendituresFree cash flow$6.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $6.50M | 5.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$220.40MoperatingIncomeTax expense$29.60MincomeTaxExpensePretax income$140.80MincomeBeforeTaxTax rate21.0%Equity$1.29BtotalStockholderEquityDebt$2.20BshortLongTermDebtTotalCash$287.80McashAndEquivalentsInvested capital$3.20BResult 5.4% | 0.17xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$220.40MoperatingIncomeNet PP&E$1.31BpropertyPlantEquipmentResult 0.17x |
| 2025 | 52.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.15BpropertyPlantEquipmentInventory$1.41BinventoryTotal assets$4.89BtotalAssetsResult 52.4% | 6.21xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$7.15BtotalRevenueNet PP&E$1.15BpropertyPlantEquipmentResult 6.21x | 0.64xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$182.90McapitalExpendituresD&A$285.90MdepreciationAndAmortizationResult 0.64x | $0.70Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.89BtotalAssetsGoodwill$348.80MgoodWillIntangibles$451.20MintangibleAssetsLiabilities$4.05BtotalLiabTangible book$39.60MShares56,900,000commonStockSharesOutstandingResult $0.70 | -1.77xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$114.00MebitdaCapex$182.90McapitalExpendituresInterest$132.80MinterestExpenseShort-term debt$34.80MshortTermDebtEBITDA − capex-$296.90MPrincipal due is short-term debt.Result -1.77x | $558.10MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$741.00MtotalCashFromOperatingActivitiesCapex$182.90McapitalExpendituresFree cash flow$558.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $558.10M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$28.30MoperatingIncomeTax expense-$67.90MincomeTaxExpensePretax income-$532.70MincomeBeforeTaxTax rate—Equity$828.40MtotalStockholderEquityDebt$1.54BshortLongTermDebtTotalCash$138.00McashAndEquivalentsInvested capital$2.23BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.02xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$28.30MoperatingIncomeNet PP&E$1.15BpropertyPlantEquipmentResult -0.02x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $1.15B
Inventory: $1.41B
Total assets: $4.89B
Goodwill: $348.80M
Intangibles: $451.20M
Liabilities: $4.05B
Tangible book: $39.60M
Shares: 56,900,000
Revenue: $7.15B
Capex: $182.90M
D&A: $285.90M
EBITDA: -$114.00M
Interest: $132.80M
Short-term debt: $34.80M
Free cash flow: $558.10M
Operating income: -$28.30M
Invested capital: $2.23B
Tax rate: —