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.
Photronics Inc
Physical assets are 50.8% of total assets, a heavy footprint. Capex is 2.42x 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 30.2%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 0.99x.
Physical asset ratio
50.8%Physical asset ratio · 2025-10-31(Net PP&E + inventory) / total assetsNet PP&E$854.44MpropertyPlantAndEquipmentNetInventory$61.77MinventoryTotal assets$1.80BtotalAssetsResult 50.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.99xFixed asset turnover · 2025-10-31Revenue / net PP&ERevenue$849.29MtotalRevenueNet PP&E$854.44MpropertyPlantAndEquipmentNetResult 0.99x
Revenue per dollar of the physical asset base.
Capex / D&A
2.42xCapex / D&A · 2025-10-31Capital expenditures / depreciation and amortizationCapex$188.14McapitalExpendituresD&A$77.61MdepreciationAndAmortizationResult 2.42x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$26.66Tangible book / share · 2025-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.80BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$207.23MtotalLiabTangible book$1.60BShares59,920,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $26.66
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.09xPrice / tangible bookPrice / tangible book per sharePrice$29.12Latest quoteTangible book / share$26.662025-10-31Result 1.09x
Price $29.12.
Fixed-charge coverage
54.54xFixed-charge coverage · 2025-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$299.44MebitdaCapex$188.14McapitalExpendituresInterest$55.00KinterestExpenseShort-term debt$1.99MshortTermDebtEBITDA − capex$111.31MPrincipal due is short-term debt.Result 54.54x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.4%Free cash flow yield · 2025-10-31Latest free cash flow / current market capFree cash flow$59.66MfreeCashFlowMarket cap$1.73BMarketCapitalizationResult 3.4%
Latest free cash flow divided by current market cap ($1.73B).
ROIC
30.2%ROIC · 2025-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$208.40MoperatingIncomeTax expense$31.55MincomeTaxExpensePretax income$221.78MincomeBeforeTaxTax rate14.2%Equity$1.17BtotalStockholderEquityDebt$5.96MshortLongTermDebtTotalCash$588.17McashAndShortTermInvestmentsInvested capital$591.38MResult 30.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.24x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 54.1%Physical asset ratio · 2018-10-31(Net PP&E + inventory) / total assetsNet PP&E$571.78MpropertyPlantEquipmentInventory$29.18MinventoryTotal assets$1.11BtotalAssetsResult 54.1% | 0.94xFixed asset turnover · 2018-10-31Revenue / net PP&ERevenue$535.28MtotalRevenueNet PP&E$571.78MpropertyPlantEquipmentResult 0.94x | 1.10xCapex / D&A · 2018-10-31Capital expenditures / depreciation and amortizationCapex$92.59McapitalExpendituresD&A$84.33MdepreciationAndAmortizationResult 1.10x | $11.76Tangible book / share · 2018-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.11BtotalAssetsGoodwill$12.37MgoodWillIntangibles$12.37MintangibleAssetsLiabilities$205.44MtotalLiabTangible book$879.83MShares74,821,000commonStockSharesOutstandingResult $11.76 | 1.05xFixed-charge coverage · 2018-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$155.17MebitdaCapex$92.59McapitalExpendituresInterest$2.26MinterestExpenseShort-term debt$57.45MshortTermDebtEBITDA − capex$62.58MPrincipal due is short-term debt.Result 1.05x | $37.98MFree cash flow · 2018-10-31Reported free cash flowOperating cash flow$130.57MtotalCashFromOperatingActivitiesCapex$92.59McapitalExpendituresFree cash flow$37.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $37.98M | 12.0%ROIC · 2018-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$65.63MoperatingIncomeTax expense$7.34MincomeTaxExpensePretax income$68.57MincomeBeforeTaxTax rate10.7%Equity$759.67MtotalStockholderEquityDebt$57.45MshortLongTermDebtTotalCash$329.28McashInvested capital$487.85MResult 12.0% | 0.11xEBIT / PP&E · 2018-10-31Operating income / net PP&EOperating income$65.63MoperatingIncomeNet PP&E$571.78MpropertyPlantEquipmentResult 0.11x |
| 2019 | 60.8%Physical asset ratio · 2019-10-31(Net PP&E + inventory) / total assetsNet PP&E$632.44MpropertyPlantEquipmentInventory$48.16MinventoryTotal assets$1.12BtotalAssetsResult 60.8% | 0.87xFixed asset turnover · 2019-10-31Revenue / net PP&ERevenue$550.66MtotalRevenueNet PP&E$632.44MpropertyPlantEquipmentResult 0.87x | 2.11xCapex / D&A · 2019-10-31Capital expenditures / depreciation and amortizationCapex$177.19McapitalExpendituresD&A$83.88MdepreciationAndAmortizationResult 2.11x | $12.95Tangible book / share · 2019-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.12BtotalAssetsGoodwill$7.87MgoodWillIntangibles$7.87MintangibleAssetsLiabilities$207.57MtotalLiabTangible book$895.35MShares69,155,000commonStockSharesOutstandingResult $12.95 | -3.35xFixed-charge coverage · 2019-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$136.01MebitdaCapex$177.19McapitalExpendituresInterest$1.43MinterestExpenseShort-term debt$10.87MshortTermDebtEBITDA − capex-$41.19MPrincipal due is short-term debt.Result -3.35x | -$105.35MFree cash flow · 2019-10-31Reported free cash flowOperating cash flow$71.84MtotalCashFromOperatingActivitiesCapex$177.19McapitalExpendituresFree cash flow-$105.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$105.35M | 6.8%ROIC · 2019-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$52.12MoperatingIncomeTax expense$10.21MincomeTaxExpensePretax income$50.70MincomeBeforeTaxTax rate20.1%Equity$769.89MtotalStockholderEquityDebt$52.76MshortLongTermDebtTotalCash$206.53McashInvested capital$616.12MResult 6.8% | 0.08xEBIT / PP&E · 2019-10-31Operating income / net PP&EOperating income$52.12MoperatingIncomeNet PP&E$632.44MpropertyPlantEquipmentResult 0.08x |
| 2020 | 58.0%Physical asset ratio · 2020-10-31(Net PP&E + inventory) / total assetsNet PP&E$631.48MpropertyPlantEquipmentInventory$57.27MinventoryTotal assets$1.19BtotalAssetsResult 58.0% | 0.97xFixed asset turnover · 2020-10-31Revenue / net PP&ERevenue$609.69MtotalRevenueNet PP&E$631.48MpropertyPlantEquipmentResult 0.97x | 0.76xCapex / D&A · 2020-10-31Capital expenditures / depreciation and amortizationCapex$70.97McapitalExpendituresD&A$93.81MdepreciationAndAmortizationResult 0.76x | $14.59Tangible book / share · 2020-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.19BtotalAssetsGoodwill$3.44MgoodWillIntangibles$3.44MintangibleAssetsLiabilities$225.92MtotalLiabTangible book$955.39MShares65,470,000commonStockSharesOutstandingResult $14.59 | 5.41xFixed-charge coverage · 2020-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$157.78MebitdaCapex$70.97McapitalExpendituresInterest$2.37MinterestExpenseShort-term debt$13.68MshortLongTermDebtEBITDA − capex$86.81MPrincipal due is the current portion of debt.Result 5.41x | $72.07MFree cash flow · 2020-10-31Reported free cash flowOperating cash flow$143.05MtotalCashFromOperatingActivitiesCapex$70.97McapitalExpendituresFree cash flow$72.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $72.07M | 7.0%ROIC · 2020-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$63.93MoperatingIncomeTax expense$21.26MincomeTaxExpensePretax income$61.60MincomeBeforeTaxTax rate34.5%Equity$804.96MtotalStockholderEquityDebt$70.83MshortLongTermDebtTotalCash$278.67McashInvested capital$597.13MResult 7.0% | 0.10xEBIT / PP&E · 2020-10-31Operating income / net PP&EOperating income$63.93MoperatingIncomeNet PP&E$631.48MpropertyPlantEquipmentResult 0.10x |
| 2021 | 58.1%Physical asset ratio · 2021-10-31(Net PP&E + inventory) / total assetsNet PP&E$696.55MpropertyPlantEquipmentInventory$55.25MinventoryTotal assets$1.29BtotalAssetsResult 58.1% | 0.95xFixed asset turnover · 2021-10-31Revenue / net PP&ERevenue$663.76MtotalRevenueNet PP&E$696.55MpropertyPlantEquipmentResult 0.95x | 1.21xCapex / D&A · 2021-10-31Capital expenditures / depreciation and amortizationCapex$109.27McapitalExpendituresD&A$90.40MdepreciationAndAmortizationResult 1.21x | $16.13Tangible book / share · 2021-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.29BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$774.00KintangibleAssetsLiabilities$293.64MtotalLiabTangible book$999.79MShares61,999,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $16.13 | 3.54xFixed-charge coverage · 2021-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$194.09MebitdaCapex$109.27McapitalExpendituresInterest$1.69MinterestExpenseShort-term debt$22.25MshortLongTermDebtEBITDA − capex$84.82MPrincipal due is the current portion of debt.Result 3.54x | $41.50MFree cash flow · 2021-10-31Reported free cash flowOperating cash flow$150.77MtotalCashFromOperatingActivitiesCapex$109.27McapitalExpendituresFree cash flow$41.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $41.50M | 11.0%ROIC · 2021-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$94.55MoperatingIncomeTax expense$23.19MincomeTaxExpensePretax income$102.01MincomeBeforeTaxTax rate22.7%Equity$823.69MtotalStockholderEquityDebt$117.21MshortLongTermDebtTotalCash$276.67McashInvested capital$664.24MResult 11.0% | 0.14xEBIT / PP&E · 2021-10-31Operating income / net PP&EOperating income$94.55MoperatingIncomeNet PP&E$696.55MpropertyPlantEquipmentResult 0.14x |
| 2022 | 52.8%Physical asset ratio · 2022-10-31(Net PP&E + inventory) / total assetsNet PP&E$643.87MpropertyPlantEquipmentInventory$50.75MinventoryTotal assets$1.32BtotalAssetsResult 52.8% | 1.28xFixed asset turnover · 2022-10-31Revenue / net PP&ERevenue$824.55MtotalRevenueNet PP&E$643.87MpropertyPlantEquipmentResult 1.28x | 1.40xCapex / D&A · 2022-10-31Capital expenditures / depreciation and amortizationCapex$112.34McapitalExpendituresD&A$80.33MdepreciationAndAmortizationResult 1.40x | $17.36Tangible book / share · 2022-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.32BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$253.74MtotalLiabTangible book$1.06BShares61,189,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $17.36 | 17.58xFixed-charge coverage · 2022-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$321.22MebitdaCapex$112.34McapitalExpendituresInterest$1.86MinterestExpenseShort-term debt$10.02MshortLongTermDebtEBITDA − capex$208.88MPrincipal due is the current portion of debt.Result 17.58x | $162.85MFree cash flow · 2022-10-31Reported free cash flowOperating cash flow$275.19MtotalCashFromOperatingActivitiesCapex$112.34McapitalExpendituresFree cash flow$162.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $162.85M | 30.6%ROIC · 2022-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$211.87MoperatingIncomeTax expense$59.79MincomeTaxExpensePretax income$239.03MincomeBeforeTaxTax rate25.0%Equity$831.53MtotalStockholderEquityDebt$45.62MshortLongTermDebtTotalCash$358.50McashAndShortTermInvestmentsInvested capital$518.64MResult 30.6% | 0.33xEBIT / PP&E · 2022-10-31Operating income / net PP&EOperating income$211.87MoperatingIncomeNet PP&E$643.87MpropertyPlantEquipmentResult 0.33x |
| 2023 | 50.1%Physical asset ratio · 2023-10-31(Net PP&E + inventory) / total assetsNet PP&E$715.43MpropertyPlantAndEquipmentNetInventory$49.96MinventoryTotal assets$1.53BtotalAssetsResult 50.1% | 1.25xFixed asset turnover · 2023-10-31Revenue / net PP&ERevenue$892.08MtotalRevenueNet PP&E$715.43MpropertyPlantAndEquipmentNetResult 1.25x | 1.62xCapex / D&A · 2023-10-31Capital expenditures / depreciation and amortizationCapex$131.30McapitalExpendituresD&A$80.84MdepreciationAndAmortizationResult 1.62x | $20.66Tangible book / share · 2023-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.53BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$250.61MtotalLiabTangible book$1.28BShares61,755,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $20.66 | 31.18xFixed-charge coverage · 2023-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$351.21MebitdaCapex$131.30McapitalExpendituresInterest$433.00KinterestExpenseShort-term debt$6.62MshortLongTermDebtEBITDA − capex$219.92MPrincipal due is the current portion of debt.Result 31.18x | $170.88MFree cash flow · 2023-10-31Reported free cash flowOperating cash flow$302.18MtotalCashFromOperatingActivitiesCapex$131.30McapitalExpendituresFree cash flow$170.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $170.88M | 38.2%ROIC · 2023-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$253.05MoperatingIncomeTax expense$70.31MincomeTaxExpensePretax income$269.95MincomeBeforeTaxTax rate26.0%Equity$975.01MtotalStockholderEquityDebt$26.53MshortLongTermDebtTotalCash$512.21McashAndShortTermInvestmentsInvested capital$489.33MResult 38.2% | 0.35xEBIT / PP&E · 2023-10-31Operating income / net PP&EOperating income$253.05MoperatingIncomeNet PP&E$715.43MpropertyPlantAndEquipmentNetResult 0.35x |
| 2024 | 46.8%Physical asset ratio · 2024-10-31(Net PP&E + inventory) / total assetsNet PP&E$745.26MpropertyPlantAndEquipmentNetInventory$56.53MinventoryTotal assets$1.71BtotalAssetsResult 46.8% | 1.16xFixed asset turnover · 2024-10-31Revenue / net PP&ERevenue$866.95MtotalRevenueNet PP&E$745.26MpropertyPlantAndEquipmentNetResult 1.16x | 1.58xCapex / D&A · 2024-10-31Capital expenditures / depreciation and amortizationCapex$130.94McapitalExpendituresD&A$82.81MdepreciationAndAmortizationResult 1.58x | $23.73Tangible book / share · 2024-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.71BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$231.30MtotalLiabTangible book$1.48BShares62,391,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $23.73 | 5.23xFixed-charge coverage · 2024-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$330.55MebitdaCapex$130.94McapitalExpendituresInterest$334.00KinterestExpenseShort-term debt$37.87MshortTermDebtEBITDA − capex$199.61MPrincipal due is short-term debt.Result 5.23x | $130.50MFree cash flow · 2024-10-31Reported free cash flowOperating cash flow$261.44MtotalCashFromOperatingActivitiesCapex$130.94McapitalExpendituresFree cash flow$130.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $130.50M | 32.7%ROIC · 2024-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$221.52MoperatingIncomeTax expense$63.57MincomeTaxExpensePretax income$247.42MincomeBeforeTaxTax rate25.7%Equity$1.12BtotalStockholderEquityDebt$22.96MshortLongTermDebtTotalCash$640.67McashAndShortTermInvestmentsInvested capital$503.15MResult 32.7% | 0.30xEBIT / PP&E · 2024-10-31Operating income / net PP&EOperating income$221.52MoperatingIncomeNet PP&E$745.26MpropertyPlantAndEquipmentNetResult 0.30x |
| 2025 | 50.8%Physical asset ratio · 2025-10-31(Net PP&E + inventory) / total assetsNet PP&E$854.44MpropertyPlantAndEquipmentNetInventory$61.77MinventoryTotal assets$1.80BtotalAssetsResult 50.8% | 0.99xFixed asset turnover · 2025-10-31Revenue / net PP&ERevenue$849.29MtotalRevenueNet PP&E$854.44MpropertyPlantAndEquipmentNetResult 0.99x | 2.42xCapex / D&A · 2025-10-31Capital expenditures / depreciation and amortizationCapex$188.14McapitalExpendituresD&A$77.61MdepreciationAndAmortizationResult 2.42x | $26.66Tangible book / share · 2025-10-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.80BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$207.23MtotalLiabTangible book$1.60BShares59,920,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $26.66 | 54.54xFixed-charge coverage · 2025-10-31(EBITDA − capex) / (interest + short-term debt)EBITDA$299.44MebitdaCapex$188.14McapitalExpendituresInterest$55.00KinterestExpenseShort-term debt$1.99MshortTermDebtEBITDA − capex$111.31MPrincipal due is short-term debt.Result 54.54x | $59.66MFree cash flow · 2025-10-31Reported free cash flowOperating cash flow$247.80MtotalCashFromOperatingActivitiesCapex$188.14McapitalExpendituresFree cash flow$59.66MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $59.66M | 30.2%ROIC · 2025-10-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$208.40MoperatingIncomeTax expense$31.55MincomeTaxExpensePretax income$221.78MincomeBeforeTaxTax rate14.2%Equity$1.17BtotalStockholderEquityDebt$5.96MshortLongTermDebtTotalCash$588.17McashAndShortTermInvestmentsInvested capital$591.38MResult 30.2% | 0.24xEBIT / PP&E · 2025-10-31Operating income / net PP&EOperating income$208.40MoperatingIncomeNet PP&E$854.44MpropertyPlantAndEquipmentNetResult 0.24x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $854.44M
Inventory: $61.77M
Total assets: $1.80B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $207.23M
Tangible book: $1.60B
Shares: 59,920,000
Revenue: $849.29M
Capex: $188.14M
D&A: $77.61M
EBITDA: $299.44M
Interest: $55.00K
Short-term debt: $1.99M
Free cash flow: $59.66M
Operating income: $208.40M
Invested capital: $591.38M
Tax rate: 14.2%