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.
SAF-Holland SE
Physical assets are 37.0% of total assets, a mixed footprint. Capex is 0.46x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 9.3%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.87x. Compare it with other names in the same basket.
Physical asset ratio
37.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$355.69MpropertyPlantAndEquipmentNetInventory$260.33MinventoryTotal assets$1.66BtotalAssetsResult 37.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.87xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.73BtotalRevenueNet PP&E$355.69MpropertyPlantAndEquipmentNetResult 4.87x
Revenue per dollar of the physical asset base.
Capex / D&A
0.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$41.28McapitalExpendituresD&A$89.37MdepreciationAndAmortizationResult 0.46x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.87Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.66BtotalAssetsGoodwill$130.38MgoodWillIntangibles$276.70MintangibleAssetsLiabilities$1.17BtotalLiabTangible book$84.70MShares45,360,000commonStockSharesOutstandingResult $1.87
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
10.10xPrice / tangible bookPrice / tangible book per sharePrice$18.86Latest quoteTangible book / share$1.872025-12-31Result 10.10x
Price $18.86.
Fixed-charge coverage
1.94xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$228.20MebitdaCapex$41.28McapitalExpendituresInterest$39.49MinterestExpenseShort-term debt$57.04MshortLongTermDebtEBITDA − capex$186.92MPrincipal due is the current portion of debt.Result 1.94x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
11.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$97.73MfreeCashFlowMarket cap$856.32MMarketCapitalizationResult 11.4%
Latest free cash flow divided by current market cap ($856.32M).
ROIC
9.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$138.83MoperatingIncomeTax expense$27.34MincomeTaxExpensePretax income$78.27MincomeBeforeTaxTax rate34.9%Equity$491.77MtotalStockholderEquityDebt$792.01MshortLongTermDebtTotalCash$311.35McashAndShortTermInvestmentsInvested capital$972.43MResult 9.3%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.39x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 35.1%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$163.26MpropertyPlantAndEquipmentNetInventory$179.37MinventoryTotal assets$977.42MtotalAssetsResult 35.1% | 7.97xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.30BtotalRevenueNet PP&E$163.26MpropertyPlantAndEquipmentNetResult 7.97x | 1.38xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$40.79McapitalExpendituresD&A$29.52MdepreciationAndAmortizationResult 1.38x | $1.24Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$977.42MtotalAssetsGoodwill$84.48MgoodWillIntangibles$181.28MintangibleAssetsLiabilities$644.87MtotalLiabTangible book$66.79MShares53,742,000commonStockSharesOutstandingResult $1.24 | 4.66xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$105.28MebitdaCapex$40.79McapitalExpendituresInterest$9.89MinterestExpenseShort-term debt$3.94MshortLongTermDebtEBITDA − capex$64.49MPrincipal due is the current portion of debt.Result 4.66x | -$6.00KFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$40.78MtotalCashFromOperatingActivitiesCapex$40.79McapitalExpendituresFree cash flow-$6.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$6.00K | 10.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$76.24MoperatingIncomeTax expense$16.11MincomeTaxExpensePretax income$64.22MincomeBeforeTaxTax rate25.1%Equity$321.48MtotalStockholderEquityDebt$373.44MshortLongTermDebtTotalCash$156.51McashAndShortTermInvestmentsInvested capital$538.40MResult 10.6% | 0.47xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$76.24MoperatingIncomeNet PP&E$163.26MpropertyPlantAndEquipmentNetResult 0.47x |
| 2019 | 39.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$216.74MpropertyPlantAndEquipmentNetInventory$168.13MinventoryTotal assets$979.24MtotalAssetsResult 39.3% | 5.92xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.28BtotalRevenueNet PP&E$216.74MpropertyPlantAndEquipmentNetResult 5.92x | 1.24xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$52.98McapitalExpendituresD&A$42.74MdepreciationAndAmortizationResult 1.24x | $1.12Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$979.24MtotalAssetsGoodwill$78.83MgoodWillIntangibles$179.10MintangibleAssetsLiabilities$661.24MtotalLiabTangible book$60.08MShares53,873,000commonStockSharesOutstandingResult $1.12 | 0.13xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$75.02MebitdaCapex$52.98McapitalExpendituresInterest$11.24MinterestExpenseShort-term debt$153.39MshortLongTermDebtEBITDA − capex$22.04MPrincipal due is the current portion of debt.Result 0.13x | $37.57MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$90.55MtotalCashFromOperatingActivitiesCapex$52.98McapitalExpendituresFree cash flow$37.57MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $37.57M | 5.2%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$48.09MoperatingIncomeTax expense$13.91MincomeTaxExpensePretax income$24.21MincomeBeforeTaxTax rate40.0%Equity$304.98MtotalStockholderEquityDebt$388.30MshortLongTermDebtTotalCash$134.50McashAndShortTermInvestmentsInvested capital$558.78MThe effective tax rate was above 40% and was capped at 40%.Result 5.2% | 0.22xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$48.09MoperatingIncomeNet PP&E$216.74MpropertyPlantAndEquipmentNetResult 0.22x |
| 2020 | 36.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$207.12MpropertyPlantAndEquipmentNetInventory$126.42MinventoryTotal assets$920.49MtotalAssetsResult 36.2% | 4.63xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$959.52MtotalRevenueNet PP&E$207.12MpropertyPlantAndEquipmentNetResult 4.63x | 0.54xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$24.46McapitalExpendituresD&A$45.38MdepreciationAndAmortizationResult 0.54x | $1.33Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$920.49MtotalAssetsGoodwill$77.12MgoodWillIntangibles$162.78MintangibleAssetsLiabilities$620.02MtotalLiabTangible book$60.56MShares45,394,000commonStockSharesOutstandingResult $1.33 | 4.56xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$74.05MebitdaCapex$24.46McapitalExpendituresInterest$9.33MinterestExpenseShort-term debt$1.54MshortLongTermDebtEBITDA − capex$49.58MPrincipal due is the current portion of debt.Result 4.56x | $113.46MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$137.92MtotalCashFromOperatingActivitiesCapex$24.46McapitalExpendituresFree cash flow$113.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $113.46M | 4.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$30.16MoperatingIncomeTax expense$5.15MincomeTaxExpensePretax income$19.33MincomeBeforeTaxTax rate26.7%Equity$297.82MtotalStockholderEquityDebt$375.01MshortLongTermDebtTotalCash$173.15McashAndShortTermInvestmentsInvested capital$499.68MResult 4.4% | 0.15xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$30.16MoperatingIncomeNet PP&E$207.12MpropertyPlantAndEquipmentNetResult 0.15x |
| 2021 | 39.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$201.33MpropertyPlantAndEquipmentNetInventory$193.97MinventoryTotal assets$1.01BtotalAssetsResult 39.0% | 6.19xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.25BtotalRevenueNet PP&E$201.33MpropertyPlantAndEquipmentNetResult 6.19x | 0.55xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$24.65McapitalExpendituresD&A$45.00MdepreciationAndAmortizationResult 0.55x | $2.98Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.01BtotalAssetsGoodwill$78.99MgoodWillIntangibles$156.90MintangibleAssetsLiabilities$643.20MtotalLiabTangible book$135.18MShares45,394,000commonStockSharesOutstandingResult $2.98 | 2.55xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$115.61MebitdaCapex$24.65McapitalExpendituresInterest$10.85MinterestExpenseShort-term debt$24.78MshortLongTermDebtEBITDA − capex$90.96MPrincipal due is the current portion of debt.Result 2.55x | $15.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$39.65MtotalCashFromOperatingActivitiesCapex$24.65McapitalExpendituresFree cash flow$15.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $15.00M | 7.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$70.52MoperatingIncomeTax expense$25.90MincomeTaxExpensePretax income$62.70MincomeBeforeTaxTax rate40.0%Equity$370.22MtotalStockholderEquityDebt$370.07MshortLongTermDebtTotalCash$167.33McashAndShortTermInvestmentsInvested capital$572.96MThe effective tax rate was above 40% and was capped at 40%.Result 7.4% | 0.35xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$70.52MoperatingIncomeNet PP&E$201.33MpropertyPlantAndEquipmentNetResult 0.35x |
| 2022 | 27.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$205.73MpropertyPlantAndEquipmentNetInventory$202.25MinventoryTotal assets$1.50BtotalAssetsResult 27.2% | 7.61xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.57BtotalRevenueNet PP&E$205.73MpropertyPlantAndEquipmentNetResult 7.61x | 0.79xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$36.25McapitalExpendituresD&A$46.18MdepreciationAndAmortizationResult 0.79x | $4.70Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.50BtotalAssetsGoodwill$80.41MgoodWillIntangibles$147.51MintangibleAssetsLiabilities$1.06BtotalLiabTangible book$213.44MShares45,394,000commonStockSharesOutstandingResult $4.70 | 0.83xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$149.27MebitdaCapex$36.25McapitalExpendituresInterest$19.06MinterestExpenseShort-term debt$116.96MshortLongTermDebtEBITDA − capex$113.02MPrincipal due is the current portion of debt.Result 0.83x | $117.14MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$153.39MtotalCashFromOperatingActivitiesCapex$36.25McapitalExpendituresFree cash flow$117.14MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $117.14M | 7.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$99.61MoperatingIncomeTax expense$27.27MincomeTaxExpensePretax income$88.50MincomeBeforeTaxTax rate30.8%Equity$440.54MtotalStockholderEquityDebt$769.47MshortLongTermDebtTotalCash$248.60McashAndShortTermInvestmentsInvested capital$961.41MResult 7.2% | 0.48xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$99.61MoperatingIncomeNet PP&E$205.73MpropertyPlantAndEquipmentNetResult 0.48x |
| 2023 | 36.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$300.26MpropertyPlantAndEquipmentNetInventory$306.69MinventoryTotal assets$1.65BtotalAssetsResult 36.7% | 7.01xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.11BtotalRevenueNet PP&E$300.26MpropertyPlantAndEquipmentNetResult 7.01x | 0.81xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$61.68McapitalExpendituresD&A$76.33MdepreciationAndAmortizationResult 0.81x | $1.77Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.65BtotalAssetsGoodwill$128.84MgoodWillIntangibles$266.78MintangibleAssetsLiabilities$1.18BtotalLiabTangible book$80.35MShares45,394,000commonStockSharesOutstandingResult $1.77 | 2.53xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$234.75MebitdaCapex$61.68McapitalExpendituresInterest$40.85MinterestExpenseShort-term debt$27.52MshortLongTermDebtEBITDA − capex$173.07MPrincipal due is the current portion of debt.Result 2.53x | $141.04MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$202.73MtotalCashFromOperatingActivitiesCapex$61.68McapitalExpendituresFree cash flow$141.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $141.04M | 11.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$162.59MoperatingIncomeTax expense$41.18MincomeTaxExpensePretax income$121.70MincomeBeforeTaxTax rate33.8%Equity$473.05MtotalStockholderEquityDebt$710.54MshortLongTermDebtTotalCash$247.53McashAndShortTermInvestmentsInvested capital$936.06MResult 11.5% | 0.54xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$162.59MoperatingIncomeNet PP&E$300.26MpropertyPlantAndEquipmentNetResult 0.54x |
| 2024 | 38.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$358.57MpropertyPlantAndEquipmentNetInventory$291.47MinventoryTotal assets$1.71BtotalAssetsResult 38.0% | 5.23xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.88BtotalRevenueNet PP&E$358.57MpropertyPlantAndEquipmentNetResult 5.23x | 0.65xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$57.45McapitalExpendituresD&A$89.00MdepreciationAndAmortizationResult 0.65x | $1.91Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.71BtotalAssetsGoodwill$137.93MgoodWillIntangibles$302.37MintangibleAssetsLiabilities$1.18BtotalLiabTangible book$86.80MShares45,394,000commonStockSharesOutstandingResult $1.91 | 0.76xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$248.32MebitdaCapex$57.45McapitalExpendituresInterest$44.93MinterestExpenseShort-term debt$205.01MshortLongTermDebtEBITDA − capex$190.88MPrincipal due is the current portion of debt.Result 0.76x | $143.21MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$200.65MtotalCashFromOperatingActivitiesCapex$57.45McapitalExpendituresFree cash flow$143.21MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $143.21M | 10.6%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$161.18MoperatingIncomeTax expense$41.87MincomeTaxExpensePretax income$120.10MincomeBeforeTaxTax rate34.9%Equity$523.46MtotalStockholderEquityDebt$774.21MshortLongTermDebtTotalCash$311.18McashAndShortTermInvestmentsInvested capital$986.49MResult 10.6% | 0.45xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$161.18MoperatingIncomeNet PP&E$358.57MpropertyPlantAndEquipmentNetResult 0.45x |
| 2025 | 37.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$355.69MpropertyPlantAndEquipmentNetInventory$260.33MinventoryTotal assets$1.66BtotalAssetsResult 37.0% | 4.87xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.73BtotalRevenueNet PP&E$355.69MpropertyPlantAndEquipmentNetResult 4.87x | 0.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$41.28McapitalExpendituresD&A$89.37MdepreciationAndAmortizationResult 0.46x | $1.87Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.66BtotalAssetsGoodwill$130.38MgoodWillIntangibles$276.70MintangibleAssetsLiabilities$1.17BtotalLiabTangible book$84.70MShares45,360,000commonStockSharesOutstandingResult $1.87 | 1.94xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$228.20MebitdaCapex$41.28McapitalExpendituresInterest$39.49MinterestExpenseShort-term debt$57.04MshortLongTermDebtEBITDA − capex$186.92MPrincipal due is the current portion of debt.Result 1.94x | $97.73MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$139.01MtotalCashFromOperatingActivitiesCapex$41.28McapitalExpendituresFree cash flow$97.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $97.73M | 9.3%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$138.83MoperatingIncomeTax expense$27.34MincomeTaxExpensePretax income$78.27MincomeBeforeTaxTax rate34.9%Equity$491.77MtotalStockholderEquityDebt$792.01MshortLongTermDebtTotalCash$311.35McashAndShortTermInvestmentsInvested capital$972.43MResult 9.3% | 0.39xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$138.83MoperatingIncomeNet PP&E$355.69MpropertyPlantAndEquipmentNetResult 0.39x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $355.69M
Inventory: $260.33M
Total assets: $1.66B
Goodwill: $130.38M
Intangibles: $276.70M
Liabilities: $1.17B
Tangible book: $84.70M
Shares: 45,360,000
Revenue: $1.73B
Capex: $41.28M
D&A: $89.37M
EBITDA: $228.20M
Interest: $39.49M
Short-term debt: $57.04M
Free cash flow: $97.73M
Operating income: $138.83M
Invested capital: $972.43M
Tax rate: 34.9%