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.
Steven Madden Ltd
Physical assets are 40.2% of total assets, a mixed footprint. Capex is 1.28x 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 4.4%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 7.17x. Compare it with other names in the same basket.
Physical asset ratio
40.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$351.66MpropertyPlantAndEquipmentNetInventory$417.02MinventoryTotal assets$1.91BtotalAssetsResult 40.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.52BtotalRevenueNet PP&E$351.66MpropertyPlantAndEquipmentNetResult 7.17x
Revenue per dollar of the physical asset base.
Capex / D&A
1.28xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$42.66McapitalExpendituresD&A$33.44MdepreciationAndAmortizationResult 1.28x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$5.17Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.91BtotalAssetsGoodwill$254.52MgoodWillIntangibles$281.42MintangibleAssetsLiabilities$1.01BtotalLiabTangible book$368.05MShares71,181,000commonStockSharesOutstandingResult $5.17
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
8.41xPrice / tangible bookPrice / tangible book per sharePrice$43.50Latest quoteTangible book / share$5.172025-12-31Result 8.41x
Price $43.50.
Fixed-charge coverage
1.14xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$123.46MebitdaCapex$42.66McapitalExpendituresInterest$12.34MinterestExpenseShort-term debt$58.83MshortTermDebtEBITDA − capex$80.80MPrincipal due is short-term debt.Result 1.14x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$119.54MfreeCashFlowMarket cap$3.29BMarketCapitalizationResult 3.6%
Latest free cash flow divided by current market cap ($3.29B).
ROIC
4.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$68.90MoperatingIncomeTax expense$28.66MincomeTaxExpensePretax income$77.68MincomeBeforeTaxTax rate36.9%Equity$866.39MtotalStockholderEquityDebt$234.17MlongTermDebt + shortLongTermDebtCash$112.42McashInvested capital$988.13MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.20x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 18.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$64.81MpropertyPlantEquipmentInventory$137.25MinventoryTotal assets$1.07BtotalAssetsResult 18.8% | 25.52xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.65BtotalRevenueNet PP&E$64.81MpropertyPlantEquipmentResult 25.52x | 0.55xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$12.45McapitalExpendituresD&A$22.48MdepreciationAndAmortizationResult 0.55x | $6.08Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.07BtotalAssetsGoodwill$148.11MgoodWillIntangibles$143.31MintangibleAssetsLiabilities$257.89MtotalLiabTangible book$523.26MShares86,097,000commonStockSharesOutstandingResult $6.08 | 72.21xFixed-charge coverage · 2018-12-31(EBITDA − capex) / interestEBITDA$199.82MebitdaCapex$12.45McapitalExpendituresInterest$2.60MinterestExpenseEBITDA − capex$187.37MShort-term debt was not reported, so the denominator is interest only.Result 72.21x | $141.93MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$154.38MtotalCashFromOperatingActivitiesCapex$12.45McapitalExpendituresFree cash flow$141.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $141.93M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$173.38MoperatingIncomeTax expense$46.84MincomeTaxExpensePretax income$177.34MincomeBeforeTaxTax rate26.4%Equity$805.81MtotalStockholderEquityDebt—Not reportedCash$267.00McashAndShortTermInvestmentsInvested capital—Result — | 2.68xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$173.38MoperatingIncomeNet PP&E$64.81MpropertyPlantEquipmentResult 2.68x |
| 2019 | 28.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$221.20MpropertyPlantAndEquipmentNetInventory$136.90MinventoryTotal assets$1.28BtotalAssetsResult 28.0% | 8.08xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.79BtotalRevenueNet PP&E$221.20MpropertyPlantAndEquipmentNetResult 8.08x | 0.86xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$18.31McapitalExpendituresD&A$21.34MdepreciationAndAmortizationResult 0.86x | $6.06Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.28BtotalAssetsGoodwill$171.35MgoodWillIntangibles$162.71MintangibleAssetsLiabilities$437.42MtotalLiabTangible book$507.17MShares83,646,000commonStockSharesOutstandingResult $6.06 | 4.35xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$204.08MebitdaCapex$18.31McapitalExpendituresInterest$4.10MinterestExpenseShort-term debt$38.62MshortTermDebtEBITDA − capex$185.77MPrincipal due is short-term debt.Result 4.35x | $215.47MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$233.78MtotalCashFromOperatingActivitiesCapex$18.31McapitalExpendituresFree cash flow$215.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $215.47M | 19.9%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$176.81MoperatingIncomeTax expense$39.50MincomeTaxExpensePretax income$181.23MincomeBeforeTaxTax rate21.8%Equity$828.50MtotalStockholderEquityDebt$171.80MshortLongTermDebtTotalCash$304.62McashAndShortTermInvestmentsInvested capital$695.68MResult 19.9% | 0.80xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$176.81MoperatingIncomeNet PP&E$221.20MpropertyPlantAndEquipmentNetResult 0.80x |
| 2020 | 21.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$144.65MpropertyPlantEquipmentInventory$101.42MinventoryTotal assets$1.14BtotalAssetsResult 21.6% | 8.31xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.20BtotalRevenueNet PP&E$144.65MpropertyPlantEquipmentResult 8.31x | 0.38xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$6.56McapitalExpendituresD&A$17.36MdepreciationAndAmortizationResult 0.38x | $6.45Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.14BtotalAssetsGoodwill$168.27MgoodWillIntangibles$115.19MintangibleAssetsLiabilities$347.39MtotalLiabTangible book$506.91MShares78,635,000commonStockSharesOutstandingResult $6.45 | 0.31xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$66.92MebitdaCapex$6.56McapitalExpendituresInterest$160.83MinterestExpenseShort-term debt$34.26MshortTermDebtEBITDA − capex$60.36MPrincipal due is short-term debt.Result 0.31x | $37.64MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$44.21MtotalCashFromOperatingActivitiesCapex$6.56McapitalExpendituresFree cash flow$37.64MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $37.64M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$31.61MoperatingIncomeTax expense-$11.70MincomeTaxExpensePretax income-$29.99MincomeBeforeTaxTax rate—Equity$776.59MtotalStockholderEquityDebt$132.85MshortLongTermDebtTotalCash$287.17McashAndShortTermInvestmentsInvested capital$622.27MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.22xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$31.61MoperatingIncomeNet PP&E$144.65MpropertyPlantEquipmentResult -0.22x |
| 2021 | 27.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$121.24MpropertyPlantEquipmentInventory$255.21MinventoryTotal assets$1.36BtotalAssetsResult 27.8% | 15.39xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.87BtotalRevenueNet PP&E$121.24MpropertyPlantEquipmentResult 15.39x | 0.43xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$6.61McapitalExpendituresD&A$15.21MdepreciationAndAmortizationResult 0.43x | $6.62Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.36BtotalAssetsGoodwill$168.00MgoodWillIntangibles$112.09MintangibleAssetsLiabilities$535.00MtotalLiabTangible book$540.45MShares81,628,000commonStockSharesOutstandingResult $6.62 | 7.94xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$262.86MebitdaCapex$6.61McapitalExpendituresInterest$1.53MinterestExpenseShort-term debt$30.76MshortTermDebtEBITDA − capex$256.25MPrincipal due is short-term debt.Result 7.94x | $152.86MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$159.46MtotalCashFromOperatingActivitiesCapex$6.61McapitalExpendituresFree cash flow$152.86MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $152.86M | 29.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$243.60MoperatingIncomeTax expense$49.61MincomeTaxExpensePretax income$242.07MincomeBeforeTaxTax rate20.5%Equity$812.10MtotalStockholderEquityDebt$110.83MshortLongTermDebtTotalCash$263.54McashAndShortTermInvestmentsInvested capital$659.39MResult 29.4% | 2.01xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$243.60MoperatingIncomeNet PP&E$121.24MpropertyPlantEquipmentResult 2.01x |
| 2022 | 28.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$130.93MpropertyPlantAndEquipmentNetInventory$228.75MinventoryTotal assets$1.26BtotalAssetsResult 28.6% | 16.21xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$2.12BtotalRevenueNet PP&E$130.93MpropertyPlantAndEquipmentNetResult 16.21x | 0.89xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$18.35McapitalExpendituresD&A$20.58MdepreciationAndAmortizationResult 0.89x | $7.36Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.26BtotalAssetsGoodwill$168.09MgoodWillIntangibles$101.19MintangibleAssetsLiabilities$414.13MtotalLiabTangible book$574.59MShares78,069,000commonStockSharesOutstandingResult $7.36 | 9.60xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$308.03MebitdaCapex$18.35McapitalExpendituresInterest$676.00KinterestExpenseShort-term debt$29.50MshortTermDebtEBITDA − capex$289.68MPrincipal due is short-term debt.Result 9.60x | $249.53MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$267.88MtotalCashFromOperatingActivitiesCapex$18.35McapitalExpendituresFree cash flow$249.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $249.53M | 33.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$281.64MoperatingIncomeTax expense$65.10MincomeTaxExpensePretax income$282.32MincomeBeforeTaxTax rate23.1%Equity$831.55MtotalStockholderEquityDebt$108.63MshortLongTermDebtTotalCash$289.80McashAndShortTermInvestmentsInvested capital$650.38MResult 33.3% | 2.15xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$281.64MoperatingIncomeNet PP&E$130.93MpropertyPlantAndEquipmentNetResult 2.15x |
| 2023 | 29.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$169.98MpropertyPlantAndEquipmentNetInventory$228.99MinventoryTotal assets$1.35BtotalAssetsResult 29.6% | 11.66xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.98BtotalRevenueNet PP&E$169.98MpropertyPlantAndEquipmentNetResult 11.66x | 1.26xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$19.47McapitalExpendituresD&A$15.50MdepreciationAndAmortizationResult 1.26x | $7.27Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.35BtotalAssetsGoodwill$180.00MgoodWillIntangibles$126.27MintangibleAssetsLiabilities$499.91MtotalLiabTangible book$541.76MShares74,565,000commonStockSharesOutstandingResult $7.27 | 4.52xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$235.24MebitdaCapex$19.47McapitalExpendituresInterest$7.39MinterestExpenseShort-term debt$40.34MshortTermDebtEBITDA − capex$215.77MPrincipal due is short-term debt.Result 4.52x | $209.77MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$229.24MtotalCashFromOperatingActivitiesCapex$19.47McapitalExpendituresFree cash flow$209.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $209.77M | 22.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$213.22MoperatingIncomeTax expense$46.64MincomeTaxExpensePretax income$220.61MincomeBeforeTaxTax rate21.1%Equity$829.60MtotalStockholderEquityDebt$138.88MshortLongTermDebtTotalCash$219.81McashAndShortTermInvestmentsInvested capital$748.66MResult 22.5% | 1.25xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$213.22MoperatingIncomeNet PP&E$169.98MpropertyPlantAndEquipmentNetResult 1.25x |
| 2024 | 32.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$197.08MpropertyPlantAndEquipmentNetInventory$257.63MinventoryTotal assets$1.41BtotalAssetsResult 32.2% | 11.58xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.28BtotalRevenueNet PP&E$197.08MpropertyPlantAndEquipmentNetResult 11.58x | 1.29xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$25.91McapitalExpendituresD&A$20.01MdepreciationAndAmortizationResult 1.29x | $8.04Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.41BtotalAssetsGoodwill$183.74MgoodWillIntangibles$113.43MintangibleAssetsLiabilities$535.77MtotalLiabTangible book$578.83MShares71,963,000commonStockSharesOutstandingResult $8.04 | —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$258.01MebitdaCapex$25.91McapitalExpendituresInterest—Not reportedShort-term debt$43.17MshortTermDebtEBITDA − capex$232.10MPrincipal due is short-term debt.Result — | $172.19MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$198.10MtotalCashFromOperatingActivitiesCapex$25.91McapitalExpendituresFree cash flow$172.19MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $172.19M | 21.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$224.94MoperatingIncomeTax expense$54.58MincomeTaxExpensePretax income$230.48MincomeBeforeTaxTax rate23.7%Equity$847.72MtotalStockholderEquityDebt$152.99MshortLongTermDebtTotalCash$203.41McashAndShortTermInvestmentsInvested capital$797.30MResult 21.5% | 1.14xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$224.94MoperatingIncomeNet PP&E$197.08MpropertyPlantAndEquipmentNetResult 1.14x |
| 2025 | 40.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$351.66MpropertyPlantAndEquipmentNetInventory$417.02MinventoryTotal assets$1.91BtotalAssetsResult 40.2% | 7.17xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.52BtotalRevenueNet PP&E$351.66MpropertyPlantAndEquipmentNetResult 7.17x | 1.28xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$42.66McapitalExpendituresD&A$33.44MdepreciationAndAmortizationResult 1.28x | $5.17Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.91BtotalAssetsGoodwill$254.52MgoodWillIntangibles$281.42MintangibleAssetsLiabilities$1.01BtotalLiabTangible book$368.05MShares71,181,000commonStockSharesOutstandingResult $5.17 | 1.14xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$123.46MebitdaCapex$42.66McapitalExpendituresInterest$12.34MinterestExpenseShort-term debt$58.83MshortTermDebtEBITDA − capex$80.80MPrincipal due is short-term debt.Result 1.14x | $119.54MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$162.20MtotalCashFromOperatingActivitiesCapex$42.66McapitalExpendituresFree cash flow$119.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $119.54M | 4.4%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$68.90MoperatingIncomeTax expense$28.66MincomeTaxExpensePretax income$77.68MincomeBeforeTaxTax rate36.9%Equity$866.39MtotalStockholderEquityDebt$234.17MlongTermDebt + shortLongTermDebtCash$112.42McashInvested capital$988.13MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 4.4% | 0.20xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$68.90MoperatingIncomeNet PP&E$351.66MpropertyPlantAndEquipmentNetResult 0.20x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $351.66M
Inventory: $417.02M
Total assets: $1.91B
Goodwill: $254.52M
Intangibles: $281.42M
Liabilities: $1.01B
Tangible book: $368.05M
Shares: 71,181,000
Revenue: $2.52B
Capex: $42.66M
D&A: $33.44M
EBITDA: $123.46M
Interest: $12.34M
Short-term debt: $58.83M
Free cash flow: $119.54M
Operating income: $68.90M
Invested capital: $988.13M
Tax rate: 36.9%