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.
Smiths Group PLC
Physical assets are 12.1% of total assets, a light footprint. Capex is 0.79x 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 0.50x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 6.39x.
Physical asset ratio
12.1%Physical asset ratio · 2026-07-31(Net PP&E + inventory) / total assetsNet PP&EGBX 303.00MpropertyPlantAndEquipmentNetInventoryGBX 284.00MinventoryTotal assetsGBX 4.84BtotalAssetsResult 12.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.39xFixed asset turnover · 2026-07-31Revenue / net PP&ERevenueGBX 1.94BtotalRevenueNet PP&EGBX 303.00MpropertyPlantAndEquipmentNetResult 6.39x
Revenue per dollar of the physical asset base.
Capex / D&A
0.79xCapex / D&A · 2026-07-31Capital expenditures / depreciation and amortizationCapexGBX 64.00McapitalExpendituresD&AGBX 81.00MdepreciationAndAmortizationResult 0.79x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
GBX 6.30Tangible book / share · 2026-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 4.84BtotalAssetsGoodwillGBX 417.00MgoodWillIntangiblesGBX 207.00MintangibleAssetsLiabilitiesGBX 2.23BtotalLiabTangible bookGBX 1.98BShares314,560,289commonStockSharesOutstandingResult GBX 6.30
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
428.25xPrice / tangible bookPrice / tangible book per sharePriceGBX 2.70KLatest quoteTangible book / shareGBX 6.302026-07-31Result 428.25x
Price GBX 2.70K.
Fixed-charge coverage
0.50xFixed-charge coverage · 2026-07-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 384.00MebitdaCapexGBX 64.00McapitalExpendituresInterestGBX 81.00MinterestExpenseShort-term debtGBX 563.00MshortLongTermDebtEBITDA − capexGBX 320.00MPrincipal due is the current portion of debt.Result 0.50x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.4%Free cash flow yield · 2026-07-31Latest free cash flow / current market capFree cash flowGBX 177.00MfreeCashFlowMarket capGBX 7.42BMarketCapitalizationResult 2.4%
Latest free cash flow divided by current market cap (GBX 7.42B).
ROIC
23.7%ROIC · 2026-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 303.00MoperatingIncomeTax expenseGBX 88.00MincomeTaxExpensePretax incomeGBX 245.00MincomeBeforeTaxTax rate35.9%EquityGBX 2.58BtotalStockholderEquityDebtGBX 1.20BshortLongTermDebtTotalCashGBX 2.96BcashInvested capitalGBX 821.00MResult 23.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.00x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 12.2%Physical asset ratio · 2019-07-31(Net PP&E + inventory) / total assetsNet PP&EGBX 232.00MpropertyPlantEquipmentInventoryGBX 417.00MinventoryTotal assetsGBX 5.32BtotalAssetsResult 12.2% | 10.77xFixed asset turnover · 2019-07-31Revenue / net PP&ERevenueGBX 2.50BtotalRevenueNet PP&EGBX 232.00MpropertyPlantEquipmentResult 10.77x | 1.22xCapex / D&A · 2019-07-31Capital expenditures / depreciation and amortizationCapexGBX 118.00McapitalExpendituresD&AGBX 97.00MdepreciationAndAmortizationResult 1.22x | GBX 1.85Tangible book / share · 2019-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 5.32BtotalAssetsGoodwillGBX 1.25BgoodWillIntangiblesGBX 438.00MintangibleAssetsLiabilitiesGBX 2.94BtotalLiabTangible bookGBX 697.00MShares376,906,188commonStockSharesOutstandingResult GBX 1.85 | 1.95xFixed-charge coverage · 2019-07-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 463.00MebitdaCapexGBX 118.00McapitalExpendituresInterestGBX 70.00MinterestExpenseShort-term debtGBX 107.00MshortTermDebtEBITDA − capexGBX 345.00MPrincipal due is short-term debt.Result 1.95x | GBX 228.00MFree cash flow · 2019-07-31Reported free cash flowOperating cash flowGBX 346.00MtotalCashFromOperatingActivitiesCapexGBX 118.00McapitalExpendituresFree cash flowGBX 228.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 228.00M | 7.4%ROIC · 2019-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 443.00MoperatingIncomeTax expenseGBX 162.00MincomeTaxExpensePretax incomeGBX 304.00MincomeBeforeTaxTax rate40.0%EquityGBX 2.36BtotalStockholderEquityDebtGBX 1.51BshortLongTermDebtTotalCashGBX 289.00McashInvested capitalGBX 3.58BThe effective tax rate was above 40% and was capped at 40%.Result 7.4% | 1.91xEBIT / PP&E · 2019-07-31Operating income / net PP&EOperating incomeGBX 443.00MoperatingIncomeNet PP&EGBX 232.00MpropertyPlantEquipmentResult 1.91x |
| 2020 | 14.0%Physical asset ratio · 2020-07-31(Net PP&E + inventory) / total assetsNet PP&EGBX 312.00MpropertyPlantEquipmentInventoryGBX 446.00MinventoryTotal assetsGBX 5.41BtotalAssetsResult 14.0% | 8.17xFixed asset turnover · 2020-07-31Revenue / net PP&ERevenueGBX 2.55BtotalRevenueNet PP&EGBX 312.00MpropertyPlantEquipmentResult 8.17x | 0.76xCapex / D&A · 2020-07-31Capital expenditures / depreciation and amortizationCapexGBX 110.00McapitalExpendituresD&AGBX 144.00MdepreciationAndAmortizationResult 0.76x | GBX 2.20Tangible book / share · 2020-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 5.41BtotalAssetsGoodwillGBX 1.19BgoodWillIntangiblesGBX 372.00MintangibleAssetsLiabilitiesGBX 3.02BtotalLiabTangible bookGBX 830.00MShares376,906,188commonStockSharesOutstandingResult GBX 2.20 | 3.24xFixed-charge coverage · 2020-07-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 337.00MebitdaCapexGBX 110.00McapitalExpendituresInterestGBX 60.00MinterestExpenseShort-term debtGBX 10.00MshortLongTermDebtEBITDA − capexGBX 227.00MPrincipal due is the current portion of debt.Result 3.24x | GBX 319.00MFree cash flow · 2020-07-31Reported free cash flowOperating cash flowGBX 429.00MtotalCashFromOperatingActivitiesCapexGBX 110.00McapitalExpendituresFree cash flowGBX 319.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 319.00M | 4.1%ROIC · 2020-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 241.00MoperatingIncomeTax expenseGBX 66.00MincomeTaxExpensePretax incomeGBX 133.00MincomeBeforeTaxTax rate40.0%EquityGBX 2.37BtotalStockholderEquityDebtGBX 1.56BshortLongTermDebtTotalCashGBX 366.00McashInvested capitalGBX 3.57BThe effective tax rate was above 40% and was capped at 40%.Result 4.1% | 0.77xEBIT / PP&E · 2020-07-31Operating income / net PP&EOperating incomeGBX 241.00MoperatingIncomeNet PP&EGBX 312.00MpropertyPlantEquipmentResult 0.77x |
| 2021 | 13.1%Physical asset ratio · 2021-07-31(Net PP&E + inventory) / total assetsNet PP&EGBX 320.00MpropertyPlantEquipmentInventoryGBX 381.00MinventoryTotal assetsGBX 5.34BtotalAssetsResult 13.1% | 7.52xFixed asset turnover · 2021-07-31Revenue / net PP&ERevenueGBX 2.41BtotalRevenueNet PP&EGBX 320.00MpropertyPlantEquipmentResult 7.52x | 0.84xCapex / D&A · 2021-07-31Capital expenditures / depreciation and amortizationCapexGBX 117.00McapitalExpendituresD&AGBX 139.00MdepreciationAndAmortizationResult 0.84x | GBX 2.45Tangible book / share · 2021-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 5.34BtotalAssetsGoodwillGBX 1.15BgoodWillIntangiblesGBX 350.00MintangibleAssetsLiabilitiesGBX 2.91BtotalLiabTangible bookGBX 925.00MShares376,906,188commonStockSharesOutstandingResult GBX 2.45 | 5.18xFixed-charge coverage · 2021-07-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 428.00MebitdaCapexGBX 117.00McapitalExpendituresInterestGBX 51.00MinterestExpenseShort-term debtGBX 9.00MshortLongTermDebtEBITDA − capexGBX 311.00MPrincipal due is the current portion of debt.Result 5.18x | GBX 418.00MFree cash flow · 2021-07-31Reported free cash flowOperating cash flowGBX 535.00MtotalCashFromOperatingActivitiesCapexGBX 117.00McapitalExpendituresFree cash flowGBX 418.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 418.00M | 6.1%ROIC · 2021-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 326.00MoperatingIncomeTax expenseGBX 83.00MincomeTaxExpensePretax incomeGBX 240.00MincomeBeforeTaxTax rate34.6%EquityGBX 2.40BtotalStockholderEquityDebtGBX 1.50BshortLongTermDebtTotalCashGBX 405.00McashInvested capitalGBX 3.50BResult 6.1% | 1.02xEBIT / PP&E · 2021-07-31Operating income / net PP&EOperating incomeGBX 326.00MoperatingIncomeNet PP&EGBX 320.00MpropertyPlantEquipmentResult 1.02x |
| 2022 | 17.6%Physical asset ratio · 2022-07-31(Net PP&E + inventory) / total assetsNet PP&EGBX 349.00MpropertyPlantEquipmentInventoryGBX 570.00MinventoryTotal assetsGBX 5.22BtotalAssetsResult 17.6% | 7.35xFixed asset turnover · 2022-07-31Revenue / net PP&ERevenueGBX 2.57BtotalRevenueNet PP&EGBX 349.00MpropertyPlantEquipmentResult 7.35x | 0.68xCapex / D&A · 2022-07-31Capital expenditures / depreciation and amortizationCapexGBX 88.00McapitalExpendituresD&AGBX 129.00MdepreciationAndAmortizationResult 0.68x | GBX 3.01Tangible book / share · 2022-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 5.22BtotalAssetsGoodwillGBX 1.24BgoodWillIntangiblesGBX 344.00MintangibleAssetsLiabilitiesGBX 2.50BtotalLiabTangible bookGBX 1.13BShares376,906,188commonStockSharesOutstandingResult GBX 3.01 | 0.35xFixed-charge coverage · 2022-07-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 287.00MebitdaCapexGBX 88.00McapitalExpendituresInterestGBX 58.00MinterestExpenseShort-term debtGBX 509.00MshortLongTermDebtEBITDA − capexGBX 199.00MPrincipal due is the current portion of debt.Result 0.35x | GBX 191.00MFree cash flow · 2022-07-31Reported free cash flowOperating cash flowGBX 279.00MtotalCashFromOperatingActivitiesCapexGBX 88.00McapitalExpendituresFree cash flowGBX 191.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 191.00M | 4.1%ROIC · 2022-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 192.00MoperatingIncomeTax expenseGBX 90.00MincomeTaxExpensePretax incomeGBX 103.00MincomeBeforeTaxTax rate40.0%EquityGBX 2.70BtotalStockholderEquityDebtGBX 1.17BshortLongTermDebtTotalCashGBX 1.06BcashInvested capitalGBX 2.81BThe effective tax rate was above 40% and was capped at 40%.Result 4.1% | 0.55xEBIT / PP&E · 2022-07-31Operating income / net PP&EOperating incomeGBX 192.00MoperatingIncomeNet PP&EGBX 349.00MpropertyPlantEquipmentResult 0.55x |
| 2023 | 22.7%Physical asset ratio · 2023-07-31(Net PP&E + inventory) / total assetsNet PP&EGBX 352.00MpropertyPlantEquipmentInventoryGBX 637.00MinventoryTotal assetsGBX 4.36BtotalAssetsResult 22.7% | 8.63xFixed asset turnover · 2023-07-31Revenue / net PP&ERevenueGBX 3.04BtotalRevenueNet PP&EGBX 352.00MpropertyPlantEquipmentResult 8.63x | 0.60xCapex / D&A · 2023-07-31Capital expenditures / depreciation and amortizationCapexGBX 81.00McapitalExpendituresD&AGBX 135.00MdepreciationAndAmortizationResult 0.60x | GBX 2.35Tangible book / share · 2023-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 4.36BtotalAssetsGoodwillGBX 1.21BgoodWillIntangiblesGBX 312.00MintangibleAssetsLiabilitiesGBX 1.95BtotalLiabTangible bookGBX 885.00MShares376,906,188commonStockSharesOutstandingResult GBX 2.35 | 5.67xFixed-charge coverage · 2023-07-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 580.00MebitdaCapexGBX 81.00McapitalExpendituresInterestGBX 85.00MinterestExpenseShort-term debtGBX 3.00MshortLongTermDebtEBITDA − capexGBX 499.00MPrincipal due is the current portion of debt.Result 5.67x | GBX 212.00MFree cash flow · 2023-07-31Reported free cash flowOperating cash flowGBX 293.00MtotalCashFromOperatingActivitiesCapexGBX 81.00McapitalExpendituresFree cash flowGBX 212.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 212.00M | 9.2%ROIC · 2023-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 403.00MoperatingIncomeTax expenseGBX 134.00MincomeTaxExpensePretax incomeGBX 360.00MincomeBeforeTaxTax rate37.2%EquityGBX 2.38BtotalStockholderEquityDebtGBX 654.00MshortLongTermDebtTotalCashGBX 285.00McashInvested capitalGBX 2.75BResult 9.2% | 1.14xEBIT / PP&E · 2023-07-31Operating income / net PP&EOperating incomeGBX 403.00MoperatingIncomeNet PP&EGBX 352.00MpropertyPlantEquipmentResult 1.14x |
| 2024 | 24.2%Physical asset ratio · 2024-07-31(Net PP&E + inventory) / total assetsNet PP&EGBX 380.00MpropertyPlantAndEquipmentNetInventoryGBX 643.00MinventoryTotal assetsGBX 4.23BtotalAssetsResult 24.2% | 8.24xFixed asset turnover · 2024-07-31Revenue / net PP&ERevenueGBX 3.13BtotalRevenueNet PP&EGBX 380.00MpropertyPlantAndEquipmentNetResult 8.24x | 0.64xCapex / D&A · 2024-07-31Capital expenditures / depreciation and amortizationCapexGBX 86.00McapitalExpendituresD&AGBX 135.00MdepreciationAndAmortizationResult 0.64x | GBX 2.10Tangible book / share · 2024-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 4.23BtotalAssetsGoodwillGBX 1.21BgoodWillIntangiblesGBX 309.00MintangibleAssetsLiabilitiesGBX 1.98BtotalLiabTangible bookGBX 731.00MShares347,291,180commonStockSharesOutstandingResult GBX 2.10 | 6.59xFixed-charge coverage · 2024-07-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 580.00MebitdaCapexGBX 86.00McapitalExpendituresInterestGBX 73.00MinterestExpenseShort-term debtGBX 2.00MshortLongTermDebtEBITDA − capexGBX 494.00MPrincipal due is the current portion of debt.Result 6.59x | GBX 332.00MFree cash flow · 2024-07-31Reported free cash flowOperating cash flowGBX 418.00MtotalCashFromOperatingActivitiesCapexGBX 86.00McapitalExpendituresFree cash flowGBX 332.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 332.00M | 11.5%ROIC · 2024-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 415.00MoperatingIncomeTax expenseGBX 121.00MincomeTaxExpensePretax incomeGBX 372.00MincomeBeforeTaxTax rate32.5%EquityGBX 2.23BtotalStockholderEquityDebtGBX 659.00MshortLongTermDebtTotalCashGBX 459.00McashInvested capitalGBX 2.43BResult 11.5% | 1.09xEBIT / PP&E · 2024-07-31Operating income / net PP&EOperating incomeGBX 415.00MoperatingIncomeNet PP&EGBX 380.00MpropertyPlantAndEquipmentNetResult 1.09x |
| 2025 | 23.2%Physical asset ratio · 2025-07-31(Net PP&E + inventory) / total assetsNet PP&EGBX 343.00MpropertyPlantAndEquipmentNetInventoryGBX 586.00MinventoryTotal assetsGBX 4.01BtotalAssetsResult 23.2% | 8.50xFixed asset turnover · 2025-07-31Revenue / net PP&ERevenueGBX 2.92BtotalRevenueNet PP&EGBX 343.00MpropertyPlantAndEquipmentNetResult 8.50x | 0.50xCapex / D&A · 2025-07-31Capital expenditures / depreciation and amortizationCapexGBX 72.00McapitalExpendituresD&AGBX 145.00MdepreciationAndAmortizationResult 0.50x | GBX 2.49Tangible book / share · 2025-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 4.01BtotalAssetsGoodwillGBX 1.02BgoodWillIntangiblesGBX 192.00MintangibleAssetsLiabilitiesGBX 1.95BtotalLiabTangible bookGBX 852.00MShares342,321,219commonStockSharesOutstandingResult GBX 2.49 | 8.24xFixed-charge coverage · 2025-07-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 558.00MebitdaCapexGBX 72.00McapitalExpendituresInterestGBX 27.00MinterestExpenseShort-term debtGBX 32.00MshortTermDebtEBITDA − capexGBX 486.00MPrincipal due is short-term debt.Result 8.24x | GBX 384.00MFree cash flow · 2025-07-31Reported free cash flowOperating cash flowGBX 456.00MtotalCashFromOperatingActivitiesCapexGBX 72.00McapitalExpendituresFree cash flowGBX 384.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 384.00M | 12.0%ROIC · 2025-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 410.00MoperatingIncomeTax expenseGBX 99.00MincomeTaxExpensePretax incomeGBX 375.00MincomeBeforeTaxTax rate26.4%EquityGBX 2.04BtotalStockholderEquityDebtGBX 667.00MshortLongTermDebtTotalCashGBX 195.00McashInvested capitalGBX 2.51BResult 12.0% | 1.20xEBIT / PP&E · 2025-07-31Operating income / net PP&EOperating incomeGBX 410.00MoperatingIncomeNet PP&EGBX 343.00MpropertyPlantAndEquipmentNetResult 1.20x |
| 2026 | 12.1%Physical asset ratio · 2026-07-31(Net PP&E + inventory) / total assetsNet PP&EGBX 303.00MpropertyPlantAndEquipmentNetInventoryGBX 284.00MinventoryTotal assetsGBX 4.84BtotalAssetsResult 12.1% | 6.39xFixed asset turnover · 2026-07-31Revenue / net PP&ERevenueGBX 1.94BtotalRevenueNet PP&EGBX 303.00MpropertyPlantAndEquipmentNetResult 6.39x | 0.79xCapex / D&A · 2026-07-31Capital expenditures / depreciation and amortizationCapexGBX 64.00McapitalExpendituresD&AGBX 81.00MdepreciationAndAmortizationResult 0.79x | GBX 6.30Tangible book / share · 2026-07-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsGBX 4.84BtotalAssetsGoodwillGBX 417.00MgoodWillIntangiblesGBX 207.00MintangibleAssetsLiabilitiesGBX 2.23BtotalLiabTangible bookGBX 1.98BShares314,560,289commonStockSharesOutstandingResult GBX 6.30 | 0.50xFixed-charge coverage · 2026-07-31(EBITDA − capex) / (interest + short-term debt)EBITDAGBX 384.00MebitdaCapexGBX 64.00McapitalExpendituresInterestGBX 81.00MinterestExpenseShort-term debtGBX 563.00MshortLongTermDebtEBITDA − capexGBX 320.00MPrincipal due is the current portion of debt.Result 0.50x | GBX 177.00MFree cash flow · 2026-07-31Reported free cash flowOperating cash flowGBX 241.00MtotalCashFromOperatingActivitiesCapexGBX 64.00McapitalExpendituresFree cash flowGBX 177.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result GBX 177.00M | 23.7%ROIC · 2026-07-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeGBX 303.00MoperatingIncomeTax expenseGBX 88.00MincomeTaxExpensePretax incomeGBX 245.00MincomeBeforeTaxTax rate35.9%EquityGBX 2.58BtotalStockholderEquityDebtGBX 1.20BshortLongTermDebtTotalCashGBX 2.96BcashInvested capitalGBX 821.00MResult 23.7% | 1.00xEBIT / PP&E · 2026-07-31Operating income / net PP&EOperating incomeGBX 303.00MoperatingIncomeNet PP&EGBX 303.00MpropertyPlantAndEquipmentNetResult 1.00x |
- 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 the current portion of debt.
Latest year inputs (2026)
Net PP&E: GBX 303.00M
Inventory: GBX 284.00M
Total assets: GBX 4.84B
Goodwill: GBX 417.00M
Intangibles: GBX 207.00M
Liabilities: GBX 2.23B
Tangible book: GBX 1.98B
Shares: 314,560,289
Revenue: GBX 1.94B
Capex: GBX 64.00M
D&A: GBX 81.00M
EBITDA: GBX 384.00M
Interest: GBX 81.00M
Short-term debt: GBX 563.00M
Free cash flow: GBX 177.00M
Operating income: GBX 303.00M
Invested capital: GBX 821.00M
Tax rate: 35.9%