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.
Sleep Number Corp
Physical assets are 70.7% of total assets, a heavy footprint. Capex is 0.26x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -0.01x, which is below 1.
Fixed-asset turnover is 3.54x. Compare it with other names in the same basket.
Physical asset ratio
70.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$398.25MpropertyPlantAndEquipmentNetInventory$82.23MinventoryTotal assets$680.06MtotalAssetsResult 70.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.54xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.41BtotalRevenueNet PP&E$398.25MpropertyPlantAndEquipmentNetResult 3.54x
Revenue per dollar of the physical asset base.
Capex / D&A
0.26xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$14.41McapitalExpendituresD&A$55.61MdepreciationAndAmortizationResult 0.26x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$28.15Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$680.06MtotalAssetsGoodwill$64.00MgoodWillIntangibles$2.19MintangibleAssetsLiabilities$1.26BtotalLiabTangible book-$644.66MShares22,900,000commonStockSharesOutstandingResult -$28.15
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share-$28.152025-12-31A live quote was not available, so price / tangible book could not be calculated.Tangible book per share is not positive, so the multiple is left blank.Result —
Quote unavailable.
Fixed-charge coverage
-0.01xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.02MebitdaCapex$14.41McapitalExpendituresInterest$49.38MinterestExpenseShort-term debt$588.20MshortLongTermDebtEBITDA − capex-$5.39MPrincipal due is the current portion of debt.Result -0.01x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-614.0%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$17.69MfreeCashFlowMarket cap$2.88MMarketCapitalizationResult -614.0%
Latest free cash flow divided by current market cap ($2.88M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.11MoperatingIncomeTax expense$35.98MincomeTaxExpensePretax income-$95.97MincomeBeforeTaxTax rate—Equity-$578.48MtotalStockholderEquityDebt$588.20MlongTermDebt + shortLongTermDebtCash$1.69McashInvested capital$8.03MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC 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 0.01x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 61.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$205.63MpropertyPlantEquipmentInventory$84.88MinventoryTotal assets$470.14MtotalAssetsResult 61.8% | 7.45xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.53BtotalRevenueNet PP&E$205.63MpropertyPlantEquipmentResult 7.45x | 0.73xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$45.52McapitalExpendituresD&A$61.97MdepreciationAndAmortizationResult 0.73x | -$5.11Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$470.14MtotalAssetsGoodwill$64.00MgoodWillIntangibles$11.41MintangibleAssetsLiabilities$579.69MtotalLiabTangible book-$184.96MShares36,165,000commonStockSharesOutstandingResult -$5.11 | 0.75xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$154.39MebitdaCapex$45.52McapitalExpendituresInterest$5.91MinterestExpenseShort-term debt$140.14MshortTermDebtEBITDA − capex$108.88MPrincipal due is short-term debt.Result 0.75x | $86.03MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$131.54MtotalCashFromOperatingActivitiesCapex$45.52McapitalExpendituresFree cash flow$86.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $86.03M | 84.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$92.43MoperatingIncomeTax expense$16.98MincomeTaxExpensePretax income$86.52MincomeBeforeTaxTax rate19.6%Equity-$109.55MtotalStockholderEquityDebt$199.60MshortLongTermDebtTotalCash$1.61McashInvested capital$88.44MResult 84.0% | 0.45xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$92.43MoperatingIncomeNet PP&E$205.63MpropertyPlantEquipmentResult 0.45x |
| 2019 | 75.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$524.44MpropertyPlantAndEquipmentNetInventory$87.07MinventoryTotal assets$806.04MtotalAssetsResult 75.9% | 3.24xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.70BtotalRevenueNet PP&E$524.44MpropertyPlantAndEquipmentNetResult 3.24x | 0.96xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$59.24McapitalExpendituresD&A$61.87MdepreciationAndAmortizationResult 0.96x | -$7.66Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$806.04MtotalAssetsGoodwill$64.00MgoodWillIntangibles$9.23MintangibleAssetsLiabilities$965.47MtotalLiabTangible book-$232.66MShares30,355,000commonStockSharesOutstandingResult -$7.66 | 0.47xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$173.96MebitdaCapex$59.24McapitalExpendituresInterest$11.59MinterestExpenseShort-term debt$231.00MshortLongTermDebtEBITDA − capex$114.72MPrincipal due is the current portion of debt.Result 0.47x | $129.92MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$189.16MtotalCashFromOperatingActivitiesCapex$59.24McapitalExpendituresFree cash flow$129.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $129.92M | 21.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$112.10MoperatingIncomeTax expense$18.66MincomeTaxExpensePretax income$100.51MincomeBeforeTaxTax rate18.6%Equity-$159.43MtotalStockholderEquityDebt$588.65MshortLongTermDebtTotalCash$1.59McashInvested capital$427.63MResult 21.3% | 0.21xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$112.10MoperatingIncomeNet PP&E$524.44MpropertyPlantAndEquipmentNetResult 0.21x |
| 2020 | 71.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$489.45MpropertyPlantAndEquipmentNetInventory$81.36MinventoryTotal assets$800.14MtotalAssetsResult 71.3% | 3.79xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.86BtotalRevenueNet PP&E$489.45MpropertyPlantAndEquipmentNetResult 3.79x | 0.63xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$39.07McapitalExpendituresD&A$61.56MdepreciationAndAmortizationResult 0.63x | -$10.44Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$800.14MtotalAssetsGoodwill$64.00MgoodWillIntangibles$8.87MintangibleAssetsLiabilities$1.02BtotalLiabTangible book-$296.85MShares28,428,000commonStockSharesOutstandingResult -$10.44 | 0.82xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$246.46MebitdaCapex$39.07McapitalExpendituresInterest$8.92MinterestExpenseShort-term debt$244.20MshortLongTermDebtEBITDA − capex$207.39MPrincipal due is the current portion of debt.Result 0.82x | $240.59MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$279.66MtotalCashFromOperatingActivitiesCapex$39.07McapitalExpendituresFree cash flow$240.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $240.59M | 40.5%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$184.90MoperatingIncomeTax expense$36.78MincomeTaxExpensePretax income$175.97MincomeBeforeTaxTax rate20.9%Equity-$223.98MtotalStockholderEquityDebt$589.36MshortLongTermDebtTotalCash$4.24McashInvested capital$361.14MResult 40.5% | 0.38xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$184.90MoperatingIncomeNet PP&E$489.45MpropertyPlantAndEquipmentNetResult 0.38x |
| 2021 | 73.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$566.26MpropertyPlantEquipmentInventory$105.64MinventoryTotal assets$919.54MtotalAssetsResult 73.1% | 3.86xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$2.18BtotalRevenueNet PP&E$566.26MpropertyPlantEquipmentResult 3.86x | 1.11xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$66.90McapitalExpendituresD&A$60.39MdepreciationAndAmortizationResult 1.11x | -$19.86Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$919.54MtotalAssetsGoodwill$64.00MgoodWillIntangibles$6.47MintangibleAssetsLiabilities$1.34BtotalLiabTangible book-$495.42MShares24,947,000commonStockSharesOutstandingResult -$19.86 | 0.48xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$253.93MebitdaCapex$66.90McapitalExpendituresInterest$6.25MinterestExpenseShort-term debt$382.50MshortLongTermDebtEBITDA − capex$187.03MPrincipal due is the current portion of debt.Result 0.48x | $233.11MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$300.01MtotalCashFromOperatingActivitiesCapex$66.90McapitalExpendituresFree cash flow$233.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $233.11M | 43.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$193.54MoperatingIncomeTax expense$33.55MincomeTaxExpensePretax income$187.29MincomeBeforeTaxTax rate17.9%Equity-$424.95MtotalStockholderEquityDebt$791.05MshortLongTermDebtTotalCash$2.39McashInvested capital$363.71MResult 43.7% | 0.34xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$193.54MoperatingIncomeNet PP&E$566.26MpropertyPlantEquipmentResult 0.34x |
| 2022 | 74.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$598.36MpropertyPlantAndEquipmentNetInventory$114.03MinventoryTotal assets$953.94MtotalAssetsResult 74.7% | 3.53xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$2.11BtotalRevenueNet PP&E$598.36MpropertyPlantAndEquipmentNetResult 3.53x | 1.03xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$69.45McapitalExpendituresD&A$67.40MdepreciationAndAmortizationResult 1.03x | -$22.15Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$953.94MtotalAssetsGoodwill$64.00MgoodWillIntangibles$4.07MintangibleAssetsLiabilities$1.39BtotalLiabTangible book-$506.24MShares22,852,000commonStockSharesOutstandingResult -$22.15 | 0.14xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$135.28MebitdaCapex$69.45McapitalExpendituresInterest$18.99MinterestExpenseShort-term debt$459.60MshortLongTermDebtEBITDA − capex$65.83MPrincipal due is the current portion of debt.Result 0.14x | -$33.32MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$36.14MtotalCashFromOperatingActivitiesCapex$69.45McapitalExpendituresFree cash flow-$33.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$33.32M | 11.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$67.88MoperatingIncomeTax expense$12.29MincomeTaxExpensePretax income$48.90MincomeBeforeTaxTax rate25.1%Equity-$438.18MtotalStockholderEquityDebt$896.01MshortLongTermDebtTotalCash$1.79McashInvested capital$456.04MResult 11.1% | 0.11xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$67.88MoperatingIncomeNet PP&E$598.36MpropertyPlantAndEquipmentNetResult 0.11x |
| 2023 | 72.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$574.91MpropertyPlantAndEquipmentNetInventory$115.43MinventoryTotal assets$950.88MtotalAssetsResult 72.6% | 3.28xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.89BtotalRevenueNet PP&E$574.91MpropertyPlantAndEquipmentNetResult 3.28x | 0.77xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$57.06McapitalExpendituresD&A$74.04MdepreciationAndAmortizationResult 0.77x | -$22.67Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$950.88MtotalAssetsGoodwill$64.00MgoodWillIntangibles$2.63MintangibleAssetsLiabilities$1.39BtotalLiabTangible book-$508.56MShares22,429,000commonStockSharesOutstandingResult -$22.67 | 0.07xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$96.99MebitdaCapex$57.06McapitalExpendituresInterest$42.70MinterestExpenseShort-term debt$539.50MshortLongTermDebtEBITDA − capex$39.93MPrincipal due is the current portion of debt.Result 0.07x | -$66.08MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$9.03MtotalCashFromOperatingActivitiesCapex$57.06McapitalExpendituresFree cash flow-$66.08MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$66.08M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$22.94MoperatingIncomeTax expense-$4.47MincomeTaxExpensePretax income-$19.75MincomeBeforeTaxTax rate—Equity-$441.93MtotalStockholderEquityDebt$972.65MshortLongTermDebtTotalCash$2.54McashInvested capital$528.19MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.04xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$22.94MoperatingIncomeNet PP&E$574.91MpropertyPlantAndEquipmentNetResult 0.04x |
| 2024 | 68.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$486.22MpropertyPlantAndEquipmentNetInventory$103.15MinventoryTotal assets$860.81MtotalAssetsResult 68.5% | 3.46xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.68BtotalRevenueNet PP&E$486.22MpropertyPlantAndEquipmentNetResult 3.46x | 0.35xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$23.51McapitalExpendituresD&A$66.35MdepreciationAndAmortizationResult 0.35x | -$22.92Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$860.81MtotalAssetsGoodwill$64.00MgoodWillIntangibles$2.41MintangibleAssetsLiabilities$1.31BtotalLiabTangible book-$518.00MShares22,600,000commonStockSharesOutstandingResult -$22.92 | 0.11xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$89.22MebitdaCapex$23.51McapitalExpendituresInterest$48.37MinterestExpenseShort-term debt$546.60MshortLongTermDebtEBITDA − capex$65.72MPrincipal due is the current portion of debt.Result 0.11x | $3.64MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$27.14MtotalCashFromOperatingActivitiesCapex$23.51McapitalExpendituresFree cash flow$3.64MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $3.64M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$22.87MoperatingIncomeTax expense-$5.16MincomeTaxExpensePretax income-$25.50MincomeBeforeTaxTax rate—Equity-$451.59MtotalStockholderEquityDebt$936.11MshortLongTermDebtTotalCash$1.95McashInvested capital$482.57MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.05xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$22.87MoperatingIncomeNet PP&E$486.22MpropertyPlantAndEquipmentNetResult 0.05x |
| 2025 | 70.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$398.25MpropertyPlantAndEquipmentNetInventory$82.23MinventoryTotal assets$680.06MtotalAssetsResult 70.7% | 3.54xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.41BtotalRevenueNet PP&E$398.25MpropertyPlantAndEquipmentNetResult 3.54x | 0.26xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$14.41McapitalExpendituresD&A$55.61MdepreciationAndAmortizationResult 0.26x | -$28.15Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$680.06MtotalAssetsGoodwill$64.00MgoodWillIntangibles$2.19MintangibleAssetsLiabilities$1.26BtotalLiabTangible book-$644.66MShares22,900,000commonStockSharesOutstandingResult -$28.15 | -0.01xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$9.02MebitdaCapex$14.41McapitalExpendituresInterest$49.38MinterestExpenseShort-term debt$588.20MshortLongTermDebtEBITDA − capex-$5.39MPrincipal due is the current portion of debt.Result -0.01x | -$17.69MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$3.28MtotalCashFromOperatingActivitiesCapex$14.41McapitalExpendituresFree cash flow-$17.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$17.69M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$4.11MoperatingIncomeTax expense$35.98MincomeTaxExpensePretax income-$95.97MincomeBeforeTaxTax rate—Equity-$578.48MtotalStockholderEquityDebt$588.20MlongTermDebt + shortLongTermDebtCash$1.69McashInvested capital$8.03MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.01xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$4.11MoperatingIncomeNet PP&E$398.25MpropertyPlantAndEquipmentNetResult 0.01x |
- Principal due is the current portion of debt.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2025)
Net PP&E: $398.25M
Inventory: $82.23M
Total assets: $680.06M
Goodwill: $64.00M
Intangibles: $2.19M
Liabilities: $1.26B
Tangible book: -$644.66M
Shares: 22,900,000
Revenue: $1.41B
Capex: $14.41M
D&A: $55.61M
EBITDA: $9.02M
Interest: $49.38M
Short-term debt: $588.20M
Free cash flow: -$17.69M
Operating income: $4.11M
Invested capital: $8.03M
Tax rate: —