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.
Stonex Group Inc
Banks, insurers, and other financials hold few plants and little inventory, so a physical-asset screen is a poor fit. The ratios below are still the latest annual figures. Capex is 0.66x 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 0.85x, which is below 1.
Fixed-asset turnover is 402.98x. Compare it with other names in the same basket.
Physical asset ratio
2.8%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$328.50MpropertyPlantAndEquipmentNetInventory$917.50MinventoryTotal assets$45.27BtotalAssetsResult 2.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
402.98xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$132.38BtotalRevenueNet PP&E$328.50MpropertyPlantAndEquipmentNetResult 402.98x
Revenue per dollar of the physical asset base.
Capex / D&A
0.66xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$65.40McapitalExpendituresD&A$99.00MdepreciationAndAmortizationResult 0.66x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$21.83Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$45.27BtotalAssetsGoodwill$298.30MgoodWillIntangibles$437.90MintangibleAssetsLiabilities$42.89BtotalLiabTangible book$1.64BShares75,186,753commonStockSharesOutstandingResult $21.83
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.43xPrice / tangible bookPrice / tangible book per sharePrice$53.06Latest quoteTangible book / share$21.832025-09-30Result 2.43x
Price $53.06.
Fixed-charge coverage
0.85xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.99BebitdaCapex$65.40McapitalExpendituresInterest$1.48BinterestExpenseShort-term debt$782.00MshortTermDebtEBITDA − capex$1.92BPrincipal due is short-term debt.Result 0.85x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
65.3%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow$4.32BfreeCashFlowMarket cap$6.62BMarketCapitalizationResult 65.3%
Latest free cash flow divided by current market cap ($6.62B).
ROIC
8.0%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.05BoperatingIncomeTax expense$102.90MincomeTaxExpensePretax income$408.80MincomeBeforeTaxTax rate25.2%Equity$2.38BtotalStockholderEquityDebt$18.52BshortLongTermDebtTotalCash$1.61BcashInvested capital$19.29BResult 8.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 6.25x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 3.4%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E$42.40MpropertyPlantEquipmentInventory$222.50MinventoryTotal assets$7.82BtotalAssetsResult 3.4% | 651.48xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$27.62BtotalRevenueNet PP&E$42.40MpropertyPlantEquipmentResult 651.48x | 1.08xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$12.50McapitalExpendituresD&A$11.60MdepreciationAndAmortizationResult 1.08x | $10.46Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.82BtotalAssetsGoodwill$48.40MgoodWillIntangibles$11.40MintangibleAssetsLiabilities$7.32BtotalLiabTangible book$445.50MShares42,603,367commonStockSharesOutstandingResult $10.46 | 0.08xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$193.80MebitdaCapex$12.50McapitalExpendituresInterest$80.70MinterestExpenseShort-term debt$2.21BshortTermDebtEBITDA − capex$181.30MPrincipal due is short-term debt.Result 0.08x | -$486.10MFree cash flow · 2018-09-30Reported free cash flowOperating cash flow-$473.60MtotalCashFromOperatingActivitiesCapex$12.50McapitalExpendituresFree cash flow-$486.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$486.10M | 67.3%ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$581.60MoperatingIncomeTax expense$46.00MincomeTaxExpensePretax income$101.50MincomeBeforeTaxTax rate40.0%Equity$505.30MtotalStockholderEquityDebt$355.20MlongTermDebt + shortLongTermDebtCash$342.30McashInvested capital$518.20MThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 67.3% | 13.72xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income$581.60MoperatingIncomeNet PP&E$42.40MpropertyPlantEquipmentResult 13.72x |
| 2019 | 13.4%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$140.00MpropertyPlantAndEquipmentNetInventory$229.30MinventoryTotal assets$2.75BtotalAssetsResult 13.4% | 234.98xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$32.90BtotalRevenueNet PP&E$140.00MpropertyPlantAndEquipmentNetResult 234.98x | 0.85xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$11.90McapitalExpendituresD&A$14.00MdepreciationAndAmortizationResult 0.85x | $6.00Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.75BtotalAssetsGoodwill$289.00MgoodWillIntangibles$15.00MintangibleAssetsLiabilities$2.27BtotalLiabTangible book$171.00MShares28,521,591commonStockSharesOutstandingResult $6.00 | 0.75xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$279.70MebitdaCapex$11.90McapitalExpendituresInterest$154.70MinterestExpenseShort-term debt$202.30MshortLongTermDebtEBITDA − capex$267.80MPrincipal due is the current portion of debt.Result 0.75x | $183.70MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$195.60MtotalCashFromOperatingActivitiesCapex$11.90McapitalExpendituresFree cash flow$183.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $183.70M | 65.4%ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$653.20MoperatingIncomeTax expense$25.90MincomeTaxExpensePretax income$111.00MincomeBeforeTaxTax rate23.3%Equity$475.00MtotalStockholderEquityDebt$572.20MlongTermDebt + shortLongTermDebtCash$281.00McashAndShortTermInvestmentsInvested capital$766.20MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 65.4% | 4.67xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$653.20MoperatingIncomeNet PP&E$140.00MpropertyPlantAndEquipmentNetResult 4.67x |
| 2020 | 3.3%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$163.60MpropertyPlantEquipmentInventory$281.10MinventoryTotal assets$13.47BtotalAssetsResult 3.3% | 330.93xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$54.14BtotalRevenueNet PP&E$163.60MpropertyPlantEquipmentResult 330.93x | 0.56xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$16.60McapitalExpendituresD&A$29.60MdepreciationAndAmortizationResult 0.56x | $15.25Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$13.47BtotalAssetsGoodwill$54.70MgoodWillIntangibles$54.80MintangibleAssetsLiabilities$12.71BtotalLiabTangible book$658.00MShares43,156,077commonStockSharesOutstandingResult $15.25 | 0.87xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$340.30MebitdaCapex$16.60McapitalExpendituresInterest$104.00MinterestExpenseShort-term debt$268.10MshortTermDebtEBITDA − capex$323.70MPrincipal due is short-term debt.Result 0.87x | $1.93BFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$1.95BtotalCashFromOperatingActivitiesCapex$16.60McapitalExpendituresFree cash flow$1.93BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.93B | 13.4%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$868.00MoperatingIncomeTax expense$37.10MincomeTaxExpensePretax income$206.70MincomeBeforeTaxTax rate17.9%Equity$767.50MtotalStockholderEquityDebt$5.50BshortLongTermDebtTotalCash$952.60McashInvested capital$5.31BResult 13.4% | 5.31xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$868.00MoperatingIncomeNet PP&E$163.60MpropertyPlantEquipmentResult 5.31x |
| 2021 | 16.3%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$93.30MpropertyPlantEquipmentInventory$447.50MinventoryTotal assets$3.31BtotalAssetsUses the property line, which is larger than net PP&E ($66.00M, propertyPlantAndEquipmentNet).Result 16.3% | 455.89xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$42.53BtotalRevenueNet PP&E$93.30MpropertyPlantEquipmentResult 455.89x | 1.28xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$62.10McapitalExpendituresD&A$48.70MdepreciationAndAmortizationResult 1.28x | $17.82Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.31BtotalAssetsGoodwill$294.00MgoodWillIntangibles$61.00MintangibleAssetsLiabilities$2.43BtotalLiabTangible book$526.00MShares29,517,250commonStockSharesOutstandingResult $17.82 | 0.68xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$293.70MebitdaCapex$62.10McapitalExpendituresInterest$90.90MinterestExpenseShort-term debt$248.60MshortTermDebtEBITDA − capex$231.60MPrincipal due is short-term debt.Result 0.68x | $2.06BFree cash flow · 2021-09-30Reported free cash flowOperating cash flow$2.12BtotalCashFromOperatingActivitiesCapex$62.10McapitalExpendituresFree cash flow$2.06BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.06B | 97.6%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.15BoperatingIncomeTax expense$37.80MincomeTaxExpensePretax income$154.10MincomeBeforeTaxTax rate24.5%Equity$881.00MtotalStockholderEquityDebt$755.60MshortLongTermDebtTotalCash$747.00McashAndShortTermInvestmentsInvested capital$889.60MResult 97.6% | 12.33xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$1.15BoperatingIncomeNet PP&E$93.30MpropertyPlantEquipmentResult 12.33x |
| 2022 | 3.8%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$234.70MpropertyPlantEquipmentInventory$513.50MinventoryTotal assets$19.86BtotalAssetsResult 3.8% | 281.36xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$66.04BtotalRevenueNet PP&E$234.70MpropertyPlantEquipmentResult 281.36x | 0.82xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$49.50McapitalExpendituresD&A$60.30MdepreciationAndAmortizationResult 0.82x | $14.53Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.86BtotalAssetsGoodwill$58.20MgoodWillIntangibles$28.00MintangibleAssetsLiabilities$18.79BtotalLiabTangible book$983.90MShares67,727,947commonStockSharesOutstandingResult $14.53 | 0.70xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$517.70MebitdaCapex$49.50McapitalExpendituresInterest$180.20MinterestExpenseShort-term debt$485.10MshortTermDebtEBITDA − capex$468.20MPrincipal due is short-term debt.Result 0.70x | -$279.00MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow-$229.50MtotalCashFromOperatingActivitiesCapex$49.50McapitalExpendituresFree cash flow-$279.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$279.00M | 20.8%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.48BoperatingIncomeTax expense$70.10MincomeTaxExpensePretax income$277.20MincomeBeforeTaxTax rate25.3%Equity$1.07BtotalStockholderEquityDebt$5.35BshortLongTermDebtTotalCash$1.11BcashInvested capital$5.31BResult 20.8% | 6.29xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income$1.48BoperatingIncomeNet PP&E$234.70MpropertyPlantEquipmentResult 6.29x |
| 2023 | 3.6%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$245.60MpropertyPlantAndEquipmentNetInventory$537.30MinventoryTotal assets$21.94BtotalAssetsResult 3.6% | 247.79xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$60.86BtotalRevenueNet PP&E$245.60MpropertyPlantAndEquipmentNetResult 247.79x | 0.28xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$17.90McapitalExpendituresD&A$65.00MdepreciationAndAmortizationResult 0.28x | $18.63Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$21.94BtotalAssetsGoodwill$59.30MgoodWillIntangibles$23.10MintangibleAssetsLiabilities$20.56BtotalLiabTangible book$1.30BShares69,590,272commonStockSharesOutstandingResult $18.63 | 1.02xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.25BebitdaCapex$17.90McapitalExpendituresInterest$859.70MinterestExpenseShort-term debt$341.00MshortTermDebtEBITDA − capex$1.23BPrincipal due is short-term debt.Result 1.02x | $142.90MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow$160.80MtotalCashFromOperatingActivitiesCapex$17.90McapitalExpendituresFree cash flow$142.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $142.90M | 17.7%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.62BoperatingIncomeTax expense$84.50MincomeTaxExpensePretax income$323.00MincomeBeforeTaxTax rate26.2%Equity$1.38BtotalStockholderEquityDebt$6.48BshortLongTermDebtTotalCash$1.11BcashInvested capital$6.75BResult 17.7% | 6.60xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income$1.62BoperatingIncomeNet PP&E$245.60MpropertyPlantAndEquipmentNetResult 6.60x |
| 2024 | 3.6%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$300.10MpropertyPlantAndEquipmentNetInventory$681.10MinventoryTotal assets$27.47BtotalAssetsResult 3.6% | 332.85xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$99.89BtotalRevenueNet PP&E$300.10MpropertyPlantAndEquipmentNetResult 332.85x | 0.87xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$65.20McapitalExpendituresD&A$74.60MdepreciationAndAmortizationResult 0.87x | $22.89Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$27.47BtotalAssetsGoodwill$61.00MgoodWillIntangibles$19.60MintangibleAssetsLiabilities$25.76BtotalLiabTangible book$1.63BShares71,156,315commonStockSharesOutstandingResult $22.89 | 1.02xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.61BebitdaCapex$65.20McapitalExpendituresInterest$1.18BinterestExpenseShort-term debt$338.80MshortTermDebtEBITDA − capex$1.55BPrincipal due is short-term debt.Result 1.02x | $441.70MFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$506.90MtotalCashFromOperatingActivitiesCapex$65.20McapitalExpendituresFree cash flow$441.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $441.70M | 11.1%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.77BoperatingIncomeTax expense$93.30MincomeTaxExpensePretax income$354.10MincomeBeforeTaxTax rate26.3%Equity$1.71BtotalStockholderEquityDebt$11.32BshortLongTermDebtTotalCash$1.27BcashInvested capital$11.76BResult 11.1% | 5.89xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$1.77BoperatingIncomeNet PP&E$300.10MpropertyPlantAndEquipmentNetResult 5.89x |
| 2025 | 2.8%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$328.50MpropertyPlantAndEquipmentNetInventory$917.50MinventoryTotal assets$45.27BtotalAssetsResult 2.8% | 402.98xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$132.38BtotalRevenueNet PP&E$328.50MpropertyPlantAndEquipmentNetResult 402.98x | 0.66xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$65.40McapitalExpendituresD&A$99.00MdepreciationAndAmortizationResult 0.66x | $21.83Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$45.27BtotalAssetsGoodwill$298.30MgoodWillIntangibles$437.90MintangibleAssetsLiabilities$42.89BtotalLiabTangible book$1.64BShares75,186,753commonStockSharesOutstandingResult $21.83 | 0.85xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$1.99BebitdaCapex$65.40McapitalExpendituresInterest$1.48BinterestExpenseShort-term debt$782.00MshortTermDebtEBITDA − capex$1.92BPrincipal due is short-term debt.Result 0.85x | $4.32BFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$4.39BtotalCashFromOperatingActivitiesCapex$65.40McapitalExpendituresFree cash flow$4.32BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $4.32B | 8.0%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.05BoperatingIncomeTax expense$102.90MincomeTaxExpensePretax income$408.80MincomeBeforeTaxTax rate25.2%Equity$2.38BtotalStockholderEquityDebt$18.52BshortLongTermDebtTotalCash$1.61BcashInvested capital$19.29BResult 8.0% | 6.25xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$2.05BoperatingIncomeNet PP&E$328.50MpropertyPlantAndEquipmentNetResult 6.25x |
- 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: $328.50M
Inventory: $917.50M
Total assets: $45.27B
Goodwill: $298.30M
Intangibles: $437.90M
Liabilities: $42.89B
Tangible book: $1.64B
Shares: 75,186,753
Revenue: $132.38B
Capex: $65.40M
D&A: $99.00M
EBITDA: $1.99B
Interest: $1.48B
Short-term debt: $782.00M
Free cash flow: $4.32B
Operating income: $2.05B
Invested capital: $19.29B
Tax rate: 25.2%