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.
Spectrum Brands Holdings Inc
Physical assets are 22.9% of total assets, a light footprint. Capex is 0.39x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 5.1%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 8.55x. Compare it with other names in the same basket.
Physical asset ratio
22.9%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$328.50MpropertyPlantEquipmentInventory$446.10MinventoryTotal assets$3.38BtotalAssetsResult 22.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
8.55xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$2.81BtotalRevenueNet PP&E$328.50MpropertyPlantEquipmentResult 8.55x
Revenue per dollar of the physical asset base.
Capex / D&A
0.39xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$38.30McapitalExpendituresD&A$98.00MdepreciationAndAmortizationResult 0.39x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.07Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.38BtotalAssetsGoodwill$866.80MgoodWillIntangibles$937.60MintangibleAssetsLiabilities$1.47BtotalLiabTangible book$105.30MShares25,900,000commonStockSharesOutstandingResult $4.07
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
20.52xPrice / tangible bookPrice / tangible book per sharePrice$83.44Latest quoteTangible book / share$4.072025-09-30Result 20.52x
Price $83.44.
Fixed-charge coverage
4.24xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$215.20MebitdaCapex$38.30McapitalExpendituresInterest$30.00MinterestExpenseShort-term debt$11.70MshortLongTermDebtEBITDA − capex$176.90MPrincipal due is the current portion of debt.Result 4.24x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.8%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow$165.80MfreeCashFlowMarket cap$1.87BMarketCapitalizationResult 8.8%
Latest free cash flow divided by current market cap ($1.87B).
ROIC
5.1%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$124.90MoperatingIncomeTax expense-$13.00MincomeTaxExpensePretax income$87.20MincomeBeforeTaxTax rate0.0%Equity$1.91BtotalStockholderEquityDebt$654.20MshortLongTermDebtTotalCash$123.60McashAndEquivalentsInvested capital$2.44BResult 5.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.38x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 13.9%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E$500.00MpropertyPlantAndEquipmentNetInventory$583.60MinventoryTotal assets$7.80BtotalAssetsResult 13.9% | 7.62xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$3.81BtotalRevenueNet PP&E$500.00MpropertyPlantAndEquipmentNetResult 7.62x | 0.61xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$75.90McapitalExpendituresD&A$124.60MdepreciationAndAmortizationResult 0.61x | -$40.73Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.80BtotalAssetsGoodwill$1.45BgoodWillIntangibles$1.64BintangibleAssetsLiabilities$6.21BtotalLiabTangible book-$1.51BShares37,000,000commonStockSharesOutstandingResult -$40.73 | 0.97xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$352.90MebitdaCapex$75.90McapitalExpendituresInterest$264.00MinterestExpenseShort-term debt$21.20MshortLongTermDebtEBITDA − capex$277.00MPrincipal due is the current portion of debt.Result 0.97x | $267.40MFree cash flow · 2018-09-30Reported free cash flowOperating cash flow$343.30MtotalCashFromOperatingActivitiesCapex$75.90McapitalExpendituresFree cash flow$267.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $267.40M | —ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$224.20MoperatingIncomeTax expense-$462.70MincomeTaxExpensePretax income-$35.70MincomeBeforeTaxTax rate—Equity$1.59BtotalStockholderEquityDebt$4.68BshortLongTermDebtTotalCash$552.50McashAndEquivalentsInvested capital$5.72BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.45xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income$224.20MoperatingIncomeNet PP&E$500.00MpropertyPlantAndEquipmentNetResult 0.45x |
| 2019 | 19.1%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$452.90MpropertyPlantEquipmentInventory$548.40MinventoryTotal assets$5.25BtotalAssetsResult 19.1% | 5.40xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$2.45BtotalRevenueNet PP&E$452.90MpropertyPlantEquipmentResult 5.40x | 0.40xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$58.40McapitalExpendituresD&A$147.30MdepreciationAndAmortizationResult 0.40x | -$21.82Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.25BtotalAssetsGoodwill$1.33BgoodWillIntangibles$1.51BintangibleAssetsLiabilities$3.52BtotalLiabTangible book-$1.11BShares50,700,000commonStockSharesOutstandingResult -$21.82 | -0.36xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA-$48.50MebitdaCapex$58.40McapitalExpendituresInterest$158.40MinterestExpenseShort-term debt$136.90MshortTermDebtEBITDA − capex-$106.90MPrincipal due is short-term debt.Result -0.36x | -$39.30MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$1.10MtotalCashFromOperatingActivitiesCapex$58.40McapitalExpendituresFree cash flow-$39.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$39.30M | —ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$152.40MoperatingIncomeTax expense-$52.00MincomeTaxExpensePretax income-$354.20MincomeBeforeTaxTax rate—Equity$1.72BtotalStockholderEquityDebt$2.35BshortLongTermDebtTotalCash$627.10McashAndEquivalentsInvested capital$3.45BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.34xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income-$152.40MoperatingIncomeNet PP&E$452.90MpropertyPlantEquipmentResult -0.34x |
| 2020 | 14.0%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$396.50MpropertyPlantEquipmentInventory$318.60MinventoryTotal assets$5.11BtotalAssetsUses the property line, which is larger than net PP&E ($313.60M, propertyPlantAndEquipmentNet).Result 14.0% | 6.61xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$2.62BtotalRevenueNet PP&E$396.50MpropertyPlantEquipmentResult 6.61x | 0.53xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$61.00McapitalExpendituresD&A$114.60MdepreciationAndAmortizationResult 0.53x | -$5.77Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.11BtotalAssetsGoodwill$627.20MgoodWillIntangibles$1.05BintangibleAssetsLiabilities$3.69BtotalLiabTangible book-$258.10MShares44,700,000commonStockSharesOutstandingResult -$5.77 | 1.70xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$244.10MebitdaCapex$61.00McapitalExpendituresInterest$93.70MinterestExpenseShort-term debt$13.90MshortTermDebtEBITDA − capex$183.10MPrincipal due is short-term debt.Result 1.70x | $229.30MFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$290.30MtotalCashFromOperatingActivitiesCapex$61.00McapitalExpendituresFree cash flow$229.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $229.30M | —ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$8.60MoperatingIncomeTax expense$27.30MincomeTaxExpensePretax income-$25.10MincomeBeforeTaxTax rate—Equity$1.41BtotalStockholderEquityDebt$2.47BshortLongTermDebtTotalCash$531.60McashAndEquivalentsInvested capital$3.35BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.02xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$8.60MoperatingIncomeNet PP&E$396.50MpropertyPlantEquipmentResult 0.02x |
| 2021 | 16.5%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$316.70MpropertyPlantEquipmentInventory$562.80MinventoryTotal assets$5.34BtotalAssetsResult 16.5% | 9.47xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$3.00BtotalRevenueNet PP&E$316.70MpropertyPlantEquipmentResult 9.47x | 0.37xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$43.60McapitalExpendituresD&A$117.00MdepreciationAndAmortizationResult 0.37x | -$13.71Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.34BtotalAssetsGoodwill$867.20MgoodWillIntangibles$1.20BintangibleAssetsLiabilities$3.86BtotalLiabTangible book-$592.30MShares43,200,000commonStockSharesOutstandingResult -$13.71 | 1.63xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$253.40MebitdaCapex$43.60McapitalExpendituresInterest$116.50MinterestExpenseShort-term debt$12.00MshortLongTermDebtEBITDA − capex$209.80MPrincipal due is the current portion of debt.Result 1.63x | $244.80MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow$288.40MtotalCashFromOperatingActivitiesCapex$43.60McapitalExpendituresFree cash flow$244.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $244.80M | —ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$97.10MoperatingIncomeTax expense-$26.40MincomeTaxExpensePretax income-$11.10MincomeBeforeTaxTax rate—Equity$1.47BtotalStockholderEquityDebt$2.56BshortLongTermDebtTotalCash$187.90McashAndEquivalentsInvested capital$3.84BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.31xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$97.10MoperatingIncomeNet PP&E$316.70MpropertyPlantEquipmentResult 0.31x |
| 2022 | 19.5%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$346.30MpropertyPlantEquipmentInventory$780.60MinventoryTotal assets$5.78BtotalAssetsResult 19.5% | 9.05xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$3.13BtotalRevenueNet PP&E$346.30MpropertyPlantEquipmentResult 9.05x | 0.64xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$64.00McapitalExpendituresD&A$99.30MdepreciationAndAmortizationResult 0.64x | -$21.67Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.78BtotalAssetsGoodwill$953.10MgoodWillIntangibles$1.20BintangibleAssetsLiabilities$4.51BtotalLiabTangible book-$886.20MShares40,900,000commonStockSharesOutstandingResult -$21.67 | 0.36xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$104.00MebitdaCapex$64.00McapitalExpendituresInterest$99.40MinterestExpenseShort-term debt$12.30MshortTermDebtEBITDA − capex$40.00MPrincipal due is short-term debt.Result 0.36x | -$117.80MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow-$53.80MtotalCashFromOperatingActivitiesCapex$64.00McapitalExpendituresFree cash flow-$117.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$117.80M | —ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$23.20MoperatingIncomeTax expense-$13.30MincomeTaxExpensePretax income-$90.30MincomeBeforeTaxTax rate—Equity$1.26BtotalStockholderEquityDebt$3.21BshortLongTermDebtTotalCash$243.70McashAndEquivalentsInvested capital$4.23BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.07xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income$23.20MoperatingIncomeNet PP&E$346.30MpropertyPlantEquipmentResult 0.07x |
| 2023 | 16.1%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$385.90MpropertyPlantEquipmentInventory$462.80MinventoryTotal assets$5.26BtotalAssetsResult 16.1% | 7.56xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$2.92BtotalRevenueNet PP&E$385.90MpropertyPlantEquipmentResult 7.56x | 0.65xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$59.00McapitalExpendituresD&A$91.20MdepreciationAndAmortizationResult 0.65x | $15.28Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.26BtotalAssetsGoodwill$854.70MgoodWillIntangibles$1.06BintangibleAssetsLiabilities$2.74BtotalLiabTangible book$603.50MShares39,500,000commonStockSharesOutstandingResult $15.28 | -0.97xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA-$72.00MebitdaCapex$59.00McapitalExpendituresInterest$127.00MinterestExpenseShort-term debt$8.60MshortTermDebtEBITDA − capex-$131.00MPrincipal due is short-term debt.Result -0.97x | -$468.70MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow-$409.70MtotalCashFromOperatingActivitiesCapex$59.00McapitalExpendituresFree cash flow-$468.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$468.70M | —ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$205.60MoperatingIncomeTax expense-$56.50MincomeTaxExpensePretax income-$290.20MincomeBeforeTaxTax rate—Equity$2.52BtotalStockholderEquityDebt$1.65BshortLongTermDebtTotalCash$1.86BcashAndShortTermInvestmentsInvested capital$2.31BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.53xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income-$205.60MoperatingIncomeNet PP&E$385.90MpropertyPlantEquipmentResult -0.53x |
| 2024 | 21.6%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$368.50MpropertyPlantEquipmentInventory$462.10MinventoryTotal assets$3.84BtotalAssetsResult 21.6% | 8.04xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$2.96BtotalRevenueNet PP&E$368.50MpropertyPlantEquipmentResult 8.04x | 0.43xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$44.00McapitalExpendituresD&A$101.80MdepreciationAndAmortizationResult 0.43x | $9.39Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.84BtotalAssetsGoodwill$864.90MgoodWillIntangibles$990.40MintangibleAssetsLiabilities$1.70BtotalLiabTangible book$286.40MShares30,500,000commonStockSharesOutstandingResult $9.39 | 3.55xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$284.90MebitdaCapex$44.00McapitalExpendituresInterest$58.50MinterestExpenseShort-term debt$9.40MshortTermDebtEBITDA − capex$240.90MPrincipal due is short-term debt.Result 3.55x | $118.60MFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$162.60MtotalCashFromOperatingActivitiesCapex$44.00McapitalExpendituresFree cash flow$118.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $118.60M | 4.3%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$170.60MoperatingIncomeTax expense$64.30MincomeTaxExpensePretax income$163.60MincomeBeforeTaxTax rate39.3%Equity$2.14BtotalStockholderEquityDebt$647.80MshortLongTermDebtTotalCash$368.90McashAndEquivalentsInvested capital$2.42BResult 4.3% | 0.46xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$170.60MoperatingIncomeNet PP&E$368.50MpropertyPlantEquipmentResult 0.46x |
| 2025 | 22.9%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$328.50MpropertyPlantEquipmentInventory$446.10MinventoryTotal assets$3.38BtotalAssetsResult 22.9% | 8.55xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$2.81BtotalRevenueNet PP&E$328.50MpropertyPlantEquipmentResult 8.55x | 0.39xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$38.30McapitalExpendituresD&A$98.00MdepreciationAndAmortizationResult 0.39x | $4.07Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.38BtotalAssetsGoodwill$866.80MgoodWillIntangibles$937.60MintangibleAssetsLiabilities$1.47BtotalLiabTangible book$105.30MShares25,900,000commonStockSharesOutstandingResult $4.07 | 4.24xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$215.20MebitdaCapex$38.30McapitalExpendituresInterest$30.00MinterestExpenseShort-term debt$11.70MshortLongTermDebtEBITDA − capex$176.90MPrincipal due is the current portion of debt.Result 4.24x | $165.80MFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$204.10MtotalCashFromOperatingActivitiesCapex$38.30McapitalExpendituresFree cash flow$165.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $165.80M | 5.1%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$124.90MoperatingIncomeTax expense-$13.00MincomeTaxExpensePretax income$87.20MincomeBeforeTaxTax rate0.0%Equity$1.91BtotalStockholderEquityDebt$654.20MshortLongTermDebtTotalCash$123.60McashAndEquivalentsInvested capital$2.44BResult 5.1% | 0.38xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$124.90MoperatingIncomeNet PP&E$328.50MpropertyPlantEquipmentResult 0.38x |
- 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 (2025)
Net PP&E: $328.50M
Inventory: $446.10M
Total assets: $3.38B
Goodwill: $866.80M
Intangibles: $937.60M
Liabilities: $1.47B
Tangible book: $105.30M
Shares: 25,900,000
Revenue: $2.81B
Capex: $38.30M
D&A: $98.00M
EBITDA: $215.20M
Interest: $30.00M
Short-term debt: $11.70M
Free cash flow: $165.80M
Operating income: $124.90M
Invested capital: $2.44B
Tax rate: 0.0%