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.
SPX Corp
Physical assets are 16.5% of total assets, a light footprint. Capex is 0.75x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 11.6%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 7.79x.
Physical asset ratio
16.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$290.80MpropertyPlantAndEquipmentNetInventory$302.20MinventoryTotal assets$3.60BtotalAssetsResult 16.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.79xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.27BtotalRevenueNet PP&E$290.80MpropertyPlantAndEquipmentNetResult 7.79x
Revenue per dollar of the physical asset base.
Capex / D&A
0.75xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$92.10McapitalExpendituresD&A$122.60MdepreciationAndAmortizationResult 0.75x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$6.72Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.60BtotalAssetsGoodwill$1.04BgoodWillIntangibles$868.20MintangibleAssetsLiabilities$1.37BtotalLiabTangible book$325.90MShares48,511,000commonStockSharesOutstandingResult $6.72
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
24.20xPrice / tangible bookPrice / tangible book per sharePrice$162.61Latest quoteTangible book / share$6.722025-12-31Result 24.20x
Price $162.61.
Fixed-charge coverage
7.41xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$484.80MebitdaCapex$92.10McapitalExpendituresInterest$48.10MinterestExpenseShort-term debt$4.90MshortTermDebtEBITDA − capex$392.70MPrincipal due is short-term debt.Result 7.41x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$241.20MfreeCashFlowMarket cap$8.27BMarketCapitalizationResult 2.9%
Latest free cash flow divided by current market cap ($8.27B).
ROIC
11.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$352.20MoperatingIncomeTax expense$68.60MincomeTaxExpensePretax income$314.10MincomeBeforeTaxTax rate21.8%Equity$2.24BtotalStockholderEquityDebt$501.60MshortLongTermDebtTotalCash$364.00McashInvested capital$2.38BResult 11.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.21x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 15.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$184.20MpropertyPlantEquipmentInventory$128.80MinventoryTotal assets$2.06BtotalAssetsResult 15.2% | 8.21xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.51BtotalRevenueNet PP&E$184.20MpropertyPlantEquipmentResult 8.21x | 0.44xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$12.40McapitalExpendituresD&A$27.90MdepreciationAndAmortizationResult 0.44x | -$3.98Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.06BtotalAssetsGoodwill$394.40MgoodWillIntangibles$198.40MintangibleAssetsLiabilities$1.64BtotalLiabTangible book-$177.90MShares44,660,000commonStockSharesOutstandingResult -$3.98 | 1.70xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$133.90MebitdaCapex$12.40McapitalExpendituresInterest$21.50MinterestExpenseShort-term debt$49.90MshortTermDebtEBITDA − capex$121.50MPrincipal due is short-term debt.Result 1.70x | $98.20MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$110.60MtotalCashFromOperatingActivitiesCapex$12.40McapitalExpendituresFree cash flow$98.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $98.20M | 15.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$112.50MoperatingIncomeTax expense$2.60MincomeTaxExpensePretax income$84.50MincomeBeforeTaxTax rate3.1%Equity$414.90MtotalStockholderEquityDebt$381.80MshortLongTermDebtTotalCash$68.80McashInvested capital$727.90MResult 15.0% | 0.61xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$112.50MoperatingIncomeNet PP&E$184.20MpropertyPlantEquipmentResult 0.61x |
| 2019 | 29.9%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$483.20MpropertyPlantEquipmentInventory$154.90MinventoryTotal assets$2.13BtotalAssetsUses the property line, which is larger than net PP&E ($179.10M, propertyPlantAndEquipmentNet).Result 29.9% | 2.33xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.12BtotalRevenueNet PP&E$483.20MpropertyPlantEquipmentResult 2.33x | 0.55xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$13.50McapitalExpendituresD&A$24.40MdepreciationAndAmortizationResult 0.55x | -$4.42Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.13BtotalAssetsGoodwill$449.30MgoodWillIntangibles$251.70MintangibleAssetsLiabilities$1.63BtotalLiabTangible book-$198.60MShares44,957,000commonStockSharesOutstandingResult -$4.42 | 0.73xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$134.20MebitdaCapex$13.50McapitalExpendituresInterest$21.00MinterestExpenseShort-term debt$143.60MshortTermDebtEBITDA − capex$120.70MPrincipal due is short-term debt.Result 0.73x | $135.10MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$148.60MtotalCashFromOperatingActivitiesCapex$13.50McapitalExpendituresFree cash flow$135.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $135.10M | 11.6%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$114.00MoperatingIncomeTax expense$12.50MincomeTaxExpensePretax income$88.80MincomeBeforeTaxTax rate14.1%Equity$502.40MtotalStockholderEquityDebt$393.50MshortLongTermDebtTotalCash$54.60McashInvested capital$841.30MResult 11.6% | 0.24xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$114.00MoperatingIncomeNet PP&E$483.20MpropertyPlantEquipmentResult 0.24x |
| 2020 | 28.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$504.10MpropertyPlantEquipmentInventory$155.00MinventoryTotal assets$2.33BtotalAssetsUses the property line, which is larger than net PP&E ($106.80M, propertyPlantAndEquipmentNet).Result 28.2% | 2.24xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.13BtotalRevenueNet PP&E$504.10MpropertyPlantEquipmentResult 2.24x | 0.48xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$15.30McapitalExpendituresD&A$31.90MdepreciationAndAmortizationResult 0.48x | -$0.73Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.33BtotalAssetsGoodwill$368.60MgoodWillIntangibles$305.00MintangibleAssetsLiabilities$1.69BtotalLiabTangible book-$33.50MShares45,766,000commonStockSharesOutstandingResult -$0.73 | 0.90xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$128.90MebitdaCapex$15.30McapitalExpendituresInterest$18.40MinterestExpenseShort-term debt$108.40MshortTermDebtEBITDA − capex$113.60MPrincipal due is short-term debt.Result 0.90x | $111.00MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$126.30MtotalCashFromOperatingActivitiesCapex$15.30McapitalExpendituresFree cash flow$111.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $111.00M | 9.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$96.90MoperatingIncomeTax expense$4.80MincomeTaxExpensePretax income$78.60MincomeBeforeTaxTax rate6.1%Equity$640.10MtotalStockholderEquityDebt$412.40MshortLongTermDebtTotalCash$64.00McashInvested capital$988.50MResult 9.2% | 0.19xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$96.90MoperatingIncomeNet PP&E$504.10MpropertyPlantEquipmentResult 0.19x |
| 2021 | 11.5%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$113.30MpropertyPlantEquipmentInventory$189.80MinventoryTotal assets$2.63BtotalAssetsResult 11.5% | 10.76xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.22BtotalRevenueNet PP&E$113.30MpropertyPlantEquipmentResult 10.76x | 0.23xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$9.60McapitalExpendituresD&A$42.30MdepreciationAndAmortizationResult 0.23x | $4.95Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.63BtotalAssetsGoodwill$457.30MgoodWillIntangibles$415.50MintangibleAssetsLiabilities$1.53BtotalLiabTangible book$230.10MShares46,495,000commonStockSharesOutstandingResult $4.95 | 4.09xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$125.30MebitdaCapex$9.60McapitalExpendituresInterest$13.10MinterestExpenseShort-term debt$15.20MshortTermDebtEBITDA − capex$115.70MPrincipal due is short-term debt.Result 4.09x | $165.00MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$174.60MtotalCashFromOperatingActivitiesCapex$9.60McapitalExpendituresFree cash flow$165.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $165.00M | 6.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$73.70MoperatingIncomeTax expense$10.90MincomeTaxExpensePretax income$69.90MincomeBeforeTaxTax rate15.6%Equity$1.10BtotalStockholderEquityDebt$246.00MshortLongTermDebtTotalCash$388.20McashInvested capital$960.70MResult 6.5% | 0.65xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$73.70MoperatingIncomeNet PP&E$113.30MpropertyPlantEquipmentResult 0.65x |
| 2022 | 28.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$311.00MpropertyPlantEquipmentInventory$244.00MinventoryTotal assets$1.93BtotalAssetsUses the property line, which is larger than net PP&E ($109.90M, propertyPlantAndEquipmentNet).Result 28.7% | 4.70xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.46BtotalRevenueNet PP&E$311.00MpropertyPlantEquipmentResult 4.70x | 0.34xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$15.90McapitalExpendituresD&A$46.40MdepreciationAndAmortizationResult 0.34x | $4.81Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.93BtotalAssetsGoodwill$455.30MgoodWillIntangibles$401.60MintangibleAssetsLiabilities$851.70MtotalLiabTangible book$222.30MShares46,221,000commonStockSharesOutstandingResult $4.81 | 5.11xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$82.80MebitdaCapex$15.90McapitalExpendituresInterest$9.30MinterestExpenseShort-term debt$3.80MshortTermDebtEBITDA − capex$66.90MPrincipal due is short-term debt.Result 5.11x | -$152.70MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$136.80MtotalCashFromOperatingActivitiesCapex$15.90McapitalExpendituresFree cash flow-$152.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$152.70M | 3.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$51.00MoperatingIncomeTax expense$7.30MincomeTaxExpensePretax income$27.10MincomeBeforeTaxTax rate26.9%Equity$1.08BtotalStockholderEquityDebt$246.80MshortLongTermDebtTotalCash$147.80McashInvested capital$1.18BResult 3.2% | 0.16xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$51.00MoperatingIncomeNet PP&E$311.00MpropertyPlantEquipmentResult 0.16x |
| 2023 | 17.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$140.50MpropertyPlantAndEquipmentNetInventory$276.70MinventoryTotal assets$2.44BtotalAssetsResult 17.1% | 12.39xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.74BtotalRevenueNet PP&E$140.50MpropertyPlantAndEquipmentNetResult 12.39x | 0.38xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$23.90McapitalExpendituresD&A$63.20MdepreciationAndAmortizationResult 0.38x | -$4.10Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.44BtotalAssetsGoodwill$704.80MgoodWillIntangibles$680.80MintangibleAssetsLiabilities$1.25BtotalLiabTangible book-$191.00MShares46,612,000commonStockSharesOutstandingResult -$4.10 | 4.05xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$276.70MebitdaCapex$23.90McapitalExpendituresInterest$27.20MinterestExpenseShort-term debt$35.20MshortTermDebtEBITDA − capex$252.80MPrincipal due is short-term debt.Result 4.05x | $184.60MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$208.50MtotalCashFromOperatingActivitiesCapex$23.90McapitalExpendituresFree cash flow$184.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $184.60M | 10.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$221.90MoperatingIncomeTax expense$41.60MincomeTaxExpensePretax income$186.30MincomeBeforeTaxTax rate22.3%Equity$1.19BtotalStockholderEquityDebt$558.30MshortLongTermDebtTotalCash$99.40McashInvested capital$1.65BResult 10.4% | 1.58xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$221.90MoperatingIncomeNet PP&E$140.50MpropertyPlantAndEquipmentNetResult 1.58x |
| 2024 | 18.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$218.00MpropertyPlantAndEquipmentNetInventory$271.00MinventoryTotal assets$2.71BtotalAssetsResult 18.0% | 9.10xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.98BtotalRevenueNet PP&E$218.00MpropertyPlantAndEquipmentNetResult 9.10x | 0.41xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$38.00McapitalExpendituresD&A$91.60MdepreciationAndAmortizationResult 0.41x | -$3.25Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.71BtotalAssetsGoodwill$834.50MgoodWillIntangibles$703.00MintangibleAssetsLiabilities$1.33BtotalLiabTangible book-$153.10MShares47,078,000commonStockSharesOutstandingResult -$3.25 | 4.25xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$392.70MebitdaCapex$38.00McapitalExpendituresInterest$45.70MinterestExpenseShort-term debt$37.70MshortLongTermDebtEBITDA − capex$354.70MPrincipal due is the current portion of debt.Result 4.25x | $247.90MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$285.90MtotalCashFromOperatingActivitiesCapex$38.00McapitalExpendituresFree cash flow$247.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $247.90M | 12.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$308.30MoperatingIncomeTax expense$53.60MincomeTaxExpensePretax income$255.40MincomeBeforeTaxTax rate21.0%Equity$1.38BtotalStockholderEquityDebt$670.30MshortLongTermDebtTotalCash$156.90McashInvested capital$1.90BResult 12.8% | 1.41xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$308.30MoperatingIncomeNet PP&E$218.00MpropertyPlantAndEquipmentNetResult 1.41x |
| 2025 | 16.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$290.80MpropertyPlantAndEquipmentNetInventory$302.20MinventoryTotal assets$3.60BtotalAssetsResult 16.5% | 7.79xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.27BtotalRevenueNet PP&E$290.80MpropertyPlantAndEquipmentNetResult 7.79x | 0.75xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$92.10McapitalExpendituresD&A$122.60MdepreciationAndAmortizationResult 0.75x | $6.72Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.60BtotalAssetsGoodwill$1.04BgoodWillIntangibles$868.20MintangibleAssetsLiabilities$1.37BtotalLiabTangible book$325.90MShares48,511,000commonStockSharesOutstandingResult $6.72 | 7.41xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$484.80MebitdaCapex$92.10McapitalExpendituresInterest$48.10MinterestExpenseShort-term debt$4.90MshortTermDebtEBITDA − capex$392.70MPrincipal due is short-term debt.Result 7.41x | $241.20MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$333.30MtotalCashFromOperatingActivitiesCapex$92.10McapitalExpendituresFree cash flow$241.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $241.20M | 11.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$352.20MoperatingIncomeTax expense$68.60MincomeTaxExpensePretax income$314.10MincomeBeforeTaxTax rate21.8%Equity$2.24BtotalStockholderEquityDebt$501.60MshortLongTermDebtTotalCash$364.00McashInvested capital$2.38BResult 11.6% | 1.21xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$352.20MoperatingIncomeNet PP&E$290.80MpropertyPlantAndEquipmentNetResult 1.21x |
- 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: $290.80M
Inventory: $302.20M
Total assets: $3.60B
Goodwill: $1.04B
Intangibles: $868.20M
Liabilities: $1.37B
Tangible book: $325.90M
Shares: 48,511,000
Revenue: $2.27B
Capex: $92.10M
D&A: $122.60M
EBITDA: $484.80M
Interest: $48.10M
Short-term debt: $4.90M
Free cash flow: $241.20M
Operating income: $352.20M
Invested capital: $2.38B
Tax rate: 21.8%