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.
Stoneridge Inc
Physical assets are 40.7% of total assets, a mixed footprint. Capex is 0.65x 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 -2.21x, which is below 1.
Fixed-asset turnover is 9.42x. Compare it with other names in the same basket.
Physical asset ratio
40.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$91.44MpropertyPlantEquipmentInventory$132.67MinventoryTotal assets$551.19MtotalAssetsResult 40.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
9.42xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$861.26MtotalRevenueNet PP&E$91.44MpropertyPlantEquipmentResult 9.42x
Revenue per dollar of the physical asset base.
Capex / D&A
0.65xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$21.85McapitalExpendituresD&A$33.69MdepreciationAndAmortizationResult 0.65x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$3.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$551.19MtotalAssetsGoodwill$37.59MgoodWillIntangibles$37.97MintangibleAssetsLiabilities$371.41MtotalLiabTangible book$104.22MShares27,797,000commonStockSharesOutstandingResult $3.75
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.67xPrice / tangible bookPrice / tangible book per sharePrice$6.25Latest quoteTangible book / share$3.752025-12-31Result 1.67x
Price $6.25.
Fixed-charge coverage
-2.21xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$8.19MebitdaCapex$21.85McapitalExpendituresInterest$13.58MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex-$30.04MPrincipal due is short-term debt.Result -2.21x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$12.17MfreeCashFlowMarket cap$172.56MMarketCapitalizationResult 7.1%
Latest free cash flow divided by current market cap ($172.56M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.84MoperatingIncomeTax expense$47.38MincomeTaxExpensePretax income-$55.45MincomeBeforeTaxTax rate—Equity$179.78MtotalStockholderEquityDebt$189.96MshortLongTermDebtTotalCash$66.25McashAndEquivalentsInvested capital$303.48MROIC 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 -0.13x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 34.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$112.21MpropertyPlantEquipmentInventory$79.28MinventoryTotal assets$559.52MtotalAssetsResult 34.2% | 7.72xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$866.20MtotalRevenueNet PP&E$112.21MpropertyPlantEquipmentResult 7.72x | 0.98xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$29.03McapitalExpendituresD&A$29.52MdepreciationAndAmortizationResult 0.98x | $6.35Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$559.52MtotalAssetsGoodwill$36.72MgoodWillIntangibles$62.03MintangibleAssetsLiabilities$276.25MtotalLiabTangible book$184.52MShares29,080,000commonStockSharesOutstandingResult $6.35 | 11.24xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$99.30MebitdaCapex$29.03McapitalExpendituresInterest$4.72MinterestExpenseShort-term debt$1.53MshortTermDebtEBITDA − capex$70.27MPrincipal due is short-term debt.Result 11.24x | $51.75MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$80.77MtotalCashFromOperatingActivitiesCapex$29.03McapitalExpendituresFree cash flow$51.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $51.75M | 27.1%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$67.00MoperatingIncomeTax expense$11.21MincomeTaxExpensePretax income$65.06MincomeBeforeTaxTax rate17.2%Equity$283.27MtotalStockholderEquityDebt$2.52MlongTermDebt + shortLongTermDebtCash$81.09McashAndEquivalentsInvested capital$204.69MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 27.1% | 0.60xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$67.00MoperatingIncomeNet PP&E$112.21MpropertyPlantEquipmentResult 0.60x |
| 2019 | 39.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$144.51MpropertyPlantAndEquipmentNetInventory$93.45MinventoryTotal assets$602.21MtotalAssetsResult 39.5% | 5.77xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$834.29MtotalRevenueNet PP&E$144.51MpropertyPlantAndEquipmentNetResult 5.77x | 1.25xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$39.47McapitalExpendituresD&A$31.48MdepreciationAndAmortizationResult 1.25x | $6.93Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$602.21MtotalAssetsGoodwill$35.87MgoodWillIntangibles$58.12MintangibleAssetsLiabilities$312.31MtotalLiabTangible book$195.91MShares28,270,095commonStockSharesOutstandingResult $6.93 | 9.25xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$104.20MebitdaCapex$39.47McapitalExpendituresInterest$4.32MinterestExpenseShort-term debt$2.67MshortTermDebtEBITDA − capex$64.73MPrincipal due is short-term debt.Result 9.25x | -$14.96MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$24.51MtotalCashFromOperatingActivitiesCapex$39.47McapitalExpendituresFree cash flow-$14.96MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$14.96M | 28.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$71.28MoperatingIncomeTax expense$8.10MincomeTaxExpensePretax income$68.39MincomeBeforeTaxTax rate11.8%Equity$289.90MtotalStockholderEquityDebt$3.13MlongTermDebt + shortLongTermDebtCash$69.40McashAndEquivalentsInvested capital$223.63MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 28.1% | 0.49xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$71.28MoperatingIncomeNet PP&E$144.51MpropertyPlantAndEquipmentNetResult 0.49x |
| 2020 | 36.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$138.27MpropertyPlantAndEquipmentNetInventory$90.55MinventoryTotal assets$621.41MtotalAssetsResult 36.8% | 4.69xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$648.01MtotalRevenueNet PP&E$138.27MpropertyPlantAndEquipmentNetResult 4.69x | 0.98xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$32.46McapitalExpendituresD&A$33.24MdepreciationAndAmortizationResult 0.98x | $7.48Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$621.41MtotalAssetsGoodwill$39.10MgoodWillIntangibles$55.39MintangibleAssetsLiabilities$324.77MtotalLiabTangible book$202.14MShares27,024,571commonStockSharesOutstandingResult $7.48 | -0.28xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$28.64MebitdaCapex$32.46McapitalExpendituresInterest$6.12MinterestExpenseShort-term debt$7.67MshortTermDebtEBITDA − capex-$3.83MPrincipal due is short-term debt.Result -0.28x | -$3.82MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$28.64MtotalCashFromOperatingActivitiesCapex$32.46McapitalExpendituresFree cash flow-$3.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.82M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.66MoperatingIncomeTax expense-$2.77MincomeTaxExpensePretax income-$10.72MincomeBeforeTaxTax rate—Equity$296.63MtotalStockholderEquityDebt$159.11MshortLongTermDebtTotalCash$73.92McashAndEquivalentsInvested capital$381.82MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.06xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$7.66MoperatingIncomeNet PP&E$138.27MpropertyPlantAndEquipmentNetResult -0.06x |
| 2021 | 39.7%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$126.24MpropertyPlantEquipmentInventory$138.12MinventoryTotal assets$665.40MtotalAssetsResult 39.7% | 6.10xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$770.46MtotalRevenueNet PP&E$126.24MpropertyPlantEquipmentResult 6.10x | 0.78xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$27.03McapitalExpendituresD&A$34.47MdepreciationAndAmortizationResult 0.78x | $7.65Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$665.40MtotalAssetsGoodwill$36.39MgoodWillIntangibles$49.86MintangibleAssetsLiabilities$369.45MtotalLiabTangible book$209.70MShares27,415,534commonStockSharesOutstandingResult $7.65 | 2.40xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$52.10MebitdaCapex$27.03McapitalExpendituresInterest$5.19MinterestExpenseShort-term debt$5.25MshortTermDebtEBITDA − capex$25.07MPrincipal due is short-term debt.Result 2.40x | -$63.28MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$36.25MtotalCashFromOperatingActivitiesCapex$27.03McapitalExpendituresFree cash flow-$63.28MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$63.28M | 2.3%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.41MoperatingIncomeTax expense$9.03MincomeTaxExpensePretax income$12.44MincomeBeforeTaxTax rate40.0%Equity$295.95MtotalStockholderEquityDebt$184.12MshortLongTermDebtTotalCash$85.55McashAndEquivalentsInvested capital$394.52MThe effective tax rate was above 40% and was capped at 40%.Result 2.3% | 0.12xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$15.41MoperatingIncomeNet PP&E$126.24MpropertyPlantEquipmentResult 0.12x |
| 2022 | 41.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$118.41MpropertyPlantAndEquipmentNetInventory$152.58MinventoryTotal assets$652.11MtotalAssetsResult 41.6% | 7.60xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$899.92MtotalRevenueNet PP&E$118.41MpropertyPlantAndEquipmentNetResult 7.60x | 0.91xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$31.61McapitalExpendituresD&A$34.78MdepreciationAndAmortizationResult 0.91x | $7.38Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$652.11MtotalAssetsGoodwill$34.23MgoodWillIntangibles$45.51MintangibleAssetsLiabilities$371.16MtotalLiabTangible book$201.21MShares27,258,456commonStockSharesOutstandingResult $7.38 | -0.05xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$31.18MebitdaCapex$31.61McapitalExpendituresInterest$7.10MinterestExpenseShort-term debt$1.45MshortTermDebtEBITDA − capex-$433.00KPrincipal due is short-term debt.Result -0.05x | -$24.80MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$6.81MtotalCashFromOperatingActivitiesCapex$31.61McapitalExpendituresFree cash flow-$24.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$24.80M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.94MoperatingIncomeTax expense$3.36MincomeTaxExpensePretax income-$10.70MincomeBeforeTaxTax rate—Equity$280.94MtotalStockholderEquityDebt$179.85MshortLongTermDebtTotalCash$54.80McashAndEquivalentsInvested capital$405.99MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.02xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$2.94MoperatingIncomeNet PP&E$118.41MpropertyPlantAndEquipmentNetResult 0.02x |
| 2023 | 45.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$120.92MpropertyPlantEquipmentInventory$187.76MinventoryTotal assets$679.90MtotalAssetsResult 45.4% | 8.07xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$975.82MtotalRevenueNet PP&E$120.92MpropertyPlantEquipmentResult 8.07x | 1.14xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$38.50McapitalExpendituresD&A$33.69MdepreciationAndAmortizationResult 1.14x | $7.47Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$679.90MtotalAssetsGoodwill$35.30MgoodWillIntangibles$47.31MintangibleAssetsLiabilities$392.18MtotalLiabTangible book$205.11MShares27,442,984commonStockSharesOutstandingResult $7.47 | 0.43xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$45.06MebitdaCapex$38.50McapitalExpendituresInterest$13.00MinterestExpenseShort-term debt$2.11MshortLongTermDebtEBITDA − capex$6.56MPrincipal due is the current portion of debt.Result 0.43x | -$33.55MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$4.95MtotalCashFromOperatingActivitiesCapex$38.50McapitalExpendituresFree cash flow-$33.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$33.55M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$12.84MoperatingIncomeTax expense$3.26MincomeTaxExpensePretax income-$1.92MincomeBeforeTaxTax rate—Equity$287.72MtotalStockholderEquityDebt$203.01MshortLongTermDebtTotalCash$40.84McashAndEquivalentsInvested capital$449.89MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.11xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$12.84MoperatingIncomeNet PP&E$120.92MpropertyPlantEquipmentResult 0.11x |
| 2024 | 41.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$107.72MpropertyPlantEquipmentInventory$151.34MinventoryTotal assets$621.56MtotalAssetsResult 41.7% | 8.43xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$908.30MtotalRevenueNet PP&E$107.72MpropertyPlantEquipmentResult 8.43x | 0.69xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$24.30McapitalExpendituresD&A$34.99MdepreciationAndAmortizationResult 0.69x | $6.25Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$621.56MtotalAssetsGoodwill$33.09MgoodWillIntangibles$39.68MintangibleAssetsLiabilities$376.30MtotalLiabTangible book$172.50MShares27,596,000commonStockSharesOutstandingResult $6.25 | 0.63xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$35.84MebitdaCapex$24.30McapitalExpendituresInterest$14.45MinterestExpenseShort-term debt$3.99MshortTermDebtEBITDA − capex$11.54MPrincipal due is short-term debt.Result 0.63x | $23.45MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$47.75MtotalCashFromOperatingActivitiesCapex$24.30McapitalExpendituresFree cash flow$23.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $23.45M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$381.00KoperatingIncomeTax expense$2.93MincomeTaxExpensePretax income-$13.60MincomeBeforeTaxTax rate—Equity$245.26MtotalStockholderEquityDebt$212.05MshortLongTermDebtTotalCash$71.83McashAndEquivalentsInvested capital$385.48MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$381.00KoperatingIncomeNet PP&E$107.72MpropertyPlantEquipmentResult 0.00x |
| 2025 | 40.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$91.44MpropertyPlantEquipmentInventory$132.67MinventoryTotal assets$551.19MtotalAssetsResult 40.7% | 9.42xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$861.26MtotalRevenueNet PP&E$91.44MpropertyPlantEquipmentResult 9.42x | 0.65xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$21.85McapitalExpendituresD&A$33.69MdepreciationAndAmortizationResult 0.65x | $3.75Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$551.19MtotalAssetsGoodwill$37.59MgoodWillIntangibles$37.97MintangibleAssetsLiabilities$371.41MtotalLiabTangible book$104.22MShares27,797,000commonStockSharesOutstandingResult $3.75 | -2.21xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$8.19MebitdaCapex$21.85McapitalExpendituresInterest$13.58MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex-$30.04MPrincipal due is short-term debt.Result -2.21x | $12.17MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$34.02MtotalCashFromOperatingActivitiesCapex$21.85McapitalExpendituresFree cash flow$12.17MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $12.17M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$11.84MoperatingIncomeTax expense$47.38MincomeTaxExpensePretax income-$55.45MincomeBeforeTaxTax rate—Equity$179.78MtotalStockholderEquityDebt$189.96MshortLongTermDebtTotalCash$66.25McashAndEquivalentsInvested capital$303.48MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.13xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$11.84MoperatingIncomeNet PP&E$91.44MpropertyPlantEquipmentResult -0.13x |
- 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: $91.44M
Inventory: $132.67M
Total assets: $551.19M
Goodwill: $37.59M
Intangibles: $37.97M
Liabilities: $371.41M
Tangible book: $104.22M
Shares: 27,797,000
Revenue: $861.26M
Capex: $21.85M
D&A: $33.69M
EBITDA: -$8.19M
Interest: $13.58M
Short-term debt: $0.00
Free cash flow: $12.17M
Operating income: -$11.84M
Invested capital: $303.48M
Tax rate: —