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.
Sensient Technologies Corporation
Physical assets are 56.0% of total assets, a heavy footprint. Capex is 1.46x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 8.1%, 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 2.78x.
Physical asset ratio
56.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$579.20MpropertyPlantEquipmentInventory$678.22MinventoryTotal assets$2.24BtotalAssetsUses the property line, which is larger than net PP&E ($1.60M, propertyPlantAndEquipmentNet).Result 56.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.78xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.61BtotalRevenueNet PP&E$579.20MpropertyPlantEquipmentResult 2.78x
Revenue per dollar of the physical asset base.
Capex / D&A
1.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$89.41McapitalExpendituresD&A$61.10MdepreciationAndAmortizationResult 1.46x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$17.46Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.24BtotalAssetsGoodwill$439.71MgoodWillIntangibles$10.12MintangibleAssetsLiabilities$1.05BtotalLiabTangible book$743.69MShares42,595,000commonStockSharesOutstandingResult $17.46
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
6.74xPrice / tangible bookPrice / tangible book per sharePrice$117.63Latest quoteTangible book / share$17.462025-12-31Result 6.74x
Price $117.63.
Fixed-charge coverage
5.97xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$268.23MebitdaCapex$89.41McapitalExpendituresInterest$29.58MinterestExpenseShort-term debt$352.00KshortLongTermDebtEBITDA − capex$178.82MPrincipal due is the current portion of debt.Result 5.97x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$38.42MfreeCashFlowMarket cap$5.01BMarketCapitalizationResult 0.8%
Latest free cash flow divided by current market cap ($5.01B).
ROIC
8.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$207.13MoperatingIncomeTax expense$43.06MincomeTaxExpensePretax income$177.55MincomeBeforeTaxTax rate24.3%Equity$1.19BtotalStockholderEquityDebt$778.58MshortLongTermDebtTotalCash$36.53McashAndEquivalentsInvested capital$1.94BResult 8.1%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.36x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 53.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$491.06MpropertyPlantEquipmentInventory$490.76MinventoryTotal assets$1.82BtotalAssetsResult 53.8% | 2.82xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$1.39BtotalRevenueNet PP&E$491.06MpropertyPlantEquipmentResult 2.82x | 0.95xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$50.74McapitalExpendituresD&A$53.24MdepreciationAndAmortizationResult 0.95x | $10.00Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.82BtotalAssetsGoodwill$416.18MgoodWillIntangibles$18.87MintangibleAssetsLiabilities$964.99MtotalLiabTangible book$424.91MShares42,499,000commonStockSharesOutstandingResult $10.00 | 4.89xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$255.49MebitdaCapex$50.74McapitalExpendituresInterest$21.85MinterestExpenseShort-term debt$20.05MshortTermDebtEBITDA − capex$204.75MPrincipal due is short-term debt.Result 4.89x | $32.78MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$83.52MtotalCashFromOperatingActivitiesCapex$50.74McapitalExpendituresFree cash flow$32.78MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $32.78M | 11.4%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$202.24MoperatingIncomeTax expense$24.17MincomeTaxExpensePretax income$181.53MincomeBeforeTaxTax rate13.3%Equity$859.95MtotalStockholderEquityDebt$709.60MshortLongTermDebtTotalCash$31.90McashAndEquivalentsInvested capital$1.54BResult 11.4% | 0.41xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$202.24MoperatingIncomeNet PP&E$491.06MpropertyPlantEquipmentResult 0.41x |
| 2019 | 49.4%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$437.18MpropertyPlantEquipmentInventory$422.52MinventoryTotal assets$1.74BtotalAssetsResult 49.4% | 3.03xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$1.32BtotalRevenueNet PP&E$437.18MpropertyPlantEquipmentResult 3.03x | 0.71xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$39.10McapitalExpendituresD&A$55.02MdepreciationAndAmortizationResult 0.71x | $10.94Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.74BtotalAssetsGoodwill$407.04MgoodWillIntangibles$11.80MintangibleAssetsLiabilities$858.56MtotalLiabTangible book$462.75MShares42,294,000commonStockSharesOutstandingResult $10.94 | 3.37xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$176.13MebitdaCapex$39.10McapitalExpendituresInterest$20.11MinterestExpenseShort-term debt$20.61MshortTermDebtEBITDA − capex$137.03MPrincipal due is short-term debt.Result 3.37x | $138.08MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$177.18MtotalCashFromOperatingActivitiesCapex$39.10McapitalExpendituresFree cash flow$138.08MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $138.08M | 9.3%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$169.11MoperatingIncomeTax expense$18.96MincomeTaxExpensePretax income$101.00MincomeBeforeTaxTax rate18.8%Equity$881.59MtotalStockholderEquityDebt$619.11MshortLongTermDebtTotalCash$21.15McashAndEquivalentsInvested capital$1.48BResult 9.3% | 0.39xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$169.11MoperatingIncomeNet PP&E$437.18MpropertyPlantEquipmentResult 0.39x |
| 2020 | 47.5%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$445.49MpropertyPlantEquipmentInventory$381.35MinventoryTotal assets$1.74BtotalAssetsResult 47.5% | 2.99xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.33BtotalRevenueNet PP&E$445.49MpropertyPlantEquipmentResult 2.99x | 1.05xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$52.16McapitalExpendituresD&A$49.64MdepreciationAndAmortizationResult 1.05x | $11.81Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.74BtotalAssetsGoodwill$423.29MgoodWillIntangibles$10.93MintangibleAssetsLiabilities$806.52MtotalLiabTangible book$500.12MShares42,346,000commonStockSharesOutstandingResult $11.81 | 6.24xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$202.30MebitdaCapex$52.16McapitalExpendituresInterest$14.81MinterestExpenseShort-term debt$9.25MshortTermDebtEBITDA − capex$150.14MPrincipal due is short-term debt.Result 6.24x | $166.62MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$218.78MtotalCashFromOperatingActivitiesCapex$52.16McapitalExpendituresFree cash flow$166.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $166.62M | 9.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$167.17MoperatingIncomeTax expense$28.37MincomeTaxExpensePretax income$137.85MincomeBeforeTaxTax rate20.6%Equity$934.34MtotalStockholderEquityDebt$527.25MshortLongTermDebtTotalCash$24.77McashAndEquivalentsInvested capital$1.44BResult 9.2% | 0.38xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$167.17MoperatingIncomeNet PP&E$445.49MpropertyPlantEquipmentResult 0.38x |
| 2021 | 49.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$446.48MpropertyPlantEquipmentInventory$411.64MinventoryTotal assets$1.75BtotalAssetsResult 49.2% | 3.09xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.38BtotalRevenueNet PP&E$446.48MpropertyPlantEquipmentResult 3.09x | 1.17xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$60.79McapitalExpendituresD&A$52.05MdepreciationAndAmortizationResult 1.17x | $11.91Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.75BtotalAssetsGoodwill$420.03MgoodWillIntangibles$14.98MintangibleAssetsLiabilities$807.07MtotalLiabTangible book$503.42MShares42,258,000commonStockSharesOutstandingResult $11.91 | 7.65xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$222.08MebitdaCapex$60.79McapitalExpendituresInterest$12.54MinterestExpenseShort-term debt$8.54MshortTermDebtEBITDA − capex$161.29MPrincipal due is short-term debt.Result 7.65x | $84.43MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$145.22MtotalCashFromOperatingActivitiesCapex$60.79McapitalExpendituresFree cash flow$84.43MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $84.43M | 9.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$170.18MoperatingIncomeTax expense$38.74MincomeTaxExpensePretax income$157.48MincomeBeforeTaxTax rate24.6%Equity$938.43MtotalStockholderEquityDebt$511.55MshortLongTermDebtTotalCash$25.74McashAndEquivalentsInvested capital$1.42BResult 9.0% | 0.38xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$170.18MoperatingIncomeNet PP&E$446.48MpropertyPlantEquipmentResult 0.38x |
| 2022 | 52.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$483.19MpropertyPlantEquipmentInventory$564.11MinventoryTotal assets$1.98BtotalAssetsResult 52.9% | 2.97xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.44BtotalRevenueNet PP&E$483.19MpropertyPlantEquipmentResult 2.97x | 1.51xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$79.32McapitalExpendituresD&A$52.47MdepreciationAndAmortizationResult 1.51x | $13.39Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.98BtotalAssetsGoodwill$415.72MgoodWillIntangibles$18.60MintangibleAssetsLiabilities$982.02MtotalLiabTangible book$565.28MShares42,213,000commonStockSharesOutstandingResult $13.39 | 4.87xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$249.22MebitdaCapex$79.32McapitalExpendituresInterest$14.55MinterestExpenseShort-term debt$20.37MshortTermDebtEBITDA − capex$169.90MPrincipal due is short-term debt.Result 4.87x | -$67.25MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$12.07MtotalCashFromOperatingActivitiesCapex$79.32McapitalExpendituresFree cash flow-$67.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$67.25M | 9.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$196.75MoperatingIncomeTax expense$41.32MincomeTaxExpensePretax income$182.20MincomeBeforeTaxTax rate22.7%Equity$999.60MtotalStockholderEquityDebt$650.70MshortLongTermDebtTotalCash$20.92McashAndEquivalentsInvested capital$1.63BResult 9.3% | 0.41xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$196.75MoperatingIncomeNet PP&E$483.19MpropertyPlantEquipmentResult 0.41x |
| 2023 | 56.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$541.58MpropertyPlantEquipmentInventory$598.40MinventoryTotal assets$2.01BtotalAssetsResult 56.6% | 2.69xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.46BtotalRevenueNet PP&E$541.58MpropertyPlantEquipmentResult 2.69x | 1.52xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$87.87McapitalExpendituresD&A$57.82MdepreciationAndAmortizationResult 1.52x | $14.61Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.01BtotalAssetsGoodwill$424.07MgoodWillIntangibles$12.11MintangibleAssetsLiabilities$961.18MtotalLiabTangible book$617.15MShares42,242,000commonStockSharesOutstandingResult $14.61 | 1.74xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$155.02MebitdaCapex$87.87McapitalExpendituresInterest$25.17MinterestExpenseShort-term debt$13.46MshortTermDebtEBITDA − capex$67.16MPrincipal due is short-term debt.Result 1.74x | $81.83MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$169.70MtotalCashFromOperatingActivitiesCapex$87.87McapitalExpendituresFree cash flow$81.83MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $81.83M | 6.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$155.02MoperatingIncomeTax expense$36.46MincomeTaxExpensePretax income$129.85MincomeBeforeTaxTax rate28.1%Equity$1.05BtotalStockholderEquityDebt$658.55MshortLongTermDebtTotalCash$28.93McashAndEquivalentsInvested capital$1.68BResult 6.6% | 0.29xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$155.02MoperatingIncomeNet PP&E$541.58MpropertyPlantEquipmentResult 0.29x |
| 2024 | 55.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$527.99MpropertyPlantEquipmentInventory$600.30MinventoryTotal assets$2.02BtotalAssetsResult 55.8% | 2.95xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.56BtotalRevenueNet PP&E$527.99MpropertyPlantEquipmentResult 2.95x | 0.98xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$59.21McapitalExpendituresD&A$60.33MdepreciationAndAmortizationResult 0.98x | $15.03Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.02BtotalAssetsGoodwill$411.78MgoodWillIntangibles$11.88MintangibleAssetsLiabilities$962.81MtotalLiabTangible book$637.33MShares42,396,000commonStockSharesOutstandingResult $15.03 | 3.96xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$251.91MebitdaCapex$59.21McapitalExpendituresInterest$28.78MinterestExpenseShort-term debt$19.85MshortTermDebtEBITDA − capex$192.70MPrincipal due is short-term debt.Result 3.96x | $97.94MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$157.15MtotalCashFromOperatingActivitiesCapex$59.21McapitalExpendituresFree cash flow$97.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $97.94M | 8.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$191.58MoperatingIncomeTax expense$38.13MincomeTaxExpensePretax income$162.80MincomeBeforeTaxTax rate23.4%Equity$1.06BtotalStockholderEquityDebt$633.37MshortLongTermDebtTotalCash$26.63McashAndEquivalentsInvested capital$1.67BResult 8.8% | 0.36xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$191.58MoperatingIncomeNet PP&E$527.99MpropertyPlantEquipmentResult 0.36x |
| 2025 | 56.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$579.20MpropertyPlantEquipmentInventory$678.22MinventoryTotal assets$2.24BtotalAssetsUses the property line, which is larger than net PP&E ($1.60M, propertyPlantAndEquipmentNet).Result 56.0% | 2.78xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.61BtotalRevenueNet PP&E$579.20MpropertyPlantEquipmentResult 2.78x | 1.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$89.41McapitalExpendituresD&A$61.10MdepreciationAndAmortizationResult 1.46x | $17.46Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.24BtotalAssetsGoodwill$439.71MgoodWillIntangibles$10.12MintangibleAssetsLiabilities$1.05BtotalLiabTangible book$743.69MShares42,595,000commonStockSharesOutstandingResult $17.46 | 5.97xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$268.23MebitdaCapex$89.41McapitalExpendituresInterest$29.58MinterestExpenseShort-term debt$352.00KshortLongTermDebtEBITDA − capex$178.82MPrincipal due is the current portion of debt.Result 5.97x | $38.42MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$127.83MtotalCashFromOperatingActivitiesCapex$89.41McapitalExpendituresFree cash flow$38.42MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $38.42M | 8.1%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$207.13MoperatingIncomeTax expense$43.06MincomeTaxExpensePretax income$177.55MincomeBeforeTaxTax rate24.3%Equity$1.19BtotalStockholderEquityDebt$778.58MshortLongTermDebtTotalCash$36.53McashAndEquivalentsInvested capital$1.94BResult 8.1% | 0.36xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$207.13MoperatingIncomeNet PP&E$579.20MpropertyPlantEquipmentResult 0.36x |
- Principal due is the current portion of debt.
- The physical ratio uses the property line, which is larger than net corporate PP&E. Real estate portfolios are often carried there.
Latest year inputs (2025)
Net PP&E: $579.20M
Inventory: $678.22M
Total assets: $2.24B
Goodwill: $439.71M
Intangibles: $10.12M
Liabilities: $1.05B
Tangible book: $743.69M
Shares: 42,595,000
Revenue: $1.61B
Capex: $89.41M
D&A: $61.10M
EBITDA: $268.23M
Interest: $29.58M
Short-term debt: $352.00K
Free cash flow: $38.42M
Operating income: $207.13M
Invested capital: $1.94B
Tax rate: 24.3%