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.
Terex Corporation
Physical assets are 32.5% of total assets, a mixed 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 8.7%, 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 6.12x.
Physical asset ratio
32.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$886.00MpropertyPlantAndEquipmentNetInventory$1.11BinventoryTotal assets$6.14BtotalAssetsResult 32.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.12xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$5.42BtotalRevenueNet PP&E$886.00MpropertyPlantAndEquipmentNetResult 6.12x
Revenue per dollar of the physical asset base.
Capex / D&A
0.75xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$118.00McapitalExpendituresD&A$158.00MdepreciationAndAmortizationResult 0.75x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$0.35Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.14BtotalAssetsGoodwill$1.09BgoodWillIntangibles$1.03BintangibleAssetsLiabilities$4.04BtotalLiabTangible book-$23.00MShares66,300,000commonStockSharesOutstandingResult -$0.35
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$56.15Latest quoteTangible book / share-$0.352025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $56.15.
Fixed-charge coverage
2.78xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$627.00MebitdaCapex$118.00McapitalExpendituresInterest$177.00MinterestExpenseShort-term debt$6.00MshortLongTermDebtEBITDA − capex$509.00MPrincipal due is the current portion of debt.Result 2.78x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$322.00MfreeCashFlowMarket cap$6.10BMarketCapitalizationResult 5.3%
Latest free cash flow divided by current market cap ($6.10B).
ROIC
8.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$475.00MoperatingIncomeTax expense$71.00MincomeTaxExpensePretax income$292.00MincomeBeforeTaxTax rate24.3%Equity$2.10BtotalStockholderEquityDebt$2.81BshortLongTermDebtTotalCash$772.00McashAndEquivalentsInvested capital$4.13BResult 8.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.54x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 44.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$345.60MpropertyPlantEquipmentInventory$1.21BinventoryTotal assets$3.49BtotalAssetsResult 44.7% | 13.07xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$4.52BtotalRevenueNet PP&E$345.60MpropertyPlantEquipmentResult 13.07x | 1.74xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$103.80McapitalExpendituresD&A$59.70MdepreciationAndAmortizationResult 1.74x | $7.58Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.49BtotalAssetsGoodwill$265.20MgoodWillIntangibles$13.20MintangibleAssetsLiabilities$2.62BtotalLiabTangible book$582.60MShares76,900,000commonStockSharesOutstandingResult $7.58 | 4.09xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$419.60MebitdaCapex$103.80McapitalExpendituresInterest$73.10MinterestExpenseShort-term debt$4.10MshortTermDebtEBITDA − capex$315.80MPrincipal due is short-term debt.Result 4.09x | -$9.60MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$94.20MtotalCashFromOperatingActivitiesCapex$103.80McapitalExpendituresFree cash flow-$9.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$9.60M | 20.3%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$412.50MoperatingIncomeTax expense$45.40MincomeTaxExpensePretax income$287.10MincomeBeforeTaxTax rate15.8%Equity$861.00MtotalStockholderEquityDebt$1.22BshortLongTermDebtTotalCash$368.00McashAndShortTermInvestmentsInvested capital$1.71BResult 20.3% | 1.19xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$412.50MoperatingIncomeNet PP&E$345.60MpropertyPlantEquipmentResult 1.19x |
| 2019 | 42.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$512.30MpropertyPlantAndEquipmentNetInventory$847.70MinventoryTotal assets$3.20BtotalAssetsResult 42.6% | 8.50xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$4.35BtotalRevenueNet PP&E$512.30MpropertyPlantAndEquipmentNetResult 8.50x | 2.20xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$108.90McapitalExpendituresD&A$49.60MdepreciationAndAmortizationResult 2.20x | $9.09Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.20BtotalAssetsGoodwill$269.90MgoodWillIntangibles$9.70MintangibleAssetsLiabilities$2.26BtotalLiabTangible book$652.70MShares71,800,000commonStockSharesOutstandingResult $9.09 | 2.91xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$385.00MebitdaCapex$108.90McapitalExpendituresInterest$87.90MinterestExpenseShort-term debt$6.90MshortLongTermDebtEBITDA − capex$276.10MPrincipal due is the current portion of debt.Result 2.91x | $64.50MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$173.40MtotalCashFromOperatingActivitiesCapex$108.90McapitalExpendituresFree cash flow$64.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $64.50M | 16.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$335.00MoperatingIncomeTax expense$37.80MincomeTaxExpensePretax income$247.50MincomeBeforeTaxTax rate15.3%Equity$932.30MtotalStockholderEquityDebt$1.31BshortLongTermDebtTotalCash$535.10McashAndEquivalentsInvested capital$1.70BResult 16.7% | 0.65xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$335.00MoperatingIncomeNet PP&E$512.30MpropertyPlantAndEquipmentNetResult 0.65x |
| 2020 | 36.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$509.50MpropertyPlantAndEquipmentNetInventory$610.40MinventoryTotal assets$3.03BtotalAssetsResult 36.9% | 6.04xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$3.08BtotalRevenueNet PP&E$509.50MpropertyPlantAndEquipmentNetResult 6.04x | 1.30xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$64.50McapitalExpendituresD&A$49.70MdepreciationAndAmortizationResult 1.30x | $9.10Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.03BtotalAssetsGoodwill$275.40MgoodWillIntangibles$8.30MintangibleAssetsLiabilities$2.11BtotalLiabTangible book$637.80MShares70,100,000commonStockSharesOutstandingResult $9.10 | 0.84xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$126.60MebitdaCapex$64.50McapitalExpendituresInterest$65.90MinterestExpenseShort-term debt$7.60MshortLongTermDebtEBITDA − capex$62.10MPrincipal due is the current portion of debt.Result 0.84x | $160.90MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$225.40MtotalCashFromOperatingActivitiesCapex$64.50McapitalExpendituresFree cash flow$160.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $160.90M | 3.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$68.40MoperatingIncomeTax expense$2.00MincomeTaxExpensePretax income$11.00MincomeBeforeTaxTax rate18.2%Equity$921.50MtotalStockholderEquityDebt$1.28BshortLongTermDebtTotalCash$665.00McashAndEquivalentsInvested capital$1.54BResult 3.6% | 0.13xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$68.40MoperatingIncomeNet PP&E$509.50MpropertyPlantAndEquipmentNetResult 0.13x |
| 2021 | 46.9%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$528.80MpropertyPlantAndEquipmentNetInventory$813.50MinventoryTotal assets$2.86BtotalAssetsResult 46.9% | 7.35xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$3.89BtotalRevenueNet PP&E$528.80MpropertyPlantAndEquipmentNetResult 7.35x | 1.19xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$59.70McapitalExpendituresD&A$50.20MdepreciationAndAmortizationResult 1.19x | $11.51Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.86BtotalAssetsGoodwill$280.10MgoodWillIntangibles$13.40MintangibleAssetsLiabilities$1.75BtotalLiabTangible book$816.10MShares70,900,000commonStockSharesOutstandingResult $11.51 | 5.36xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$365.50MebitdaCapex$59.70McapitalExpendituresInterest$51.50MinterestExpenseShort-term debt$5.60MshortLongTermDebtEBITDA − capex$305.80MPrincipal due is the current portion of debt.Result 5.36x | $233.70MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$293.40MtotalCashFromOperatingActivitiesCapex$59.70McapitalExpendituresFree cash flow$233.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $233.70M | 16.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$328.00MoperatingIncomeTax expense$46.30MincomeTaxExpensePretax income$263.80MincomeBeforeTaxTax rate17.6%Equity$1.11BtotalStockholderEquityDebt$767.40MshortLongTermDebtTotalCash$266.90McashAndEquivalentsInvested capital$1.61BResult 16.8% | 0.62xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$328.00MoperatingIncomeNet PP&E$528.80MpropertyPlantAndEquipmentNetResult 0.62x |
| 2022 | 46.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$465.60MpropertyPlantEquipmentInventory$988.40MinventoryTotal assets$3.12BtotalAssetsResult 46.6% | 9.49xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$4.42BtotalRevenueNet PP&E$465.60MpropertyPlantEquipmentResult 9.49x | 2.33xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$109.60McapitalExpendituresD&A$47.00MdepreciationAndAmortizationResult 2.33x | $12.67Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.12BtotalAssetsGoodwill$284.40MgoodWillIntangibles$17.40MintangibleAssetsLiabilities$1.94BtotalLiabTangible book$879.40MShares69,400,000commonStockSharesOutstandingResult $12.67 | 6.93xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$463.00MebitdaCapex$109.60McapitalExpendituresInterest$49.10MinterestExpenseShort-term debt$1.90MshortLongTermDebtEBITDA − capex$353.40MPrincipal due is the current portion of debt.Result 6.93x | $151.60MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$261.20MtotalCashFromOperatingActivitiesCapex$109.60McapitalExpendituresFree cash flow$151.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $151.60M | 19.7%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$420.00MoperatingIncomeTax expense$67.00MincomeTaxExpensePretax income$367.00MincomeBeforeTaxTax rate18.3%Equity$1.18BtotalStockholderEquityDebt$864.60MshortLongTermDebtTotalCash$304.10McashAndEquivalentsInvested capital$1.74BResult 19.7% | 0.90xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$420.00MoperatingIncomeNet PP&E$465.60MpropertyPlantEquipmentResult 0.90x |
| 2023 | 52.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$696.00MpropertyPlantAndEquipmentNetInventory$1.19BinventoryTotal assets$3.62BtotalAssetsResult 52.1% | 7.40xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$5.15BtotalRevenueNet PP&E$696.00MpropertyPlantAndEquipmentNetResult 7.40x | 2.26xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$127.20McapitalExpendituresD&A$56.40MdepreciationAndAmortizationResult 2.26x | $19.93Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.62BtotalAssetsGoodwill$295.00MgoodWillIntangibles$16.00MintangibleAssetsLiabilities$1.94BtotalLiabTangible book$1.36BShares68,300,000commonStockSharesOutstandingResult $19.93 | 7.70xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$636.50MebitdaCapex$127.20McapitalExpendituresInterest$63.30MinterestExpenseShort-term debt$2.80MshortLongTermDebtEBITDA − capex$509.30MPrincipal due is the current portion of debt.Result 7.70x | $332.10MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$459.30MtotalCashFromOperatingActivitiesCapex$127.20McapitalExpendituresFree cash flow$332.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $332.10M | 31.1%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$636.50MoperatingIncomeTax expense-$63.00MincomeTaxExpensePretax income$579.70MincomeBeforeTaxTax rate0.0%Equity$1.67BtotalStockholderEquityDebt$743.00MshortLongTermDebtTotalCash$371.00McashAndShortTermInvestmentsInvested capital$2.04BResult 31.1% | 0.91xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$636.50MoperatingIncomeNet PP&E$696.00MpropertyPlantAndEquipmentNetResult 0.91x |
| 2024 | 32.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$714.00MpropertyPlantEquipmentInventory$1.15BinventoryTotal assets$5.73BtotalAssetsResult 32.5% | 7.18xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$5.13BtotalRevenueNet PP&E$714.00MpropertyPlantEquipmentResult 7.18x | 1.67xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$137.00McapitalExpendituresD&A$82.00MdepreciationAndAmortizationResult 1.67x | -$5.44Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$5.73BtotalAssetsGoodwill$1.09BgoodWillIntangibles$1.11BintangibleAssetsLiabilities$3.90BtotalLiabTangible book-$368.00MShares67,600,000commonStockSharesOutstandingResult -$5.44 | 4.75xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$579.00MebitdaCapex$137.00McapitalExpendituresInterest$89.00MinterestExpenseShort-term debt$4.00MshortLongTermDebtEBITDA − capex$442.00MPrincipal due is the current portion of debt.Result 4.75x | $189.00MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$326.00MtotalCashFromOperatingActivitiesCapex$137.00McapitalExpendituresFree cash flow$189.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $189.00M | 10.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$526.00MoperatingIncomeTax expense$73.00MincomeTaxExpensePretax income$408.00MincomeBeforeTaxTax rate17.9%Equity$1.83BtotalStockholderEquityDebt$2.72BshortLongTermDebtTotalCash$388.00McashAndEquivalentsInvested capital$4.16BResult 10.4% | 0.74xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$526.00MoperatingIncomeNet PP&E$714.00MpropertyPlantEquipmentResult 0.74x |
| 2025 | 32.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$886.00MpropertyPlantAndEquipmentNetInventory$1.11BinventoryTotal assets$6.14BtotalAssetsResult 32.5% | 6.12xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$5.42BtotalRevenueNet PP&E$886.00MpropertyPlantAndEquipmentNetResult 6.12x | 0.75xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$118.00McapitalExpendituresD&A$158.00MdepreciationAndAmortizationResult 0.75x | -$0.35Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$6.14BtotalAssetsGoodwill$1.09BgoodWillIntangibles$1.03BintangibleAssetsLiabilities$4.04BtotalLiabTangible book-$23.00MShares66,300,000commonStockSharesOutstandingResult -$0.35 | 2.78xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$627.00MebitdaCapex$118.00McapitalExpendituresInterest$177.00MinterestExpenseShort-term debt$6.00MshortLongTermDebtEBITDA − capex$509.00MPrincipal due is the current portion of debt.Result 2.78x | $322.00MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$440.00MtotalCashFromOperatingActivitiesCapex$118.00McapitalExpendituresFree cash flow$322.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $322.00M | 8.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$475.00MoperatingIncomeTax expense$71.00MincomeTaxExpensePretax income$292.00MincomeBeforeTaxTax rate24.3%Equity$2.10BtotalStockholderEquityDebt$2.81BshortLongTermDebtTotalCash$772.00McashAndEquivalentsInvested capital$4.13BResult 8.7% | 0.54xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$475.00MoperatingIncomeNet PP&E$886.00MpropertyPlantAndEquipmentNetResult 0.54x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $886.00M
Inventory: $1.11B
Total assets: $6.14B
Goodwill: $1.09B
Intangibles: $1.03B
Liabilities: $4.04B
Tangible book: -$23.00M
Shares: 66,300,000
Revenue: $5.42B
Capex: $118.00M
D&A: $158.00M
EBITDA: $627.00M
Interest: $177.00M
Short-term debt: $6.00M
Free cash flow: $322.00M
Operating income: $475.00M
Invested capital: $4.13B
Tax rate: 24.3%