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.
Tetra Technologies Inc
Physical assets are 44.7% of total assets, a mixed footprint. Capex is 2.18x 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. EBITDA after capex covers debt service by 0.00x, which is below 1.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 2.68x.
Physical asset ratio
44.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$235.62MpropertyPlantEquipmentInventory$115.73MinventoryTotal assets$785.19MtotalAssetsResult 44.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.68xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$630.93MtotalRevenueNet PP&E$235.62MpropertyPlantEquipmentResult 2.68x
Revenue per dollar of the physical asset base.
Capex / D&A
2.18xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$80.82McapitalExpendituresD&A$37.10MdepreciationAndAmortizationResult 2.18x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$1.93Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$785.19MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$21.46MintangibleAssetsLiabilities$502.70MtotalLiabTangible book$261.02MShares135,150,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.93
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.02xPrice / tangible bookPrice / tangible book per sharePrice$5.83Latest quoteTangible book / share$1.932025-12-31Result 3.02x
Price $5.83.
Fixed-charge coverage
0.00xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$80.93MebitdaCapex$80.82McapitalExpendituresInterest$17.33MinterestExpenseShort-term debt$15.63MshortTermDebtEBITDA − capex$107.00KPrincipal due is short-term debt.Result 0.00x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$19.54MfreeCashFlowMarket cap$883.99MMarketCapitalizationResult 2.2%
Latest free cash flow divided by current market cap ($883.99M).
ROIC
7.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$59.55MoperatingIncomeTax expense$22.30MincomeTaxExpensePretax income$26.50MincomeBeforeTaxTax rate40.0%Equity$283.76MtotalStockholderEquityDebt$263.12MshortLongTermDebtTotalCash$72.63McashAndEquivalentsInvested capital$474.25MThe effective tax rate was above 40% and was capped at 40%.Result 7.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.25x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 72.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$853.93MpropertyPlantEquipmentInventory$143.57MinventoryTotal assets$1.39BtotalAssetsResult 72.0% | 1.17xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$998.78MtotalRevenueNet PP&E$853.93MpropertyPlantEquipmentResult 1.17x | 1.23xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$141.93McapitalExpendituresD&A$114.93MdepreciationAndAmortizationResult 1.23x | $1.65Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.39BtotalAssetsGoodwill$25.86MgoodWillIntangibles$82.18MintangibleAssetsLiabilities$1.07BtotalLiabTangible book$204.71MShares124,101,000commonStockSharesOutstandingResult $1.65 | 0.10xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$150.57MebitdaCapex$141.93McapitalExpendituresInterest$72.07MinterestExpenseShort-term debt$15.76MshortTermDebtEBITDA − capex$8.63MPrincipal due is short-term debt.Result 0.10x | -$95.35MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$46.59MtotalCashFromOperatingActivitiesCapex$141.93McapitalExpendituresFree cash flow-$95.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$95.35M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$33.87MoperatingIncomeTax expense$6.30MincomeTaxExpensePretax income-$36.43MincomeBeforeTaxTax rate—Equity$312.75MtotalStockholderEquityDebt$831.32MshortLongTermDebtTotalCash$40.04McashAndEquivalentsInvested capital$1.10BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.04xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$33.87MoperatingIncomeNet PP&E$853.93MpropertyPlantEquipmentResult 0.04x |
| 2019 | 66.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$758.64MpropertyPlantEquipmentInventory$80.47MinventoryTotal assets$1.27BtotalAssetsUses the property line, which is larger than net PP&E ($163.40M, propertyPlantAndEquipmentNet).Result 66.0% | 0.74xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$561.24MtotalRevenueNet PP&E$758.64MpropertyPlantEquipmentResult 0.74x | 2.28xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$108.27McapitalExpendituresD&A$47.56MdepreciationAndAmortizationResult 2.28x | $0.93Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.27BtotalAssetsGoodwill$0.00goodWillIntangibles$46.18MintangibleAssetsLiabilities$1.11BtotalLiabTangible book$116.64MShares125,600,000commonStockSharesOutstandingResult $0.93 | -5.51xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$59.29MebitdaCapex$108.27McapitalExpendituresInterest$21.26MinterestExpenseShort-term debt$9.14MshortTermDebtEBITDA − capex-$167.56MPrincipal due is short-term debt.Result -5.51x | -$18.04MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$90.23MtotalCashFromOperatingActivitiesCapex$108.27McapitalExpendituresFree cash flow-$18.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$18.04M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.16MoperatingIncomeTax expense$2.81MincomeTaxExpensePretax income-$128.11MincomeBeforeTaxTax rate—Equity$34.37MtotalStockholderEquityDebt$253.87MshortLongTermDebtTotalCash$17.70McashAndEquivalentsInvested capital$270.54MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.01xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$6.16MoperatingIncomeNet PP&E$758.64MpropertyPlantEquipmentResult 0.01x |
| 2020 | 19.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$140.30MpropertyPlantAndEquipmentNetInventory$76.66MinventoryTotal assets$1.13BtotalAssetsResult 19.2% | 2.69xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$377.72MtotalRevenueNet PP&E$140.30MpropertyPlantAndEquipmentNetResult 2.69x | 0.77xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$29.39McapitalExpendituresD&A$38.21MdepreciationAndAmortizationResult 0.77x | $0.24Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.13BtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$41.49MintangibleAssetsLiabilities$1.06BtotalLiabTangible book$29.58MShares125,838,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.24 | 0.10xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$32.05MebitdaCapex$29.39McapitalExpendituresInterest$18.93MinterestExpenseShort-term debt$8.80MshortTermDebtEBITDA − capex$2.67MPrincipal due is short-term debt.Result 0.10x | $47.53MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$76.91MtotalCashFromOperatingActivitiesCapex$29.39McapitalExpendituresFree cash flow$47.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $47.53M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$8.72MoperatingIncomeTax expense$1.76MincomeTaxExpensePretax income-$25.09MincomeBeforeTaxTax rate—Equity-$9.64MtotalStockholderEquityDebt$246.26MshortLongTermDebtTotalCash$67.32McashAndShortTermInvestmentsInvested capital$169.30MROIC 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-$8.72MoperatingIncomeNet PP&E$140.30MpropertyPlantAndEquipmentNetResult -0.06x |
| 2021 | 49.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$125.95MpropertyPlantEquipmentInventory$69.10MinventoryTotal assets$398.27MtotalAssetsResult 49.0% | 3.08xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$388.27MtotalRevenueNet PP&E$125.95MpropertyPlantEquipmentResult 3.08x | 0.61xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$20.53McapitalExpendituresD&A$33.50MdepreciationAndAmortizationResult 0.61x | $0.49Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$398.27MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$36.96MintangibleAssetsLiabilities$299.70MtotalLiabTangible book$61.61MShares126,602,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.49 | 0.60xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$35.16MebitdaCapex$20.53McapitalExpendituresInterest$16.38MinterestExpenseShort-term debt$8.11MshortTermDebtEBITDA − capex$14.63MPrincipal due is short-term debt.Result 0.60x | -$15.88MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$4.66MtotalCashFromOperatingActivitiesCapex$20.53McapitalExpendituresFree cash flow-$15.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$15.88M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$13.18MoperatingIncomeTax expense$2.08MincomeTaxExpensePretax income-$14.72MincomeBeforeTaxTax rate—Equity$99.70MtotalStockholderEquityDebt$191.47MshortLongTermDebtTotalCash$31.55McashAndEquivalentsInvested capital$259.63MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.10xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$13.18MoperatingIncomeNet PP&E$125.95MpropertyPlantEquipmentResult -0.10x |
| 2022 | 45.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$135.40MpropertyPlantEquipmentInventory$72.11MinventoryTotal assets$457.59MtotalAssetsResult 45.3% | 4.09xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$553.21MtotalRevenueNet PP&E$135.40MpropertyPlantEquipmentResult 4.09x | 1.22xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$40.06McapitalExpendituresD&A$32.82MdepreciationAndAmortizationResult 1.22x | $0.57Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$457.59MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$32.96MintangibleAssetsLiabilities$351.19MtotalLiabTangible book$73.44MShares129,778,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.57 | 0.79xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$59.82MebitdaCapex$40.06McapitalExpendituresInterest$15.83MinterestExpenseShort-term debt$9.13MshortTermDebtEBITDA − capex$19.76MPrincipal due is short-term debt.Result 0.79x | -$21.10MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$18.96MtotalCashFromOperatingActivitiesCapex$40.06McapitalExpendituresFree cash flow-$21.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$21.10M | 5.4%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$22.80MoperatingIncomeTax expense$3.57MincomeTaxExpensePretax income$11.17MincomeBeforeTaxTax rate31.9%Equity$107.63MtotalStockholderEquityDebt$194.15MshortLongTermDebtTotalCash$13.59McashAndEquivalentsInvested capital$288.19MResult 5.4% | 0.17xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$22.80MoperatingIncomeNet PP&E$135.40MpropertyPlantEquipmentResult 0.17x |
| 2023 | 47.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$142.13MpropertyPlantEquipmentInventory$96.54MinventoryTotal assets$499.52MtotalAssetsResult 47.8% | 4.41xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$626.26MtotalRevenueNet PP&E$142.13MpropertyPlantEquipmentResult 4.41x | 1.11xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$38.15McapitalExpendituresD&A$34.33MdepreciationAndAmortizationResult 1.11x | $0.90Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$499.52MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$29.13MintangibleAssetsLiabilities$352.19MtotalLiabTangible book$118.20MShares131,243,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $0.90 | 1.56xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$88.38MebitdaCapex$38.15McapitalExpendituresInterest$22.35MinterestExpenseShort-term debt$9.93MshortTermDebtEBITDA − capex$50.23MPrincipal due is short-term debt.Result 1.56x | $32.05MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$70.21MtotalCashFromOperatingActivitiesCapex$38.15McapitalExpendituresFree cash flow$32.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $32.05M | 12.5%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$45.55MoperatingIncomeTax expense$6.22MincomeTaxExpensePretax income$31.70MincomeBeforeTaxTax rate19.6%Equity$148.59MtotalStockholderEquityDebt$196.80MshortLongTermDebtTotalCash$52.49McashAndEquivalentsInvested capital$292.91MResult 12.5% | 0.32xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$45.55MoperatingIncomeNet PP&E$142.13MpropertyPlantEquipmentResult 0.32x |
| 2024 | 39.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$178.45MpropertyPlantEquipmentInventory$101.70MinventoryTotal assets$718.58MtotalAssetsResult 39.0% | 3.36xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$599.11MtotalRevenueNet PP&E$178.45MpropertyPlantEquipmentResult 3.36x | 1.70xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$60.68McapitalExpendituresD&A$35.72MdepreciationAndAmortizationResult 1.70x | $1.73Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$718.58MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$24.92MintangibleAssetsLiabilities$465.28MtotalLiabTangible book$228.38MShares132,231,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.73 | 0.73xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$86.93MebitdaCapex$60.68McapitalExpendituresInterest$22.47MinterestExpenseShort-term debt$13.44MshortTermDebtEBITDA − capex$26.25MPrincipal due is short-term debt.Result 0.73x | -$24.16MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$36.52MtotalCashFromOperatingActivitiesCapex$60.68McapitalExpendituresFree cash flow-$24.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$24.16M | 11.4%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$49.99MoperatingIncomeTax expense-$84.88MincomeTaxExpensePretax income$28.74MincomeBeforeTaxTax rate0.0%Equity$254.57MtotalStockholderEquityDebt$221.39MshortLongTermDebtTotalCash$37.21McashAndShortTermInvestmentsInvested capital$438.75MResult 11.4% | 0.28xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$49.99MoperatingIncomeNet PP&E$178.45MpropertyPlantEquipmentResult 0.28x |
| 2025 | 44.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$235.62MpropertyPlantEquipmentInventory$115.73MinventoryTotal assets$785.19MtotalAssetsResult 44.7% | 2.68xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$630.93MtotalRevenueNet PP&E$235.62MpropertyPlantEquipmentResult 2.68x | 2.18xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$80.82McapitalExpendituresD&A$37.10MdepreciationAndAmortizationResult 2.18x | $1.93Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$785.19MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$21.46MintangibleAssetsLiabilities$502.70MtotalLiabTangible book$261.02MShares135,150,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.93 | 0.00xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$80.93MebitdaCapex$80.82McapitalExpendituresInterest$17.33MinterestExpenseShort-term debt$15.63MshortTermDebtEBITDA − capex$107.00KPrincipal due is short-term debt.Result 0.00x | $19.54MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$100.36MtotalCashFromOperatingActivitiesCapex$80.82McapitalExpendituresFree cash flow$19.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $19.54M | 7.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$59.55MoperatingIncomeTax expense$22.30MincomeTaxExpensePretax income$26.50MincomeBeforeTaxTax rate40.0%Equity$283.76MtotalStockholderEquityDebt$263.12MshortLongTermDebtTotalCash$72.63McashAndEquivalentsInvested capital$474.25MThe effective tax rate was above 40% and was capped at 40%.Result 7.5% | 0.25xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$59.55MoperatingIncomeNet PP&E$235.62MpropertyPlantEquipmentResult 0.25x |
- Principal due is short-term debt, the amount reported as due within a year.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: $235.62M
Inventory: $115.73M
Total assets: $785.19M
Goodwill: $0.00
Intangibles: $21.46M
Liabilities: $502.70M
Tangible book: $261.02M
Shares: 135,150,000
Revenue: $630.93M
Capex: $80.82M
D&A: $37.10M
EBITDA: $80.93M
Interest: $17.33M
Short-term debt: $15.63M
Free cash flow: $19.54M
Operating income: $59.55M
Invested capital: $474.25M
Tax rate: 40.0%