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.
Twin Disc Incorporated
Physical assets are 65.0% of total assets, a heavy footprint. Capex is 1.00x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 7.7%, below 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 4.60x.
Physical asset ratio
65.0%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$82.82MpropertyPlantAndEquipmentNetInventory$178.03MinventoryTotal assets$401.25MtotalAssetsResult 65.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.60xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$381.27MtotalRevenueNet PP&E$82.82MpropertyPlantAndEquipmentNetResult 4.60x
Revenue per dollar of the physical asset base.
Capex / D&A
1.00xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$13.71McapitalExpendituresD&A$13.75MdepreciationAndAmortizationResult 1.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$13.92Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$401.25MtotalAssetsGoodwill$2.77MgoodWillIntangibles$14.12MintangibleAssetsLiabilities$181.31MtotalLiabTangible book$203.04MShares14,586,000commonStockSharesOutstandingResult $13.92
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.75xPrice / tangible bookPrice / tangible book per sharePrice$24.43Latest quoteTangible book / share$13.922026-06-30Result 1.75x
Price $24.43.
Fixed-charge coverage
3.65xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$30.42MebitdaCapex$13.71McapitalExpendituresInterest$3.08MinterestExpenseShort-term debt$1.50MshortLongTermDebtEBITDA − capex$16.71MPrincipal due is the current portion of debt.Result 3.65x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.5%Free cash flow yield · 2026-06-30Latest free cash flow / current market capFree cash flow$9.19MfreeCashFlowMarket cap$367.69MMarketCapitalizationResult 2.5%
Latest free cash flow divided by current market cap ($367.69M).
ROIC
7.7%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.96MoperatingIncomeTax expense-$13.97MincomeTaxExpensePretax income$13.60MincomeBeforeTaxTax rate0.0%Equity$219.65MtotalStockholderEquityDebt$29.81MlongTermDebt + shortLongTermDebtCash$16.03McashInvested capital$233.44MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 7.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.22x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 56.9%Physical asset ratio · 2019-06-30(Net PP&E + inventory) / total assetsNet PP&E$71.26MpropertyPlantEquipmentInventory$125.89MinventoryTotal assets$346.25MtotalAssetsResult 56.9% | 4.25xFixed asset turnover · 2019-06-30Revenue / net PP&ERevenue$302.66MtotalRevenueNet PP&E$71.26MpropertyPlantEquipmentResult 4.25x | 1.28xCapex / D&A · 2019-06-30Capital expenditures / depreciation and amortizationCapex$11.98McapitalExpendituresD&A$9.34MdepreciationAndAmortizationResult 1.28x | $10.42Tangible book / share · 2019-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$346.25MtotalAssetsGoodwill$27.83MgoodWillIntangibles$22.85MintangibleAssetsLiabilities$163.43MtotalLiabTangible book$132.14MShares12,682,000commonStockSharesOutstandingResult $10.42 | 3.52xFixed-charge coverage · 2019-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$25.82MebitdaCapex$11.98McapitalExpendituresInterest$1.93MinterestExpenseShort-term debt$2.00MshortLongTermDebtEBITDA − capex$13.84MPrincipal due is the current portion of debt.Result 3.52x | -$17.44MFree cash flow · 2019-06-30Reported free cash flowOperating cash flow-$5.46MtotalCashFromOperatingActivitiesCapex$11.98McapitalExpendituresFree cash flow-$17.44MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$17.44M | 6.1%ROIC · 2019-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$18.50MoperatingIncomeTax expense$3.71MincomeTaxExpensePretax income$14.51MincomeBeforeTaxTax rate25.6%Equity$182.22MtotalStockholderEquityDebt$55.72MshortLongTermDebtTotalCash$12.36McashInvested capital$225.57MResult 6.1% | 0.26xEBIT / PP&E · 2019-06-30Operating income / net PP&EOperating income$18.50MoperatingIncomeNet PP&E$71.26MpropertyPlantEquipmentResult 0.26x |
| 2020 | 65.7%Physical asset ratio · 2020-06-30(Net PP&E + inventory) / total assetsNet PP&E$72.73MpropertyPlantEquipmentInventory$120.61MinventoryTotal assets$294.13MtotalAssetsResult 65.7% | 3.39xFixed asset turnover · 2020-06-30Revenue / net PP&ERevenue$246.84MtotalRevenueNet PP&E$72.73MpropertyPlantEquipmentResult 3.39x | 0.90xCapex / D&A · 2020-06-30Capital expenditures / depreciation and amortizationCapex$10.70McapitalExpendituresD&A$11.93MdepreciationAndAmortizationResult 0.90x | $7.76Tangible book / share · 2020-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$294.13MtotalAssetsGoodwill$18.97MgoodWillIntangibles$18.97MintangibleAssetsLiabilities$154.17MtotalLiabTangible book$102.01MShares13,153,000commonStockSharesOutstandingResult $7.76 | -6.37xFixed-charge coverage · 2020-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA-$29.96MebitdaCapex$10.70McapitalExpendituresInterest$1.69MinterestExpenseShort-term debt$4.69MshortTermDebtEBITDA − capex-$40.65MPrincipal due is short-term debt.Result -6.37x | -$1.58MFree cash flow · 2020-06-30Reported free cash flowOperating cash flow$9.12MtotalCashFromOperatingActivitiesCapex$10.70McapitalExpendituresFree cash flow-$1.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.58M | —ROIC · 2020-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$40.25MoperatingIncomeTax expense-$4.17MincomeTaxExpensePretax income-$43.74MincomeBeforeTaxTax rate—Equity$139.39MtotalStockholderEquityDebt$55.33MshortLongTermDebtTotalCash$10.69McashInvested capital$184.03MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.55xEBIT / PP&E · 2020-06-30Operating income / net PP&EOperating income-$40.25MoperatingIncomeNet PP&E$72.73MpropertyPlantEquipmentResult -0.55x |
| 2021 | 63.6%Physical asset ratio · 2021-06-30(Net PP&E + inventory) / total assetsNet PP&E$60.20MpropertyPlantEquipmentInventory$114.97MinventoryTotal assets$275.41MtotalAssetsResult 63.6% | 3.63xFixed asset turnover · 2021-06-30Revenue / net PP&ERevenue$218.58MtotalRevenueNet PP&E$60.20MpropertyPlantEquipmentResult 3.63x | 0.40xCapex / D&A · 2021-06-30Capital expenditures / depreciation and amortizationCapex$4.46McapitalExpendituresD&A$11.24MdepreciationAndAmortizationResult 0.40x | $8.54Tangible book / share · 2021-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$275.41MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$17.48MintangibleAssetsLiabilities$144.75MtotalLiabTangible book$113.18MShares13,247,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $8.54 | -0.16xFixed-charge coverage · 2021-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$3.76MebitdaCapex$4.46McapitalExpendituresInterest$2.36MinterestExpenseShort-term debt$2.00MshortTermDebtEBITDA − capex-$702.00KPrincipal due is short-term debt.Result -0.16x | $2.06MFree cash flow · 2021-06-30Reported free cash flowOperating cash flow$6.53MtotalCashFromOperatingActivitiesCapex$4.46McapitalExpendituresFree cash flow$2.06MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.06M | —ROIC · 2021-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.27MoperatingIncomeTax expense$19.68MincomeTaxExpensePretax income-$9.84MincomeBeforeTaxTax rate—Equity$130.21MtotalStockholderEquityDebt$44.97MshortLongTermDebtTotalCash$12.34McashInvested capital$162.84MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.20xEBIT / PP&E · 2021-06-30Operating income / net PP&EOperating income-$12.27MoperatingIncomeNet PP&E$60.20MpropertyPlantEquipmentResult -0.20x |
| 2022 | 65.6%Physical asset ratio · 2022-06-30(Net PP&E + inventory) / total assetsNet PP&E$54.30MpropertyPlantEquipmentInventory$127.11MinventoryTotal assets$276.52MtotalAssetsResult 65.6% | 4.47xFixed asset turnover · 2022-06-30Revenue / net PP&ERevenue$242.91MtotalRevenueNet PP&E$54.30MpropertyPlantEquipmentResult 4.47x | 0.50xCapex / D&A · 2022-06-30Capital expenditures / depreciation and amortizationCapex$4.73McapitalExpendituresD&A$9.55MdepreciationAndAmortizationResult 0.50x | $8.83Tangible book / share · 2022-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$276.52MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$13.01MintangibleAssetsLiabilities$145.34MtotalLiabTangible book$118.18MShares13,382,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $8.83 | 4.74xFixed-charge coverage · 2022-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$24.28MebitdaCapex$4.73McapitalExpendituresInterest$2.13MinterestExpenseShort-term debt$2.00MshortTermDebtEBITDA − capex$19.55MPrincipal due is short-term debt.Result 4.74x | -$13.04MFree cash flow · 2022-06-30Reported free cash flowOperating cash flow-$8.31MtotalCashFromOperatingActivitiesCapex$4.73McapitalExpendituresFree cash flow-$13.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$13.04M | 5.7%ROIC · 2022-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.04MoperatingIncomeTax expense$1.82MincomeTaxExpensePretax income$12.60MincomeBeforeTaxTax rate14.5%Equity$130.78MtotalStockholderEquityDebt$47.12MshortLongTermDebtTotalCash$12.52McashInvested capital$165.37MResult 5.7% | 0.20xEBIT / PP&E · 2022-06-30Operating income / net PP&EOperating income$11.04MoperatingIncomeNet PP&E$54.30MpropertyPlantEquipmentResult 0.20x |
| 2023 | 63.5%Physical asset ratio · 2023-06-30(Net PP&E + inventory) / total assetsNet PP&E$51.78MpropertyPlantEquipmentInventory$131.93MinventoryTotal assets$289.18MtotalAssetsResult 63.5% | 5.35xFixed asset turnover · 2023-06-30Revenue / net PP&ERevenue$276.96MtotalRevenueNet PP&E$51.78MpropertyPlantEquipmentResult 5.35x | 0.85xCapex / D&A · 2023-06-30Capital expenditures / depreciation and amortizationCapex$7.92McapitalExpendituresD&A$9.36MdepreciationAndAmortizationResult 0.85x | $9.62Tangible book / share · 2023-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$289.18MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$12.64MintangibleAssetsLiabilities$143.66MtotalLiabTangible book$132.88MShares13,811,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $9.62 | 4.26xFixed-charge coverage · 2023-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$26.08MebitdaCapex$7.92McapitalExpendituresInterest$2.25MinterestExpenseShort-term debt$2.01MshortTermDebtEBITDA − capex$18.16MPrincipal due is short-term debt.Result 4.26x | $14.98MFree cash flow · 2023-06-30Reported free cash flowOperating cash flow$22.90MtotalCashFromOperatingActivitiesCapex$7.92McapitalExpendituresFree cash flow$14.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.98M | 7.9%ROIC · 2023-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$16.06MoperatingIncomeTax expense$3.79MincomeTaxExpensePretax income$14.47MincomeBeforeTaxTax rate26.2%Equity$145.09MtotalStockholderEquityDebt$18.63MlongTermDebt + shortLongTermDebtCash$13.26McashInvested capital$150.46MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 7.9% | 0.31xEBIT / PP&E · 2023-06-30Operating income / net PP&EOperating income$16.06MoperatingIncomeNet PP&E$51.78MpropertyPlantEquipmentResult 0.31x |
| 2024 | 65.8%Physical asset ratio · 2024-06-30(Net PP&E + inventory) / total assetsNet PP&E$74.70MpropertyPlantAndEquipmentNetInventory$130.48MinventoryTotal assets$312.06MtotalAssetsResult 65.8% | 3.95xFixed asset turnover · 2024-06-30Revenue / net PP&ERevenue$295.13MtotalRevenueNet PP&E$74.70MpropertyPlantAndEquipmentNetResult 3.95x | 0.87xCapex / D&A · 2024-06-30Capital expenditures / depreciation and amortizationCapex$8.71McapitalExpendituresD&A$9.98MdepreciationAndAmortizationResult 0.87x | $10.26Tangible book / share · 2024-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$312.06MtotalAssetsGoodwill$0.00goodWillIntangibles$12.69MintangibleAssetsLiabilities$157.00MtotalLiabTangible book$142.37MShares13,877,000commonStockSharesOutstandingResult $10.26 | 5.25xFixed-charge coverage · 2024-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$26.79MebitdaCapex$8.71McapitalExpendituresInterest$1.44MinterestExpenseShort-term debt$2.00MshortLongTermDebtEBITDA − capex$18.08MPrincipal due is the current portion of debt.Result 5.25x | $25.01MFree cash flow · 2024-06-30Reported free cash flowOperating cash flow$33.72MtotalCashFromOperatingActivitiesCapex$8.71McapitalExpendituresFree cash flow$25.01MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $25.01M | 5.2%ROIC · 2024-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.48MoperatingIncomeTax expense$4.12MincomeTaxExpensePretax income$15.37MincomeBeforeTaxTax rate26.8%Equity$154.70MtotalStockholderEquityDebt$25.81MlongTermDebt + shortLongTermDebtCash$20.07McashInvested capital$160.44MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 5.2% | 0.15xEBIT / PP&E · 2024-06-30Operating income / net PP&EOperating income$11.48MoperatingIncomeNet PP&E$74.70MpropertyPlantAndEquipmentNetResult 0.15x |
| 2025 | 67.2%Physical asset ratio · 2025-06-30(Net PP&E + inventory) / total assetsNet PP&E$86.83MpropertyPlantAndEquipmentNetInventory$151.95MinventoryTotal assets$355.56MtotalAssetsResult 67.2% | 3.92xFixed asset turnover · 2025-06-30Revenue / net PP&ERevenue$340.74MtotalRevenueNet PP&E$86.83MpropertyPlantAndEquipmentNetResult 3.92x | 1.02xCapex / D&A · 2025-06-30Capital expenditures / depreciation and amortizationCapex$15.16McapitalExpendituresD&A$14.90MdepreciationAndAmortizationResult 1.02x | $10.69Tangible book / share · 2025-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$355.56MtotalAssetsGoodwill$2.89MgoodWillIntangibles$13.36MintangibleAssetsLiabilities$191.17MtotalLiabTangible book$148.14MShares13,856,000commonStockSharesOutstandingResult $10.69 | 0.74xFixed-charge coverage · 2025-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$19.31MebitdaCapex$15.16McapitalExpendituresInterest$2.65MinterestExpenseShort-term debt$3.00MshortLongTermDebtEBITDA − capex$4.16MPrincipal due is the current portion of debt.Result 0.74x | $8.82MFree cash flow · 2025-06-30Reported free cash flowOperating cash flow$23.98MtotalCashFromOperatingActivitiesCapex$15.16McapitalExpendituresFree cash flow$8.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.82M | 3.3%ROIC · 2025-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.89MoperatingIncomeTax expense$3.37MincomeTaxExpensePretax income$1.77MincomeBeforeTaxTax rate40.0%Equity$164.01MtotalStockholderEquityDebt$31.45MlongTermDebt + shortLongTermDebtCash$16.11McashInvested capital$179.35MThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 3.3% | 0.11xEBIT / PP&E · 2025-06-30Operating income / net PP&EOperating income$9.89MoperatingIncomeNet PP&E$86.83MpropertyPlantAndEquipmentNetResult 0.11x |
| 2026 | 65.0%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$82.82MpropertyPlantAndEquipmentNetInventory$178.03MinventoryTotal assets$401.25MtotalAssetsResult 65.0% | 4.60xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$381.27MtotalRevenueNet PP&E$82.82MpropertyPlantAndEquipmentNetResult 4.60x | 1.00xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$13.71McapitalExpendituresD&A$13.75MdepreciationAndAmortizationResult 1.00x | $13.92Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$401.25MtotalAssetsGoodwill$2.77MgoodWillIntangibles$14.12MintangibleAssetsLiabilities$181.31MtotalLiabTangible book$203.04MShares14,586,000commonStockSharesOutstandingResult $13.92 | 3.65xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$30.42MebitdaCapex$13.71McapitalExpendituresInterest$3.08MinterestExpenseShort-term debt$1.50MshortLongTermDebtEBITDA − capex$16.71MPrincipal due is the current portion of debt.Result 3.65x | $9.19MFree cash flow · 2026-06-30Reported free cash flowOperating cash flow$22.90MtotalCashFromOperatingActivitiesCapex$13.71McapitalExpendituresFree cash flow$9.19MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.19M | 7.7%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$17.96MoperatingIncomeTax expense-$13.97MincomeTaxExpensePretax income$13.60MincomeBeforeTaxTax rate0.0%Equity$219.65MtotalStockholderEquityDebt$29.81MlongTermDebt + shortLongTermDebtCash$16.03McashInvested capital$233.44MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 7.7% | 0.22xEBIT / PP&E · 2026-06-30Operating income / net PP&EOperating income$17.96MoperatingIncomeNet PP&E$82.82MpropertyPlantAndEquipmentNetResult 0.22x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $82.82M
Inventory: $178.03M
Total assets: $401.25M
Goodwill: $2.77M
Intangibles: $14.12M
Liabilities: $181.31M
Tangible book: $203.04M
Shares: 14,586,000
Revenue: $381.27M
Capex: $13.71M
D&A: $13.75M
EBITDA: $30.42M
Interest: $3.08M
Short-term debt: $1.50M
Free cash flow: $9.19M
Operating income: $17.96M
Invested capital: $233.44M
Tax rate: 0.0%