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.
Utz Brands Inc
Physical assets are 23.2% of total assets, a light footprint. Capex is 1.25x 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 0.27x, which is below 1.
Fixed-asset turnover is 2.72x. Compare it with other names in the same basket.
Physical asset ratio
23.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$528.60MpropertyPlantEquipmentInventory$119.30MinventoryTotal assets$2.79BtotalAssetsUses the property line, which is larger than net PP&E ($379.20M, propertyPlantAndEquipmentNet).Result 23.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.72xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.44BtotalRevenueNet PP&E$528.60MpropertyPlantEquipmentResult 2.72x
Revenue per dollar of the physical asset base.
Capex / D&A
1.25xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$102.80McapitalExpendituresD&A$82.40MdepreciationAndAmortizationResult 1.25x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$5.52Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.79BtotalAssetsGoodwill$865.20MgoodWillIntangibles$963.90MintangibleAssetsLiabilities$1.45BtotalLiabTangible book-$484.20MShares87,773,614commonStockSharesOutstandingResult -$5.52
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$14.27Latest quoteTangible book / share-$5.522025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $14.27.
Fixed-charge coverage
0.27xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$124.90MebitdaCapex$102.80McapitalExpendituresInterest$43.10MinterestExpenseShort-term debt$37.90MshortLongTermDebtEBITDA − capex$22.10MPrincipal due is the current portion of debt.Result 0.27x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$9.40MfreeCashFlowMarket cap$1.27BMarketCapitalizationResult 0.7%
Latest free cash flow divided by current market cap ($1.27B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$98.50MoperatingIncomeTax expense$7.10MincomeTaxExpensePretax income-$600.00KincomeBeforeTaxTax rate—Equity$713.70MtotalStockholderEquityDebt$1.17BshortLongTermDebtTotalCash$120.40McashAndEquivalentsInvested capital$1.76BROIC 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 0.19x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | —Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$443.31MtotalAssetsResult — | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$772.04MtotalRevenueNet PP&E—Not reportedResult — | 0.43xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$13.04McapitalExpendituresD&A$30.36MdepreciationAndAmortizationResult 0.43x | $7.65Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$443.31MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$15.60MtotalLiabTangible book$427.72MShares55,875,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $7.65 | 0.71xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$45.67MebitdaCapex$13.04McapitalExpendituresInterest$45.72MinterestExpenseShort-term debt$0.00shortTermDebtEBITDA − capex$32.63MPrincipal due is short-term debt.Result 0.71x | $2.71MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$15.75MtotalCashFromOperatingActivitiesCapex$13.04McapitalExpendituresFree cash flow$2.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $2.71M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$19.38MoperatingIncomeTax expense$1.92MincomeTaxExpensePretax income-$25.73MincomeBeforeTaxTax rate—Equity$427.72MtotalStockholderEquityDebt—Not reportedCash$944.89KcashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$19.38MoperatingIncomeNet PP&E—Not reportedResult — |
| 2019 | 28.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$171.72MpropertyPlantEquipmentInventory$50.89MinventoryTotal assets$778.55MtotalAssetsResult 28.6% | 4.47xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$768.23MtotalRevenueNet PP&E$171.72MpropertyPlantEquipmentResult 4.47x | 0.68xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$20.00McapitalExpendituresD&A$29.29MdepreciationAndAmortizationResult 0.68x | -$7.51Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$778.55MtotalAssetsGoodwill$202.41MgoodWillIntangibles$184.01MintangibleAssetsLiabilities$811.90MtotalLiabTangible book-$419.77MShares55,875,000commonStockSharesOutstandingResult -$7.51 | 0.57xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$54.78MebitdaCapex$20.00McapitalExpendituresInterest$46.29MinterestExpenseShort-term debt$14.28MshortTermDebtEBITDA − capex$34.78MPrincipal due is short-term debt.Result 0.57x | $8.00MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$27.99MtotalCashFromOperatingActivitiesCapex$20.00McapitalExpendituresFree cash flow$8.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $8.00M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$38.75MoperatingIncomeTax expense$3.15MincomeTaxExpensePretax income-$10.22MincomeBeforeTaxTax rate—Equity-$26.04MtotalStockholderEquityDebt$679.91MshortLongTermDebtTotalCash$15.05McashInvested capital$638.82MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.23xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$38.75MoperatingIncomeNet PP&E$171.72MpropertyPlantEquipmentResult 0.23x |
| 2020 | 12.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$270.42MpropertyPlantEquipmentInventory$59.81MinventoryTotal assets$2.60BtotalAssetsResult 12.7% | 2.84xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$768.23MtotalRevenueNet PP&E$270.42MpropertyPlantEquipmentResult 2.84x | 434.40xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$21.72McapitalExpendituresD&A$50.00KdepreciationAndAmortizationResult 434.40x | -$9.13Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.60BtotalAssetsGoodwill$862.18MgoodWillIntangibles$1.17BintangibleAssetsLiabilities$1.21BtotalLiabTangible book-$648.99MShares71,095,000commonStockSharesOutstandingResult -$9.13 | 0.35xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$38.80MebitdaCapex$21.72McapitalExpendituresInterest$48.39MinterestExpenseShort-term debt$9.49KshortLongTermDebtEBITDA − capex$17.08MPrincipal due is the current portion of debt.Result 0.35x | $7.98MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$29.70MtotalCashFromOperatingActivitiesCapex$21.72McapitalExpendituresFree cash flow$7.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.98M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$38.75MoperatingIncomeTax expense$3.15MincomeTaxExpensePretax income-$10.22MincomeBeforeTaxTax rate—Equity$552.91MtotalStockholderEquityDebt$812.05KlongTermDebt + shortLongTermDebtCash$46.83McashAndEquivalentsInvested capital$506.89MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.14xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$38.75MoperatingIncomeNet PP&E$270.42MpropertyPlantEquipmentResult 0.14x |
| 2021 | 14.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$303.81MpropertyPlantEquipmentInventory$79.52MinventoryTotal assets$2.72BtotalAssetsResult 14.1% | 3.89xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.18BtotalRevenueNet PP&E$303.81MpropertyPlantEquipmentResult 3.89x | 0.41xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$33.50McapitalExpendituresD&A$80.73MdepreciationAndAmortizationResult 0.41x | -$7.69Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.72BtotalAssetsGoodwill$915.44MgoodWillIntangibles$1.14BintangibleAssetsLiabilities$1.28BtotalLiabTangible book-$623.27MShares81,090,000commonStockSharesOutstandingResult -$7.69 | 1.68xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$127.67MebitdaCapex$33.50McapitalExpendituresInterest$34.71MinterestExpenseShort-term debt$21.37MshortLongTermDebtEBITDA − capex$94.17MPrincipal due is the current portion of debt.Result 1.68x | $14.89MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$48.39MtotalCashFromOperatingActivitiesCapex$33.50McapitalExpendituresFree cash flow$14.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.89M | 0.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$10.57MoperatingIncomeTax expense$8.09MincomeTaxExpensePretax income$16.08MincomeBeforeTaxTax rate40.0%Equity$679.71MtotalStockholderEquityDebt$909.01MshortLongTermDebtTotalCash$41.90McashAndEquivalentsInvested capital$1.55BThe effective tax rate was above 40% and was capped at 40%.Result 0.4% | 0.03xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$10.57MoperatingIncomeNet PP&E$303.81MpropertyPlantEquipmentResult 0.03x |
| 2022 | 16.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$345.20MpropertyPlantEquipmentInventory$118.01MinventoryTotal assets$2.84BtotalAssetsResult 16.3% | 4.08xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.41BtotalRevenueNet PP&E$345.20MpropertyPlantEquipmentResult 4.08x | 1.01xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$87.97McapitalExpendituresD&A$86.80MdepreciationAndAmortizationResult 1.01x | -$7.03Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.84BtotalAssetsGoodwill$915.30MgoodWillIntangibles$1.10BintangibleAssetsLiabilities$1.39BtotalLiabTangible book-$563.18MShares80,093,000commonStockSharesOutstandingResult -$7.03 | 0.04xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$91.33MebitdaCapex$87.97McapitalExpendituresInterest$44.42MinterestExpenseShort-term debt$31.06MshortLongTermDebtEBITDA − capex$3.37MPrincipal due is the current portion of debt.Result 0.04x | -$39.77MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$48.19MtotalCashFromOperatingActivitiesCapex$87.97McapitalExpendituresFree cash flow-$39.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$39.77M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$5.34MoperatingIncomeTax expense-$23.92MincomeTaxExpensePretax income-$37.96MincomeBeforeTaxTax rate—Equity$703.15MtotalStockholderEquityDebt$992.46MshortLongTermDebtTotalCash$72.93McashAndEquivalentsInvested capital$1.62BROIC 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$5.34MoperatingIncomeNet PP&E$345.20MpropertyPlantEquipmentResult 0.02x |
| 2023 | 17.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$375.59MpropertyPlantEquipmentInventory$104.67MinventoryTotal assets$2.75BtotalAssetsResult 17.5% | 3.83xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.44BtotalRevenueNet PP&E$375.59MpropertyPlantEquipmentResult 3.83x | 0.70xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$55.72McapitalExpendituresD&A$79.49MdepreciationAndAmortizationResult 0.70x | -$7.34Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.75BtotalAssetsGoodwill$915.30MgoodWillIntangibles$1.06BintangibleAssetsLiabilities$1.36BtotalLiabTangible book-$595.03MShares81,081,000commonStockSharesOutstandingResult -$7.34 | 0.49xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$99.25MebitdaCapex$55.72McapitalExpendituresInterest$60.59MinterestExpenseShort-term debt$28.74MshortLongTermDebtEBITDA − capex$43.52MPrincipal due is the current portion of debt.Result 0.49x | $20.92MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$76.64MtotalCashFromOperatingActivitiesCapex$55.72McapitalExpendituresFree cash flow$20.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $20.92M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$16.02MoperatingIncomeTax expense$757.00KincomeTaxExpensePretax income-$39.28MincomeBeforeTaxTax rate—Equity$669.50MtotalStockholderEquityDebt$985.34MshortLongTermDebtTotalCash$52.02McashAndEquivalentsInvested capital$1.60BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.04xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$16.02MoperatingIncomeNet PP&E$375.59MpropertyPlantEquipmentResult 0.04x |
| 2024 | 21.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$492.10MpropertyPlantEquipmentInventory$101.36MinventoryTotal assets$2.73BtotalAssetsUses the property line, which is larger than net PP&E ($345.21M, propertyPlantAndEquipmentNet).Result 21.8% | 2.86xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.41BtotalRevenueNet PP&E$492.10MpropertyPlantEquipmentResult 2.86x | 1.39xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$98.64McapitalExpendituresD&A$70.94MdepreciationAndAmortizationResult 1.39x | -$5.61Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.73BtotalAssetsGoodwill$870.70MgoodWillIntangibles$996.51MintangibleAssetsLiabilities$1.34BtotalLiabTangible book-$479.46MShares85,434,000commonStockSharesOutstandingResult -$5.61 | 1.23xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$182.12MebitdaCapex$98.64McapitalExpendituresInterest$44.86MinterestExpenseShort-term debt$23.01MshortLongTermDebtEBITDA − capex$83.48MPrincipal due is the current portion of debt.Result 1.23x | $7.53MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$106.17MtotalCashFromOperatingActivitiesCapex$98.64McapitalExpendituresFree cash flow$7.53MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $7.53M | 2.2%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$58.91MoperatingIncomeTax expense$38.73MincomeTaxExpensePretax income$69.47MincomeBeforeTaxTax rate40.0%Equity$702.45MtotalStockholderEquityDebt$940.82MshortLongTermDebtTotalCash$56.14McashAndEquivalentsInvested capital$1.59BThe effective tax rate was above 40% and was capped at 40%.Result 2.2% | 0.12xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$58.91MoperatingIncomeNet PP&E$492.10MpropertyPlantEquipmentResult 0.12x |
| 2025 | 23.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$528.60MpropertyPlantEquipmentInventory$119.30MinventoryTotal assets$2.79BtotalAssetsUses the property line, which is larger than net PP&E ($379.20M, propertyPlantAndEquipmentNet).Result 23.2% | 2.72xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.44BtotalRevenueNet PP&E$528.60MpropertyPlantEquipmentResult 2.72x | 1.25xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$102.80McapitalExpendituresD&A$82.40MdepreciationAndAmortizationResult 1.25x | -$5.52Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.79BtotalAssetsGoodwill$865.20MgoodWillIntangibles$963.90MintangibleAssetsLiabilities$1.45BtotalLiabTangible book-$484.20MShares87,773,614commonStockSharesOutstandingResult -$5.52 | 0.27xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$124.90MebitdaCapex$102.80McapitalExpendituresInterest$43.10MinterestExpenseShort-term debt$37.90MshortLongTermDebtEBITDA − capex$22.10MPrincipal due is the current portion of debt.Result 0.27x | $9.40MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$112.20MtotalCashFromOperatingActivitiesCapex$102.80McapitalExpendituresFree cash flow$9.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $9.40M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$98.50MoperatingIncomeTax expense$7.10MincomeTaxExpensePretax income-$600.00KincomeBeforeTaxTax rate—Equity$713.70MtotalStockholderEquityDebt$1.17BshortLongTermDebtTotalCash$120.40McashAndEquivalentsInvested capital$1.76BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.19xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$98.50MoperatingIncomeNet PP&E$528.60MpropertyPlantEquipmentResult 0.19x |
- 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: $528.60M
Inventory: $119.30M
Total assets: $2.79B
Goodwill: $865.20M
Intangibles: $963.90M
Liabilities: $1.45B
Tangible book: -$484.20M
Shares: 87,773,614
Revenue: $1.44B
Capex: $102.80M
D&A: $82.40M
EBITDA: $124.90M
Interest: $43.10M
Short-term debt: $37.90M
Free cash flow: $9.40M
Operating income: $98.50M
Invested capital: $1.76B
Tax rate: —