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.
Wingstop Inc
Physical assets are 25.8% of total assets, a light footprint. Capex is 1.89x 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 41.9%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.89x. Compare it with other names in the same basket.
Physical asset ratio
25.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$179.22MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$693.41MtotalAssetsInventory was not reported and is treated as zero.Result 25.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.89xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$696.85MtotalRevenueNet PP&E$179.22MpropertyPlantAndEquipmentNetResult 3.89x
Revenue per dollar of the physical asset base.
Capex / D&A
1.89xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$47.44McapitalExpendituresD&A$25.07MdepreciationAndAmortizationResult 1.89x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$30.40Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$693.41MtotalAssetsGoodwill$83.88MgoodWillIntangibles$32.70MintangibleAssetsLiabilities$1.43BtotalLiabTangible book-$853.34MShares28,074,000commonStockSharesOutstandingResult -$30.40
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$149.73Latest quoteTangible book / share-$30.402025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $149.73.
Fixed-charge coverage
6.42xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$298.04MebitdaCapex$47.44McapitalExpendituresInterest$35.78MinterestExpenseShort-term debt$3.23MshortTermDebtEBITDA − capex$250.60MPrincipal due is short-term debt.Result 6.42x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$105.62MfreeCashFlowMarket cap$3.93BMarketCapitalizationResult 2.7%
Latest free cash flow divided by current market cap ($3.93B).
ROIC
41.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$192.16MoperatingIncomeTax expense$62.92MincomeTaxExpensePretax income$237.19MincomeBeforeTaxTax rate26.5%Equity-$736.76MtotalStockholderEquityDebt$1.27BshortLongTermDebtTotalCash$196.57McashInvested capital$337.07MResult 41.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.07x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 6.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.34MpropertyPlantEquipmentInventory$299.00KinventoryTotal assets$139.75MtotalAssetsResult 6.2% | 18.37xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$153.18MtotalRevenueNet PP&E$8.34MpropertyPlantEquipmentResult 18.37x | 0.92xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$3.98McapitalExpendituresD&A$4.31MdepreciationAndAmortizationResult 0.92x | -$10.86Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$139.75MtotalAssetsGoodwill$49.66MgoodWillIntangibles$46.93MintangibleAssetsLiabilities$364.58MtotalLiabTangible book-$321.42MShares29,587,000commonStockSharesOutstandingResult -$10.86 | 2.98xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$41.36MebitdaCapex$3.98McapitalExpendituresInterest$10.12MinterestExpenseShort-term debt$2.40MshortTermDebtEBITDA − capex$37.38MPrincipal due is short-term debt.Result 2.98x | $34.79MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$38.77MtotalCashFromOperatingActivitiesCapex$3.98McapitalExpendituresFree cash flow$34.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $34.79M | 41.7%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$38.53MoperatingIncomeTax expense$5.21MincomeTaxExpensePretax income$26.93MincomeBeforeTaxTax rate19.3%Equity-$224.83MtotalStockholderEquityDebt$311.77MshortLongTermDebtTotalCash$12.49McashInvested capital$74.45MResult 41.7% | 4.62xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$38.53MoperatingIncomeNet PP&E$8.34MpropertyPlantEquipmentResult 4.62x |
| 2019 | 17.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.84MpropertyPlantEquipmentInventory$315.00KinventoryTotal assets$166.11MtotalAssetsResult 17.0% | 7.17xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$199.68MtotalRevenueNet PP&E$27.84MpropertyPlantEquipmentResult 7.17x | 4.10xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$22.49McapitalExpendituresD&A$5.48MdepreciationAndAmortizationResult 4.10x | -$10.29Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$166.11MtotalAssetsGoodwill$50.19MgoodWillIntangibles$45.61MintangibleAssetsLiabilities$375.54MtotalLiabTangible book-$305.23MShares29,670,000commonStockSharesOutstandingResult -$10.29 | 1.27xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$48.39MebitdaCapex$22.49McapitalExpendituresInterest$17.14MinterestExpenseShort-term debt$3.20MshortLongTermDebtEBITDA − capex$25.90MPrincipal due is the current portion of debt.Result 1.27x | $16.10MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$38.58MtotalCashFromOperatingActivitiesCapex$22.49McapitalExpendituresFree cash flow$16.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $16.10M | 37.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$42.90MoperatingIncomeTax expense$5.29MincomeTaxExpensePretax income$25.77MincomeBeforeTaxTax rate20.5%Equity-$209.43MtotalStockholderEquityDebt$312.68MshortLongTermDebtTotalCash$12.85McashInvested capital$90.40MResult 37.7% | 1.54xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$42.90MoperatingIncomeNet PP&E$27.84MpropertyPlantEquipmentResult 1.54x |
| 2020 | 13.4%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$27.95MpropertyPlantEquipmentInventory$396.00KinventoryTotal assets$211.57MtotalAssetsResult 13.4% | 8.90xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$248.81MtotalRevenueNet PP&E$27.95MpropertyPlantEquipmentResult 8.90x | 0.81xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$6.05McapitalExpendituresD&A$7.52MdepreciationAndAmortizationResult 0.81x | -$14.74Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$211.57MtotalAssetsGoodwill$53.69MgoodWillIntangibles$44.30MintangibleAssetsLiabilities$552.88MtotalLiabTangible book-$439.30MShares29,804,000commonStockSharesOutstandingResult -$14.74 | 2.22xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$51.24MebitdaCapex$6.05McapitalExpendituresInterest$16.78MinterestExpenseShort-term debt$3.60MshortLongTermDebtEBITDA − capex$45.19MPrincipal due is the current portion of debt.Result 2.22x | $59.48MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$65.53MtotalCashFromOperatingActivitiesCapex$6.05McapitalExpendituresFree cash flow$59.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $59.48M | 54.7%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$57.39MoperatingIncomeTax expense$3.64MincomeTaxExpensePretax income$26.94MincomeBeforeTaxTax rate13.5%Equity-$341.31MtotalStockholderEquityDebt$472.92MshortLongTermDebtTotalCash$40.86McashInvested capital$90.75MResult 54.7% | 2.05xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$57.39MoperatingIncomeNet PP&E$27.95MpropertyPlantEquipmentResult 2.05x |
| 2021 | 22.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$54.50MpropertyPlantEquipmentInventory$484.00KinventoryTotal assets$249.20MtotalAssetsResult 22.1% | 5.18xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$282.50MtotalRevenueNet PP&E$54.50MpropertyPlantEquipmentResult 5.18x | 3.53xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$28.02McapitalExpendituresD&A$7.94MdepreciationAndAmortizationResult 3.53x | -$13.67Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$249.20MtotalAssetsGoodwill$56.88MgoodWillIntangibles$43.00MintangibleAssetsLiabilities$558.73MtotalLiabTangible book-$409.40MShares29,944,000commonStockSharesOutstandingResult -$13.67 | 3.09xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$81.83MebitdaCapex$28.02McapitalExpendituresInterest$14.98MinterestExpenseShort-term debt$2.44MshortTermDebtEBITDA − capex$53.81MPrincipal due is short-term debt.Result 3.09x | $20.86MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$48.88MtotalCashFromOperatingActivitiesCapex$28.02McapitalExpendituresFree cash flow$20.86MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $20.86M | 47.0%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$73.76MoperatingIncomeTax expense$16.25MincomeTaxExpensePretax income$58.91MincomeBeforeTaxTax rate27.6%Equity-$309.53MtotalStockholderEquityDebt$471.84MshortLongTermDebtTotalCash$48.58McashInvested capital$113.73MResult 47.0% | 1.35xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$73.76MoperatingIncomeNet PP&E$54.50MpropertyPlantEquipmentResult 1.35x |
| 2022 | 15.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$66.85MpropertyPlantEquipmentInventory$389.00KinventoryTotal assets$424.19MtotalAssetsResult 15.9% | 5.35xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$357.52MtotalRevenueNet PP&E$66.85MpropertyPlantEquipmentResult 5.35x | 2.20xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$23.94McapitalExpendituresD&A$10.90MdepreciationAndAmortizationResult 2.20x | -$16.52Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$424.19MtotalAssetsGoodwill$62.51MgoodWillIntangibles$41.72MintangibleAssetsLiabilities$815.05MtotalLiabTangible book-$495.09MShares29,963,000commonStockSharesOutstandingResult -$16.52 | 2.72xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$101.45MebitdaCapex$23.94McapitalExpendituresInterest$21.23MinterestExpenseShort-term debt$7.30MshortLongTermDebtEBITDA − capex$77.51MPrincipal due is the current portion of debt.Result 2.72x | $52.30MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$76.24MtotalCashFromOperatingActivitiesCapex$23.94McapitalExpendituresFree cash flow$52.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $52.30M | 49.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$91.93MoperatingIncomeTax expense$16.37MincomeTaxExpensePretax income$69.32MincomeBeforeTaxTax rate23.6%Equity-$390.86MtotalStockholderEquityDebt$716.43MshortLongTermDebtTotalCash$184.50McashInvested capital$141.07MResult 49.8% | 1.38xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$91.93MoperatingIncomeNet PP&E$66.85MpropertyPlantEquipmentResult 1.38x |
| 2023 | 29.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$110.38MpropertyPlantAndEquipmentNetInventory$535.00KinventoryTotal assets$377.83MtotalAssetsResult 29.4% | 4.17xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$460.06MtotalRevenueNet PP&E$110.38MpropertyPlantAndEquipmentNetResult 4.17x | 3.08xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$40.83McapitalExpendituresD&A$13.24MdepreciationAndAmortizationResult 3.08x | -$18.94Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$377.83MtotalAssetsGoodwill$67.71MgoodWillIntangibles$40.44MintangibleAssetsLiabilities$835.19MtotalLiabTangible book-$565.51MShares29,856,000commonStockSharesOutstandingResult -$18.94 | 4.12xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$125.78MebitdaCapex$40.83McapitalExpendituresInterest$18.23MinterestExpenseShort-term debt$2.38MshortTermDebtEBITDA − capex$84.94MPrincipal due is short-term debt.Result 4.12x | $80.77MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$121.60MtotalCashFromOperatingActivitiesCapex$40.83McapitalExpendituresFree cash flow$80.77MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $80.77M | 45.3%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$112.59MoperatingIncomeTax expense$24.14MincomeTaxExpensePretax income$94.31MincomeBeforeTaxTax rate25.6%Equity-$457.37MtotalStockholderEquityDebt$732.51MshortLongTermDebtTotalCash$90.22McashInvested capital$184.93MResult 45.3% | 1.02xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$112.59MoperatingIncomeNet PP&E$110.38MpropertyPlantAndEquipmentNetResult 1.02x |
| 2024 | 24.4%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$175.00MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$716.25MtotalAssetsInventory was not reported and is treated as zero.Result 24.4% | 3.58xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$625.81MtotalRevenueNet PP&E$175.00MpropertyPlantAndEquipmentNetResult 3.58x | 2.66xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$51.93McapitalExpendituresD&A$19.49MdepreciationAndAmortizationResult 2.66x | -$26.87Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$716.25MtotalAssetsGoodwill$74.72MgoodWillIntangibles$39.18MintangibleAssetsLiabilities$1.39BtotalLiabTangible book-$789.48MShares29,384,000commonStockSharesOutstandingResult -$26.87 | 6.09xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$187.97MebitdaCapex$51.93McapitalExpendituresInterest$21.29MinterestExpenseShort-term debt$1.06MshortTermDebtEBITDA − capex$136.04MPrincipal due is short-term debt.Result 6.09x | $105.68MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$157.61MtotalCashFromOperatingActivitiesCapex$51.93McapitalExpendituresFree cash flow$105.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $105.68M | 44.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$165.62MoperatingIncomeTax expense$38.47MincomeTaxExpensePretax income$147.19MincomeBeforeTaxTax rate26.1%Equity-$675.59MtotalStockholderEquityDebt$1.27BshortLongTermDebtTotalCash$315.91McashInvested capital$273.93MResult 44.7% | 0.95xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$165.62MoperatingIncomeNet PP&E$175.00MpropertyPlantAndEquipmentNetResult 0.95x |
| 2025 | 25.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$179.22MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$693.41MtotalAssetsInventory was not reported and is treated as zero.Result 25.8% | 3.89xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$696.85MtotalRevenueNet PP&E$179.22MpropertyPlantAndEquipmentNetResult 3.89x | 1.89xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$47.44McapitalExpendituresD&A$25.07MdepreciationAndAmortizationResult 1.89x | -$30.40Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$693.41MtotalAssetsGoodwill$83.88MgoodWillIntangibles$32.70MintangibleAssetsLiabilities$1.43BtotalLiabTangible book-$853.34MShares28,074,000commonStockSharesOutstandingResult -$30.40 | 6.42xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$298.04MebitdaCapex$47.44McapitalExpendituresInterest$35.78MinterestExpenseShort-term debt$3.23MshortTermDebtEBITDA − capex$250.60MPrincipal due is short-term debt.Result 6.42x | $105.62MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$153.07MtotalCashFromOperatingActivitiesCapex$47.44McapitalExpendituresFree cash flow$105.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $105.62M | 41.9%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$192.16MoperatingIncomeTax expense$62.92MincomeTaxExpensePretax income$237.19MincomeBeforeTaxTax rate26.5%Equity-$736.76MtotalStockholderEquityDebt$1.27BshortLongTermDebtTotalCash$196.57McashInvested capital$337.07MResult 41.9% | 1.07xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$192.16MoperatingIncomeNet PP&E$179.22MpropertyPlantAndEquipmentNetResult 1.07x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $179.22M
Inventory: $0.00
Total assets: $693.41M
Goodwill: $83.88M
Intangibles: $32.70M
Liabilities: $1.43B
Tangible book: -$853.34M
Shares: 28,074,000
Revenue: $696.85M
Capex: $47.44M
D&A: $25.07M
EBITDA: $298.04M
Interest: $35.78M
Short-term debt: $3.23M
Free cash flow: $105.62M
Operating income: $192.16M
Invested capital: $337.07M
Tax rate: 26.5%