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.
YETI Holdings Inc
Physical assets are 43.4% of total assets, a mixed footprint. Capex is 0.79x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 30.0%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 6.83x. Compare it with other names in the same basket.
Physical asset ratio
43.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$273.64MpropertyPlantAndEquipmentNetInventory$290.61MinventoryTotal assets$1.30BtotalAssetsResult 43.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.83xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.87BtotalRevenueNet PP&E$273.64MpropertyPlantAndEquipmentNetResult 6.83x
Revenue per dollar of the physical asset base.
Capex / D&A
0.79xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$42.67McapitalExpendituresD&A$54.23MdepreciationAndAmortizationResult 0.79x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.39Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.30BtotalAssetsGoodwill$72.31MgoodWillIntangibles$219.79MintangibleAssetsLiabilities$649.81MtotalLiabTangible book$358.18MShares81,595,000commonStockSharesOutstandingResult $4.39
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
10.07xPrice / tangible bookPrice / tangible book per sharePrice$44.19Latest quoteTangible book / share$4.392025-12-31Result 10.07x
Price $44.19.
Fixed-charge coverage
49.83xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$274.96MebitdaCapex$42.67McapitalExpendituresInterest$443.00KinterestExpenseShort-term debt$4.22MshortLongTermDebtEBITDA − capex$232.29MPrincipal due is the current portion of debt.Result 49.83x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$212.07MfreeCashFlowMarket cap$3.08BMarketCapitalizationResult 6.9%
Latest free cash flow divided by current market cap ($3.08B).
ROIC
30.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$213.56MoperatingIncomeTax expense$54.89MincomeTaxExpensePretax income$220.28MincomeBeforeTaxTax rate24.9%Equity$650.28MtotalStockholderEquityDebt$72.28MlongTermDebt + shortLongTermDebtCash$188.34McashInvested capital$534.22MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 30.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.78x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 42.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$74.10MpropertyPlantEquipmentInventory$145.42MinventoryTotal assets$514.21MtotalAssetsResult 42.7% | 10.51xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$778.83MtotalRevenueNet PP&E$74.10MpropertyPlantEquipmentResult 10.51x | 1.29xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$31.89McapitalExpendituresD&A$24.78MdepreciationAndAmortizationResult 1.29x | -$1.26Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$514.21MtotalAssetsGoodwill$54.29MgoodWillIntangibles$80.02MintangibleAssetsLiabilities$485.24MtotalLiabTangible book-$105.34MShares83,519,000commonStockSharesOutstandingResult -$1.26 | 1.27xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$126.93MebitdaCapex$31.89McapitalExpendituresInterest$31.28MinterestExpenseShort-term debt$43.64MshortTermDebtEBITDA − capex$95.05MPrincipal due is short-term debt.Result 1.27x | $144.18MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$176.07MtotalCashFromOperatingActivitiesCapex$31.89McapitalExpendituresFree cash flow$144.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $144.18M | 30.6%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$102.16MoperatingIncomeTax expense$11.85MincomeTaxExpensePretax income$69.62MincomeBeforeTaxTax rate17.0%Equity$28.97MtotalStockholderEquityDebt$328.01MshortLongTermDebtTotalCash$80.05McashInvested capital$276.93MResult 30.6% | 1.38xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$102.16MoperatingIncomeNet PP&E$74.10MpropertyPlantEquipmentResult 1.38x |
| 2019 | 48.6%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$120.38MpropertyPlantEquipmentInventory$185.70MinventoryTotal assets$629.54MtotalAssetsResult 48.6% | 7.59xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$913.73MtotalRevenueNet PP&E$120.38MpropertyPlantEquipmentResult 7.59x | 1.68xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$48.69McapitalExpendituresD&A$28.96MdepreciationAndAmortizationResult 1.68x | -$0.27Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$629.54MtotalAssetsGoodwill$54.29MgoodWillIntangibles$90.85MintangibleAssetsLiabilities$507.53MtotalLiabTangible book-$23.14MShares86,347,000commonStockSharesOutstandingResult -$0.27 | 1.90xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$118.73MebitdaCapex$48.69McapitalExpendituresInterest$21.78MinterestExpenseShort-term debt$15.00MshortLongTermDebtEBITDA − capex$70.04MPrincipal due is the current portion of debt.Result 1.90x | $38.20MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$86.89MtotalCashFromOperatingActivitiesCapex$48.69McapitalExpendituresFree cash flow$38.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $38.20M | 17.0%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$89.77MoperatingIncomeTax expense$16.82MincomeTaxExpensePretax income$67.26MincomeBeforeTaxTax rate25.0%Equity$122.01MtotalStockholderEquityDebt$346.87MshortLongTermDebtTotalCash$72.52McashInvested capital$396.36MResult 17.0% | 0.75xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$89.77MoperatingIncomeNet PP&E$120.38MpropertyPlantEquipmentResult 0.75x |
| 2020 | 34.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$112.17MpropertyPlantEquipmentInventory$140.11MinventoryTotal assets$737.07MtotalAssetsResult 34.2% | 9.73xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.09BtotalRevenueNet PP&E$112.17MpropertyPlantEquipmentResult 9.73x | 0.75xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$22.94McapitalExpendituresD&A$30.54MdepreciationAndAmortizationResult 0.75x | $1.62Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$737.07MtotalAssetsGoodwill$54.29MgoodWillIntangibles$92.08MintangibleAssetsLiabilities$448.65MtotalLiabTangible book$142.05MShares87,847,000commonStockSharesOutstandingResult $1.62 | 6.96xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$244.77MebitdaCapex$22.94McapitalExpendituresInterest$9.16MinterestExpenseShort-term debt$22.70MshortLongTermDebtEBITDA − capex$221.82MPrincipal due is the current portion of debt.Result 6.96x | $343.48MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$366.43MtotalCashFromOperatingActivitiesCapex$22.94McapitalExpendituresFree cash flow$343.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $343.48M | 76.1%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$214.23MoperatingIncomeTax expense$49.40MincomeTaxExpensePretax income$205.20MincomeBeforeTaxTax rate24.1%Equity$288.42MtotalStockholderEquityDebt$178.51MshortLongTermDebtTotalCash$253.28McashInvested capital$213.64MResult 76.1% | 1.91xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$214.23MoperatingIncomeNet PP&E$112.17MpropertyPlantEquipmentResult 1.91x |
| 2021 | 45.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$174.02MpropertyPlantEquipmentInventory$318.86MinventoryTotal assets$1.10BtotalAssetsResult 45.0% | 8.11xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.41BtotalRevenueNet PP&E$174.02MpropertyPlantEquipmentResult 8.11x | 2.05xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$65.76McapitalExpendituresD&A$32.07MdepreciationAndAmortizationResult 2.05x | $4.15Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.10BtotalAssetsGoodwill$54.29MgoodWillIntangibles$95.31MintangibleAssetsLiabilities$578.54MtotalLiabTangible book$368.22MShares88,666,000commonStockSharesOutstandingResult $4.15 | 8.53xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$303.82MebitdaCapex$65.76McapitalExpendituresInterest$3.34MinterestExpenseShort-term debt$24.56MshortLongTermDebtEBITDA − capex$238.06MPrincipal due is the current portion of debt.Result 8.53x | $80.76MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$146.52MtotalCashFromOperatingActivitiesCapex$65.76McapitalExpendituresFree cash flow$80.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $80.76M | 66.8%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$274.94MoperatingIncomeTax expense$55.81MincomeTaxExpensePretax income$268.41MincomeBeforeTaxTax rate20.8%Equity$517.82MtotalStockholderEquityDebt$120.30MlongTermDebt + shortLongTermDebtCash$312.19McashInvested capital$325.94MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 66.8% | 1.58xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$274.94MoperatingIncomeNet PP&E$174.02MpropertyPlantEquipmentResult 1.58x |
| 2022 | 51.2%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$179.99MpropertyPlantEquipmentInventory$371.41MinventoryTotal assets$1.08BtotalAssetsResult 51.2% | 8.86xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.60BtotalRevenueNet PP&E$179.99MpropertyPlantEquipmentResult 8.86x | 1.43xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$56.91McapitalExpendituresD&A$39.85MdepreciationAndAmortizationResult 1.43x | $4.27Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.08BtotalAssetsGoodwill$54.29MgoodWillIntangibles$99.43MintangibleAssetsLiabilities$550.29MtotalLiabTangible book$372.76MShares87,195,000commonStockSharesOutstandingResult $4.27 | 3.56xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$160.49MebitdaCapex$56.91McapitalExpendituresInterest$4.47MinterestExpenseShort-term debt$24.61MshortLongTermDebtEBITDA − capex$103.58MPrincipal due is the current portion of debt.Result 3.56x | $43.98MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$100.89MtotalCashFromOperatingActivitiesCapex$56.91McapitalExpendituresFree cash flow$43.98MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $43.98M | 25.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$126.36MoperatingIncomeTax expense$26.48MincomeTaxExpensePretax income$116.18MincomeBeforeTaxTax rate22.8%Equity$526.48MtotalStockholderEquityDebt$96.35MlongTermDebt + shortLongTermDebtCash$234.74McashInvested capital$388.09MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 25.1% | 0.70xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$126.36MoperatingIncomeNet PP&E$179.99MpropertyPlantEquipmentResult 0.70x |
| 2023 | 42.1%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$208.27MpropertyPlantAndEquipmentNetInventory$337.21MinventoryTotal assets$1.30BtotalAssetsResult 42.1% | 7.96xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.66BtotalRevenueNet PP&E$208.27MpropertyPlantAndEquipmentNetResult 7.96x | 1.57xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$72.82McapitalExpendituresD&A$46.43MdepreciationAndAmortizationResult 1.57x | $6.31Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.30BtotalAssetsGoodwill$54.29MgoodWillIntangibles$117.63MintangibleAssetsLiabilities$573.58MtotalLiabTangible book$551.69MShares87,403,000commonStockSharesOutstandingResult $6.31 | 34.40xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$273.32MebitdaCapex$72.82McapitalExpendituresInterest$1.61MinterestExpenseShort-term debt$4.22MshortLongTermDebtEBITDA − capex$200.50MPrincipal due is the current portion of debt.Result 34.40x | $213.12MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$285.94MtotalCashFromOperatingActivitiesCapex$72.82McapitalExpendituresFree cash flow$213.12MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $213.12M | 46.6%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$225.46MoperatingIncomeTax expense$56.06MincomeTaxExpensePretax income$225.95MincomeBeforeTaxTax rate24.8%Equity$723.61MtotalStockholderEquityDebt$79.42MlongTermDebt + shortLongTermDebtCash$438.96McashInvested capital$364.07MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 46.6% | 1.08xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$225.46MoperatingIncomeNet PP&E$208.27MpropertyPlantAndEquipmentNetResult 1.08x |
| 2024 | 40.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$204.55MpropertyPlantAndEquipmentNetInventory$310.06MinventoryTotal assets$1.29BtotalAssetsResult 40.0% | 8.95xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.83BtotalRevenueNet PP&E$204.55MpropertyPlantAndEquipmentNetResult 8.95x | 0.87xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$41.83McapitalExpendituresD&A$48.13MdepreciationAndAmortizationResult 0.87x | $5.78Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.29BtotalAssetsGoodwill$72.56MgoodWillIntangibles$172.02MintangibleAssetsLiabilities$546.01MtotalLiabTangible book$495.53MShares85,755,000commonStockSharesOutstandingResult $5.78 | 50.28xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$281.53MebitdaCapex$41.83McapitalExpendituresInterest$548.00KinterestExpenseShort-term debt$4.22MshortLongTermDebtEBITDA − capex$239.70MPrincipal due is the current portion of debt.Result 50.28x | $219.55MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$261.39MtotalCashFromOperatingActivitiesCapex$41.83McapitalExpendituresFree cash flow$219.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $219.55M | 40.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$245.38MoperatingIncomeTax expense$57.16MincomeTaxExpensePretax income$232.85MincomeBeforeTaxTax rate24.5%Equity$740.11MtotalStockholderEquityDebt$75.85MlongTermDebt + shortLongTermDebtCash$358.80McashInvested capital$457.16MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 40.5% | 1.20xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$245.38MoperatingIncomeNet PP&E$204.55MpropertyPlantAndEquipmentNetResult 1.20x |
| 2025 | 43.4%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$273.64MpropertyPlantAndEquipmentNetInventory$290.61MinventoryTotal assets$1.30BtotalAssetsResult 43.4% | 6.83xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.87BtotalRevenueNet PP&E$273.64MpropertyPlantAndEquipmentNetResult 6.83x | 0.79xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$42.67McapitalExpendituresD&A$54.23MdepreciationAndAmortizationResult 0.79x | $4.39Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.30BtotalAssetsGoodwill$72.31MgoodWillIntangibles$219.79MintangibleAssetsLiabilities$649.81MtotalLiabTangible book$358.18MShares81,595,000commonStockSharesOutstandingResult $4.39 | 49.83xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$274.96MebitdaCapex$42.67McapitalExpendituresInterest$443.00KinterestExpenseShort-term debt$4.22MshortLongTermDebtEBITDA − capex$232.29MPrincipal due is the current portion of debt.Result 49.83x | $212.07MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$254.74MtotalCashFromOperatingActivitiesCapex$42.67McapitalExpendituresFree cash flow$212.07MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $212.07M | 30.0%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$213.56MoperatingIncomeTax expense$54.89MincomeTaxExpensePretax income$220.28MincomeBeforeTaxTax rate24.9%Equity$650.28MtotalStockholderEquityDebt$72.28MlongTermDebt + shortLongTermDebtCash$188.34McashInvested capital$534.22MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 30.0% | 0.78xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$213.56MoperatingIncomeNet PP&E$273.64MpropertyPlantAndEquipmentNetResult 0.78x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $273.64M
Inventory: $290.61M
Total assets: $1.30B
Goodwill: $72.31M
Intangibles: $219.79M
Liabilities: $649.81M
Tangible book: $358.18M
Shares: 81,595,000
Revenue: $1.87B
Capex: $42.67M
D&A: $54.23M
EBITDA: $274.96M
Interest: $443.00K
Short-term debt: $4.22M
Free cash flow: $212.07M
Operating income: $213.56M
Invested capital: $534.22M
Tax rate: 24.9%