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.
Camtek Ltd
Physical assets are 14.1% of total assets, a light footprint. Capex is 1.22x 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 26.5%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 7.62x.
Physical asset ratio
14.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$65.11MpropertyPlantAndEquipmentNetInventory$112.20MinventoryTotal assets$1.26BtotalAssetsResult 14.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.62xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$496.07MtotalRevenueNet PP&E$65.11MpropertyPlantAndEquipmentNetResult 7.62x
Revenue per dollar of the physical asset base.
Capex / D&A
1.22xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$14.40McapitalExpendituresD&A$11.78MdepreciationAndAmortizationResult 1.22x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$10.66Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.26BtotalAssetsGoodwill$74.35MgoodWillIntangibles$10.06MintangibleAssetsLiabilities$642.83MtotalLiabTangible book$532.60MShares49,970,000commonStockSharesOutstandingResult $10.66
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
9.52xPrice / tangible bookPrice / tangible book per sharePrice$101.46Latest quoteTangible book / share$10.662025-12-31Result 9.52x
Price $101.46.
Fixed-charge coverage
30.02xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$64.11MebitdaCapex$14.40McapitalExpendituresInterest$1.66MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$49.72MShort-term debt is total debt minus long-term debt.Result 30.02x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.4%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$127.48MfreeCashFlowMarket cap$5.24BMarketCapitalizationResult 2.4%
Latest free cash flow divided by current market cap ($5.24B).
ROIC
26.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$128.20MoperatingIncomeTax expense$1.61MincomeTaxExpensePretax income$52.34MincomeBeforeTaxTax rate3.1%Equity$617.00MtotalStockholderEquityDebt$519.83MshortLongTermDebtTotalCash$668.16McashAndShortTermInvestmentsInvested capital$468.68MResult 26.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.97x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 33.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$17.12MpropertyPlantEquipmentInventory$30.11MinventoryTotal assets$141.55MtotalAssetsResult 33.4% | 7.20xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$123.17MtotalRevenueNet PP&E$17.12MpropertyPlantEquipmentResult 7.20x | 1.14xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$2.24McapitalExpendituresD&A$1.97MdepreciationAndAmortizationResult 1.14x | $2.75Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$141.55MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$476.00KintangibleAssetsLiabilities$40.14MtotalLiabTangible book$100.93MShares36,747,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.75 | 14.91xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$22.00MebitdaCapex$2.24McapitalExpendituresInterest$728.00KinterestExpenseShort-term debt$597.00KshortTermDebtEBITDA − capex$19.76MPrincipal due is short-term debt.Result 14.91x | $14.55MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$16.79MtotalCashFromOperatingActivitiesCapex$2.24McapitalExpendituresFree cash flow$14.55MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.55M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$20.03MoperatingIncomeTax expense$2.03MincomeTaxExpensePretax income$20.76MincomeBeforeTaxTax rate9.8%Equity$101.41MtotalStockholderEquityDebt—Not reportedCash$54.94McashInvested capital—Result — | 1.17xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$20.03MoperatingIncomeNet PP&E$17.12MpropertyPlantEquipmentResult 1.17x |
| 2019 | 24.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.53MpropertyPlantEquipmentInventory$23.80MinventoryTotal assets$171.40MtotalAssetsResult 24.7% | 7.23xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$134.02MtotalRevenueNet PP&E$18.53MpropertyPlantEquipmentResult 7.23x | 0.64xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.36McapitalExpendituresD&A$2.13MdepreciationAndAmortizationResult 0.64x | $3.53Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$171.40MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$491.00KintangibleAssetsLiabilities$35.10MtotalLiabTangible book$135.81MShares38,432,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.53 | 4.62xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$24.11MebitdaCapex$1.36McapitalExpendituresInterest$4.10MinterestExpenseShort-term debt$826.00KshortTermDebtEBITDA − capex$22.74MPrincipal due is short-term debt.Result 4.62x | $23.26MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$24.63MtotalCashFromOperatingActivitiesCapex$1.36McapitalExpendituresFree cash flow$23.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $23.26M | 41.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$21.97MoperatingIncomeTax expense$1.95MincomeTaxExpensePretax income$22.77MincomeBeforeTaxTax rate8.6%Equity$136.30MtotalStockholderEquityDebt$1.60MshortLongTermDebtTotalCash$89.55McashAndShortTermInvestmentsInvested capital$48.36MResult 41.5% | 1.19xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$21.97MoperatingIncomeNet PP&E$18.53MpropertyPlantEquipmentResult 1.19x |
| 2020 | 20.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$20.40MpropertyPlantEquipmentInventory$39.74MinventoryTotal assets$289.40MtotalAssetsResult 20.8% | 7.64xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$155.86MtotalRevenueNet PP&E$20.40MpropertyPlantEquipmentResult 7.64x | 1.08xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.41McapitalExpendituresD&A$2.23MdepreciationAndAmortizationResult 1.08x | $5.61Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$289.40MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$609.00KintangibleAssetsLiabilities$62.13MtotalLiabTangible book$226.66MShares40,372,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $5.61 | 5.99xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$24.86MebitdaCapex$2.41McapitalExpendituresInterest$3.01MinterestExpenseShort-term debt$736.00KshortTermDebtEBITDA − capex$22.45MPrincipal due is short-term debt.Result 5.99x | $23.34MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$25.75MtotalCashFromOperatingActivitiesCapex$2.41McapitalExpendituresFree cash flow$23.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $23.34M | 41.4%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$22.62MoperatingIncomeTax expense$1.62MincomeTaxExpensePretax income$23.40MincomeBeforeTaxTax rate6.9%Equity$227.26MtotalStockholderEquityDebt$1.42MshortLongTermDebtTotalCash$177.82McashAndShortTermInvestmentsInvested capital$50.86MResult 41.4% | 1.11xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$22.62MoperatingIncomeNet PP&E$20.40MpropertyPlantEquipmentResult 1.11x |
| 2021 | 14.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$25.40MpropertyPlantEquipmentInventory$58.76MinventoryTotal assets$585.61MtotalAssetsResult 14.4% | 10.62xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$269.66MtotalRevenueNet PP&E$25.40MpropertyPlantEquipmentResult 10.62x | 1.45xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$4.07McapitalExpendituresD&A$2.81MdepreciationAndAmortizationResult 1.45x | $6.51Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$585.61MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$610.00KintangibleAssetsLiabilities$291.98MtotalLiabTangible book$293.02MShares45,035,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $6.51 | 14.33xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$73.71MebitdaCapex$4.07McapitalExpendituresInterest$3.84MinterestExpenseShort-term debt$1.02MshortTermDebtEBITDA − capex$69.64MPrincipal due is short-term debt.Result 14.33x | $56.89MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$60.96MtotalCashFromOperatingActivitiesCapex$4.07McapitalExpendituresFree cash flow$56.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $56.89M | 63.7%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$70.90MoperatingIncomeTax expense$11.65MincomeTaxExpensePretax income$71.93MincomeBeforeTaxTax rate16.2%Equity$293.63MtotalStockholderEquityDebt$197.58MshortLongTermDebtTotalCash$397.94McashAndShortTermInvestmentsInvested capital$93.26MResult 63.7% | 2.79xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$70.90MoperatingIncomeNet PP&E$25.40MpropertyPlantEquipmentResult 2.79x |
| 2022 | 14.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$33.14MpropertyPlantEquipmentInventory$65.54MinventoryTotal assets$677.09MtotalAssetsResult 14.6% | 9.68xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$320.91MtotalRevenueNet PP&E$33.14MpropertyPlantEquipmentResult 9.68x | 2.00xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$8.20McapitalExpendituresD&A$4.09MdepreciationAndAmortizationResult 2.00x | $7.95Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$677.09MtotalAssetsGoodwill$0.00goodWillIntangibles$597.00KintangibleAssetsLiabilities$292.99MtotalLiabTangible book$383.51MShares48,229,000commonStockSharesOutstandingResult $7.95 | 26.65xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$85.59MebitdaCapex$8.20McapitalExpendituresInterest$1.61MinterestExpenseShort-term debt$1.30MshortTermDebtEBITDA − capex$77.40MPrincipal due is short-term debt.Result 26.65x | $49.60MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$57.80MtotalCashFromOperatingActivitiesCapex$8.20McapitalExpendituresFree cash flow$49.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $49.60M | 40.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$81.50MoperatingIncomeTax expense$8.24MincomeTaxExpensePretax income$88.19MincomeBeforeTaxTax rate9.3%Equity$384.10MtotalStockholderEquityDebt$199.44MshortLongTermDebtTotalCash$399.66McashAndShortTermInvestmentsInvested capital$183.88MResult 40.2% | 2.46xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$81.50MoperatingIncomeNet PP&E$33.14MpropertyPlantEquipmentResult 2.46x |
| 2023 | 16.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$41.99MpropertyPlantAndEquipmentNetInventory$85.91MinventoryTotal assets$787.67MtotalAssetsResult 16.2% | 7.51xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$315.38MtotalRevenueNet PP&E$41.99MpropertyPlantAndEquipmentNetResult 7.51x | 1.40xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$8.10McapitalExpendituresD&A$5.78MdepreciationAndAmortizationResult 1.40x | $7.88Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$787.67MtotalAssetsGoodwill$74.35MgoodWillIntangibles$16.94MintangibleAssetsLiabilities$311.52MtotalLiabTangible book$384.87MShares48,863,000commonStockSharesOutstandingResult $7.88 | 25.10xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$94.51MebitdaCapex$8.10McapitalExpendituresInterest$1.76MinterestExpenseShort-term debt$1.69MshortTermDebtEBITDA − capex$86.41MPrincipal due is short-term debt.Result 25.10x | $71.23MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$79.32MtotalCashFromOperatingActivitiesCapex$8.10McapitalExpendituresFree cash flow$71.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $71.23M | 18.2%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$65.41MoperatingIncomeTax expense$9.00MincomeTaxExpensePretax income$87.63MincomeBeforeTaxTax rate10.3%Equity$476.15MtotalStockholderEquityDebt$201.15MshortLongTermDebtTotalCash$354.03McashAndShortTermInvestmentsInvested capital$323.27MResult 18.2% | 1.56xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$65.41MoperatingIncomeNet PP&E$41.99MpropertyPlantAndEquipmentNetResult 1.56x |
| 2024 | 18.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$54.20MpropertyPlantAndEquipmentNetInventory$111.20MinventoryTotal assets$892.04MtotalAssetsResult 18.5% | 7.92xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$429.23MtotalRevenueNet PP&E$54.20MpropertyPlantAndEquipmentNetResult 7.92x | 0.95xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$10.10McapitalExpendituresD&A$10.67MdepreciationAndAmortizationResult 0.95x | $9.35Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$892.04MtotalAssetsGoodwill$74.35MgoodWillIntangibles$13.36MintangibleAssetsLiabilities$342.81MtotalLiabTangible book$461.53MShares49,369,000commonStockSharesOutstandingResult $9.35 | 37.10xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$143.00MebitdaCapex$10.10McapitalExpendituresInterest$1.09MinterestExpenseShort-term debt$2.49MshortTermDebtEBITDA − capex$132.90MPrincipal due is short-term debt.Result 37.10x | $112.14MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$122.24MtotalCashFromOperatingActivitiesCapex$10.10McapitalExpendituresFree cash flow$112.14MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $112.14M | 26.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$108.07MoperatingIncomeTax expense$12.72MincomeTaxExpensePretax income$131.24MincomeBeforeTaxTax rate9.7%Equity$549.24MtotalStockholderEquityDebt$207.07MshortLongTermDebtTotalCash$388.04McashAndShortTermInvestmentsInvested capital$368.27MResult 26.5% | 1.99xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$108.07MoperatingIncomeNet PP&E$54.20MpropertyPlantAndEquipmentNetResult 1.99x |
| 2025 | 14.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$65.11MpropertyPlantAndEquipmentNetInventory$112.20MinventoryTotal assets$1.26BtotalAssetsResult 14.1% | 7.62xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$496.07MtotalRevenueNet PP&E$65.11MpropertyPlantAndEquipmentNetResult 7.62x | 1.22xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$14.40McapitalExpendituresD&A$11.78MdepreciationAndAmortizationResult 1.22x | $10.66Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.26BtotalAssetsGoodwill$74.35MgoodWillIntangibles$10.06MintangibleAssetsLiabilities$642.83MtotalLiabTangible book$532.60MShares49,970,000commonStockSharesOutstandingResult $10.66 | 30.02xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$64.11MebitdaCapex$14.40McapitalExpendituresInterest$1.66MinterestExpenseShort-term debt$0.00shortLongTermDebtTotal − longTermDebtEBITDA − capex$49.72MShort-term debt is total debt minus long-term debt.Result 30.02x | $127.48MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$141.87MtotalCashFromOperatingActivitiesCapex$14.40McapitalExpendituresFree cash flow$127.48MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $127.48M | 26.5%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$128.20MoperatingIncomeTax expense$1.61MincomeTaxExpensePretax income$52.34MincomeBeforeTaxTax rate3.1%Equity$617.00MtotalStockholderEquityDebt$519.83MshortLongTermDebtTotalCash$668.16McashAndShortTermInvestmentsInvested capital$468.68MResult 26.5% | 1.97xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$128.20MoperatingIncomeNet PP&E$65.11MpropertyPlantAndEquipmentNetResult 1.97x |
- Receivables are larger than the physical asset base, so a finance or credit book may sit outside the physical ratio and inside the debt used for coverage.
- Principal due is total debt minus long-term debt.
Latest year inputs (2025)
Net PP&E: $65.11M
Inventory: $112.20M
Total assets: $1.26B
Goodwill: $74.35M
Intangibles: $10.06M
Liabilities: $642.83M
Tangible book: $532.60M
Shares: 49,970,000
Revenue: $496.07M
Capex: $14.40M
D&A: $11.78M
EBITDA: $64.11M
Interest: $1.66M
Short-term debt: $0.00
Free cash flow: $127.48M
Operating income: $128.20M
Invested capital: $468.68M
Tax rate: 3.1%