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.
Crane NXT Co
Physical assets are 15.2% of total assets, a light footprint. Capex is 0.41x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 9.8%, above 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 5.45x.
Physical asset ratio
15.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$303.80MpropertyPlantEquipmentInventory$169.50MinventoryTotal assets$3.12BtotalAssetsResult 15.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.45xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.66BtotalRevenueNet PP&E$303.80MpropertyPlantEquipmentResult 5.45x
Revenue per dollar of the physical asset base.
Capex / D&A
0.41xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$43.20McapitalExpendituresD&A$106.60MdepreciationAndAmortizationResult 0.41x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$8.01Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.12BtotalAssetsGoodwill$1.16BgoodWillIntangibles$557.20MintangibleAssetsLiabilities$1.86BtotalLiabTangible book-$464.40MShares58,000,000commonStockSharesOutstandingResult -$8.01
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$61.62Latest quoteTangible book / share-$8.012025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $61.62.
Fixed-charge coverage
1.56xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$347.90MebitdaCapex$43.20McapitalExpendituresInterest$60.30MinterestExpenseShort-term debt$135.10MshortTermDebtEBITDA − capex$304.70MPrincipal due is short-term debt.Result 1.56x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.7%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$198.30MfreeCashFlowMarket cap$3.46BMarketCapitalizationResult 5.7%
Latest free cash flow divided by current market cap ($3.46B).
ROIC
9.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$263.50MoperatingIncomeTax expense$35.90MincomeTaxExpensePretax income$181.00MincomeBeforeTaxTax rate19.8%Equity$1.26BtotalStockholderEquityDebt$1.14BshortLongTermDebtTotalCash$233.80McashAndEquivalentsInvested capital$2.16BResult 9.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.87x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 25.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$599.10MpropertyPlantAndEquipmentNetInventory$411.50MinventoryTotal assets$4.04BtotalAssetsResult 25.0% | 5.58xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$3.35BtotalRevenueNet PP&E$599.10MpropertyPlantAndEquipmentNetResult 5.58x | 0.91xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$108.80McapitalExpendituresD&A$120.00MdepreciationAndAmortizationResult 0.91x | $2.02Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.04BtotalAssetsGoodwill$1.40BgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$2.52BtotalLiabTangible book$123.40MShares61,000,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $2.02 | 8.19xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$582.30MebitdaCapex$108.80McapitalExpendituresInterest$50.90MinterestExpenseShort-term debt$6.90MshortTermDebtEBITDA − capex$473.50MPrincipal due is short-term debt.Result 8.19x | $305.00MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$413.80MtotalCashFromOperatingActivitiesCapex$108.80McapitalExpendituresFree cash flow$305.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $305.00M | 17.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$468.30MoperatingIncomeTax expense$75.90MincomeTaxExpensePretax income$411.40MincomeBeforeTaxTax rate18.4%Equity$1.52BtotalStockholderEquityDebt$949.20MshortLongTermDebtTotalCash$343.40McashInvested capital$2.13BResult 17.9% | 0.78xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$468.30MoperatingIncomeNet PP&E$599.10MpropertyPlantAndEquipmentNetResult 0.78x |
| 2019 | 26.8%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$728.90MpropertyPlantAndEquipmentNetInventory$457.30MinventoryTotal assets$4.42BtotalAssetsResult 26.8% | 4.50xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$3.28BtotalRevenueNet PP&E$728.90MpropertyPlantAndEquipmentNetResult 4.50x | 0.61xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$68.80McapitalExpendituresD&A$113.50MdepreciationAndAmortizationResult 0.61x | -$8.84Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.42BtotalAssetsGoodwill$1.47BgoodWillIntangibles$505.10MintangibleAssetsLiabilities$2.95BtotalLiabTangible book-$501.20MShares56,700,000commonStockSharesOutstandingResult -$8.84 | 1.19xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$331.00MebitdaCapex$68.80McapitalExpendituresInterest$46.80MinterestExpenseShort-term debt$173.40MshortTermDebtEBITDA − capex$262.20MPrincipal due is short-term debt.Result 1.19x | $325.10MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$393.90MtotalCashFromOperatingActivitiesCapex$68.80McapitalExpendituresFree cash flow$325.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $325.10M | 7.5%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$210.40MoperatingIncomeTax expense$37.10MincomeTaxExpensePretax income$170.70MincomeBeforeTaxTax rate21.7%Equity$1.47BtotalStockholderEquityDebt$1.11BshortLongTermDebtTotalCash$393.90McashInvested capital$2.19BResult 7.5% | 0.29xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$210.40MoperatingIncomeNet PP&E$728.90MpropertyPlantAndEquipmentNetResult 0.29x |
| 2020 | 24.3%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$677.40MpropertyPlantEquipmentInventory$438.20MinventoryTotal assets$4.59BtotalAssetsResult 24.3% | 4.34xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$2.94BtotalRevenueNet PP&E$677.40MpropertyPlantEquipmentResult 4.34x | 0.27xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$34.10McapitalExpendituresD&A$127.50MdepreciationAndAmortizationResult 0.27x | -$10.55Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.59BtotalAssetsGoodwill$1.61BgoodWillIntangibles$520.30MintangibleAssetsLiabilities$3.06BtotalLiabTangible book-$598.20MShares56,700,000commonStockSharesOutstandingResult -$10.55 | 0.87xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$407.30MebitdaCapex$34.10McapitalExpendituresInterest$55.30MinterestExpenseShort-term debt$375.70MshortLongTermDebtEBITDA − capex$373.20MPrincipal due is the current portion of debt.Result 0.87x | $275.40MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$309.50MtotalCashFromOperatingActivitiesCapex$34.10McapitalExpendituresFree cash flow$275.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $275.40M | 9.2%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$262.90MoperatingIncomeTax expense$43.40MincomeTaxExpensePretax income$224.50MincomeBeforeTaxTax rate19.3%Equity$1.53BtotalStockholderEquityDebt$1.33BshortLongTermDebtTotalCash$551.00McashAndEquivalentsInvested capital$2.31BResult 9.2% | 0.39xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$262.90MoperatingIncomeNet PP&E$677.40MpropertyPlantEquipmentResult 0.39x |
| 2021 | 22.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$555.60MpropertyPlantEquipmentInventory$449.10MinventoryTotal assets$4.49BtotalAssetsResult 22.4% | 2.42xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.35BtotalRevenueNet PP&E$555.60MpropertyPlantEquipmentResult 2.42x | 0.45xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$53.90McapitalExpendituresD&A$119.50MdepreciationAndAmortizationResult 0.45x | -$3.81Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$4.49BtotalAssetsGoodwill$1.58BgoodWillIntangibles$467.10MintangibleAssetsLiabilities$2.65BtotalLiabTangible book-$215.80MShares56,700,000commonStockSharesOutstandingResult -$3.81 | 4.34xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$403.50MebitdaCapex$53.90McapitalExpendituresInterest$57.90MinterestExpenseShort-term debt$22.70MshortTermDebtEBITDA − capex$349.60MPrincipal due is short-term debt.Result 4.34x | $444.60MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$498.50MtotalCashFromOperatingActivitiesCapex$53.90McapitalExpendituresFree cash flow$444.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $444.60M | 9.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$279.20MoperatingIncomeTax expense$48.10MincomeTaxExpensePretax income$226.10MincomeBeforeTaxTax rate21.3%Equity$1.83BtotalStockholderEquityDebt$944.50MshortLongTermDebtTotalCash$478.60McashAndEquivalentsInvested capital$2.30BResult 9.6% | 0.50xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$279.20MoperatingIncomeNet PP&E$555.60MpropertyPlantEquipmentResult 0.50x |
| 2022 | 20.7%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$295.60MpropertyPlantEquipmentInventory$145.60MinventoryTotal assets$2.13BtotalAssetsResult 20.7% | 4.53xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.34BtotalRevenueNet PP&E$295.60MpropertyPlantEquipmentResult 4.53x | 0.74xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$58.40McapitalExpendituresD&A$78.70MdepreciationAndAmortizationResult 0.74x | -$7.01Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.13BtotalAssetsGoodwill$836.60MgoodWillIntangibles$344.90MintangibleAssetsLiabilities$1.35BtotalLiabTangible book-$397.70MShares56,725,307commonStockSharesOutstandingResult -$7.01 | 0.89xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$383.30MebitdaCapex$58.40McapitalExpendituresInterest$56.30MinterestExpenseShort-term debt$307.10MshortTermDebtEBITDA − capex$324.90MPrincipal due is short-term debt.Result 0.89x | -$76.00MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$17.60MtotalCashFromOperatingActivitiesCapex$58.40McapitalExpendituresFree cash flow-$76.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$76.00M | 17.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$301.30MoperatingIncomeTax expense$43.40MincomeTaxExpensePretax income$248.30MincomeBeforeTaxTax rate17.5%Equity$783.80MtotalStockholderEquityDebt$881.20MshortLongTermDebtTotalCash$230.70McashAndEquivalentsInvested capital$1.43BResult 17.3% | 1.02xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$301.30MoperatingIncomeNet PP&E$295.60MpropertyPlantEquipmentResult 1.02x |
| 2023 | 19.6%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$261.20MpropertyPlantEquipmentInventory$157.10MinventoryTotal assets$2.13BtotalAssetsResult 19.6% | 5.33xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.39BtotalRevenueNet PP&E$261.20MpropertyPlantEquipmentResult 5.33x | 0.40xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$31.10McapitalExpendituresD&A$77.60MdepreciationAndAmortizationResult 0.40x | -$3.24Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.13BtotalAssetsGoodwill$841.20MgoodWillIntangibles$308.90MintangibleAssetsLiabilities$1.17BtotalLiabTangible book-$186.10MShares57,500,000commonStockSharesOutstandingResult -$3.24 | 6.10xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$368.00MebitdaCapex$31.10McapitalExpendituresInterest$50.60MinterestExpenseShort-term debt$4.60MshortLongTermDebtEBITDA − capex$336.90MPrincipal due is the current portion of debt.Result 6.10x | $245.20MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$276.30MtotalCashFromOperatingActivitiesCapex$31.10McapitalExpendituresFree cash flow$245.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $245.20M | 15.7%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$286.80MoperatingIncomeTax expense$51.50MincomeTaxExpensePretax income$239.80MincomeBeforeTaxTax rate21.5%Equity$964.00MtotalStockholderEquityDebt$694.70MshortLongTermDebtTotalCash$227.20McashAndEquivalentsInvested capital$1.43BResult 15.7% | 1.10xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$286.80MoperatingIncomeNet PP&E$261.20MpropertyPlantEquipmentResult 1.10x |
| 2024 | 17.5%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$272.30MpropertyPlantEquipmentInventory$144.80MinventoryTotal assets$2.39BtotalAssetsResult 17.5% | 5.46xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.49BtotalRevenueNet PP&E$272.30MpropertyPlantEquipmentResult 5.46x | 0.52xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$45.40McapitalExpendituresD&A$86.80MdepreciationAndAmortizationResult 0.52x | -$5.38Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.39BtotalAssetsGoodwill$956.60MgoodWillIntangibles$419.30MintangibleAssetsLiabilities$1.32BtotalLiabTangible book-$311.00MShares57,800,000commonStockSharesOutstandingResult -$5.38 | 1.22xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$361.00MebitdaCapex$45.40McapitalExpendituresInterest$47.80MinterestExpenseShort-term debt$210.00MshortLongTermDebtEBITDA − capex$315.60MPrincipal due is the current portion of debt.Result 1.22x | $168.70MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$214.10MtotalCashFromOperatingActivitiesCapex$45.40McapitalExpendituresFree cash flow$168.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $168.70M | 12.8%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$268.80MoperatingIncomeTax expense$42.30MincomeTaxExpensePretax income$226.40MincomeBeforeTaxTax rate18.7%Equity$1.06BtotalStockholderEquityDebt$813.90MshortLongTermDebtTotalCash$165.80McashAndEquivalentsInvested capital$1.71BResult 12.8% | 0.99xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$268.80MoperatingIncomeNet PP&E$272.30MpropertyPlantEquipmentResult 0.99x |
| 2025 | 15.2%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$303.80MpropertyPlantEquipmentInventory$169.50MinventoryTotal assets$3.12BtotalAssetsResult 15.2% | 5.45xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.66BtotalRevenueNet PP&E$303.80MpropertyPlantEquipmentResult 5.45x | 0.41xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$43.20McapitalExpendituresD&A$106.60MdepreciationAndAmortizationResult 0.41x | -$8.01Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.12BtotalAssetsGoodwill$1.16BgoodWillIntangibles$557.20MintangibleAssetsLiabilities$1.86BtotalLiabTangible book-$464.40MShares58,000,000commonStockSharesOutstandingResult -$8.01 | 1.56xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$347.90MebitdaCapex$43.20McapitalExpendituresInterest$60.30MinterestExpenseShort-term debt$135.10MshortTermDebtEBITDA − capex$304.70MPrincipal due is short-term debt.Result 1.56x | $198.30MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$241.50MtotalCashFromOperatingActivitiesCapex$43.20McapitalExpendituresFree cash flow$198.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $198.30M | 9.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$263.50MoperatingIncomeTax expense$35.90MincomeTaxExpensePretax income$181.00MincomeBeforeTaxTax rate19.8%Equity$1.26BtotalStockholderEquityDebt$1.14BshortLongTermDebtTotalCash$233.80McashAndEquivalentsInvested capital$2.16BResult 9.8% | 0.87xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$263.50MoperatingIncomeNet PP&E$303.80MpropertyPlantEquipmentResult 0.87x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $303.80M
Inventory: $169.50M
Total assets: $3.12B
Goodwill: $1.16B
Intangibles: $557.20M
Liabilities: $1.86B
Tangible book: -$464.40M
Shares: 58,000,000
Revenue: $1.66B
Capex: $43.20M
D&A: $106.60M
EBITDA: $347.90M
Interest: $60.30M
Short-term debt: $135.10M
Free cash flow: $198.30M
Operating income: $263.50M
Invested capital: $2.16B
Tax rate: 19.8%