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.
Duluth Holdings Inc
Physical assets are 86.7% of total assets, a heavy footprint. Capex is 0.30x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash.
Fixed-asset turnover is 2.62x. Compare it with other names in the same basket.
Physical asset ratio
86.7%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$215.77MpropertyPlantAndEquipmentNetInventory$133.36MinventoryTotal assets$402.61MtotalAssetsResult 86.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.62xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$565.18MtotalRevenueNet PP&E$215.77MpropertyPlantAndEquipmentNetResult 2.62x
Revenue per dollar of the physical asset base.
Capex / D&A
0.30xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$7.60McapitalExpendituresD&A$25.47MdepreciationAndAmortizationResult 0.30x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.80Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$402.61MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$397.00KintangibleAssetsLiabilities$236.49MtotalLiabTangible book$165.72MShares34,537,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $4.80
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.84xPrice / tangible bookPrice / tangible book per sharePrice$4.04Latest quoteTangible book / share$4.802026-01-31Result 0.84x
Price $4.04.
Fixed-charge coverage
1.29xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$15.61MebitdaCapex$7.60McapitalExpendituresInterest$5.20MinterestExpenseShort-term debt$1.02MshortLongTermDebtEBITDA − capex$8.01MPrincipal due is the current portion of debt.Result 1.29x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
10.7%Free cash flow yield · 2026-01-31Latest free cash flow / current market capFree cash flow$16.57MfreeCashFlowMarket cap$155.06MMarketCapitalizationResult 10.7%
Latest free cash flow divided by current market cap ($155.06M).
ROIC
—ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$8.93MoperatingIncomeTax expense$1.19MincomeTaxExpensePretax income-$15.06MincomeBeforeTaxTax rate—Equity$168.97MtotalStockholderEquityDebt$24.36MlongTermDebt + shortLongTermDebtCash$16.35McashInvested capital$176.99MReported 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 —
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is -0.04x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 91.1%Physical asset ratio · 2019-01-31(Net PP&E + inventory) / total assetsNet PP&E$167.11MpropertyPlantEquipmentInventory$97.18MinventoryTotal assets$289.96MtotalAssetsResult 91.1% | 3.40xFixed asset turnover · 2019-01-31Revenue / net PP&ERevenue$568.10MtotalRevenueNet PP&E$167.11MpropertyPlantEquipmentResult 3.40x | 4.21xCapex / D&A · 2019-01-31Capital expenditures / depreciation and amortizationCapex$53.04McapitalExpendituresD&A$12.59MdepreciationAndAmortizationResult 4.21x | $4.94Tangible book / share · 2019-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$289.96MtotalAssetsGoodwill$402.00KgoodWillIntangibles$306.00KintangibleAssetsLiabilities$129.70MtotalLiabTangible book$159.55MShares32,317,000commonStockSharesOutstandingResult $4.94 | -0.45xFixed-charge coverage · 2019-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$50.16MebitdaCapex$53.04McapitalExpendituresInterest$5.95MinterestExpenseShort-term debt$500.00KshortLongTermDebtEBITDA − capex-$2.88MPrincipal due is the current portion of debt.Result -0.45x | -$21.94MFree cash flow · 2019-01-31Reported free cash flowOperating cash flow$31.10MtotalCashFromOperatingActivitiesCapex$53.04McapitalExpendituresFree cash flow-$21.94MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$21.94M | 11.9%ROIC · 2019-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$37.18MoperatingIncomeTax expense$8.45MincomeTaxExpensePretax income$31.62MincomeBeforeTaxTax rate26.7%Equity$160.26MtotalStockholderEquityDebt$69.48MshortLongTermDebtTotalCash$731.00KcashInvested capital$229.01MResult 11.9% | 0.22xEBIT / PP&E · 2019-01-31Operating income / net PP&EOperating income$37.18MoperatingIncomeNet PP&E$167.11MpropertyPlantEquipmentResult 0.22x |
| 2020 | 95.4%Physical asset ratio · 2020-01-31(Net PP&E + inventory) / total assetsNet PP&E$304.18MpropertyPlantEquipmentInventory$147.85MinventoryTotal assets$474.05MtotalAssetsResult 95.4% | 2.02xFixed asset turnover · 2020-01-31Revenue / net PP&ERevenue$615.62MtotalRevenueNet PP&E$304.18MpropertyPlantEquipmentResult 2.02x | 1.39xCapex / D&A · 2020-01-31Capital expenditures / depreciation and amortizationCapex$30.79McapitalExpendituresD&A$22.08MdepreciationAndAmortizationResult 1.39x | $5.42Tangible book / share · 2020-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$474.05MtotalAssetsGoodwill$402.00KgoodWillIntangibles$283.00KintangibleAssetsLiabilities$297.94MtotalLiabTangible book$175.42MShares32,371,000commonStockSharesOutstandingResult $5.42 | 3.92xFixed-charge coverage · 2020-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$50.48MebitdaCapex$30.79McapitalExpendituresInterest$4.47MinterestExpenseShort-term debt$557.00KshortLongTermDebtEBITDA − capex$19.69MPrincipal due is the current portion of debt.Result 3.92x | -$24.09MFree cash flow · 2020-01-31Reported free cash flowOperating cash flow$6.70MtotalCashFromOperatingActivitiesCapex$30.79McapitalExpendituresFree cash flow-$24.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$24.09M | 8.9%ROIC · 2020-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$28.11MoperatingIncomeTax expense$5.43MincomeTaxExpensePretax income$23.93MincomeBeforeTaxTax rate22.7%Equity$178.27MtotalStockholderEquityDebt$67.67MlongTermDebt + shortLongTermDebtCash$538.00KcashInvested capital$245.40MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.9% | 0.09xEBIT / PP&E · 2020-01-31Operating income / net PP&EOperating income$28.11MoperatingIncomeNet PP&E$304.18MpropertyPlantEquipmentResult 0.09x |
| 2021 | 86.2%Physical asset ratio · 2021-01-31(Net PP&E + inventory) / total assetsNet PP&E$295.20MpropertyPlantEquipmentInventory$149.05MinventoryTotal assets$515.58MtotalAssetsResult 86.2% | 2.16xFixed asset turnover · 2021-01-31Revenue / net PP&ERevenue$638.78MtotalRevenueNet PP&E$295.20MpropertyPlantEquipmentResult 2.16x | 0.43xCapex / D&A · 2021-01-31Capital expenditures / depreciation and amortizationCapex$12.26McapitalExpendituresD&A$28.52MdepreciationAndAmortizationResult 0.43x | $5.85Tangible book / share · 2021-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$515.58MtotalAssetsGoodwill$402.00KgoodWillIntangibles$264.00KintangibleAssetsLiabilities$324.48MtotalLiabTangible book$190.43MShares32,580,000commonStockSharesOutstandingResult $5.85 | 4.32xFixed-charge coverage · 2021-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$52.80MebitdaCapex$12.26McapitalExpendituresInterest$6.26MinterestExpenseShort-term debt$3.12MshortLongTermDebtEBITDA − capex$40.54MPrincipal due is the current portion of debt.Result 4.32x | $38.49MFree cash flow · 2021-01-31Reported free cash flowOperating cash flow$50.75MtotalCashFromOperatingActivitiesCapex$12.26McapitalExpendituresFree cash flow$38.49MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $38.49M | 8.1%ROIC · 2021-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$24.22MoperatingIncomeTax expense$4.64MincomeTaxExpensePretax income$18.02MincomeBeforeTaxTax rate25.7%Equity$193.46MtotalStockholderEquityDebt$76.10MlongTermDebt + shortLongTermDebtCash$47.22McashInvested capital$222.34MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 8.1% | 0.08xEBIT / PP&E · 2021-01-31Operating income / net PP&EOperating income$24.22MoperatingIncomeNet PP&E$295.20MpropertyPlantEquipmentResult 0.08x |
| 2022 | 78.3%Physical asset ratio · 2022-01-31(Net PP&E + inventory) / total assetsNet PP&E$281.12MpropertyPlantEquipmentInventory$122.67MinventoryTotal assets$515.55MtotalAssetsResult 78.3% | 2.48xFixed asset turnover · 2022-01-31Revenue / net PP&ERevenue$698.58MtotalRevenueNet PP&E$281.12MpropertyPlantEquipmentResult 2.48x | 0.35xCapex / D&A · 2022-01-31Capital expenditures / depreciation and amortizationCapex$10.35McapitalExpendituresD&A$29.23MdepreciationAndAmortizationResult 0.35x | $6.76Tangible book / share · 2022-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$515.55MtotalAssetsGoodwill$402.00KgoodWillIntangibles$246.00KintangibleAssetsLiabilities$292.83MtotalLiabTangible book$222.07MShares32,851,000commonStockSharesOutstandingResult $6.76 | 11.65xFixed-charge coverage · 2022-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$73.38MebitdaCapex$10.35McapitalExpendituresInterest$4.72MinterestExpenseShort-term debt$693.00KshortLongTermDebtEBITDA − capex$63.03MPrincipal due is the current portion of debt.Result 11.65x | $81.63MFree cash flow · 2022-01-31Reported free cash flowOperating cash flow$91.98MtotalCashFromOperatingActivitiesCapex$10.35McapitalExpendituresFree cash flow$81.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $81.63M | 18.8%ROIC · 2022-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$44.10MoperatingIncomeTax expense$9.89MincomeTaxExpensePretax income$39.44MincomeBeforeTaxTax rate25.1%Equity$225.87MtotalStockholderEquityDebt$27.30MlongTermDebt + shortLongTermDebtCash$77.05McashInvested capital$176.12MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 18.8% | 0.16xEBIT / PP&E · 2022-01-31Operating income / net PP&EOperating income$44.10MoperatingIncomeNet PP&E$281.12MpropertyPlantEquipmentResult 0.16x |
| 2023 | 85.1%Physical asset ratio · 2023-01-31(Net PP&E + inventory) / total assetsNet PP&E$291.52MpropertyPlantAndEquipmentNetInventory$157.30MinventoryTotal assets$527.45MtotalAssetsResult 85.1% | 2.24xFixed asset turnover · 2023-01-31Revenue / net PP&ERevenue$653.31MtotalRevenueNet PP&E$291.52MpropertyPlantAndEquipmentNetResult 2.24x | 0.74xCapex / D&A · 2023-01-31Capital expenditures / depreciation and amortizationCapex$22.83McapitalExpendituresD&A$30.81MdepreciationAndAmortizationResult 0.74x | $6.86Tangible book / share · 2023-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$527.45MtotalAssetsGoodwill$402.00KgoodWillIntangibles$450.00KintangibleAssetsLiabilities$300.26MtotalLiabTangible book$226.35MShares32,991,000commonStockSharesOutstandingResult $6.86 | 3.30xFixed-charge coverage · 2023-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$37.42MebitdaCapex$22.83McapitalExpendituresInterest$3.65MinterestExpenseShort-term debt$768.00KshortLongTermDebtEBITDA − capex$14.58MPrincipal due is the current portion of debt.Result 3.30x | -$28.46MFree cash flow · 2023-01-31Reported free cash flowOperating cash flow-$5.63MtotalCashFromOperatingActivitiesCapex$22.83McapitalExpendituresFree cash flow-$28.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$28.46M | 2.2%ROIC · 2023-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$6.23MoperatingIncomeTax expense$708.00KincomeTaxExpensePretax income$2.95MincomeBeforeTaxTax rate24.0%Equity$230.41MtotalStockholderEquityDebt$26.68MlongTermDebt + shortLongTermDebtCash$45.55McashInvested capital$211.54MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 2.2% | 0.02xEBIT / PP&E · 2023-01-31Operating income / net PP&EOperating income$6.23MoperatingIncomeNet PP&E$291.52MpropertyPlantAndEquipmentNetResult 0.02x |
| 2024 | 85.7%Physical asset ratio · 2024-01-31(Net PP&E + inventory) / total assetsNet PP&E$294.46MpropertyPlantAndEquipmentNetInventory$125.76MinventoryTotal assets$490.45MtotalAssetsResult 85.7% | 2.20xFixed asset turnover · 2024-01-31Revenue / net PP&ERevenue$646.68MtotalRevenueNet PP&E$294.46MpropertyPlantAndEquipmentNetResult 2.20x | 1.53xCapex / D&A · 2024-01-31Capital expenditures / depreciation and amortizationCapex$49.09McapitalExpendituresD&A$32.16MdepreciationAndAmortizationResult 1.53x | $6.72Tangible book / share · 2024-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$490.45MtotalAssetsGoodwill$402.00KgoodWillIntangibles$436.00KintangibleAssetsLiabilities$268.28MtotalLiabTangible book$221.34MShares32,955,000commonStockSharesOutstandingResult $6.72 | -5.11xFixed-charge coverage · 2024-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$23.51MebitdaCapex$49.09McapitalExpendituresInterest$4.16MinterestExpenseShort-term debt$847.00KshortLongTermDebtEBITDA − capex-$25.57MPrincipal due is the current portion of debt.Result -5.11x | -$10.41MFree cash flow · 2024-01-31Reported free cash flowOperating cash flow$38.67MtotalCashFromOperatingActivitiesCapex$49.09McapitalExpendituresFree cash flow-$10.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.41M | —ROIC · 2024-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$9.57MoperatingIncomeTax expense-$2.86MincomeTaxExpensePretax income-$12.80MincomeBeforeTaxTax rate—Equity$225.23MtotalStockholderEquityDebt$25.99MlongTermDebt + shortLongTermDebtCash$32.16McashInvested capital$219.06MReported 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 — | -0.03xEBIT / PP&E · 2024-01-31Operating income / net PP&EOperating income-$9.57MoperatingIncomeNet PP&E$294.46MpropertyPlantAndEquipmentNetResult -0.03x |
| 2025 | 91.4%Physical asset ratio · 2025-01-31(Net PP&E + inventory) / total assetsNet PP&E$247.18MpropertyPlantAndEquipmentNetInventory$166.55MinventoryTotal assets$452.44MtotalAssetsResult 91.4% | 2.54xFixed asset turnover · 2025-01-31Revenue / net PP&ERevenue$626.63MtotalRevenueNet PP&E$247.18MpropertyPlantAndEquipmentNetResult 2.54x | 0.26xCapex / D&A · 2025-01-31Capital expenditures / depreciation and amortizationCapex$8.33McapitalExpendituresD&A$32.28MdepreciationAndAmortizationResult 0.26x | $5.37Tangible book / share · 2025-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$452.44MtotalAssetsGoodwill$0.00goodWillIntangibles$414.00KintangibleAssetsLiabilities$272.76MtotalLiabTangible book$179.27MShares33,368,000commonStockSharesOutstandingResult $5.37 | -2.32xFixed-charge coverage · 2025-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$4.41MebitdaCapex$8.33McapitalExpendituresInterest$4.55MinterestExpenseShort-term debt$931.00KshortLongTermDebtEBITDA − capex-$12.74MPrincipal due is the current portion of debt.Result -2.32x | -$25.25MFree cash flow · 2025-01-31Reported free cash flowOperating cash flow-$16.92MtotalCashFromOperatingActivitiesCapex$8.33McapitalExpendituresFree cash flow-$25.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$25.25M | —ROIC · 2025-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$36.86MoperatingIncomeTax expense$2.37MincomeTaxExpensePretax income-$41.24MincomeBeforeTaxTax rate—Equity$182.68MtotalStockholderEquityDebt$25.21MlongTermDebt + shortLongTermDebtCash$3.34McashInvested capital$204.56MReported 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 — | -0.15xEBIT / PP&E · 2025-01-31Operating income / net PP&EOperating income-$36.86MoperatingIncomeNet PP&E$247.18MpropertyPlantAndEquipmentNetResult -0.15x |
| 2026 | 86.7%Physical asset ratio · 2026-01-31(Net PP&E + inventory) / total assetsNet PP&E$215.77MpropertyPlantAndEquipmentNetInventory$133.36MinventoryTotal assets$402.61MtotalAssetsResult 86.7% | 2.62xFixed asset turnover · 2026-01-31Revenue / net PP&ERevenue$565.18MtotalRevenueNet PP&E$215.77MpropertyPlantAndEquipmentNetResult 2.62x | 0.30xCapex / D&A · 2026-01-31Capital expenditures / depreciation and amortizationCapex$7.60McapitalExpendituresD&A$25.47MdepreciationAndAmortizationResult 0.30x | $4.80Tangible book / share · 2026-01-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$402.61MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$397.00KintangibleAssetsLiabilities$236.49MtotalLiabTangible book$165.72MShares34,537,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $4.80 | 1.29xFixed-charge coverage · 2026-01-31(EBITDA − capex) / (interest + short-term debt)EBITDA$15.61MebitdaCapex$7.60McapitalExpendituresInterest$5.20MinterestExpenseShort-term debt$1.02MshortLongTermDebtEBITDA − capex$8.01MPrincipal due is the current portion of debt.Result 1.29x | $16.57MFree cash flow · 2026-01-31Reported free cash flowOperating cash flow$24.17MtotalCashFromOperatingActivitiesCapex$7.60McapitalExpendituresFree cash flow$16.57MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $16.57M | —ROIC · 2026-01-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$8.93MoperatingIncomeTax expense$1.19MincomeTaxExpensePretax income-$15.06MincomeBeforeTaxTax rate—Equity$168.97MtotalStockholderEquityDebt$24.36MlongTermDebt + shortLongTermDebtCash$16.35McashInvested capital$176.99MReported 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 — | -0.04xEBIT / PP&E · 2026-01-31Operating income / net PP&EOperating income-$8.93MoperatingIncomeNet PP&E$215.77MpropertyPlantAndEquipmentNetResult -0.04x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $215.77M
Inventory: $133.36M
Total assets: $402.61M
Goodwill: $0.00
Intangibles: $397.00K
Liabilities: $236.49M
Tangible book: $165.72M
Shares: 34,537,000
Revenue: $565.18M
Capex: $7.60M
D&A: $25.47M
EBITDA: $15.61M
Interest: $5.20M
Short-term debt: $1.02M
Free cash flow: $16.57M
Operating income: -$8.93M
Invested capital: $176.99M
Tax rate: —