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.
ELF Beauty Inc
Physical assets are 10.9% of total assets, a light footprint. Capex is 0.28x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 4.9%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 39.44x. Compare it with other names in the same basket.
Physical asset ratio
10.9%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$41.50MpropertyPlantAndEquipmentNetInventory$220.25MinventoryTotal assets$2.39BtotalAssetsResult 10.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
39.44xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$1.64BtotalRevenueNet PP&E$41.50MpropertyPlantAndEquipmentNetResult 39.44x
Revenue per dollar of the physical asset base.
Capex / D&A
0.28xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$22.45McapitalExpendituresD&A$79.36MdepreciationAndAmortizationResult 0.28x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$4.65Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.39BtotalAssetsGoodwill$853.48MgoodWillIntangibles$553.11MintangibleAssetsLiabilities$1.26BtotalLiabTangible book-$276.06MShares59,351,449commonStockSharesOutstandingResult -$4.65
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$116.14Latest quoteTangible book / share-$4.652026-03-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $116.14.
Fixed-charge coverage
1.95xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$160.60MebitdaCapex$22.45McapitalExpendituresInterest$40.78MinterestExpenseShort-term debt$30.00MshortLongTermDebtEBITDA − capex$138.15MPrincipal due is the current portion of debt.Result 1.95x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.9%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$190.06MfreeCashFlowMarket cap$6.48BMarketCapitalizationResult 2.9%
Latest free cash flow divided by current market cap ($6.48B).
ROIC
4.9%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$131.28MoperatingIncomeTax expense$14.14MincomeTaxExpensePretax income$40.46MincomeBeforeTaxTax rate35.0%Equity$1.13BtotalStockholderEquityDebt$916.90MshortLongTermDebtTotalCash$289.69McashInvested capital$1.76BResult 4.9%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 3.16x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 15.6%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$21.80MpropertyPlantEquipmentInventory$46.34MinventoryTotal assets$435.86MtotalAssetsResult 15.6% | 12.97xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$282.85MtotalRevenueNet PP&E$21.80MpropertyPlantEquipmentResult 12.97x | 0.41xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$9.42McapitalExpendituresD&A$22.84MdepreciationAndAmortizationResult 0.41x | -$0.54Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$435.86MtotalAssetsGoodwill$157.26MgoodWillIntangibles$98.77MintangibleAssetsLiabilities$206.53MtotalLiabTangible book-$26.71MShares49,268,616commonStockSharesOutstandingResult -$0.54 | 3.94xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$46.81MebitdaCapex$9.42McapitalExpendituresInterest$0.00interestExpenseShort-term debt$9.49MshortLongTermDebtEBITDA − capex$37.39MPrincipal due is the current portion of debt.Result 3.94x | $34.89MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$44.31MtotalCashFromOperatingActivitiesCapex$9.42McapitalExpendituresFree cash flow$34.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $34.89M | 5.5%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$23.97MoperatingIncomeTax expense$6.19MincomeTaxExpensePretax income$24.07MincomeBeforeTaxTax rate25.7%Equity$229.33MtotalStockholderEquityDebt$150.38MshortLongTermDebtTotalCash$53.87McashAndEquivalentsInvested capital$325.84MResult 5.5% | 1.10xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$23.97MoperatingIncomeNet PP&E$21.80MpropertyPlantEquipmentResult 1.10x |
| 2020 | 17.5%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$32.93MpropertyPlantEquipmentInventory$46.21MinventoryTotal assets$453.10MtotalAssetsUses the property line, which is larger than net PP&E ($17.17M, propertyPlantAndEquipmentNet).Result 17.5% | 8.59xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$282.85MtotalRevenueNet PP&E$32.93MpropertyPlantEquipmentResult 8.59x | 0.41xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$9.42McapitalExpendituresD&A$22.84MdepreciationAndAmortizationResult 0.41x | -$0.62Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$453.10MtotalAssetsGoodwill$171.32MgoodWillIntangibles$102.41MintangibleAssetsLiabilities$210.93MtotalLiabTangible book-$31.56MShares50,817,143commonStockSharesOutstandingResult -$0.62 | 2.33xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$53.34MebitdaCapex$9.42McapitalExpendituresInterest$6.31MinterestExpenseShort-term debt$12.57MshortLongTermDebtEBITDA − capex$43.91MPrincipal due is the current portion of debt.Result 2.33x | $34.89MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$44.31MtotalCashFromOperatingActivitiesCapex$9.42McapitalExpendituresFree cash flow$34.89MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $34.89M | 6.4%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$29.95MoperatingIncomeTax expense$6.19MincomeTaxExpensePretax income$24.07MincomeBeforeTaxTax rate25.7%Equity$242.17MtotalStockholderEquityDebt$152.98MshortLongTermDebtTotalCash$46.17McashAndEquivalentsInvested capital$348.98MResult 6.4% | 0.91xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$29.95MoperatingIncomeNet PP&E$32.93MpropertyPlantEquipmentResult 0.91x |
| 2021 | 19.4%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$37.56MpropertyPlantEquipmentInventory$56.81MinventoryTotal assets$487.39MtotalAssetsUses the property line, which is larger than net PP&E ($13.77M, propertyPlantAndEquipmentNet).Result 19.4% | 8.47xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$318.11MtotalRevenueNet PP&E$37.56MpropertyPlantEquipmentResult 8.47x | 0.26xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$6.47McapitalExpendituresD&A$25.18MdepreciationAndAmortizationResult 0.26x | $0.07Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$487.39MtotalAssetsGoodwill$171.62MgoodWillIntangibles$94.29MintangibleAssetsLiabilities$217.75MtotalLiabTangible book$3.74MShares51,994,145commonStockSharesOutstandingResult $0.07 | 1.26xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$32.12MebitdaCapex$6.47McapitalExpendituresInterest$4.09MinterestExpenseShort-term debt$16.28MshortLongTermDebtEBITDA − capex$25.64MPrincipal due is the current portion of debt.Result 1.26x | $23.00MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$29.48MtotalCashFromOperatingActivitiesCapex$6.47McapitalExpendituresFree cash flow$23.00MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $23.00M | 2.6%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$9.40MoperatingIncomeTax expense-$2.54MincomeTaxExpensePretax income$3.69MincomeBeforeTaxTax rate0.0%Equity$269.65MtotalStockholderEquityDebt$150.91MshortLongTermDebtTotalCash$57.77McashAndEquivalentsInvested capital$362.79MResult 2.6% | 0.25xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income$9.40MoperatingIncomeNet PP&E$37.56MpropertyPlantEquipmentResult 0.25x |
| 2022 | 19.2%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$10.58MpropertyPlantEquipmentInventory$84.50MinventoryTotal assets$494.63MtotalAssetsResult 19.2% | 37.08xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$392.16MtotalRevenueNet PP&E$10.58MpropertyPlantEquipmentResult 37.08x | 0.18xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$4.82McapitalExpendituresD&A$27.08MdepreciationAndAmortizationResult 0.18x | $1.02Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$494.63MtotalAssetsGoodwill$171.62MgoodWillIntangibles$86.16MintangibleAssetsLiabilities$182.20MtotalLiabTangible book$54.65MShares53,654,303commonStockSharesOutstandingResult $1.02 | 6.05xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$54.63MebitdaCapex$4.82McapitalExpendituresInterest$2.44MinterestExpenseShort-term debt$5.79MshortLongTermDebtEBITDA − capex$49.81MPrincipal due is the current portion of debt.Result 6.05x | $14.70MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$19.51MtotalCashFromOperatingActivitiesCapex$4.82McapitalExpendituresFree cash flow$14.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $14.70M | 6.6%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$29.77MoperatingIncomeTax expense$3.66MincomeTaxExpensePretax income$25.43MincomeBeforeTaxTax rate14.4%Equity$312.43MtotalStockholderEquityDebt$117.00MshortLongTermDebtTotalCash$43.35McashAndEquivalentsInvested capital$386.08MResult 6.6% | 2.81xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$29.77MoperatingIncomeNet PP&E$10.58MpropertyPlantEquipmentResult 2.81x |
| 2023 | 15.0%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$7.87MpropertyPlantEquipmentInventory$81.32MinventoryTotal assets$595.60MtotalAssetsResult 15.0% | 73.51xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$578.84MtotalRevenueNet PP&E$7.87MpropertyPlantEquipmentResult 73.51x | 0.10xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$1.72McapitalExpendituresD&A$17.60MdepreciationAndAmortizationResult 0.10x | $2.92Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$595.60MtotalAssetsGoodwill$171.62MgoodWillIntangibles$78.04MintangibleAssetsLiabilities$184.58MtotalLiabTangible book$161.36MShares55,337,554commonStockSharesOutstandingResult $2.92 | 8.74xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$85.31MebitdaCapex$1.72McapitalExpendituresInterest$3.99MinterestExpenseShort-term debt$5.58MshortLongTermDebtEBITDA − capex$83.59MPrincipal due is the current portion of debt.Result 8.74x | $100.16MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$101.88MtotalCashFromOperatingActivitiesCapex$1.72McapitalExpendituresFree cash flow$100.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $100.16M | 17.6%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$68.14MoperatingIncomeTax expense$2.54MincomeTaxExpensePretax income$64.07MincomeBeforeTaxTax rate4.0%Equity$411.02MtotalStockholderEquityDebt$82.17MshortLongTermDebtTotalCash$120.78McashAndEquivalentsInvested capital$372.41MResult 17.6% | 8.65xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$68.14MoperatingIncomeNet PP&E$7.87MpropertyPlantEquipmentResult 8.65x |
| 2024 | 20.6%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$41.39MpropertyPlantEquipmentInventory$191.49MinventoryTotal assets$1.13BtotalAssetsUses the property line, which is larger than net PP&E ($13.97M, propertyPlantAndEquipmentNet).Result 20.6% | 24.74xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$1.02BtotalRevenueNet PP&E$41.39MpropertyPlantEquipmentResult 24.74x | 0.29xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$8.66McapitalExpendituresD&A$30.17MdepreciationAndAmortizationResult 0.29x | $1.33Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.13BtotalAssetsGoodwill$340.60MgoodWillIntangibles$225.09MintangibleAssetsLiabilities$486.68MtotalLiabTangible book$76.88MShares57,788,454commonStockSharesOutstandingResult $1.33 | 1.55xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$182.57MebitdaCapex$8.66McapitalExpendituresInterest$11.84MinterestExpenseShort-term debt$100.31MshortLongTermDebtEBITDA − capex$173.91MPrincipal due is the current portion of debt.Result 1.55x | $62.50MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$71.15MtotalCashFromOperatingActivitiesCapex$8.66McapitalExpendituresFree cash flow$62.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $62.50M | 16.4%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$149.68MoperatingIncomeTax expense$13.33MincomeTaxExpensePretax income$140.99MincomeBeforeTaxTax rate9.5%Equity$642.57MtotalStockholderEquityDebt$290.60MshortLongTermDebtTotalCash$108.18McashAndEquivalentsInvested capital$824.99MResult 16.4% | 3.62xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$149.68MoperatingIncomeNet PP&E$41.39MpropertyPlantEquipmentResult 3.62x |
| 2025 | 21.6%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$82.94MpropertyPlantEquipmentInventory$187.17MinventoryTotal assets$1.25BtotalAssetsUses the property line, which is larger than net PP&E ($28.79M, propertyPlantAndEquipmentNet).Result 21.6% | 15.84xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$1.31BtotalRevenueNet PP&E$82.94MpropertyPlantEquipmentResult 15.84x | 0.42xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$18.52McapitalExpendituresD&A$44.12MdepreciationAndAmortizationResult 0.42x | $3.64Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.25BtotalAssetsGoodwill$340.58MgoodWillIntangibles$207.70MintangibleAssetsLiabilities$487.32MtotalLiabTangible book$212.58MShares58,345,000commonStockSharesOutstandingResult $3.64 | 7.57xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$206.25MebitdaCapex$18.52McapitalExpendituresInterest$17.18MinterestExpenseShort-term debt$7.62MshortTermDebtEBITDA − capex$187.73MPrincipal due is short-term debt.Result 7.57x | $115.32MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$133.84MtotalCashFromOperatingActivitiesCapex$18.52McapitalExpendituresFree cash flow$115.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $115.32M | 13.2%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$158.03MoperatingIncomeTax expense$33.41MincomeTaxExpensePretax income$145.50MincomeBeforeTaxTax rate23.0%Equity$760.86MtotalStockholderEquityDebt$313.02MshortLongTermDebtTotalCash$148.69McashAndEquivalentsInvested capital$925.18MResult 13.2% | 1.91xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$158.03MoperatingIncomeNet PP&E$82.94MpropertyPlantEquipmentResult 1.91x |
| 2026 | 10.9%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$41.50MpropertyPlantAndEquipmentNetInventory$220.25MinventoryTotal assets$2.39BtotalAssetsResult 10.9% | 39.44xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$1.64BtotalRevenueNet PP&E$41.50MpropertyPlantAndEquipmentNetResult 39.44x | 0.28xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$22.45McapitalExpendituresD&A$79.36MdepreciationAndAmortizationResult 0.28x | -$4.65Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.39BtotalAssetsGoodwill$853.48MgoodWillIntangibles$553.11MintangibleAssetsLiabilities$1.26BtotalLiabTangible book-$276.06MShares59,351,449commonStockSharesOutstandingResult -$4.65 | 1.95xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$160.60MebitdaCapex$22.45McapitalExpendituresInterest$40.78MinterestExpenseShort-term debt$30.00MshortLongTermDebtEBITDA − capex$138.15MPrincipal due is the current portion of debt.Result 1.95x | $190.06MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$212.51MtotalCashFromOperatingActivitiesCapex$22.45McapitalExpendituresFree cash flow$190.06MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $190.06M | 4.9%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$131.28MoperatingIncomeTax expense$14.14MincomeTaxExpensePretax income$40.46MincomeBeforeTaxTax rate35.0%Equity$1.13BtotalStockholderEquityDebt$916.90MshortLongTermDebtTotalCash$289.69McashInvested capital$1.76BResult 4.9% | 3.16xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$131.28MoperatingIncomeNet PP&E$41.50MpropertyPlantAndEquipmentNetResult 3.16x |
- 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 the current portion of debt.
Latest year inputs (2026)
Net PP&E: $41.50M
Inventory: $220.25M
Total assets: $2.39B
Goodwill: $853.48M
Intangibles: $553.11M
Liabilities: $1.26B
Tangible book: -$276.06M
Shares: 59,351,449
Revenue: $1.64B
Capex: $22.45M
D&A: $79.36M
EBITDA: $160.60M
Interest: $40.78M
Short-term debt: $30.00M
Free cash flow: $190.06M
Operating income: $131.28M
Invested capital: $1.76B
Tax rate: 35.0%