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.
Freshpet Inc
Physical assets are 72.1% of total assets, a heavy footprint. Capex is 1.65x 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 6.4%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 0.91x. Compare it with other names in the same basket.
Physical asset ratio
72.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.91x
Revenue per dollar of the physical asset base.
Capex / D&A
1.65x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$21.57
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
3.14x
Price $67.65.
Fixed-charge coverage
1.42x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
0.4%
Latest free cash flow divided by current market cap ($3.27B).
ROIC
6.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.08x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 79.6% | 1.89x | 1.16x | $3.44 | -24.28x | $2.30M | — | -0.05x |
| 2019 | 79.2% | 1.41x | 4.44x | $3.65 | -25.26x | -$54.32M | — | 0.00x |
| 2020 | 71.8% | 1.09x | 6.37x | $9.91 | -45.96x | -$113.38M | — | -0.01x |
| 2021 | 80.3% | 0.72x | 10.57x | $16.77 | -74.14x | -$321.45M | — | -0.04x |
| 2022 | 77.1% | 0.74x | 6.66x | $22.33 | -36.59x | -$273.30M | — | -0.06x |
| 2023 | 71.6% | 0.78x | 4.09x | $19.80 | -11.37x | -$163.15M | — | -0.03x |
| 2024 | 73.1% | 0.91x | 2.54x | $21.00 | -3.42x | -$32.80M | 3.1% | 0.04x |
| 2025 | 72.1% | 0.91x | 1.65x | $21.57 | 1.42x | $12.38M | 6.4% | 0.08x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $1.21B
Inventory: $76.77M
Total assets: $1.78B
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $569.12M
Tangible book: $1.21B
Shares: 56,037,000
Revenue: $1.10B
Capex: $148.18M
D&A: $89.72M
EBITDA: $174.61M
Interest: $14.12M
Short-term debt: $4.56M
Free cash flow: $12.38M
Operating income: $94.96M
Invested capital: $1.49B
Tax rate: 0.0%