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.
Gildan Activewear Inc.
Physical assets are 38.9% of total assets, a mixed footprint. Capex is 0.69x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 7.7%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.16x. Compare it with other names in the same basket.
Physical asset ratio
38.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.70BpropertyPlantEquipmentInventory$2.37BinventoryTotal assets$10.45BtotalAssetsResult 38.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.16xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.68BtotalRevenueNet PP&E$1.70BpropertyPlantEquipmentResult 2.16x
Revenue per dollar of the physical asset base.
Capex / D&A
0.69xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$108.30McapitalExpendituresD&A$157.51MdepreciationAndAmortizationResult 0.69x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$2.14Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.45BtotalAssetsGoodwill$867.27MgoodWillIntangibles$3.02BintangibleAssetsLiabilities$6.89BtotalLiabTangible book-$327.44MShares153,071,000commonStockSharesOutstandingResult -$2.14
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$49.00Latest quoteTangible book / share-$2.142025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $49.00.
Fixed-charge coverage
1.36xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$887.67MebitdaCapex$108.30McapitalExpendituresInterest$122.20MinterestExpenseShort-term debt$450.00MshortLongTermDebtEBITDA − capex$779.37MPrincipal due is the current portion of debt.Result 1.36x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.3%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$477.24MfreeCashFlowMarket cap$9.07BMarketCapitalizationResult 5.3%
Latest free cash flow divided by current market cap ($9.07B).
ROIC
7.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$730.15MoperatingIncomeTax expense$78.61MincomeTaxExpensePretax income$479.44MincomeBeforeTaxTax rate16.4%Equity$3.56BtotalStockholderEquityDebt$4.63BshortLongTermDebtTotalCash$284.46McashAndEquivalentsInvested capital$7.90BResult 7.7%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.43x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 64.3%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$990.48MpropertyPlantEquipmentInventory$940.03MinventoryTotal assets$3.00BtotalAssetsResult 64.3% | 2.94xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$2.91BtotalRevenueNet PP&E$990.48MpropertyPlantEquipmentResult 2.94x | 0.79xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$125.22McapitalExpendituresD&A$158.08MdepreciationAndAmortizationResult 0.79x | $6.22Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.00BtotalAssetsGoodwill$227.36MgoodWillIntangibles$393.57MintangibleAssetsLiabilities$1.07BtotalLiabTangible book$1.32BShares211,309,639commonStockSharesOutstandingResult $6.22 | 13.62xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$555.27MebitdaCapex$125.22McapitalExpendituresInterest$31.05MinterestExpenseShort-term debt$521.00KshortTermDebtEBITDA − capex$430.05MPrincipal due is short-term debt.Result 13.62x | $413.32MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$538.54MtotalCashFromOperatingActivitiesCapex$125.22McapitalExpendituresFree cash flow$413.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $413.32M | 14.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$403.18MoperatingIncomeTax expense$21.36MincomeTaxExpensePretax income$372.13MincomeBeforeTaxTax rate5.7%Equity$1.94BtotalStockholderEquityDebt$669.52MshortLongTermDebtTotalCash$46.66McashAndEquivalentsInvested capital$2.56BResult 14.9% | 0.41xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$403.18MoperatingIncomeNet PP&E$990.48MpropertyPlantEquipmentResult 0.41x |
| 2019 | 66.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.07BpropertyPlantEquipmentInventory$1.05BinventoryTotal assets$3.21BtotalAssetsResult 66.0% | 2.64xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$2.82BtotalRevenueNet PP&E$1.07BpropertyPlantEquipmentResult 2.64x | 0.89xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$140.23McapitalExpendituresD&A$156.79MdepreciationAndAmortizationResult 0.89x | $5.98Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.21BtotalAssetsGoodwill$227.87MgoodWillIntangibles$383.86MintangibleAssetsLiabilities$1.38BtotalLiabTangible book$1.22BShares204,609,000commonStockSharesOutstandingResult $5.98 | 8.74xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$438.71MebitdaCapex$140.23McapitalExpendituresInterest$32.09MinterestExpenseShort-term debt$2.06MshortLongTermDebtEBITDA − capex$298.47MPrincipal due is the current portion of debt.Result 8.74x | $220.80MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$361.03MtotalCashFromOperatingActivitiesCapex$140.23McapitalExpendituresFree cash flow$220.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $220.80M | 10.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$288.99MoperatingIncomeTax expense-$9.98MincomeTaxExpensePretax income$249.83MincomeBeforeTaxTax rate0.0%Equity$1.83BtotalStockholderEquityDebt$926.50MshortLongTermDebtTotalCash$64.13McashAndEquivalentsInvested capital$2.70BResult 10.7% | 0.27xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$288.99MoperatingIncomeNet PP&E$1.07BpropertyPlantEquipmentResult 0.27x |
| 2020 | 55.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$956.25MpropertyPlantEquipmentInventory$727.99MinventoryTotal assets$3.02BtotalAssetsResult 55.8% | 2.07xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$1.98BtotalRevenueNet PP&E$956.25MpropertyPlantEquipmentResult 2.07x | 0.40xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$58.34McapitalExpendituresD&A$147.19MdepreciationAndAmortizationResult 0.40x | $5.36Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.02BtotalAssetsGoodwill$206.64MgoodWillIntangibles$289.90MintangibleAssetsLiabilities$1.46BtotalLiabTangible book$1.06BShares198,361,000commonStockSharesOutstandingResult $5.36 | -1.21xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$48.51MebitdaCapex$58.34McapitalExpendituresInterest$33.67MinterestExpenseShort-term debt$54.43MshortTermDebtEBITDA − capex-$106.85MPrincipal due is short-term debt.Result -1.21x | $356.69MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$415.03MtotalCashFromOperatingActivitiesCapex$58.34McapitalExpendituresFree cash flow$356.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $356.69M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$180.84MoperatingIncomeTax expense-$4.09MincomeTaxExpensePretax income-$229.37MincomeBeforeTaxTax rate—Equity$1.56BtotalStockholderEquityDebt$1.08BshortLongTermDebtTotalCash$505.26McashAndEquivalentsInvested capital$2.14BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.19xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$180.84MoperatingIncomeNet PP&E$956.25MpropertyPlantEquipmentResult -0.19x |
| 2021 | 59.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.08BpropertyPlantEquipmentInventory$774.36MinventoryTotal assets$3.14BtotalAssetsResult 59.0% | 2.71xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$2.92BtotalRevenueNet PP&E$1.08BpropertyPlantEquipmentResult 2.71x | 0.96xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$130.22McapitalExpendituresD&A$135.40MdepreciationAndAmortizationResult 0.96x | $6.73Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.14BtotalAssetsGoodwill$283.82MgoodWillIntangibles$306.63MintangibleAssetsLiabilities$1.22BtotalLiabTangible book$1.33BShares197,595,000commonStockSharesOutstandingResult $6.73 | 11.42xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$777.69MebitdaCapex$130.22McapitalExpendituresInterest$27.33MinterestExpenseShort-term debt$29.36MshortTermDebtEBITDA − capex$647.46MPrincipal due is short-term debt.Result 11.42x | $487.29MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$617.51MtotalCashFromOperatingActivitiesCapex$130.22McapitalExpendituresFree cash flow$487.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $487.29M | 26.5%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$651.89MoperatingIncomeTax expense$17.38MincomeTaxExpensePretax income$624.56MincomeBeforeTaxTax rate2.8%Equity$1.92BtotalStockholderEquityDebt$723.18MshortLongTermDebtTotalCash$249.24McashAndShortTermInvestmentsInvested capital$2.39BResult 26.5% | 0.60xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$651.89MoperatingIncomeNet PP&E$1.08BpropertyPlantEquipmentResult 0.60x |
| 2022 | 70.3%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.19BpropertyPlantEquipmentInventory$1.23BinventoryTotal assets$3.44BtotalAssetsResult 70.3% | 2.72xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$3.24BtotalRevenueNet PP&E$1.19BpropertyPlantEquipmentResult 2.72x | 1.96xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$244.55McapitalExpendituresD&A$124.93MdepreciationAndAmortizationResult 1.96x | $7.50Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.44BtotalAssetsGoodwill$271.68MgoodWillIntangibles$229.95MintangibleAssetsLiabilities$1.56BtotalLiabTangible book$1.38BShares184,128,000commonStockSharesOutstandingResult $7.50 | 2.54xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$720.12MebitdaCapex$244.55McapitalExpendituresInterest$36.96MinterestExpenseShort-term debt$150.00MshortLongTermDebtEBITDA − capex$475.56MPrincipal due is the current portion of debt.Result 2.54x | $168.93MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$413.49MtotalCashFromOperatingActivitiesCapex$244.55McapitalExpendituresFree cash flow$168.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $168.93M | 21.3%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$603.39MoperatingIncomeTax expense$24.89MincomeTaxExpensePretax income$566.43MincomeBeforeTaxTax rate4.4%Equity$1.88BtotalStockholderEquityDebt$1.02BshortLongTermDebtTotalCash$198.69McashAndShortTermInvestmentsInvested capital$2.71BResult 21.3% | 0.51xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$603.39MoperatingIncomeNet PP&E$1.19BpropertyPlantEquipmentResult 0.51x |
| 2023 | 66.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.26BpropertyPlantEquipmentInventory$1.09BinventoryTotal assets$3.51BtotalAssetsResult 66.7% | 2.54xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$3.20BtotalRevenueNet PP&E$1.26BpropertyPlantEquipmentResult 2.54x | 1.71xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$208.01McapitalExpendituresD&A$121.64MdepreciationAndAmortizationResult 1.71x | $8.08Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.51BtotalAssetsGoodwill$271.68MgoodWillIntangibles$261.42MintangibleAssetsLiabilities$1.56BtotalLiabTangible book$1.42BShares176,224,000commonStockSharesOutstandingResult $8.08 | 1.50xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$743.03MebitdaCapex$208.01McapitalExpendituresInterest$57.20MinterestExpenseShort-term debt$300.00MshortLongTermDebtEBITDA − capex$535.02MPrincipal due is the current portion of debt.Result 1.50x | $338.60MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$546.61MtotalCashFromOperatingActivitiesCapex$208.01McapitalExpendituresFree cash flow$338.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $338.60M | 21.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$643.85MoperatingIncomeTax expense$30.60MincomeTaxExpensePretax income$564.18MincomeBeforeTaxTax rate5.4%Equity$1.96BtotalStockholderEquityDebt$1.08BshortLongTermDebtTotalCash$134.78McashAndShortTermInvestmentsInvested capital$2.91BResult 21.0% | 0.51xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$643.85MoperatingIncomeNet PP&E$1.26BpropertyPlantEquipmentResult 0.51x |
| 2024 | 64.0%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.27BpropertyPlantEquipmentInventory$1.11BinventoryTotal assets$3.72BtotalAssetsResult 64.0% | 2.58xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$3.27BtotalRevenueNet PP&E$1.27BpropertyPlantEquipmentResult 2.58x | 1.09xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$150.35McapitalExpendituresD&A$138.20MdepreciationAndAmortizationResult 1.09x | $5.71Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.72BtotalAssetsGoodwill$271.68MgoodWillIntangibles$253.32MintangibleAssetsLiabilities$2.26BtotalLiabTangible book$931.66MShares163,179,000commonStockSharesOutstandingResult $5.71 | 1.52xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$737.74MebitdaCapex$150.35McapitalExpendituresInterest$85.45MinterestExpenseShort-term debt$300.00MshortLongTermDebtEBITDA − capex$587.39MPrincipal due is the current portion of debt.Result 1.52x | $351.04MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$501.39MtotalCashFromOperatingActivitiesCapex$150.35McapitalExpendituresFree cash flow$351.04MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $351.04M | 16.3%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$618.24MoperatingIncomeTax expense$113.22MincomeTaxExpensePretax income$514.09MincomeBeforeTaxTax rate22.0%Equity$1.46BtotalStockholderEquityDebt$1.65BshortLongTermDebtTotalCash$155.58McashAndShortTermInvestmentsInvested capital$2.95BResult 16.3% | 0.49xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$618.24MoperatingIncomeNet PP&E$1.27BpropertyPlantEquipmentResult 0.49x |
| 2025 | 38.9%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.70BpropertyPlantEquipmentInventory$2.37BinventoryTotal assets$10.45BtotalAssetsResult 38.9% | 2.16xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$3.68BtotalRevenueNet PP&E$1.70BpropertyPlantEquipmentResult 2.16x | 0.69xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$108.30McapitalExpendituresD&A$157.51MdepreciationAndAmortizationResult 0.69x | -$2.14Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.45BtotalAssetsGoodwill$867.27MgoodWillIntangibles$3.02BintangibleAssetsLiabilities$6.89BtotalLiabTangible book-$327.44MShares153,071,000commonStockSharesOutstandingResult -$2.14 | 1.36xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$887.67MebitdaCapex$108.30McapitalExpendituresInterest$122.20MinterestExpenseShort-term debt$450.00MshortLongTermDebtEBITDA − capex$779.37MPrincipal due is the current portion of debt.Result 1.36x | $477.24MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$585.54MtotalCashFromOperatingActivitiesCapex$108.30McapitalExpendituresFree cash flow$477.24MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $477.24M | 7.7%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$730.15MoperatingIncomeTax expense$78.61MincomeTaxExpensePretax income$479.44MincomeBeforeTaxTax rate16.4%Equity$3.56BtotalStockholderEquityDebt$4.63BshortLongTermDebtTotalCash$284.46McashAndEquivalentsInvested capital$7.90BResult 7.7% | 0.43xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$730.15MoperatingIncomeNet PP&E$1.70BpropertyPlantEquipmentResult 0.43x |
- Principal due is the current portion of debt.
Latest year inputs (2025)
Net PP&E: $1.70B
Inventory: $2.37B
Total assets: $10.45B
Goodwill: $867.27M
Intangibles: $3.02B
Liabilities: $6.89B
Tangible book: -$327.44M
Shares: 153,071,000
Revenue: $3.68B
Capex: $108.30M
D&A: $157.51M
EBITDA: $887.67M
Interest: $122.20M
Short-term debt: $450.00M
Free cash flow: $477.24M
Operating income: $730.15M
Invested capital: $7.90B
Tax rate: 16.4%