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.
Insteel Industries Inc
Physical assets are 57.3% of total assets, a heavy footprint. Capex is 0.66x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 8.4%, 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 5.95x.
Physical asset ratio
57.3%Physical asset ratio · 2026-09-30(Net PP&E + inventory) / total assetsNet PP&E$124.22MpropertyPlantAndEquipmentNetInventory$150.83MinventoryTotal assets$480.39MtotalAssetsResult 57.3%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.95xFixed asset turnover · 2026-09-30Revenue / net PP&ERevenue$739.51MtotalRevenueNet PP&E$124.22MpropertyPlantAndEquipmentNetResult 5.95x
Revenue per dollar of the physical asset base.
Capex / D&A
0.66xCapex / D&A · 2026-09-30Capital expenditures / depreciation and amortizationCapex$11.79McapitalExpendituresD&A$17.74MdepreciationAndAmortizationResult 0.66x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$16.75Tangible book / share · 2026-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$480.39MtotalAssetsGoodwill$37.76MgoodWillIntangibles$14.93MintangibleAssetsLiabilities$100.79MtotalLiabTangible book$326.92MShares19,522,000commonStockSharesOutstandingResult $16.75
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.73xPrice / tangible bookPrice / tangible book per sharePrice$28.91Latest quoteTangible book / share$16.752026-09-30Result 1.73x
Price $28.91.
Fixed-charge coverage
26.67xFixed-charge coverage · 2026-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$56.09MebitdaCapex$11.79McapitalExpendituresInterest$63.00KinterestExpenseShort-term debt$1.60MshortTermDebtEBITDA − capex$44.30MPrincipal due is short-term debt.Result 26.67x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.5%Free cash flow yield · 2026-09-30Latest free cash flow / current market capFree cash flow$24.84MfreeCashFlowMarket cap$552.74MMarketCapitalizationResult 4.5%
Latest free cash flow divided by current market cap ($552.74M).
ROIC
8.4%ROIC · 2026-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$37.57MoperatingIncomeTax expense$8.74MincomeTaxExpensePretax income$38.29MincomeBeforeTaxTax rate22.8%Equity$379.61MtotalStockholderEquityDebt$2.48MshortLongTermDebtTotalCash$37.48McashInvested capital$344.61MResult 8.4%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.30x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 60.0%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$104.96MpropertyPlantEquipmentInventory$70.85MinventoryTotal assets$293.01MtotalAssetsResult 60.0% | 4.34xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$455.71MtotalRevenueNet PP&E$104.96MpropertyPlantEquipmentResult 4.34x | 0.78xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$10.51McapitalExpendituresD&A$13.55MdepreciationAndAmortizationResult 0.78x | $11.85Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$293.01MtotalAssetsGoodwill$8.29MgoodWillIntangibles$8.61MintangibleAssetsLiabilities$46.99MtotalLiabTangible book$229.11MShares19,340,000commonStockSharesOutstandingResult $11.85 | 63.48xFixed-charge coverage · 2019-09-30(EBITDA − capex) / interestEBITDA$21.18MebitdaCapex$10.51McapitalExpendituresInterest$168.00KinterestExpenseEBITDA − capex$10.66MShort-term debt was not reported, so the denominator is interest only.Result 63.48x | -$3.90MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$6.61MtotalCashFromOperatingActivitiesCapex$10.51McapitalExpendituresFree cash flow-$3.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.90M | —ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.62MoperatingIncomeTax expense$1.86MincomeTaxExpensePretax income$7.46MincomeBeforeTaxTax rate24.9%Equity$246.02MtotalStockholderEquityDebt—Not reportedCash$38.18McashInvested capital—Result — | 0.07xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$7.62MoperatingIncomeNet PP&E$104.96MpropertyPlantEquipmentResult 0.07x |
| 2020 | 51.2%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$103.91MpropertyPlantEquipmentInventory$68.96MinventoryTotal assets$337.90MtotalAssetsResult 51.2% | 4.55xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$472.62MtotalRevenueNet PP&E$103.91MpropertyPlantEquipmentResult 4.55x | 0.50xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$7.11McapitalExpendituresD&A$14.26MdepreciationAndAmortizationResult 0.50x | $12.72Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$337.90MtotalAssetsGoodwill$9.75MgoodWillIntangibles$8.57MintangibleAssetsLiabilities$73.10MtotalLiabTangible book$246.49MShares19,383,000commonStockSharesOutstandingResult $12.72 | 23.52xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$38.53MebitdaCapex$7.11McapitalExpendituresInterest$106.00KinterestExpenseShort-term debt$1.23MshortTermDebtEBITDA − capex$31.42MPrincipal due is short-term debt.Result 23.52x | $49.11MFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$56.22MtotalCashFromOperatingActivitiesCapex$7.11McapitalExpendituresFree cash flow$49.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $49.11M | 9.7%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$24.44MoperatingIncomeTax expense$5.16MincomeTaxExpensePretax income$24.17MincomeBeforeTaxTax rate21.4%Equity$264.80MtotalStockholderEquityDebt$2.53MshortLongTermDebtTotalCash$68.69McashInvested capital$198.65MResult 9.7% | 0.24xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$24.44MoperatingIncomeNet PP&E$103.91MpropertyPlantEquipmentResult 0.24x |
| 2021 | 47.3%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$105.62MpropertyPlantEquipmentInventory$79.05MinventoryTotal assets$390.71MtotalAssetsResult 47.3% | 5.59xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$590.60MtotalRevenueNet PP&E$105.62MpropertyPlantEquipmentResult 5.59x | 1.21xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$17.50McapitalExpendituresD&A$14.52MdepreciationAndAmortizationResult 1.21x | $14.57Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$390.71MtotalAssetsGoodwill$9.75MgoodWillIntangibles$7.67MintangibleAssetsLiabilities$88.67MtotalLiabTangible book$284.63MShares19,534,000commonStockSharesOutstandingResult $14.57 | 73.91xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$100.72MebitdaCapex$17.50McapitalExpendituresInterest$96.00KinterestExpenseShort-term debt$1.03MshortTermDebtEBITDA − capex$83.22MPrincipal due is short-term debt.Result 73.91x | $52.38MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow$69.88MtotalCashFromOperatingActivitiesCapex$17.50McapitalExpendituresFree cash flow$52.38MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $52.38M | 32.2%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$89.16MoperatingIncomeTax expense$19.49MincomeTaxExpensePretax income$86.10MincomeBeforeTaxTax rate22.6%Equity$302.04MtotalStockholderEquityDebt$1.73MshortLongTermDebtTotalCash$89.88McashInvested capital$213.88MResult 32.2% | 0.84xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$89.16MoperatingIncomeNet PP&E$105.62MpropertyPlantEquipmentResult 0.84x |
| 2022 | 64.8%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$108.16MpropertyPlantEquipmentInventory$197.65MinventoryTotal assets$471.75MtotalAssetsResult 64.8% | 7.64xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$826.83MtotalRevenueNet PP&E$108.16MpropertyPlantEquipmentResult 7.64x | 1.10xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$15.90McapitalExpendituresD&A$14.49MdepreciationAndAmortizationResult 1.10x | $19.01Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$471.75MtotalAssetsGoodwill$9.75MgoodWillIntangibles$6.85MintangibleAssetsLiabilities$82.00MtotalLiabTangible book$373.15MShares19,629,000commonStockSharesOutstandingResult $19.01 | 147.43xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$176.30MebitdaCapex$15.90McapitalExpendituresInterest$91.00KinterestExpenseShort-term debt$997.00KshortTermDebtEBITDA − capex$160.40MPrincipal due is short-term debt.Result 147.43x | -$10.23MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow$5.67MtotalCashFromOperatingActivitiesCapex$15.90McapitalExpendituresFree cash flow-$10.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$10.23M | 36.4%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$161.58MoperatingIncomeTax expense$36.72MincomeTaxExpensePretax income$161.73MincomeBeforeTaxTax rate22.7%Equity$389.74MtotalStockholderEquityDebt$1.57MshortLongTermDebtTotalCash$48.32McashInvested capital$343.00MResult 36.4% | 1.49xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income$161.58MoperatingIncomeNet PP&E$108.16MpropertyPlantEquipmentResult 1.49x |
| 2023 | 50.3%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$121.95MpropertyPlantAndEquipmentNetInventory$103.31MinventoryTotal assets$447.51MtotalAssetsResult 50.3% | 5.32xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$649.19MtotalRevenueNet PP&E$121.95MpropertyPlantAndEquipmentNetResult 5.32x | 2.31xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$30.70McapitalExpendituresD&A$13.30MdepreciationAndAmortizationResult 2.31x | $18.69Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$447.51MtotalAssetsGoodwill$9.75MgoodWillIntangibles$6.09MintangibleAssetsLiabilities$66.01MtotalLiabTangible book$365.67MShares19,566,000commonStockSharesOutstandingResult $18.69 | 22.51xFixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$55.15MebitdaCapex$30.70McapitalExpendituresInterest$87.00KinterestExpenseShort-term debt$999.00KshortTermDebtEBITDA − capex$24.44MPrincipal due is short-term debt.Result 22.51x | $111.50MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow$142.20MtotalCashFromOperatingActivitiesCapex$30.70McapitalExpendituresFree cash flow$111.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $111.50M | 10.5%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$34.71MoperatingIncomeTax expense$9.34MincomeTaxExpensePretax income$41.76MincomeBeforeTaxTax rate22.4%Equity$381.51MtotalStockholderEquityDebt$1.94MshortLongTermDebtTotalCash$125.67McashInvested capital$257.77MResult 10.5% | 0.28xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income$34.71MoperatingIncomeNet PP&E$121.95MpropertyPlantAndEquipmentNetResult 0.28x |
| 2024 | 51.1%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$127.24MpropertyPlantAndEquipmentNetInventory$88.84MinventoryTotal assets$422.55MtotalAssetsResult 51.1% | 4.16xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$529.20MtotalRevenueNet PP&E$127.24MpropertyPlantAndEquipmentNetResult 4.16x | 1.24xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$19.15McapitalExpendituresD&A$15.41MdepreciationAndAmortizationResult 1.24x | $17.15Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$422.55MtotalAssetsGoodwill$9.75MgoodWillIntangibles$5.34MintangibleAssetsLiabilities$71.70MtotalLiabTangible book$335.77MShares19,575,000commonStockSharesOutstandingResult $17.15 | 22.40xFixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$40.79MebitdaCapex$19.15McapitalExpendituresInterest$89.00KinterestExpenseShort-term debt$877.00KshortTermDebtEBITDA − capex$21.64MPrincipal due is short-term debt.Result 22.40x | $39.06MFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$58.21MtotalCashFromOperatingActivitiesCapex$19.15McapitalExpendituresFree cash flow$39.06MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $39.06M | 6.3%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$19.98MoperatingIncomeTax expense$5.98MincomeTaxExpensePretax income$25.29MincomeBeforeTaxTax rate23.7%Equity$350.86MtotalStockholderEquityDebt$1.69MshortLongTermDebtTotalCash$111.54McashInvested capital$241.01MResult 6.3% | 0.16xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$19.98MoperatingIncomeNet PP&E$127.24MpropertyPlantAndEquipmentNetResult 0.16x |
| 2025 | 57.6%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$128.69MpropertyPlantAndEquipmentNetInventory$137.78MinventoryTotal assets$462.65MtotalAssetsResult 57.6% | 5.03xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$647.71MtotalRevenueNet PP&E$128.69MpropertyPlantAndEquipmentNetResult 5.03x | 0.45xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$8.21McapitalExpendituresD&A$18.39MdepreciationAndAmortizationResult 0.45x | $16.22Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$462.65MtotalAssetsGoodwill$37.76MgoodWillIntangibles$16.55MintangibleAssetsLiabilities$91.12MtotalLiabTangible book$317.22MShares19,558,000commonStockSharesOutstandingResult $16.22 | 33.63xFixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$72.25MebitdaCapex$8.21McapitalExpendituresInterest$52.00KinterestExpenseShort-term debt$1.85MshortTermDebtEBITDA − capex$64.03MPrincipal due is short-term debt.Result 33.63x | $18.95MFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$27.16MtotalCashFromOperatingActivitiesCapex$8.21McapitalExpendituresFree cash flow$18.95MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $18.95M | 11.7%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$51.81MoperatingIncomeTax expense$12.79MincomeTaxExpensePretax income$53.81MincomeBeforeTaxTax rate23.8%Equity$371.53MtotalStockholderEquityDebt$3.90MshortLongTermDebtTotalCash$38.63McashInvested capital$336.81MResult 11.7% | 0.40xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$51.81MoperatingIncomeNet PP&E$128.69MpropertyPlantAndEquipmentNetResult 0.40x |
| 2026 | 57.3%Physical asset ratio · 2026-09-30(Net PP&E + inventory) / total assetsNet PP&E$124.22MpropertyPlantAndEquipmentNetInventory$150.83MinventoryTotal assets$480.39MtotalAssetsResult 57.3% | 5.95xFixed asset turnover · 2026-09-30Revenue / net PP&ERevenue$739.51MtotalRevenueNet PP&E$124.22MpropertyPlantAndEquipmentNetResult 5.95x | 0.66xCapex / D&A · 2026-09-30Capital expenditures / depreciation and amortizationCapex$11.79McapitalExpendituresD&A$17.74MdepreciationAndAmortizationResult 0.66x | $16.75Tangible book / share · 2026-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$480.39MtotalAssetsGoodwill$37.76MgoodWillIntangibles$14.93MintangibleAssetsLiabilities$100.79MtotalLiabTangible book$326.92MShares19,522,000commonStockSharesOutstandingResult $16.75 | 26.67xFixed-charge coverage · 2026-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$56.09MebitdaCapex$11.79McapitalExpendituresInterest$63.00KinterestExpenseShort-term debt$1.60MshortTermDebtEBITDA − capex$44.30MPrincipal due is short-term debt.Result 26.67x | $24.84MFree cash flow · 2026-09-30Reported free cash flowOperating cash flow$36.63MtotalCashFromOperatingActivitiesCapex$11.79McapitalExpendituresFree cash flow$24.84MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $24.84M | 8.4%ROIC · 2026-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$37.57MoperatingIncomeTax expense$8.74MincomeTaxExpensePretax income$38.29MincomeBeforeTaxTax rate22.8%Equity$379.61MtotalStockholderEquityDebt$2.48MshortLongTermDebtTotalCash$37.48McashInvested capital$344.61MResult 8.4% | 0.30xEBIT / PP&E · 2026-09-30Operating income / net PP&EOperating income$37.57MoperatingIncomeNet PP&E$124.22MpropertyPlantAndEquipmentNetResult 0.30x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2026)
Net PP&E: $124.22M
Inventory: $150.83M
Total assets: $480.39M
Goodwill: $37.76M
Intangibles: $14.93M
Liabilities: $100.79M
Tangible book: $326.92M
Shares: 19,522,000
Revenue: $739.51M
Capex: $11.79M
D&A: $17.74M
EBITDA: $56.09M
Interest: $63.00K
Short-term debt: $1.60M
Free cash flow: $24.84M
Operating income: $37.57M
Invested capital: $344.61M
Tax rate: 22.8%