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.
MasterBrand Inc.
Physical assets are 31.0% of total assets, a mixed footprint. Capex is 0.84x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 3.2%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.95x. Compare it with other names in the same basket.
Physical asset ratio
31.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$692.20MpropertyPlantEquipmentInventory$269.10MinventoryTotal assets$3.10BtotalAssetsResult 31.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.73BtotalRevenueNet PP&E$692.20MpropertyPlantEquipmentResult 3.95x
Revenue per dollar of the physical asset base.
Capex / D&A
0.84xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$78.20McapitalExpendituresD&A$93.50MdepreciationAndAmortizationResult 0.84x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$2.56Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.10BtotalAssetsGoodwill$1.13BgoodWillIntangibles$547.70MintangibleAssetsLiabilities$1.76BtotalLiabTangible book-$330.60MShares129,199,999commonStockSharesOutstandingResult -$2.56
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$6.72Latest quoteTangible book / share-$2.562025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $6.72.
Fixed-charge coverage
1.38xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$213.90MebitdaCapex$78.20McapitalExpendituresInterest$74.10MinterestExpenseShort-term debt$24.30MshortTermDebtEBITDA − capex$135.70MPrincipal due is short-term debt.Result 1.38x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
8.6%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$117.50MfreeCashFlowMarket cap$1.37BMarketCapitalizationResult 8.6%
Latest free cash flow divided by current market cap ($1.37B).
ROIC
3.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$134.20MoperatingIncomeTax expense$19.60MincomeTaxExpensePretax income$46.30MincomeBeforeTaxTax rate40.0%Equity$1.34BtotalStockholderEquityDebt$1.35BshortLongTermDebtTotalCash$183.30McashAndEquivalentsInvested capital$2.51BThe effective tax rate was above 40% and was capped at 40%.Result 3.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.19x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | —Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets—Not reportedResult — | —Fixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$2.39BtotalRevenueNet PP&E—Not reportedResult — | 0.50xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$30.90McapitalExpendituresD&A$62.30MdepreciationAndAmortizationResult 0.50x | —Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets—Not reportedGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities—Not reportedTangible book—Shares128,020,187commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result — | 1.48xFixed-charge coverage · 2019-12-31(EBITDA − capex) / interestEBITDA$197.50MebitdaCapex$30.90McapitalExpendituresInterest$112.70MinterestExpenseEBITDA − capex$166.60MShort-term debt was not reported, so the denominator is interest only.Result 1.48x | $117.70MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$148.60MtotalCashFromOperatingActivitiesCapex$30.90McapitalExpendituresFree cash flow$117.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $117.70M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$194.40MoperatingIncomeTax expense$34.50MincomeTaxExpensePretax income$135.20MincomeBeforeTaxTax rate25.5%Equity—Not reportedDebt—Not reportedCash—Not reportedInvested capital—Result — | —EBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$194.40MoperatingIncomeNet PP&E—Not reportedResult — |
| 2020 | 22.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$368.50MpropertyPlantEquipmentInventory$245.90MinventoryTotal assets$2.71BtotalAssetsResult 22.6% | 6.70xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$2.47BtotalRevenueNet PP&E$368.50MpropertyPlantEquipmentResult 6.70x | 0.41xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$27.30McapitalExpendituresD&A$65.80MdepreciationAndAmortizationResult 0.41x | $6.68Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.71BtotalAssetsGoodwill$926.10MgoodWillIntangibles$433.30MintangibleAssetsLiabilities$498.20MtotalLiabTangible book$855.00MShares128,020,187commonStockSharesOutstandingResult $6.68 | 8.04xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$262.00MebitdaCapex$27.30McapitalExpendituresInterest$16.90MinterestExpenseShort-term debt$12.30MshortTermDebtEBITDA − capex$234.70MPrincipal due is short-term debt.Result 8.04x | $177.30MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$204.60MtotalCashFromOperatingActivitiesCapex$27.30McapitalExpendituresFree cash flow$177.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $177.30M | 7.6%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$213.90MoperatingIncomeTax expense$50.50MincomeTaxExpensePretax income$196.20MincomeBeforeTaxTax rate25.7%Equity$2.21BtotalStockholderEquityDebt$40.60MshortLongTermDebtTotalCash$154.30McashInvested capital$2.10BResult 7.6% | 0.58xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$213.90MoperatingIncomeNet PP&E$368.50MpropertyPlantEquipmentResult 0.58x |
| 2021 | 23.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$399.90MpropertyPlantEquipmentInventory$304.30MinventoryTotal assets$3.00BtotalAssetsResult 23.4% | 7.14xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$2.86BtotalRevenueNet PP&E$399.90MpropertyPlantEquipmentResult 7.14x | 0.83xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$51.60McapitalExpendituresD&A$62.20MdepreciationAndAmortizationResult 0.83x | $8.69Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.00BtotalAssetsGoodwill$926.20MgoodWillIntangibles$415.70MintangibleAssetsLiabilities$551.10MtotalLiabTangible book$1.11BShares128,020,187commonStockSharesOutstandingResult $8.69 | 14.14xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$300.50MebitdaCapex$51.60McapitalExpendituresInterest$4.40MinterestExpenseShort-term debt$13.20MshortTermDebtEBITDA − capex$248.90MPrincipal due is short-term debt.Result 14.14x | $96.60MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$148.20MtotalCashFromOperatingActivitiesCapex$51.60McapitalExpendituresFree cash flow$96.60MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $96.60M | 7.4%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$235.60MoperatingIncomeTax expense$55.70MincomeTaxExpensePretax income$238.30MincomeBeforeTaxTax rate23.4%Equity$2.45BtotalStockholderEquityDebt$113.20MshortLongTermDebtTotalCash$141.40McashInvested capital$2.43BResult 7.4% | 0.59xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$235.60MoperatingIncomeNet PP&E$399.90MpropertyPlantEquipmentResult 0.59x |
| 2022 | 30.8%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$404.90MpropertyPlantEquipmentInventory$373.10MinventoryTotal assets$2.53BtotalAssetsResult 30.8% | 8.09xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$3.28BtotalRevenueNet PP&E$404.90MpropertyPlantEquipmentResult 8.09x | 0.87xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$55.90McapitalExpendituresD&A$64.50MdepreciationAndAmortizationResult 0.87x | -$2.05Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.53BtotalAssetsGoodwill$924.20MgoodWillIntangibles$349.80MintangibleAssetsLiabilities$1.52BtotalLiabTangible book-$264.80MShares129,100,000commonStockSharesOutstandingResult -$2.05 | 11.27xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$277.90MebitdaCapex$55.90McapitalExpendituresInterest$2.20MinterestExpenseShort-term debt$17.50MshortLongTermDebtEBITDA − capex$222.00MPrincipal due is the current portion of debt.Result 11.27x | $179.70MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$235.60MtotalCashFromOperatingActivitiesCapex$55.90McapitalExpendituresFree cash flow$179.70MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $179.70M | 10.1%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$270.30MoperatingIncomeTax expense$58.00MincomeTaxExpensePretax income$213.40MincomeBeforeTaxTax rate27.2%Equity$1.01BtotalStockholderEquityDebt$1.03BshortLongTermDebtTotalCash$101.10McashAndEquivalentsInvested capital$1.94BResult 10.1% | 0.67xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$270.30MoperatingIncomeNet PP&E$404.90MpropertyPlantEquipmentResult 0.67x |
| 2023 | 28.0%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$416.70MpropertyPlantEquipmentInventory$249.80MinventoryTotal assets$2.38BtotalAssetsResult 28.0% | 6.54xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$2.73BtotalRevenueNet PP&E$416.70MpropertyPlantEquipmentResult 6.54x | 0.89xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$57.30McapitalExpendituresD&A$64.30MdepreciationAndAmortizationResult 0.89x | -$0.51Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.38BtotalAssetsGoodwill$925.10MgoodWillIntangibles$335.50MintangibleAssetsLiabilities$1.19BtotalLiabTangible book-$66.80MShares129,900,000commonStockSharesOutstandingResult -$0.51 | 3.75xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$368.20MebitdaCapex$57.30McapitalExpendituresInterest$65.20MinterestExpenseShort-term debt$17.60MshortLongTermDebtEBITDA − capex$310.90MPrincipal due is the current portion of debt.Result 3.75x | $348.30MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$405.60MtotalCashFromOperatingActivitiesCapex$57.30McapitalExpendituresFree cash flow$348.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $348.30M | 13.0%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$308.60MoperatingIncomeTax expense$56.70MincomeTaxExpensePretax income$238.70MincomeBeforeTaxTax rate23.8%Equity$1.19BtotalStockholderEquityDebt$770.20MshortLongTermDebtTotalCash$148.70McashAndEquivalentsInvested capital$1.82BResult 13.0% | 0.74xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$308.60MoperatingIncomeNet PP&E$416.70MpropertyPlantEquipmentResult 0.74x |
| 2024 | 28.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$547.90MpropertyPlantEquipmentInventory$276.40MinventoryTotal assets$2.93BtotalAssetsResult 28.1% | 4.93xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$2.70BtotalRevenueNet PP&E$547.90MpropertyPlantEquipmentResult 4.93x | 1.05xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$80.90McapitalExpendituresD&A$77.30MdepreciationAndAmortizationResult 1.05x | -$3.07Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.93BtotalAssetsGoodwill$1.13BgoodWillIntangibles$571.30MintangibleAssetsLiabilities$1.64BtotalLiabTangible book-$402.40MShares130,900,000commonStockSharesOutstandingResult -$3.07 | 2.55xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$319.60MebitdaCapex$80.90McapitalExpendituresInterest$74.00MinterestExpenseShort-term debt$19.50MshortTermDebtEBITDA − capex$238.70MPrincipal due is short-term debt.Result 2.55x | $211.10MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$292.00MtotalCashFromOperatingActivitiesCapex$80.90McapitalExpendituresFree cash flow$211.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $211.10M | 8.5%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$256.60MoperatingIncomeTax expense$42.40MincomeTaxExpensePretax income$168.30MincomeBeforeTaxTax rate25.2%Equity$1.29BtotalStockholderEquityDebt$1.08BshortLongTermDebtTotalCash$120.60McashAndEquivalentsInvested capital$2.26BResult 8.5% | 0.47xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$256.60MoperatingIncomeNet PP&E$547.90MpropertyPlantEquipmentResult 0.47x |
| 2025 | 31.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$692.20MpropertyPlantEquipmentInventory$269.10MinventoryTotal assets$3.10BtotalAssetsResult 31.0% | 3.95xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$2.73BtotalRevenueNet PP&E$692.20MpropertyPlantEquipmentResult 3.95x | 0.84xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$78.20McapitalExpendituresD&A$93.50MdepreciationAndAmortizationResult 0.84x | -$2.56Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$3.10BtotalAssetsGoodwill$1.13BgoodWillIntangibles$547.70MintangibleAssetsLiabilities$1.76BtotalLiabTangible book-$330.60MShares129,199,999commonStockSharesOutstandingResult -$2.56 | 1.38xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$213.90MebitdaCapex$78.20McapitalExpendituresInterest$74.10MinterestExpenseShort-term debt$24.30MshortTermDebtEBITDA − capex$135.70MPrincipal due is short-term debt.Result 1.38x | $117.50MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$195.70MtotalCashFromOperatingActivitiesCapex$78.20McapitalExpendituresFree cash flow$117.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $117.50M | 3.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$134.20MoperatingIncomeTax expense$19.60MincomeTaxExpensePretax income$46.30MincomeBeforeTaxTax rate40.0%Equity$1.34BtotalStockholderEquityDebt$1.35BshortLongTermDebtTotalCash$183.30McashAndEquivalentsInvested capital$2.51BThe effective tax rate was above 40% and was capped at 40%.Result 3.2% | 0.19xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$134.20MoperatingIncomeNet PP&E$692.20MpropertyPlantEquipmentResult 0.19x |
- Principal due is short-term debt, the amount reported as due within a year.
- The effective tax rate was above 40% and was capped at 40% for ROIC.
Latest year inputs (2025)
Net PP&E: $692.20M
Inventory: $269.10M
Total assets: $3.10B
Goodwill: $1.13B
Intangibles: $547.70M
Liabilities: $1.76B
Tangible book: -$330.60M
Shares: 129,199,999
Revenue: $2.73B
Capex: $78.20M
D&A: $93.50M
EBITDA: $213.90M
Interest: $74.10M
Short-term debt: $24.30M
Free cash flow: $117.50M
Operating income: $134.20M
Invested capital: $2.51B
Tax rate: 40.0%