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.
Middleby Corp
Physical assets are 17.8% of total assets, a light footprint. Capex is 0.68x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 9.5%, 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 7.42x.
Physical asset ratio
17.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
7.42x
Revenue per dollar of the physical asset base.
Capex / D&A
0.68x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$1.64
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $107.78.
Fixed-charge coverage
4.41x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
11.5%
Latest free cash flow divided by current market cap ($4.87B).
ROIC
9.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.36x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 18.4% | 8.66x | 0.43x | -$25.88 | 8.69x | $327.48M | 9.6% | 1.42x |
| 2019 | 18.7% | 8.40x | 0.45x | -$24.19 | 7.04x | $330.82M | 10.4% | 1.46x |
| 2020 | 17.0% | 7.30x | 0.39x | -$25.54 | 3.91x | $482.88M | 7.2% | 0.94x |
| 2021 | 19.1% | 8.53x | 0.41x | -$28.67 | 8.89x | $371.85M | 10.5% | 1.65x |
| 2022 | 22.1% | 9.09x | 0.50x | -$25.63 | 5.37x | $263.03M | 9.1% | 1.44x |
| 2023 | 22.5% | 6.51x | 0.69x | -$17.19 | 4.30x | $541.81M | 8.8% | 1.02x |
| 2024 | 18.8% | 7.37x | 0.39x | -$9.05 | 5.49x | $637.51M | 8.9% | 1.25x |
| 2025 | 17.8% | 7.42x | 0.68x | -$1.64 | 4.41x | $558.35M | 9.5% | 1.36x |
- 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 short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $431.62M
Inventory: $692.59M
Total assets: $6.32B
Goodwill: $1.80B
Intangibles: $1.06B
Liabilities: $3.54B
Tangible book: -$84.61M
Shares: 51,655,000
Revenue: $3.20B
Capex: $71.84M
D&A: $105.31M
EBITDA: $681.41M
Interest: $93.83M
Short-term debt: $44.42M
Free cash flow: $558.35M
Operating income: $588.76M
Invested capital: $4.73B
Tax rate: 23.8%