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.
Merit Medical Systems Inc
Physical assets are 31.6% of total assets, a mixed footprint. Capex is 0.63x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 6.8%, below an 8% cost-of-capital hurdle.
Fixed-asset turnover is 2.94x. Compare it with other names in the same basket.
Physical asset ratio
31.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$516.00MpropertyPlantAndEquipmentNetInventory$333.71MinventoryTotal assets$2.69BtotalAssetsResult 31.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.94xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.51BtotalRevenueNet PP&E$516.00MpropertyPlantAndEquipmentNetResult 2.94x
Revenue per dollar of the physical asset base.
Capex / D&A
0.63xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$84.84McapitalExpendituresD&A$134.65MdepreciationAndAmortizationResult 0.63x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$8.93Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.69BtotalAssetsGoodwill$506.84MgoodWillIntangibles$537.65MintangibleAssetsLiabilities$1.10BtotalLiabTangible book$539.81MShares60,460,000commonStockSharesOutstandingResult $8.93
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
10.15xPrice / tangible bookPrice / tangible book per sharePrice$90.63Latest quoteTangible book / share$8.932025-12-31Result 10.15x
Price $90.63.
Fixed-charge coverage
6.62xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$332.05MebitdaCapex$84.84McapitalExpendituresInterest$26.46MinterestExpenseShort-term debt$10.88MshortTermDebtEBITDA − capex$247.21MPrincipal due is short-term debt.Result 6.62x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
4.2%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$212.54MfreeCashFlowMarket cap$5.04BMarketCapitalizationResult 4.2%
Latest free cash flow divided by current market cap ($5.04B).
ROIC
6.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$184.38MoperatingIncomeTax expense$42.45MincomeTaxExpensePretax income$170.94MincomeBeforeTaxTax rate24.8%Equity$1.58BtotalStockholderEquityDebt$898.23MshortLongTermDebtTotalCash$448.50McashInvested capital$2.03BResult 6.8%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.36x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 32.7%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$331.45MpropertyPlantEquipmentInventory$197.54MinventoryTotal assets$1.62BtotalAssetsResult 32.7% | 2.66xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$882.75MtotalRevenueNet PP&E$331.45MpropertyPlantEquipmentResult 2.66x | 0.95xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$66.34McapitalExpendituresD&A$69.55MdepreciationAndAmortizationResult 0.95x | $2.50Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.62BtotalAssetsGoodwill$335.43MgoodWillIntangibles$462.71MintangibleAssetsLiabilities$687.24MtotalLiabTangible book$134.63MShares53,931,000commonStockSharesOutstandingResult $2.50 | 1.95xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$129.43MebitdaCapex$66.34McapitalExpendituresInterest$10.36MinterestExpenseShort-term debt$22.00MshortTermDebtEBITDA − capex$63.09MPrincipal due is short-term debt.Result 1.95x | $20.20MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$86.53MtotalCashFromOperatingActivitiesCapex$66.34McapitalExpendituresFree cash flow$20.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $20.20M | 3.9%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$58.62MoperatingIncomeTax expense$7.50MincomeTaxExpensePretax income$49.52MincomeBeforeTaxTax rate15.1%Equity$932.78MtotalStockholderEquityDebt$395.15MshortLongTermDebtTotalCash$67.36McashInvested capital$1.26BResult 3.9% | 0.18xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$58.62MoperatingIncomeNet PP&E$331.45MpropertyPlantEquipmentResult 0.18x |
| 2019 | 39.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$459.03MpropertyPlantEquipmentInventory$225.70MinventoryTotal assets$1.76BtotalAssetsResult 39.0% | 2.17xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$994.85MtotalRevenueNet PP&E$459.03MpropertyPlantEquipmentResult 2.17x | 0.78xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$81.50McapitalExpendituresD&A$104.36MdepreciationAndAmortizationResult 0.78x | $2.69Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.76BtotalAssetsGoodwill$353.19MgoodWillIntangibles$445.31MintangibleAssetsLiabilities$807.38MtotalLiabTangible book$151.44MShares56,235,000commonStockSharesOutstandingResult $2.69 | 1.87xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$119.25MebitdaCapex$81.50McapitalExpendituresInterest$12.70MinterestExpenseShort-term debt$7.50MshortLongTermDebtEBITDA − capex$37.76MPrincipal due is the current portion of debt.Result 1.87x | -$3.68MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$77.81MtotalCashFromOperatingActivitiesCapex$81.50McapitalExpendituresFree cash flow-$3.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$3.68M | 1.1%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$15.43MoperatingIncomeTax expense-$3.26MincomeTaxExpensePretax income$2.19MincomeBeforeTaxTax rate0.0%Equity$949.94MtotalStockholderEquityDebt$535.30MshortLongTermDebtTotalCash$44.32McashInvested capital$1.44BResult 1.1% | 0.03xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$15.43MoperatingIncomeNet PP&E$459.03MpropertyPlantEquipmentResult 0.03x |
| 2020 | 39.6%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$460.97MpropertyPlantAndEquipmentNetInventory$198.02MinventoryTotal assets$1.66BtotalAssetsResult 39.6% | 2.09xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$963.88MtotalRevenueNet PP&E$460.97MpropertyPlantAndEquipmentNetResult 2.09x | 0.46xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$49.28McapitalExpendituresD&A$106.82MdepreciationAndAmortizationResult 0.46x | $4.10Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.66BtotalAssetsGoodwill$363.53MgoodWillIntangibles$367.92MintangibleAssetsLiabilities$705.82MtotalLiabTangible book$227.13MShares55,434,000commonStockSharesOutstandingResult $4.10 | 3.10xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$103.58MebitdaCapex$49.28McapitalExpendituresInterest$9.99MinterestExpenseShort-term debt$7.50MshortLongTermDebtEBITDA − capex$54.30MPrincipal due is the current portion of debt.Result 3.10x | $115.99MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$165.27MtotalCashFromOperatingActivitiesCapex$49.28McapitalExpendituresFree cash flow$115.99MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $115.99M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.56MoperatingIncomeTax expense-$3.39MincomeTaxExpensePretax income-$13.23MincomeBeforeTaxTax rate—Equity$958.58MtotalStockholderEquityDebt$447.97MshortLongTermDebtTotalCash$56.92McashInvested capital$1.35BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$1.56MoperatingIncomeNet PP&E$460.97MpropertyPlantAndEquipmentNetResult 0.00x |
| 2021 | 40.0%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$437.57MpropertyPlantEquipmentInventory$221.92MinventoryTotal assets$1.65BtotalAssetsResult 40.0% | 2.46xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.07BtotalRevenueNet PP&E$437.57MpropertyPlantEquipmentResult 2.46x | 0.29xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$27.94McapitalExpendituresD&A$95.78MdepreciationAndAmortizationResult 0.29x | $6.26Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.65BtotalAssetsGoodwill$361.74MgoodWillIntangibles$319.27MintangibleAssetsLiabilities$608.50MtotalLiabTangible book$358.79MShares57,359,000commonStockSharesOutstandingResult $6.26 | 9.27xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$154.96MebitdaCapex$27.94McapitalExpendituresInterest$5.26MinterestExpenseShort-term debt$8.44MshortLongTermDebtEBITDA − capex$127.02MPrincipal due is the current portion of debt.Result 9.27x | $119.29MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$147.23MtotalCashFromOperatingActivitiesCapex$27.94McapitalExpendituresFree cash flow$119.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $119.29M | 4.2%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$60.92MoperatingIncomeTax expense$5.46MincomeTaxExpensePretax income$53.92MincomeBeforeTaxTax rate10.1%Equity$1.04BtotalStockholderEquityDebt$325.70MshortLongTermDebtTotalCash$67.75McashInvested capital$1.30BResult 4.2% | 0.14xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$60.92MoperatingIncomeNet PP&E$437.57MpropertyPlantEquipmentResult 0.14x |
| 2022 | 42.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$448.24MpropertyPlantAndEquipmentNetInventory$265.99MinventoryTotal assets$1.66BtotalAssetsResult 42.9% | 2.57xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.15BtotalRevenueNet PP&E$448.24MpropertyPlantAndEquipmentNetResult 2.57x | 0.49xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$45.03McapitalExpendituresD&A$92.20MdepreciationAndAmortizationResult 0.49x | $8.82Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.66BtotalAssetsGoodwill$359.82MgoodWillIntangibles$275.87MintangibleAssetsLiabilities$519.57MtotalLiabTangible book$508.70MShares57,671,000commonStockSharesOutstandingResult $8.82 | 7.74xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$181.17MebitdaCapex$45.03McapitalExpendituresInterest$6.34MinterestExpenseShort-term debt$11.25MshortLongTermDebtEBITDA − capex$136.14MPrincipal due is the current portion of debt.Result 7.74x | $69.26MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$114.29MtotalCashFromOperatingActivitiesCapex$45.03McapitalExpendituresFree cash flow$69.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $69.26M | 5.8%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$87.56MoperatingIncomeTax expense$8.11MincomeTaxExpensePretax income$82.63MincomeBeforeTaxTax rate9.8%Equity$1.14BtotalStockholderEquityDebt$279.76MshortLongTermDebtTotalCash$58.41McashInvested capital$1.37BResult 5.8% | 0.20xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$87.56MoperatingIncomeNet PP&E$448.24MpropertyPlantAndEquipmentNetResult 0.20x |
| 2023 | 32.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$446.57MpropertyPlantAndEquipmentNetInventory$303.87MinventoryTotal assets$2.33BtotalAssetsResult 32.3% | 2.82xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$1.26BtotalRevenueNet PP&E$446.57MpropertyPlantAndEquipmentNetResult 2.82x | 0.36xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$36.70McapitalExpendituresD&A$101.29MdepreciationAndAmortizationResult 0.36x | $8.46Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.33BtotalAssetsGoodwill$382.24MgoodWillIntangibles$325.88MintangibleAssetsLiabilities$1.12BtotalLiabTangible book$493.88MShares58,356,000commonStockSharesOutstandingResult $8.46 | 6.96xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$228.89MebitdaCapex$36.70McapitalExpendituresInterest$15.51MinterestExpenseShort-term debt$12.09MshortTermDebtEBITDA − capex$192.19MPrincipal due is short-term debt.Result 6.96x | $108.45MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$145.15MtotalCashFromOperatingActivitiesCapex$36.70McapitalExpendituresFree cash flow$108.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $108.45M | 6.9%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$123.94MoperatingIncomeTax expense$17.68MincomeTaxExpensePretax income$112.09MincomeBeforeTaxTax rate15.8%Equity$1.20BtotalStockholderEquityDebt$891.36MshortLongTermDebtTotalCash$589.14McashAndShortTermInvestmentsInvested capital$1.50BResult 6.9% | 0.28xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$123.94MoperatingIncomeNet PP&E$446.57MpropertyPlantAndEquipmentNetResult 0.28x |
| 2024 | 31.3%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$451.67MpropertyPlantAndEquipmentNetInventory$306.06MinventoryTotal assets$2.42BtotalAssetsResult 31.3% | 3.00xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.36BtotalRevenueNet PP&E$451.67MpropertyPlantAndEquipmentNetResult 3.00x | 0.33xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$38.04McapitalExpendituresD&A$114.73MdepreciationAndAmortizationResult 0.33x | $7.03Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.42BtotalAssetsGoodwill$463.51MgoodWillIntangibles$498.27MintangibleAssetsLiabilities$1.04BtotalLiabTangible book$417.58MShares59,365,000commonStockSharesOutstandingResult $7.03 | 5.68xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$273.97MebitdaCapex$38.04McapitalExpendituresInterest$31.22MinterestExpenseShort-term debt$10.33MshortTermDebtEBITDA − capex$235.93MPrincipal due is short-term debt.Result 5.68x | $182.76MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$220.80MtotalCashFromOperatingActivitiesCapex$38.04McapitalExpendituresFree cash flow$182.76MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $182.76M | 7.0%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$155.69MoperatingIncomeTax expense$29.64MincomeTaxExpensePretax income$149.99MincomeBeforeTaxTax rate19.8%Equity$1.38BtotalStockholderEquityDebt$794.67MshortLongTermDebtTotalCash$376.72McashInvested capital$1.80BResult 7.0% | 0.34xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$155.69MoperatingIncomeNet PP&E$451.67MpropertyPlantAndEquipmentNetResult 0.34x |
| 2025 | 31.6%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$516.00MpropertyPlantAndEquipmentNetInventory$333.71MinventoryTotal assets$2.69BtotalAssetsResult 31.6% | 2.94xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.51BtotalRevenueNet PP&E$516.00MpropertyPlantAndEquipmentNetResult 2.94x | 0.63xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$84.84McapitalExpendituresD&A$134.65MdepreciationAndAmortizationResult 0.63x | $8.93Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.69BtotalAssetsGoodwill$506.84MgoodWillIntangibles$537.65MintangibleAssetsLiabilities$1.10BtotalLiabTangible book$539.81MShares60,460,000commonStockSharesOutstandingResult $8.93 | 6.62xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$332.05MebitdaCapex$84.84McapitalExpendituresInterest$26.46MinterestExpenseShort-term debt$10.88MshortTermDebtEBITDA − capex$247.21MPrincipal due is short-term debt.Result 6.62x | $212.54MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$297.37MtotalCashFromOperatingActivitiesCapex$84.84McapitalExpendituresFree cash flow$212.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $212.54M | 6.8%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$184.38MoperatingIncomeTax expense$42.45MincomeTaxExpensePretax income$170.94MincomeBeforeTaxTax rate24.8%Equity$1.58BtotalStockholderEquityDebt$898.23MshortLongTermDebtTotalCash$448.50McashInvested capital$2.03BResult 6.8% | 0.36xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$184.38MoperatingIncomeNet PP&E$516.00MpropertyPlantAndEquipmentNetResult 0.36x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $516.00M
Inventory: $333.71M
Total assets: $2.69B
Goodwill: $506.84M
Intangibles: $537.65M
Liabilities: $1.10B
Tangible book: $539.81M
Shares: 60,460,000
Revenue: $1.51B
Capex: $84.84M
D&A: $134.65M
EBITDA: $332.05M
Interest: $26.46M
Short-term debt: $10.88M
Free cash flow: $212.54M
Operating income: $184.38M
Invested capital: $2.03B
Tax rate: 24.8%