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.
Modine Manufacturing Company
Physical assets are 38.4% of total assets, a mixed footprint. Capex is 1.80x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. ROIC is 13.6%, 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 6.11x.
Physical asset ratio
38.4%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$520.90MpropertyPlantAndEquipmentNetInventory$506.10MinventoryTotal assets$2.67BtotalAssetsResult 38.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.11xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$3.18BtotalRevenueNet PP&E$520.90MpropertyPlantAndEquipmentNetResult 6.11x
Revenue per dollar of the physical asset base.
Capex / D&A
1.80xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$143.30McapitalExpendituresD&A$79.70MdepreciationAndAmortizationResult 1.80x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$13.22Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.67BtotalAssetsGoodwill$292.10MgoodWillIntangibles$197.00MintangibleAssetsLiabilities$1.47BtotalLiabTangible book$713.70MShares54,000,000commonStockSharesOutstandingResult $13.22
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
7.46xPrice / tangible bookPrice / tangible book per sharePrice$98.56Latest quoteTangible book / share$13.222026-03-31Result 7.46x
Price $98.56.
Fixed-charge coverage
1.86xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$297.80MebitdaCapex$143.30McapitalExpendituresInterest$31.60MinterestExpenseShort-term debt$51.40MshortLongTermDebtEBITDA − capex$154.50MPrincipal due is the current portion of debt.Result 1.86x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.0%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flow$105.40MfreeCashFlowMarket cap$5.24BMarketCapitalizationResult 2.0%
Latest free cash flow divided by current market cap ($5.24B).
ROIC
13.6%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$349.90MoperatingIncomeTax expense$63.20MincomeTaxExpensePretax income$186.50MincomeBeforeTaxTax rate33.9%Equity$1.19BtotalStockholderEquityDebt$580.10MshortLongTermDebtTotalCash$73.50McashInvested capital$1.70BResult 13.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.67x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 44.6%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&E$484.70MpropertyPlantEquipmentInventory$200.70MinventoryTotal assets$1.54BtotalAssetsResult 44.6% | 4.57xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenue$2.21BtotalRevenueNet PP&E$484.70MpropertyPlantEquipmentResult 4.57x | 0.96xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapex$73.90McapitalExpendituresD&A$76.90MdepreciationAndAmortizationResult 0.96x | $5.00Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.54BtotalAssetsGoodwill$168.50MgoodWillIntangibles$116.20MintangibleAssetsLiabilities$996.90MtotalLiabTangible book$256.40MShares51,300,000commonStockSharesOutstandingResult $5.00 | 0.88xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$196.30MebitdaCapex$73.90McapitalExpendituresInterest$24.80MinterestExpenseShort-term debt$114.60MshortTermDebtEBITDA − capex$122.40MPrincipal due is short-term debt.Result 0.88x | $29.40MFree cash flow · 2019-03-31Reported free cash flowOperating cash flow$103.30MtotalCashFromOperatingActivitiesCapex$73.90McapitalExpendituresFree cash flow$29.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $29.40M | 11.6%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$109.70MoperatingIncomeTax expense-$5.10MincomeTaxExpensePretax income$80.80MincomeBeforeTaxTax rate0.0%Equity$533.90MtotalStockholderEquityDebt$449.70MshortLongTermDebtTotalCash$41.70McashAndEquivalentsInvested capital$941.90MResult 11.6% | 0.23xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating income$109.70MoperatingIncomeNet PP&E$484.70MpropertyPlantEquipmentResult 0.23x |
| 2020 | 42.7%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&E$448.00MpropertyPlantEquipmentInventory$207.40MinventoryTotal assets$1.54BtotalAssetsResult 42.7% | 4.41xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenue$1.98BtotalRevenueNet PP&E$448.00MpropertyPlantEquipmentResult 4.41x | 0.92xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapex$71.30McapitalExpendituresD&A$77.10MdepreciationAndAmortizationResult 0.92x | $4.35Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.54BtotalAssetsGoodwill$166.10MgoodWillIntangibles$106.30MintangibleAssetsLiabilities$1.04BtotalLiabTangible book$221.20MShares50,800,000commonStockSharesOutstandingResult $4.35 | 0.73xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$110.20MebitdaCapex$71.30McapitalExpendituresInterest$22.70MinterestExpenseShort-term debt$30.40MshortLongTermDebtEBITDA − capex$38.90MPrincipal due is the current portion of debt.Result 0.73x | -$13.40MFree cash flow · 2020-03-31Reported free cash flowOperating cash flow$57.90MtotalCashFromOperatingActivitiesCapex$71.30McapitalExpendituresFree cash flow-$13.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$13.40M | 2.2%ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$37.90MoperatingIncomeTax expense$12.40MincomeTaxExpensePretax income$10.40MincomeBeforeTaxTax rate40.0%Equity$487.90MtotalStockholderEquityDebt$593.90MshortLongTermDebtTotalCash$70.90McashAndEquivalentsInvested capital$1.01BThe effective tax rate was above 40% and was capped at 40%.Result 2.2% | 0.08xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating income$37.90MoperatingIncomeNet PP&E$448.00MpropertyPlantEquipmentResult 0.08x |
| 2021 | 40.7%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&E$324.00MpropertyPlantEquipmentInventory$195.60MinventoryTotal assets$1.28BtotalAssetsResult 40.7% | 5.58xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenue$1.81BtotalRevenueNet PP&E$324.00MpropertyPlantEquipmentResult 5.58x | 0.48xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapex$32.70McapitalExpendituresD&A$68.60MdepreciationAndAmortizationResult 0.48x | $1.65Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.28BtotalAssetsGoodwill$170.70MgoodWillIntangibles$100.60MintangibleAssetsLiabilities$920.60MtotalLiabTangible book$84.80MShares51,300,000commonStockSharesOutstandingResult $1.65 | -1.50xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$31.30MebitdaCapex$32.70McapitalExpendituresInterest$19.40MinterestExpenseShort-term debt$23.30MshortLongTermDebtEBITDA − capex-$64.00MPrincipal due is the current portion of debt.Result -1.50x | $117.10MFree cash flow · 2021-03-31Reported free cash flowOperating cash flow$149.80MtotalCashFromOperatingActivitiesCapex$32.70McapitalExpendituresFree cash flow$117.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $117.10M | —ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$97.70MoperatingIncomeTax expense$90.20MincomeTaxExpensePretax income-$119.30MincomeBeforeTaxTax rate—Equity$348.70MtotalStockholderEquityDebt$435.30MshortLongTermDebtTotalCash$37.80McashAndEquivalentsInvested capital$746.20MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.30xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating income-$97.70MoperatingIncomeNet PP&E$324.00MpropertyPlantEquipmentResult -0.30x |
| 2022 | 41.8%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&E$315.40MpropertyPlantEquipmentInventory$281.20MinventoryTotal assets$1.43BtotalAssetsResult 41.8% | 6.50xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenue$2.05BtotalRevenueNet PP&E$315.40MpropertyPlantEquipmentResult 6.50x | 0.74xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapex$40.30McapitalExpendituresD&A$54.80MdepreciationAndAmortizationResult 0.74x | $3.80Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.43BtotalAssetsGoodwill$168.10MgoodWillIntangibles$90.30MintangibleAssetsLiabilities$968.90MtotalLiabTangible book$199.70MShares52,500,000commonStockSharesOutstandingResult $3.80 | 2.92xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$171.90MebitdaCapex$40.30McapitalExpendituresInterest$15.60MinterestExpenseShort-term debt$29.40MshortLongTermDebtEBITDA − capex$131.60MPrincipal due is the current portion of debt.Result 2.92x | -$28.80MFree cash flow · 2022-03-31Reported free cash flowOperating cash flow$11.50MtotalCashFromOperatingActivitiesCapex$40.30McapitalExpendituresFree cash flow-$28.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$28.80M | 11.6%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$119.20MoperatingIncomeTax expense$15.20MincomeTaxExpensePretax income$101.50MincomeBeforeTaxTax rate15.0%Equity$450.70MtotalStockholderEquityDebt$472.90MshortLongTermDebtTotalCash$48.90McashAndShortTermInvestmentsInvested capital$874.70MResult 11.6% | 0.38xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating income$119.20MoperatingIncomeNet PP&E$315.40MpropertyPlantEquipmentResult 0.38x |
| 2023 | 40.8%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&E$314.50MpropertyPlantEquipmentInventory$324.90MinventoryTotal assets$1.57BtotalAssetsResult 40.8% | 7.31xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenue$2.30BtotalRevenueNet PP&E$314.50MpropertyPlantEquipmentResult 7.31x | 0.93xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapex$50.70McapitalExpendituresD&A$54.50MdepreciationAndAmortizationResult 0.93x | $6.68Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.57BtotalAssetsGoodwill$165.60MgoodWillIntangibles$81.10MintangibleAssetsLiabilities$966.30MtotalLiabTangible book$352.90MShares52,800,000commonStockSharesOutstandingResult $6.68 | 3.57xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$208.00MebitdaCapex$50.70McapitalExpendituresInterest$20.70MinterestExpenseShort-term debt$23.40MshortLongTermDebtEBITDA − capex$157.30MPrincipal due is the current portion of debt.Result 3.57x | $56.80MFree cash flow · 2023-03-31Reported free cash flowOperating cash flow$107.50MtotalCashFromOperatingActivitiesCapex$50.70McapitalExpendituresFree cash flow$56.80MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $56.80M | 15.3%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$150.40MoperatingIncomeTax expense-$28.30MincomeTaxExpensePretax income$125.30MincomeBeforeTaxTax rate0.0%Equity$592.80MtotalStockholderEquityDebt$462.30MshortLongTermDebtTotalCash$70.60McashAndShortTermInvestmentsInvested capital$984.50MResult 15.3% | 0.48xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating income$150.40MoperatingIncomeNet PP&E$314.50MpropertyPlantEquipmentResult 0.48x |
| 2024 | 43.2%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&E$441.70MpropertyPlantEquipmentInventory$357.90MinventoryTotal assets$1.85BtotalAssetsResult 43.2% | 5.45xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenue$2.41BtotalRevenueNet PP&E$441.70MpropertyPlantEquipmentResult 5.45x | 1.56xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapex$87.70McapitalExpendituresD&A$56.10MdepreciationAndAmortizationResult 1.56x | $6.30Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.85BtotalAssetsGoodwill$230.90MgoodWillIntangibles$188.30MintangibleAssetsLiabilities$1.10BtotalLiabTangible book$336.30MShares53,400,000commonStockSharesOutstandingResult $6.30 | 3.71xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$294.80MebitdaCapex$87.70McapitalExpendituresInterest$24.10MinterestExpenseShort-term debt$31.70MshortLongTermDebtEBITDA − capex$207.10MPrincipal due is the current portion of debt.Result 3.71x | $126.90MFree cash flow · 2024-03-31Reported free cash flowOperating cash flow$214.60MtotalCashFromOperatingActivitiesCapex$87.70McapitalExpendituresFree cash flow$126.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $126.90M | 14.6%ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$240.70MoperatingIncomeTax expense$51.20MincomeTaxExpensePretax income$214.60MincomeBeforeTaxTax rate23.9%Equity$747.60MtotalStockholderEquityDebt$571.10MshortLongTermDebtTotalCash$60.10McashAndEquivalentsInvested capital$1.26BResult 14.6% | 0.54xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating income$240.70MoperatingIncomeNet PP&E$441.70MpropertyPlantEquipmentResult 0.54x |
| 2025 | 43.2%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&E$487.70MpropertyPlantEquipmentInventory$340.90MinventoryTotal assets$1.92BtotalAssetsResult 43.2% | 5.30xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenue$2.58BtotalRevenueNet PP&E$487.70MpropertyPlantEquipmentResult 5.30x | 1.08xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapex$84.00McapitalExpendituresD&A$77.70MdepreciationAndAmortizationResult 1.08x | $9.97Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.92BtotalAssetsGoodwill$233.90MgoodWillIntangibles$146.70MintangibleAssetsLiabilities$999.40MtotalLiabTangible book$537.60MShares53,900,000commonStockSharesOutstandingResult $9.97 | 3.40xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$358.10MebitdaCapex$84.00McapitalExpendituresInterest$26.40MinterestExpenseShort-term debt$54.10MshortLongTermDebtEBITDA − capex$274.10MPrincipal due is the current portion of debt.Result 3.40x | $129.30MFree cash flow · 2025-03-31Reported free cash flowOperating cash flow$213.30MtotalCashFromOperatingActivitiesCapex$84.00McapitalExpendituresFree cash flow$129.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $129.30M | 17.4%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$283.50MoperatingIncomeTax expense$68.50MincomeTaxExpensePretax income$254.00MincomeBeforeTaxTax rate27.0%Equity$910.20MtotalStockholderEquityDebt$350.80MlongTermDebt + shortLongTermDebtCash$71.60McashAndEquivalentsInvested capital$1.19BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 17.4% | 0.58xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating income$283.50MoperatingIncomeNet PP&E$487.70MpropertyPlantEquipmentResult 0.58x |
| 2026 | 38.4%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&E$520.90MpropertyPlantAndEquipmentNetInventory$506.10MinventoryTotal assets$2.67BtotalAssetsResult 38.4% | 6.11xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenue$3.18BtotalRevenueNet PP&E$520.90MpropertyPlantAndEquipmentNetResult 6.11x | 1.80xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapex$143.30McapitalExpendituresD&A$79.70MdepreciationAndAmortizationResult 1.80x | $13.22Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.67BtotalAssetsGoodwill$292.10MgoodWillIntangibles$197.00MintangibleAssetsLiabilities$1.47BtotalLiabTangible book$713.70MShares54,000,000commonStockSharesOutstandingResult $13.22 | 1.86xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDA$297.80MebitdaCapex$143.30McapitalExpendituresInterest$31.60MinterestExpenseShort-term debt$51.40MshortLongTermDebtEBITDA − capex$154.50MPrincipal due is the current portion of debt.Result 1.86x | $105.40MFree cash flow · 2026-03-31Reported free cash flowOperating cash flow$248.70MtotalCashFromOperatingActivitiesCapex$143.30McapitalExpendituresFree cash flow$105.40MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $105.40M | 13.6%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$349.90MoperatingIncomeTax expense$63.20MincomeTaxExpensePretax income$186.50MincomeBeforeTaxTax rate33.9%Equity$1.19BtotalStockholderEquityDebt$580.10MshortLongTermDebtTotalCash$73.50McashInvested capital$1.70BResult 13.6% | 0.67xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating income$349.90MoperatingIncomeNet PP&E$520.90MpropertyPlantAndEquipmentNetResult 0.67x |
- 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 the current portion of debt.
Latest year inputs (2026)
Net PP&E: $520.90M
Inventory: $506.10M
Total assets: $2.67B
Goodwill: $292.10M
Intangibles: $197.00M
Liabilities: $1.47B
Tangible book: $713.70M
Shares: 54,000,000
Revenue: $3.18B
Capex: $143.30M
D&A: $79.70M
EBITDA: $297.80M
Interest: $31.60M
Short-term debt: $51.40M
Free cash flow: $105.40M
Operating income: $349.90M
Invested capital: $1.70B
Tax rate: 33.9%