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.
Powell Industries Inc
Physical assets are 17.8% of total assets, a light footprint. Capex is 1.81x 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 101.0%, 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 9.80x.
Physical asset ratio
17.8%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$112.71MpropertyPlantAndEquipmentNetInventory$84.72MinventoryTotal assets$1.11BtotalAssetsResult 17.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
9.80xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$1.10BtotalRevenueNet PP&E$112.71MpropertyPlantAndEquipmentNetResult 9.80x
Revenue per dollar of the physical asset base.
Capex / D&A
1.81xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$13.15McapitalExpendituresD&A$7.27MdepreciationAndAmortizationResult 1.81x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$17.22Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.11BtotalAssetsGoodwill$6.13MgoodWillIntangibles$6.14MintangibleAssetsLiabilities$468.21MtotalLiabTangible book$628.51MShares36,501,000commonStockSharesOutstandingResult $17.22
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
8.31xPrice / tangible bookPrice / tangible book per sharePrice$143.10Latest quoteTangible book / share$17.222025-09-30Result 8.31x
Price $143.10.
Fixed-charge coverage
—Fixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$240.82MebitdaCapex$13.15McapitalExpendituresInterest—Not reportedShort-term debt$882.00KshortTermDebtEBITDA − capex$227.67MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
3.0%Free cash flow yield · 2025-09-30Latest free cash flow / current market capFree cash flow$154.79MfreeCashFlowMarket cap$5.21BMarketCapitalizationResult 3.0%
Latest free cash flow divided by current market cap ($5.21B).
ROIC
101.0%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$217.86MoperatingIncomeTax expense$52.80MincomeTaxExpensePretax income$233.55MincomeBeforeTaxTax rate22.6%Equity$640.77MtotalStockholderEquityDebt$1.66MshortLongTermDebtTotalCash$475.53McashAndShortTermInvestmentsInvested capital$166.91MResult 101.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.93x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 34.9%Physical asset ratio · 2018-09-30(Net PP&E + inventory) / total assetsNet PP&E$128.76MpropertyPlantEquipmentInventory$21.35MinventoryTotal assets$429.95MtotalAssetsResult 34.9% | 3.48xFixed asset turnover · 2018-09-30Revenue / net PP&ERevenue$448.72MtotalRevenueNet PP&E$128.76MpropertyPlantEquipmentResult 3.48x | 0.35xCapex / D&A · 2018-09-30Capital expenditures / depreciation and amortizationCapex$4.50McapitalExpendituresD&A$12.90MdepreciationAndAmortizationResult 0.35x | $26.08Tangible book / share · 2018-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$429.95MtotalAssetsGoodwill$1.00MgoodWillIntangibles$510.00KintangibleAssetsLiabilities$128.31MtotalLiabTangible book$300.13MShares11,507,000commonStockSharesOutstandingResult $26.08 | 1.50xFixed-charge coverage · 2018-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$5.41MebitdaCapex$4.50McapitalExpendituresInterest$207.00KinterestExpenseShort-term debt$400.00KshortTermDebtEBITDA − capex$909.00KPrincipal due is short-term debt.Result 1.50x | -$33.05MFree cash flow · 2018-09-30Reported free cash flowOperating cash flow-$28.54MtotalCashFromOperatingActivitiesCapex$4.50McapitalExpendituresFree cash flow-$33.05MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$33.05M | —ROIC · 2018-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$9.12MoperatingIncomeTax expense-$547.00KincomeTaxExpensePretax income-$7.70MincomeBeforeTaxTax rate—Equity$301.64MtotalStockholderEquityDebt$1.60MshortLongTermDebtTotalCash$49.75McashInvested capital$253.49MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.07xEBIT / PP&E · 2018-09-30Operating income / net PP&EOperating income-$9.12MoperatingIncomeNet PP&E$128.76MpropertyPlantEquipmentResult -0.07x |
| 2019 | 32.1%Physical asset ratio · 2019-09-30(Net PP&E + inventory) / total assetsNet PP&E$120.81MpropertyPlantEquipmentInventory$29.20MinventoryTotal assets$467.41MtotalAssetsResult 32.1% | 4.28xFixed asset turnover · 2019-09-30Revenue / net PP&ERevenue$517.18MtotalRevenueNet PP&E$120.81MpropertyPlantEquipmentResult 4.28x | 0.35xCapex / D&A · 2019-09-30Capital expenditures / depreciation and amortizationCapex$4.26McapitalExpendituresD&A$12.03MdepreciationAndAmortizationResult 0.35x | $25.60Tangible book / share · 2019-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$467.41MtotalAssetsGoodwill$1.00MgoodWillIntangibles$334.00KintangibleAssetsLiabilities$168.26MtotalLiabTangible book$297.82MShares11,634,000commonStockSharesOutstandingResult $25.60 | 32.29xFixed-charge coverage · 2019-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$24.60MebitdaCapex$4.26McapitalExpendituresInterest$230.00KinterestExpenseShort-term debt$400.00KshortTermDebtEBITDA − capex$20.34MPrincipal due is short-term debt.Result 32.29x | $64.50MFree cash flow · 2019-09-30Reported free cash flowOperating cash flow$68.76MtotalCashFromOperatingActivitiesCapex$4.26McapitalExpendituresFree cash flow$64.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $64.50M | 5.2%ROIC · 2019-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$11.46MoperatingIncomeTax expense$2.44MincomeTaxExpensePretax income$12.33MincomeBeforeTaxTax rate19.8%Equity$299.15MtotalStockholderEquityDebt$1.20MshortLongTermDebtTotalCash$124.68McashInvested capital$175.67MResult 5.2% | 0.09xEBIT / PP&E · 2019-09-30Operating income / net PP&EOperating income$11.46MoperatingIncomeNet PP&E$120.81MpropertyPlantEquipmentResult 0.09x |
| 2020 | 30.4%Physical asset ratio · 2020-09-30(Net PP&E + inventory) / total assetsNet PP&E$114.37MpropertyPlantEquipmentInventory$28.97MinventoryTotal assets$472.28MtotalAssetsResult 30.4% | 4.53xFixed asset turnover · 2020-09-30Revenue / net PP&ERevenue$518.50MtotalRevenueNet PP&E$114.37MpropertyPlantEquipmentResult 4.53x | 0.49xCapex / D&A · 2020-09-30Capital expenditures / depreciation and amortizationCapex$5.13McapitalExpendituresD&A$10.54MdepreciationAndAmortizationResult 0.49x | $26.12Tangible book / share · 2020-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$472.28MtotalAssetsGoodwill$1.00MgoodWillIntangibles$157.00KintangibleAssetsLiabilities$165.65MtotalLiabTangible book$305.47MShares11,693,000commonStockSharesOutstandingResult $26.12 | 41.35xFixed-charge coverage · 2020-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$31.10MebitdaCapex$5.13McapitalExpendituresInterest$228.00KinterestExpenseShort-term debt$400.00KshortLongTermDebtEBITDA − capex$25.97MPrincipal due is the current portion of debt.Result 41.35x | $67.26MFree cash flow · 2020-09-30Reported free cash flowOperating cash flow$72.39MtotalCashFromOperatingActivitiesCapex$5.13McapitalExpendituresFree cash flow$67.26MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $67.26M | 13.1%ROIC · 2020-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$20.57MoperatingIncomeTax expense$3.67MincomeTaxExpensePretax income$20.33MincomeBeforeTaxTax rate18.1%Equity$306.63MtotalStockholderEquityDebt$800.00KlongTermDebt + shortLongTermDebtCash$178.92McashInvested capital$128.51MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 13.1% | 0.18xEBIT / PP&E · 2020-09-30Operating income / net PP&EOperating income$20.57MoperatingIncomeNet PP&E$114.37MpropertyPlantEquipmentResult 0.18x |
| 2021 | 32.7%Physical asset ratio · 2021-09-30(Net PP&E + inventory) / total assetsNet PP&E$112.91MpropertyPlantAndEquipmentNetInventory$29.84MinventoryTotal assets$436.19MtotalAssetsResult 32.7% | 4.17xFixed asset turnover · 2021-09-30Revenue / net PP&ERevenue$470.56MtotalRevenueNet PP&E$112.91MpropertyPlantAndEquipmentNetResult 4.17x | 0.28xCapex / D&A · 2021-09-30Capital expenditures / depreciation and amortizationCapex$2.89McapitalExpendituresD&A$10.34MdepreciationAndAmortizationResult 0.28x | $8.46Tangible book / share · 2021-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$436.19MtotalAssetsGoodwill$1.00MgoodWillIntangibles$1.00MintangibleAssetsLiabilities$134.97MtotalLiabTangible book$299.22MShares35,367,000commonStockSharesOutstandingResult $8.46 | 14.47xFixed-charge coverage · 2021-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$11.63MebitdaCapex$2.89McapitalExpendituresInterest$204.00KinterestExpenseShort-term debt$400.00KshortLongTermDebtEBITDA − capex$8.74MPrincipal due is the current portion of debt.Result 14.47x | -$33.35MFree cash flow · 2021-09-30Reported free cash flowOperating cash flow-$30.46MtotalCashFromOperatingActivitiesCapex$2.89McapitalExpendituresFree cash flow-$33.35MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$33.35M | 0.4%ROIC · 2021-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.02MoperatingIncomeTax expense$461.00KincomeTaxExpensePretax income$1.09MincomeBeforeTaxTax rate40.0%Equity$301.22MtotalStockholderEquityDebt$400.00KlongTermDebt + shortLongTermDebtCash$133.98McashAndShortTermInvestmentsInvested capital$167.64MThe effective tax rate was above 40% and was capped at 40%.Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 0.4% | 0.01xEBIT / PP&E · 2021-09-30Operating income / net PP&EOperating income$1.02MoperatingIncomeNet PP&E$112.91MpropertyPlantAndEquipmentNetResult 0.01x |
| 2022 | 30.7%Physical asset ratio · 2022-09-30(Net PP&E + inventory) / total assetsNet PP&E$100.81MpropertyPlantAndEquipmentNetInventory$50.42MinventoryTotal assets$493.38MtotalAssetsResult 30.7% | 5.28xFixed asset turnover · 2022-09-30Revenue / net PP&ERevenue$532.58MtotalRevenueNet PP&E$100.81MpropertyPlantAndEquipmentNetResult 5.28x | 0.26xCapex / D&A · 2022-09-30Capital expenditures / depreciation and amortizationCapex$2.45McapitalExpendituresD&A$9.36MdepreciationAndAmortizationResult 0.26x | $8.24Tangible book / share · 2022-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$493.38MtotalAssetsGoodwill$1.00MgoodWillIntangibles$1.00MintangibleAssetsLiabilities$196.17MtotalLiabTangible book$295.20MShares35,829,000commonStockSharesOutstandingResult $8.24 | 7.93xFixed-charge coverage · 2022-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$19.20MebitdaCapex$2.45McapitalExpendituresInterest$334.00KinterestExpenseShort-term debt$1.78MshortTermDebtEBITDA − capex$16.75MPrincipal due is short-term debt.Result 7.93x | -$6.03MFree cash flow · 2022-09-30Reported free cash flowOperating cash flow-$3.58MtotalCashFromOperatingActivitiesCapex$2.45McapitalExpendituresFree cash flow-$6.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$6.03M | 3.9%ROIC · 2022-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$7.22MoperatingIncomeTax expense-$3.89MincomeTaxExpensePretax income$9.84MincomeBeforeTaxTax rate0.0%Equity$297.21MtotalStockholderEquityDebt$2.32MshortLongTermDebtTotalCash$116.51McashAndShortTermInvestmentsInvested capital$183.02MResult 3.9% | 0.07xEBIT / PP&E · 2022-09-30Operating income / net PP&EOperating income$7.22MoperatingIncomeNet PP&E$100.81MpropertyPlantAndEquipmentNetResult 0.07x |
| 2023 | 21.7%Physical asset ratio · 2023-09-30(Net PP&E + inventory) / total assetsNet PP&E$99.06MpropertyPlantAndEquipmentNetInventory$63.87MinventoryTotal assets$752.24MtotalAssetsResult 21.7% | 7.06xFixed asset turnover · 2023-09-30Revenue / net PP&ERevenue$699.31MtotalRevenueNet PP&E$99.06MpropertyPlantAndEquipmentNetResult 7.06x | 0.91xCapex / D&A · 2023-09-30Capital expenditures / depreciation and amortizationCapex$7.82McapitalExpendituresD&A$8.61MdepreciationAndAmortizationResult 0.91x | $9.46Tangible book / share · 2023-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$752.24MtotalAssetsGoodwill$1.00MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$407.22MtotalLiabTangible book$344.02MShares36,360,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $9.46 | —Fixed-charge coverage · 2023-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$62.52MebitdaCapex$7.82McapitalExpendituresInterest—Not reportedShort-term debt$773.00KshortTermDebtEBITDA − capex$54.70MPrincipal due is short-term debt.Result — | $174.73MFree cash flow · 2023-09-30Reported free cash flowOperating cash flow$182.55MtotalCashFromOperatingActivitiesCapex$7.82McapitalExpendituresFree cash flow$174.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $174.73M | 73.3%ROIC · 2023-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$62.52MoperatingIncomeTax expense$14.43MincomeTaxExpensePretax income$68.95MincomeBeforeTaxTax rate20.9%Equity$345.03MtotalStockholderEquityDebt$1.44MshortLongTermDebtTotalCash$279.01McashAndShortTermInvestmentsInvested capital$67.45MResult 73.3% | 0.63xEBIT / PP&E · 2023-09-30Operating income / net PP&EOperating income$62.52MoperatingIncomeNet PP&E$99.06MpropertyPlantAndEquipmentNetResult 0.63x |
| 2024 | 20.5%Physical asset ratio · 2024-09-30(Net PP&E + inventory) / total assetsNet PP&E$104.64MpropertyPlantAndEquipmentNetInventory$85.87MinventoryTotal assets$928.18MtotalAssetsResult 20.5% | 9.67xFixed asset turnover · 2024-09-30Revenue / net PP&ERevenue$1.01BtotalRevenueNet PP&E$104.64MpropertyPlantAndEquipmentNetResult 9.67x | 1.74xCapex / D&A · 2024-09-30Capital expenditures / depreciation and amortizationCapex$11.98McapitalExpendituresD&A$6.87MdepreciationAndAmortizationResult 1.74x | $13.17Tangible book / share · 2024-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$928.18MtotalAssetsGoodwill$1.00MgoodWillIntangibles$500.00KintangibleAssetsLiabilities$445.11MtotalLiabTangible book$481.57MShares36,564,000commonStockSharesOutstandingResult $13.17 | —Fixed-charge coverage · 2024-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$202.96MebitdaCapex$11.98McapitalExpendituresInterest—Not reportedShort-term debt$595.00KshortTermDebtEBITDA − capex$190.98MPrincipal due is short-term debt.Result — | $96.68MFree cash flow · 2024-09-30Reported free cash flowOperating cash flow$108.66MtotalCashFromOperatingActivitiesCapex$11.98McapitalExpendituresFree cash flow$96.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $96.68M | 108.5%ROIC · 2024-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$178.77MoperatingIncomeTax expense$46.24MincomeTaxExpensePretax income$196.09MincomeBeforeTaxTax rate23.6%Equity$483.07MtotalStockholderEquityDebt$1.22MshortLongTermDebtTotalCash$358.39McashAndShortTermInvestmentsInvested capital$125.90MResult 108.5% | 1.71xEBIT / PP&E · 2024-09-30Operating income / net PP&EOperating income$178.77MoperatingIncomeNet PP&E$104.64MpropertyPlantAndEquipmentNetResult 1.71x |
| 2025 | 17.8%Physical asset ratio · 2025-09-30(Net PP&E + inventory) / total assetsNet PP&E$112.71MpropertyPlantAndEquipmentNetInventory$84.72MinventoryTotal assets$1.11BtotalAssetsResult 17.8% | 9.80xFixed asset turnover · 2025-09-30Revenue / net PP&ERevenue$1.10BtotalRevenueNet PP&E$112.71MpropertyPlantAndEquipmentNetResult 9.80x | 1.81xCapex / D&A · 2025-09-30Capital expenditures / depreciation and amortizationCapex$13.15McapitalExpendituresD&A$7.27MdepreciationAndAmortizationResult 1.81x | $17.22Tangible book / share · 2025-09-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.11BtotalAssetsGoodwill$6.13MgoodWillIntangibles$6.14MintangibleAssetsLiabilities$468.21MtotalLiabTangible book$628.51MShares36,501,000commonStockSharesOutstandingResult $17.22 | —Fixed-charge coverage · 2025-09-30(EBITDA − capex) / (interest + short-term debt)EBITDA$240.82MebitdaCapex$13.15McapitalExpendituresInterest—Not reportedShort-term debt$882.00KshortTermDebtEBITDA − capex$227.67MPrincipal due is short-term debt.Result — | $154.79MFree cash flow · 2025-09-30Reported free cash flowOperating cash flow$167.94MtotalCashFromOperatingActivitiesCapex$13.15McapitalExpendituresFree cash flow$154.79MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $154.79M | 101.0%ROIC · 2025-09-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$217.86MoperatingIncomeTax expense$52.80MincomeTaxExpensePretax income$233.55MincomeBeforeTaxTax rate22.6%Equity$640.77MtotalStockholderEquityDebt$1.66MshortLongTermDebtTotalCash$475.53McashAndShortTermInvestmentsInvested capital$166.91MResult 101.0% | 1.93xEBIT / PP&E · 2025-09-30Operating income / net PP&EOperating income$217.86MoperatingIncomeNet PP&E$112.71MpropertyPlantAndEquipmentNetResult 1.93x |
- 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: $112.71M
Inventory: $84.72M
Total assets: $1.11B
Goodwill: $6.13M
Intangibles: $6.14M
Liabilities: $468.21M
Tangible book: $628.51M
Shares: 36,501,000
Revenue: $1.10B
Capex: $13.15M
D&A: $7.27M
EBITDA: $240.82M
Interest: —
Short-term debt: $882.00K
Free cash flow: $154.79M
Operating income: $217.86M
Invested capital: $166.91M
Tax rate: 22.6%