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.
ScanSource Inc
Physical assets are 28.8% of total assets, a light footprint. Capex is 0.39x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 8.0%, above an 8% cost-of-capital hurdle.
Technology and communication names are often asset-light, with fixed-asset turnover above 5x. This name is at 92.55x.
Physical asset ratio
28.8%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$34.86MpropertyPlantAndEquipmentNetInventory$522.35MinventoryTotal assets$1.93BtotalAssetsResult 28.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
92.55xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$3.23BtotalRevenueNet PP&E$34.86MpropertyPlantAndEquipmentNetResult 92.55x
Revenue per dollar of the physical asset base.
Capex / D&A
0.39xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$9.29McapitalExpendituresD&A$23.63MreconciledDepreciationResult 0.39x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$27.73Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.93BtotalAssetsGoodwill$244.90MgoodWillIntangibles$64.39MintangibleAssetsLiabilities$1.02BtotalLiabTangible book$601.50MShares21,692,000commonStockSharesOutstandingResult $27.73
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.54xPrice / tangible bookPrice / tangible book per sharePrice$42.78Latest quoteTangible book / share$27.732026-06-30Result 1.54x
Price $42.78.
Fixed-charge coverage
10.68xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$110.34MebitdaCapex$9.29McapitalExpendituresInterest$6.59MinterestExpenseShort-term debt$2.87MshortLongTermDebtEBITDA − capex$101.05MPrincipal due is the current portion of debt.Result 10.68x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
12.4%Free cash flow yield · 2026-06-30Latest free cash flow / current market capFree cash flow$113.85MfreeCashFlowMarket cap$917.98MMarketCapitalizationResult 12.4%
Latest free cash flow divided by current market cap ($917.98M).
ROIC
8.0%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$98.63MoperatingIncomeTax expense$24.87MincomeTaxExpensePretax income$103.74MincomeBeforeTaxTax rate24.0%Equity$910.79MtotalStockholderEquityDebt$110.90MshortLongTermDebtTotalCash$88.37McashInvested capital$933.32MResult 8.0%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 2.83x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 36.8%Physical asset ratio · 2019-06-30(Net PP&E + inventory) / total assetsNet PP&E$63.36MpropertyPlantAndEquipmentNetInventory$697.34MinventoryTotal assets$2.07BtotalAssetsResult 36.8% | 61.13xFixed asset turnover · 2019-06-30Revenue / net PP&ERevenue$3.87BtotalRevenueNet PP&E$63.36MpropertyPlantAndEquipmentNetResult 61.13x | 0.21xCapex / D&A · 2019-06-30Capital expenditures / depreciation and amortizationCapex$7.22McapitalExpendituresD&A$33.65MdepreciationAndAmortizationResult 0.21x | $18.13Tangible book / share · 2019-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.07BtotalAssetsGoodwill$319.54MgoodWillIntangibles$127.94MintangibleAssetsLiabilities$1.15BtotalLiabTangible book$466.65MShares25,734,000commonStockSharesOutstandingResult $18.13 | 2.57xFixed-charge coverage · 2019-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$152.54MebitdaCapex$7.22McapitalExpendituresInterest$13.16MinterestExpenseShort-term debt$43.48MshortTermDebtEBITDA − capex$145.33MPrincipal due is short-term debt.Result 2.57x | -$34.34MFree cash flow · 2019-06-30Reported free cash flowOperating cash flow-$27.13MtotalCashFromOperatingActivitiesCapex$7.22McapitalExpendituresFree cash flow-$34.34MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$34.34M | 5.3%ROIC · 2019-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$89.96MoperatingIncomeTax expense$20.31MincomeTaxExpensePretax income$77.91MincomeBeforeTaxTax rate26.1%Equity$914.13MtotalStockholderEquityDebt$360.51MshortLongTermDebtTotalCash$23.82McashInvested capital$1.25BResult 5.3% | 1.42xEBIT / PP&E · 2019-06-30Operating income / net PP&EOperating income$89.96MoperatingIncomeNet PP&E$63.36MpropertyPlantAndEquipmentNetResult 1.42x |
| 2020 | 31.6%Physical asset ratio · 2020-06-30(Net PP&E + inventory) / total assetsNet PP&E$79.22MpropertyPlantEquipmentInventory$454.89MinventoryTotal assets$1.69BtotalAssetsResult 31.6% | 38.47xFixed asset turnover · 2020-06-30Revenue / net PP&ERevenue$3.05BtotalRevenueNet PP&E$79.22MpropertyPlantEquipmentResult 38.47x | 0.18xCapex / D&A · 2020-06-30Capital expenditures / depreciation and amortizationCapex$6.39McapitalExpendituresD&A$35.33MdepreciationAndAmortizationResult 0.18x | $13.49Tangible book / share · 2020-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.69BtotalAssetsGoodwill$214.29MgoodWillIntangibles$121.55MintangibleAssetsLiabilities$1.01BtotalLiabTangible book$342.41MShares25,378,000commonStockSharesOutstandingResult $13.49 | 4.60xFixed-charge coverage · 2020-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$98.68MebitdaCapex$6.39McapitalExpendituresInterest$12.22MinterestExpenseShort-term debt$7.84MshortLongTermDebtEBITDA − capex$92.29MPrincipal due is the current portion of debt.Result 4.60x | $219.88MFree cash flow · 2020-06-30Reported free cash flowOperating cash flow$226.27MtotalCashFromOperatingActivitiesCapex$6.39McapitalExpendituresFree cash flow$219.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $219.88M | —ROIC · 2020-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$64.97MoperatingIncomeTax expense$7.45MincomeTaxExpensePretax income-$71.78MincomeBeforeTaxTax rate—Equity$678.25MtotalStockholderEquityDebt$243.96MshortLongTermDebtTotalCash$29.49McashInvested capital$892.73MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.82xEBIT / PP&E · 2020-06-30Operating income / net PP&EOperating income-$64.97MoperatingIncomeNet PP&E$79.22MpropertyPlantEquipmentResult -0.82x |
| 2021 | 31.8%Physical asset ratio · 2021-06-30(Net PP&E + inventory) / total assetsNet PP&E$62.08MpropertyPlantAndEquipmentNetInventory$470.08MinventoryTotal assets$1.67BtotalAssetsResult 31.8% | 50.75xFixed asset turnover · 2021-06-30Revenue / net PP&ERevenue$3.15BtotalRevenueNet PP&E$62.08MpropertyPlantAndEquipmentNetResult 50.75x | 0.07xCapex / D&A · 2021-06-30Capital expenditures / depreciation and amortizationCapex$2.36McapitalExpendituresD&A$33.51MdepreciationAndAmortizationResult 0.07x | $15.97Tangible book / share · 2021-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.67BtotalAssetsGoodwill$218.88MgoodWillIntangibles$104.86MintangibleAssetsLiabilities$940.49MtotalLiabTangible book$407.45MShares25,518,000commonStockSharesOutstandingResult $15.97 | 6.93xFixed-charge coverage · 2021-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$104.76MebitdaCapex$2.36McapitalExpendituresInterest$6.93MinterestExpenseShort-term debt$7.84MshortLongTermDebtEBITDA − capex$102.40MPrincipal due is the current portion of debt.Result 6.93x | $138.58MFree cash flow · 2021-06-30Reported free cash flowOperating cash flow$140.94MtotalCashFromOperatingActivitiesCapex$2.36McapitalExpendituresFree cash flow$138.58MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $138.58M | 5.8%ROIC · 2021-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$61.48MoperatingIncomeTax expense$12.15MincomeTaxExpensePretax income$57.54MincomeBeforeTaxTax rate21.1%Equity$731.19MtotalStockholderEquityDebt$164.01MshortLongTermDebtTotalCash$62.72McashInvested capital$832.48MResult 5.8% | 0.99xEBIT / PP&E · 2021-06-30Operating income / net PP&EOperating income$61.48MoperatingIncomeNet PP&E$62.08MpropertyPlantAndEquipmentNetResult 0.99x |
| 2022 | 34.5%Physical asset ratio · 2022-06-30(Net PP&E + inventory) / total assetsNet PP&E$53.69MpropertyPlantAndEquipmentNetInventory$614.81MinventoryTotal assets$1.94BtotalAssetsResult 34.5% | 65.74xFixed asset turnover · 2022-06-30Revenue / net PP&ERevenue$3.53BtotalRevenueNet PP&E$53.69MpropertyPlantAndEquipmentNetResult 65.74x | 0.23xCapex / D&A · 2022-06-30Capital expenditures / depreciation and amortizationCapex$6.85McapitalExpendituresD&A$29.88MdepreciationAndAmortizationResult 0.23x | $19.71Tangible book / share · 2022-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.94BtotalAssetsGoodwill$214.44MgoodWillIntangibles$84.43MintangibleAssetsLiabilities$1.13BtotalLiabTangible book$507.67MShares25,758,000commonStockSharesOutstandingResult $19.71 | 8.18xFixed-charge coverage · 2022-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$155.03MebitdaCapex$6.85McapitalExpendituresInterest$6.52MinterestExpenseShort-term debt$11.60MshortLongTermDebtEBITDA − capex$148.18MPrincipal due is the current portion of debt.Result 8.18x | -$131.20MFree cash flow · 2022-06-30Reported free cash flowOperating cash flow-$124.35MtotalCashFromOperatingActivitiesCapex$6.85McapitalExpendituresFree cash flow-$131.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$131.20M | 8.6%ROIC · 2022-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$122.17MoperatingIncomeTax expense$29.93MincomeTaxExpensePretax income$118.62MincomeBeforeTaxTax rate25.2%Equity$806.53MtotalStockholderEquityDebt$288.75MshortLongTermDebtTotalCash$37.99McashInvested capital$1.06BResult 8.6% | 2.28xEBIT / PP&E · 2022-06-30Operating income / net PP&EOperating income$122.17MoperatingIncomeNet PP&E$53.69MpropertyPlantAndEquipmentNetResult 2.28x |
| 2023 | 39.0%Physical asset ratio · 2023-06-30(Net PP&E + inventory) / total assetsNet PP&E$49.92MpropertyPlantEquipmentInventory$757.57MinventoryTotal assets$2.07BtotalAssetsResult 39.0% | 75.88xFixed asset turnover · 2023-06-30Revenue / net PP&ERevenue$3.79BtotalRevenueNet PP&E$49.92MpropertyPlantEquipmentResult 75.88x | 0.35xCapex / D&A · 2023-06-30Capital expenditures / depreciation and amortizationCapex$9.98McapitalExpendituresD&A$28.61MdepreciationAndAmortizationResult 0.35x | $24.45Tangible book / share · 2023-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$2.07BtotalAssetsGoodwill$216.71MgoodWillIntangibles$68.50MintangibleAssetsLiabilities$1.16BtotalLiabTangible book$620.10MShares25,362,000commonStockSharesOutstandingResult $24.45 | 6.00xFixed-charge coverage · 2023-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$170.25MebitdaCapex$9.98McapitalExpendituresInterest$19.79MinterestExpenseShort-term debt$6.92MshortLongTermDebtEBITDA − capex$160.27MPrincipal due is the current portion of debt.Result 6.00x | -$45.75MFree cash flow · 2023-06-30Reported free cash flowOperating cash flow-$35.77MtotalCashFromOperatingActivitiesCapex$9.98McapitalExpendituresFree cash flow-$45.75MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$45.75M | 8.1%ROIC · 2023-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$135.89MoperatingIncomeTax expense$33.76MincomeTaxExpensePretax income$121.85MincomeBeforeTaxTax rate27.7%Equity$905.30MtotalStockholderEquityDebt$343.59MshortLongTermDebtTotalCash$36.18McashInvested capital$1.21BResult 8.1% | 2.72xEBIT / PP&E · 2023-06-30Operating income / net PP&EOperating income$135.89MoperatingIncomeNet PP&E$49.92MpropertyPlantEquipmentResult 2.72x |
| 2024 | 31.2%Physical asset ratio · 2024-06-30(Net PP&E + inventory) / total assetsNet PP&E$42.56MpropertyPlantAndEquipmentNetInventory$512.63MinventoryTotal assets$1.78BtotalAssetsResult 31.2% | 76.60xFixed asset turnover · 2024-06-30Revenue / net PP&ERevenue$3.26BtotalRevenueNet PP&E$42.56MpropertyPlantAndEquipmentNetResult 76.60x | 0.31xCapex / D&A · 2024-06-30Capital expenditures / depreciation and amortizationCapex$8.56McapitalExpendituresD&A$28.01MdepreciationAndAmortizationResult 0.31x | $26.97Tangible book / share · 2024-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.78BtotalAssetsGoodwill$206.30MgoodWillIntangibles$37.63MintangibleAssetsLiabilities$854.78MtotalLiabTangible book$680.32MShares25,222,000commonStockSharesOutstandingResult $26.97 | 6.34xFixed-charge coverage · 2024-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$140.88MebitdaCapex$8.56McapitalExpendituresInterest$13.03MinterestExpenseShort-term debt$7.86MshortLongTermDebtEBITDA − capex$132.33MPrincipal due is the current portion of debt.Result 6.34x | $363.09MFree cash flow · 2024-06-30Reported free cash flowOperating cash flow$371.65MtotalCashFromOperatingActivitiesCapex$8.56McapitalExpendituresFree cash flow$363.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $363.09M | 7.8%ROIC · 2024-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$90.32MoperatingIncomeTax expense$22.78MincomeTaxExpensePretax income$99.84MincomeBeforeTaxTax rate22.8%Equity$924.26MtotalStockholderEquityDebt$153.96MshortLongTermDebtTotalCash$185.46McashInvested capital$892.76MResult 7.8% | 2.12xEBIT / PP&E · 2024-06-30Operating income / net PP&EOperating income$90.32MoperatingIncomeNet PP&E$42.56MpropertyPlantAndEquipmentNetResult 2.12x |
| 2025 | 28.8%Physical asset ratio · 2025-06-30(Net PP&E + inventory) / total assetsNet PP&E$31.17MpropertyPlantAndEquipmentNetInventory$483.82MinventoryTotal assets$1.79BtotalAssetsResult 28.8% | 97.56xFixed asset turnover · 2025-06-30Revenue / net PP&ERevenue$3.04BtotalRevenueNet PP&E$31.17MpropertyPlantAndEquipmentNetResult 97.56x | 0.27xCapex / D&A · 2025-06-30Capital expenditures / depreciation and amortizationCapex$8.29McapitalExpendituresD&A$30.20MdepreciationAndAmortizationResult 0.27x | $25.70Tangible book / share · 2025-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.79BtotalAssetsGoodwill$230.82MgoodWillIntangibles$62.91MintangibleAssetsLiabilities$879.20MtotalLiabTangible book$612.68MShares23,839,000commonStockSharesOutstandingResult $25.70 | 7.83xFixed-charge coverage · 2025-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$132.60MebitdaCapex$8.29McapitalExpendituresInterest$8.01MinterestExpenseShort-term debt$7.86MshortLongTermDebtEBITDA − capex$124.32MPrincipal due is the current portion of debt.Result 7.83x | $104.06MFree cash flow · 2025-06-30Reported free cash flowOperating cash flow$112.35MtotalCashFromOperatingActivitiesCapex$8.29McapitalExpendituresFree cash flow$104.06MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $104.06M | 7.0%ROIC · 2025-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$85.20MoperatingIncomeTax expense$22.85MincomeTaxExpensePretax income$94.40MincomeBeforeTaxTax rate24.2%Equity$906.41MtotalStockholderEquityDebt$147.11MshortLongTermDebtTotalCash$126.16McashInvested capital$927.36MResult 7.0% | 2.73xEBIT / PP&E · 2025-06-30Operating income / net PP&EOperating income$85.20MoperatingIncomeNet PP&E$31.17MpropertyPlantAndEquipmentNetResult 2.73x |
| 2026 | 28.8%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&E$34.86MpropertyPlantAndEquipmentNetInventory$522.35MinventoryTotal assets$1.93BtotalAssetsResult 28.8% | 92.55xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenue$3.23BtotalRevenueNet PP&E$34.86MpropertyPlantAndEquipmentNetResult 92.55x | 0.39xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapex$9.29McapitalExpendituresD&A$23.63MreconciledDepreciationResult 0.39x | $27.73Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.93BtotalAssetsGoodwill$244.90MgoodWillIntangibles$64.39MintangibleAssetsLiabilities$1.02BtotalLiabTangible book$601.50MShares21,692,000commonStockSharesOutstandingResult $27.73 | 10.68xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDA$110.34MebitdaCapex$9.29McapitalExpendituresInterest$6.59MinterestExpenseShort-term debt$2.87MshortLongTermDebtEBITDA − capex$101.05MPrincipal due is the current portion of debt.Result 10.68x | $113.85MFree cash flow · 2026-06-30Reported free cash flowOperating cash flow$123.13MtotalCashFromOperatingActivitiesCapex$9.29McapitalExpendituresFree cash flow$113.85MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $113.85M | 8.0%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$98.63MoperatingIncomeTax expense$24.87MincomeTaxExpensePretax income$103.74MincomeBeforeTaxTax rate24.0%Equity$910.79MtotalStockholderEquityDebt$110.90MshortLongTermDebtTotalCash$88.37McashInvested capital$933.32MResult 8.0% | 2.83xEBIT / PP&E · 2026-06-30Operating income / net PP&EOperating income$98.63MoperatingIncomeNet PP&E$34.86MpropertyPlantAndEquipmentNetResult 2.83x |
- 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: $34.86M
Inventory: $522.35M
Total assets: $1.93B
Goodwill: $244.90M
Intangibles: $64.39M
Liabilities: $1.02B
Tangible book: $601.50M
Shares: 21,692,000
Revenue: $3.23B
Capex: $9.29M
D&A: $23.63M
EBITDA: $110.34M
Interest: $6.59M
Short-term debt: $2.87M
Free cash flow: $113.85M
Operating income: $98.63M
Invested capital: $933.32M
Tax rate: 24.0%