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.

Assembly Biosciences Inc

ASMB.US · Healthcare · Biotechnology · USD · Fundamentals
Asset-light

Physical assets are 1.1% of total assets, a light footprint. Capex is 0.51x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets.

Fixed-asset turnover is 26.49x. Compare it with other names in the same basket.

Physical asset ratio
1.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.73MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$257.59MtotalAssetsInventory was not reported and is treated as zero.Result 1.1%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
26.49xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$72.30MtotalRevenueNet PP&E$2.73MpropertyPlantAndEquipmentNetResult 26.49x
Revenue per dollar of the physical asset base.
Capex / D&A
0.51xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$66.00KcapitalExpendituresD&A$129.00KdepreciationAndAmortizationResult 0.51x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$18.44Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$257.59MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$50.84MtotalLiabTangible book$206.75MShares11,210,934commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.44
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
1.13xPrice / tangible bookPrice / tangible book per sharePrice$20.88Latest quoteTangible book / share$18.442025-12-31Result 1.13x
Price $20.88.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$5.99MebitdaCapex$66.00KcapitalExpendituresInterest—Not reportedShort-term debt$569.00KshortTermDebtEBITDA − capex-$6.06MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-9.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$41.16MfreeCashFlowMarket cap$418.82MMarketCapitalizationResult -9.8%
Latest free cash flow divided by current market cap ($418.82M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.12MoperatingIncomeTax expense$0.00taxProvisionPretax income-$6.12MincomeBeforeTaxTax rate—Equity$206.75MtotalStockholderEquityDebt$2.63MshortLongTermDebtTotalCash$248.11McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result —
After-tax operating income over equity plus debt minus cash. Operating income / net PP&E is -4.44x.

Footprint and return

Turnover and reinvestment

Year Physical FAT Capex/D&A TBV/sh Coverage FCF ROIC EBIT/PP&E
2018 0.2%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$557.00KpropertyPlantEquipmentInventory$1.00inventoryTotal assets$268.05MtotalAssetsResult 0.2% 26.58xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$14.80MtotalRevenueNet PP&E$557.00KpropertyPlantEquipmentResult 26.58x 0.53xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$340.00KcapitalExpendituresD&A$643.00KdepreciationAndAmortizationResult 0.53x $74.13Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$268.05MtotalAssetsGoodwill$12.64MgoodWillIntangibles$29.00MintangibleAssetsLiabilities$57.39MtotalLiabTangible book$169.02MShares2,280,000commonStockSharesOutstandingResult $74.13 —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$92.74MebitdaCapex$340.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex-$93.08MResult — -$65.30MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$64.96MtotalCashFromOperatingActivitiesCapex$340.00KcapitalExpendituresFree cash flow-$65.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$65.30M —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$92.74MoperatingIncomeTax expense$1.10MincomeTaxExpensePretax income-$89.65MincomeBeforeTaxTax rate—Equity$210.65MtotalStockholderEquityDebt—Not reportedCash$218.08McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -166.49xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$92.74MoperatingIncomeNet PP&E$557.00KpropertyPlantEquipmentResult -166.49x
2019 4.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$13.81MpropertyPlantAndEquipmentNetInventory$0.00inventoryTotal assets$347.89MtotalAssetsResult 4.0% 1.16xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$15.96MtotalRevenueNet PP&E$13.81MpropertyPlantAndEquipmentNetResult 1.16x 3.15xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$1.55McapitalExpendituresD&A$494.00KdepreciationAndAmortizationResult 3.15x $66.01Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$347.89MtotalAssetsGoodwill$12.64MgoodWillIntangibles$29.00MintangibleAssetsLiabilities$74.67MtotalLiabTangible book$231.58MShares3,508,000commonStockSharesOutstandingResult $66.01 -13.00xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$102.22MebitdaCapex$1.55McapitalExpendituresInterest$4.80MinterestExpenseShort-term debt$3.19MshortTermDebtEBITDA − capex-$103.77MPrincipal due is short-term debt.Result -13.00x -$85.62MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$84.07MtotalCashFromOperatingActivitiesCapex$1.55McapitalExpendituresFree cash flow-$85.62MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$85.62M —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$102.71MoperatingIncomeTax expense-$774.00KincomeTaxExpensePretax income-$98.41MincomeBeforeTaxTax rate—Equity$273.22MtotalStockholderEquityDebt$12.27MshortLongTermDebtTotalCash$274.04McashAndShortTermInvestmentsInvested capital$11.44MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -7.44xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$102.71MoperatingIncomeNet PP&E$13.81MpropertyPlantAndEquipmentNetResult -7.44x
2020 3.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.73MpropertyPlantAndEquipmentNetInventory$0.00inventoryTotal assets$283.25MtotalAssetsResult 3.8% 7.37xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$79.11MtotalRevenueNet PP&E$10.73MpropertyPlantAndEquipmentNetResult 7.37x 3.21xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$2.22McapitalExpendituresD&A$691.00KdepreciationAndAmortizationResult 3.21x $50.14Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$283.25MtotalAssetsGoodwill$12.64MgoodWillIntangibles$29.00MintangibleAssetsLiabilities$42.68MtotalLiabTangible book$198.94MShares3,968,000commonStockSharesOutstandingResult $50.14 -10.06xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$58.40MebitdaCapex$2.22McapitalExpendituresInterest$2.62MinterestExpenseShort-term debt$3.40MshortTermDebtEBITDA − capex-$60.62MPrincipal due is short-term debt.Result -10.06x -$65.18MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$62.96MtotalCashFromOperatingActivitiesCapex$2.22McapitalExpendituresFree cash flow-$65.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$65.18M —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$64.78MoperatingIncomeTax expense-$2.62MincomeTaxExpensePretax income-$62.15MincomeBeforeTaxTax rate—Equity$240.58MtotalStockholderEquityDebt$10.13MshortLongTermDebtTotalCash$216.41McashAndShortTermInvestmentsInvested capital$34.29MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -6.04xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$64.78MoperatingIncomeNet PP&E$10.73MpropertyPlantAndEquipmentNetResult -6.04x
2021 3.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$7.18MpropertyPlantEquipmentInventory$1.00inventoryTotal assets$191.06MtotalAssetsResult 3.8% 0.87xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$6.25MtotalRevenueNet PP&E$7.18MpropertyPlantEquipmentResult 0.87x 6.64xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$3.10McapitalExpendituresD&A$466.00KdepreciationAndAmortizationResult 6.64x $46.84Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$191.06MtotalAssetsGoodwill$0.00goodWillIntangibles$0.00Not reported, treated as 0Liabilities$22.13MtotalLiabTangible book$168.93MShares3,606,698commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $46.84 -1.09xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$90.58MebitdaCapex$3.10McapitalExpendituresInterest$82.51MinterestExpenseShort-term debt$3.15MshortTermDebtEBITDA − capex-$93.68MPrincipal due is short-term debt.Result -1.09x -$96.49MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$93.40MtotalCashFromOperatingActivitiesCapex$3.10McapitalExpendituresFree cash flow-$96.49MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$96.49M —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$132.69MoperatingIncomeTax expense-$2.53MincomeTaxExpensePretax income-$132.39MincomeBeforeTaxTax rate—Equity$168.93MtotalStockholderEquityDebt$6.48MshortLongTermDebtTotalCash$146.63McashAndShortTermInvestmentsInvested capital$28.78MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -18.48xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$132.69MoperatingIncomeNet PP&E$7.18MpropertyPlantEquipmentResult -18.48x
2022 3.9%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.94MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$101.79MtotalAssetsResult 3.9% 0.00xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$0.00totalRevenueNet PP&E$3.94MpropertyPlantAndEquipmentNetResult 0.00x 0.20xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$102.00KcapitalExpendituresD&A$498.00KdepreciationAndAmortizationResult 0.20x $20.49Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$101.79MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$19.13MtotalLiabTangible book$82.66MShares4,034,105commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $20.49 -24.27xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$93.62MebitdaCapex$102.00KcapitalExpendituresInterest$498.00KinterestExpenseShort-term debt$3.36MshortTermDebtEBITDA − capex-$93.72MPrincipal due is short-term debt.Result -24.27x -$84.57MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$84.46MtotalCashFromOperatingActivitiesCapex$102.00KcapitalExpendituresFree cash flow-$84.57MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$84.57M —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$94.11MoperatingIncomeTax expense-$1.02MincomeTaxExpensePretax income-$93.09MincomeBeforeTaxTax rate—Equity$82.66MtotalStockholderEquityDebt$3.47MshortLongTermDebtTotalCash$91.61McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -23.90xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$94.11MoperatingIncomeNet PP&E$3.94MpropertyPlantAndEquipmentNetResult -23.90x
2023 -0.3%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.72MpropertyPlantAndEquipmentNetInventory-$3.20MinventoryTotal assets$136.82MtotalAssetsResult -0.3% 2.63xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$7.16MtotalRevenueNet PP&E$2.72MpropertyPlantAndEquipmentNetResult 2.63x 0.57xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$255.00KcapitalExpendituresD&A$450.00KdepreciationAndAmortizationResult 0.57x $8.98Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$136.82MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$95.73MtotalLiabTangible book$41.10MShares4,577,370commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $8.98 —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$60.75MebitdaCapex$255.00KcapitalExpendituresInterest—Not reportedShort-term debt$1.22MshortTermDebtEBITDA − capex-$61.00MPrincipal due is short-term debt.Result — $22.49MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$22.74MtotalCashFromOperatingActivitiesCapex$255.00KcapitalExpendituresFree cash flow$22.49MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $22.49M —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$64.65MoperatingIncomeTax expense$33.00KincomeTaxExpensePretax income-$61.20MincomeBeforeTaxTax rate—Equity$41.10MtotalStockholderEquityDebt$2.34MshortLongTermDebtTotalCash$130.25McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -23.73xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$64.65MoperatingIncomeNet PP&E$2.72MpropertyPlantAndEquipmentNetResult -23.73x
2024 2.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.35MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$119.17MtotalAssetsInventory was not reported and is treated as zero.Result 2.8% 8.51xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$28.52MtotalRevenueNet PP&E$3.35MpropertyPlantAndEquipmentNetResult 8.51x 0.22xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$28.00KcapitalExpendituresD&A$129.00KdepreciationAndAmortizationResult 0.22x $5.56Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$119.17MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$85.81MtotalLiabTangible book$33.36MShares6,004,560commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $5.56 —Fixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$39.72MebitdaCapex$28.00KcapitalExpendituresInterest—Not reportedShort-term debt$461.00KshortTermDebtEBITDA − capex-$39.75MPrincipal due is short-term debt.Result — -$51.15MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$51.12MtotalCashFromOperatingActivitiesCapex$28.00KcapitalExpendituresFree cash flow-$51.15MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$51.15M —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$45.42MoperatingIncomeTax expense$330.00KincomeTaxExpensePretax income-$39.85MincomeBeforeTaxTax rate—Equity$33.36MtotalStockholderEquityDebt$3.09MshortLongTermDebtTotalCash$112.08McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -13.55xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$45.42MoperatingIncomeNet PP&E$3.35MpropertyPlantAndEquipmentNetResult -13.55x
2025 1.1%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.73MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$257.59MtotalAssetsInventory was not reported and is treated as zero.Result 1.1% 26.49xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$72.30MtotalRevenueNet PP&E$2.73MpropertyPlantAndEquipmentNetResult 26.49x 0.51xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$66.00KcapitalExpendituresD&A$129.00KdepreciationAndAmortizationResult 0.51x $18.44Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$257.59MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$50.84MtotalLiabTangible book$206.75MShares11,210,934commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $18.44 —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$5.99MebitdaCapex$66.00KcapitalExpendituresInterest—Not reportedShort-term debt$569.00KshortTermDebtEBITDA − capex-$6.06MPrincipal due is short-term debt.Result — -$41.16MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$41.09MtotalCashFromOperatingActivitiesCapex$66.00KcapitalExpendituresFree cash flow-$41.16MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$41.16M —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$12.12MoperatingIncomeTax expense$0.00taxProvisionPretax income-$6.12MincomeBeforeTaxTax rate—Equity$206.75MtotalStockholderEquityDebt$2.63MshortLongTermDebtTotalCash$248.11McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — -4.44xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$12.12MoperatingIncomeNet PP&E$2.73MpropertyPlantAndEquipmentNetResult -4.44x
  • Inventory was missing and treated as zero in the physical asset ratio.
  • Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $2.73M
Inventory: $0.00
Total assets: $257.59M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $50.84M
Tangible book: $206.75M
Shares: 11,210,934
Revenue: $72.30M
Capex: $66.00K
D&A: $129.00K
EBITDA: -$5.99M
Interest: —
Short-term debt: $569.00K
Free cash flow: -$41.16M
Operating income: -$12.12M
Invested capital: —
Tax rate: —