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.
Aurinia Pharmaceuticals Inc
Physical assets are 16.7% of total assets, a light footprint. Capex is 0.03x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 40.6%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 3.56x. Compare it with other names in the same basket.
Physical asset ratio
16.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$79.57MpropertyPlantAndEquipmentNetInventory$45.69MinventoryTotal assets$751.59MtotalAssetsResult 16.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
3.56xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$283.06MtotalRevenueNet PP&E$79.57MpropertyPlantAndEquipmentNetResult 3.56x
Revenue per dollar of the physical asset base.
Capex / D&A
0.03xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$252.00KcapitalExpendituresD&A$9.27MdepreciationAndAmortizationResult 0.03x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$4.16Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$751.59MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$3.76MintangibleAssetsLiabilities$170.26MtotalLiabTangible book$577.57MShares138,700,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $4.16
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
4.00xPrice / tangible bookPrice / tangible book per sharePrice$16.65Latest quoteTangible book / share$4.162025-12-31Result 4.00x
Price $16.65.
Fixed-charge coverage
5.82xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$127.76MebitdaCapex$252.00KcapitalExpendituresInterest$4.33MinterestExpenseShort-term debt$17.59MshortTermDebtEBITDA − capex$127.51MPrincipal due is short-term debt.Result 5.82x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$135.41MfreeCashFlowMarket cap$2.22BMarketCapitalizationResult 6.1%
Latest free cash flow divided by current market cap ($2.22B).
ROIC
40.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$104.91MoperatingIncomeTax expense-$173.05MincomeTaxExpensePretax income$114.16MincomeBeforeTaxTax rate0.0%Equity$581.33MtotalStockholderEquityDebt$74.81MshortLongTermDebtTotalCash$398.00McashAndShortTermInvestmentsInvested capital$258.15MResult 40.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.32x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$41.00KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$145.86MtotalAssetsInventory was not reported and is treated as zero.Result 0.0% | 11.29xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$463.00KtotalRevenueNet PP&E$41.00KpropertyPlantEquipmentResult 11.29x | 0.05xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$75.00KcapitalExpendituresD&A$1.57MdepreciationAndAmortizationResult 0.05x | $1.18Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$145.86MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$12.62MintangibleAssetsLiabilities$33.29MtotalLiabTangible book$99.96MShares84,782,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $1.18 | -22.96xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$53.93MebitdaCapex$75.00KcapitalExpendituresInterest$2.23MinterestExpenseShort-term debt$118.00KshortTermDebtEBITDA − capex-$54.00MPrincipal due is short-term debt.Result -22.96x | -$51.69MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$51.61MtotalCashFromOperatingActivitiesCapex$75.00KcapitalExpendituresFree cash flow-$51.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$51.69M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$56.16MoperatingIncomeTax expense$73.00KincomeTaxExpensePretax income-$64.05MincomeBeforeTaxTax rate—Equity$112.58MtotalStockholderEquityDebt—Not reportedCash$125.86McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1,369.71xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$56.16MoperatingIncomeNet PP&E$41.00KpropertyPlantEquipmentResult -1,369.71x |
| 2019 | 0.0%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$93.00KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$324.30MtotalAssetsInventory was not reported and is treated as zero.Result 0.0% | 3.42xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$318.00KtotalRevenueNet PP&E$93.00KpropertyPlantEquipmentResult 3.42x | 0.09xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$101.00KcapitalExpendituresD&A$1.17MdepreciationAndAmortizationResult 0.09x | $3.11Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$324.30MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$8.86MintangibleAssetsLiabilities$25.70MtotalLiabTangible book$289.74MShares93,024,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.11 | -12.94xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$89.77MebitdaCapex$101.00KcapitalExpendituresInterest$39.00KinterestExpenseShort-term debt$6.91MshortTermDebtEBITDA − capex-$89.87MPrincipal due is short-term debt.Result -12.94x | -$63.69MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$63.59MtotalCashFromOperatingActivitiesCapex$101.00KcapitalExpendituresFree cash flow-$63.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$63.69M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$90.94MoperatingIncomeTax expense$144.00KincomeTaxExpensePretax income-$88.24MincomeBeforeTaxTax rate—Equity$298.60MtotalStockholderEquityDebt—Not reportedCash$306.02McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -977.88xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$90.94MoperatingIncomeNet PP&E$93.00KpropertyPlantEquipmentResult -977.88x |
| 2020 | 5.2%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$10.28MpropertyPlantAndEquipmentNetInventory$13.93MinventoryTotal assets$463.66MtotalAssetsResult 5.2% | 4.88xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$50.12MtotalRevenueNet PP&E$10.28MpropertyPlantAndEquipmentNetResult 4.88x | 5.36xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$7.34McapitalExpendituresD&A$1.37MdepreciationAndAmortizationResult 5.36x | $3.36Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$463.66MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$9.33MintangibleAssetsLiabilities$55.91MtotalLiabTangible book$398.42MShares118,473,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.36 | -18.13xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$102.92MebitdaCapex$7.34McapitalExpendituresInterest$5.29MinterestExpenseShort-term debt$788.00KshortTermDebtEBITDA − capex-$110.26MPrincipal due is short-term debt.Result -18.13x | -$77.20MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$69.86MtotalCashFromOperatingActivitiesCapex$7.34McapitalExpendituresFree cash flow-$77.20MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$77.20M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$104.29MoperatingIncomeTax expense-$94.00KincomeTaxExpensePretax income-$102.77MincomeBeforeTaxTax rate—Equity$407.75MtotalStockholderEquityDebt$8.41MshortLongTermDebtTotalCash$398.33McashAndShortTermInvestmentsInvested capital$17.83MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -10.15xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$104.29MoperatingIncomeNet PP&E$10.28MpropertyPlantAndEquipmentNetResult -10.15x |
| 2021 | 5.4%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$9.80MpropertyPlantEquipmentInventory$19.33MinventoryTotal assets$543.37MtotalAssetsResult 5.4% | 4.65xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$45.61MtotalRevenueNet PP&E$9.80MpropertyPlantEquipmentResult 4.65x | 0.54xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$1.50McapitalExpendituresD&A$2.76MdepreciationAndAmortizationResult 0.54x | $3.64Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$543.37MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$8.40MintangibleAssetsLiabilities$64.28MtotalLiabTangible book$470.69MShares129,369,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.64 | -112.69xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$177.45MebitdaCapex$1.50McapitalExpendituresInterest$529.00KinterestExpenseShort-term debt$1.06MshortTermDebtEBITDA − capex-$178.95MPrincipal due is short-term debt.Result -112.69x | -$159.19MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$157.69MtotalCashFromOperatingActivitiesCapex$1.50McapitalExpendituresFree cash flow-$159.19MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$159.19M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$180.74MoperatingIncomeTax expense$760.00KincomeTaxExpensePretax income-$180.21MincomeBeforeTaxTax rate—Equity$479.09MtotalStockholderEquityDebt$8.74MshortLongTermDebtTotalCash$466.08McashAndShortTermInvestmentsInvested capital$21.75MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -18.44xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$180.74MoperatingIncomeNet PP&E$9.80MpropertyPlantEquipmentResult -18.44x |
| 2022 | 7.1%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.56MpropertyPlantEquipmentInventory$24.75MinventoryTotal assets$470.86MtotalAssetsResult 7.1% | 15.66xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$134.03MtotalRevenueNet PP&E$8.56MpropertyPlantEquipmentResult 15.66x | 0.11xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$292.00KcapitalExpendituresD&A$2.71MdepreciationAndAmortizationResult 0.11x | $2.81Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$470.86MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$6.43MintangibleAssetsLiabilities$65.43MtotalLiabTangible book$399.01MShares141,915,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.81 | -18.01xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$108.76MebitdaCapex$292.00KcapitalExpendituresInterest$5.12MinterestExpenseShort-term debt$936.00KshortTermDebtEBITDA − capex-$109.06MPrincipal due is short-term debt.Result -18.01x | -$79.82MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$79.53MtotalCashFromOperatingActivitiesCapex$292.00KcapitalExpendituresFree cash flow-$79.82MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$79.82M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$111.47MoperatingIncomeTax expense$1.83MincomeTaxExpensePretax income-$106.35MincomeBeforeTaxTax rate—Equity$405.44MtotalStockholderEquityDebt$8.09MshortLongTermDebtTotalCash$389.39McashAndShortTermInvestmentsInvested capital$24.13MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -13.03xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$111.47MoperatingIncomeNet PP&E$8.56MpropertyPlantEquipmentResult -13.03x |
| 2023 | 28.5%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$116.57MpropertyPlantAndEquipmentNetInventory$39.71MinventoryTotal assets$548.06MtotalAssetsResult 28.5% | 1.51xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$175.51MtotalRevenueNet PP&E$116.57MpropertyPlantAndEquipmentNetResult 1.51x | 0.06xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$718.00KcapitalExpendituresD&A$11.65MdepreciationAndAmortizationResult 0.06x | $2.60Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$548.06MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.98MintangibleAssetsLiabilities$170.11MtotalLiabTangible book$372.98MShares143,236,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.60 | -3.47xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$63.05MebitdaCapex$718.00KcapitalExpendituresInterest$2.78MinterestExpenseShort-term debt$15.60MshortTermDebtEBITDA − capex-$63.77MPrincipal due is short-term debt.Result -3.47x | -$34.18MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$33.46MtotalCashFromOperatingActivitiesCapex$718.00KcapitalExpendituresFree cash flow-$34.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$34.18M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$91.69MoperatingIncomeTax expense$551.00KincomeTaxExpensePretax income-$77.47MincomeBeforeTaxTax rate—Equity$377.95MtotalStockholderEquityDebt$97.61MshortLongTermDebtTotalCash$350.49McashAndShortTermInvestmentsInvested capital$125.07MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.79xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$91.69MoperatingIncomeNet PP&E$116.57MpropertyPlantAndEquipmentNetResult -0.79x |
| 2024 | 25.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$98.87MpropertyPlantAndEquipmentNetInventory$39.23MinventoryTotal assets$550.65MtotalAssetsResult 25.1% | 2.38xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$235.13MtotalRevenueNet PP&E$98.87MpropertyPlantAndEquipmentNetResult 2.38x | 0.01xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$281.00KcapitalExpendituresD&A$19.45MdepreciationAndAmortizationResult 0.01x | $2.55Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$550.65MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.36MintangibleAssetsLiabilities$173.17MtotalLiabTangible book$373.12MShares146,194,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.55 | 1.58xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$31.73MebitdaCapex$281.00KcapitalExpendituresInterest$4.84MinterestExpenseShort-term debt$15.07MshortTermDebtEBITDA − capex$31.45MPrincipal due is short-term debt.Result 1.58x | $44.11MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$44.39MtotalCashFromOperatingActivitiesCapex$281.00KcapitalExpendituresFree cash flow$44.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $44.11M | -3.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$4.69MoperatingIncomeTax expense$1.70MincomeTaxExpensePretax income$7.45MincomeBeforeTaxTax rate22.8%Equity$377.48MtotalStockholderEquityDebt$79.37MshortLongTermDebtTotalCash$358.48McashAndShortTermInvestmentsInvested capital$98.37MResult -3.7% | -0.05xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$4.69MoperatingIncomeNet PP&E$98.87MpropertyPlantAndEquipmentNetResult -0.05x |
| 2025 | 16.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$79.57MpropertyPlantAndEquipmentNetInventory$45.69MinventoryTotal assets$751.59MtotalAssetsResult 16.7% | 3.56xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$283.06MtotalRevenueNet PP&E$79.57MpropertyPlantAndEquipmentNetResult 3.56x | 0.03xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$252.00KcapitalExpendituresD&A$9.27MdepreciationAndAmortizationResult 0.03x | $4.16Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$751.59MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$3.76MintangibleAssetsLiabilities$170.26MtotalLiabTangible book$577.57MShares138,700,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $4.16 | 5.82xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$127.76MebitdaCapex$252.00KcapitalExpendituresInterest$4.33MinterestExpenseShort-term debt$17.59MshortTermDebtEBITDA − capex$127.51MPrincipal due is short-term debt.Result 5.82x | $135.41MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$135.66MtotalCashFromOperatingActivitiesCapex$252.00KcapitalExpendituresFree cash flow$135.41MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $135.41M | 40.6%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$104.91MoperatingIncomeTax expense-$173.05MincomeTaxExpensePretax income$114.16MincomeBeforeTaxTax rate0.0%Equity$581.33MtotalStockholderEquityDebt$74.81MshortLongTermDebtTotalCash$398.00McashAndShortTermInvestmentsInvested capital$258.15MResult 40.6% | 1.32xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$104.91MoperatingIncomeNet PP&E$79.57MpropertyPlantAndEquipmentNetResult 1.32x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $79.57M
Inventory: $45.69M
Total assets: $751.59M
Goodwill: $0.00
Intangibles: $3.76M
Liabilities: $170.26M
Tangible book: $577.57M
Shares: 138,700,000
Revenue: $283.06M
Capex: $252.00K
D&A: $9.27M
EBITDA: $127.76M
Interest: $4.33M
Short-term debt: $17.59M
Free cash flow: $135.41M
Operating income: $104.91M
Invested capital: $258.15M
Tax rate: 0.0%