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.
Axogen Inc
Physical assets are 61.7% of total assets, a heavy footprint. Capex is 0.46x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -0.35x, which is below 1.
Fixed-asset turnover is 2.38x. Compare it with other names in the same basket.
Physical asset ratio
61.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$94.52MpropertyPlantAndEquipmentNetInventory$42.37MinventoryTotal assets$221.69MtotalAssetsResult 61.7%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
2.38xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$225.21MtotalRevenueNet PP&E$94.52MpropertyPlantAndEquipmentNetResult 2.38x
Revenue per dollar of the physical asset base.
Capex / D&A
0.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.75McapitalExpendituresD&A$8.19MdepreciationAndAmortizationResult 0.46x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$2.65Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$221.69MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$6.75MintangibleAssetsLiabilities$92.84MtotalLiabTangible book$122.10MShares46,050,266commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.65
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
18.58xPrice / tangible bookPrice / tangible book per sharePrice$49.25Latest quoteTangible book / share$2.652025-12-31Result 18.58x
Price $49.25.
Fixed-charge coverage
-0.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$192.00KebitdaCapex$3.75McapitalExpendituresInterest$7.70MinterestExpenseShort-term debt$2.37MshortTermDebtEBITDA − capex-$3.55MPrincipal due is short-term debt.Result -0.35x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-0.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$2.93MfreeCashFlowMarket cap$2.20BMarketCapitalizationResult -0.1%
Latest free cash flow divided by current market cap ($2.20B).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.85MoperatingIncomeTax expense—Not reportedPretax income-$15.70MincomeBeforeTaxTax rate—Equity$128.85MtotalStockholderEquityDebt$67.63MshortLongTermDebtTotalCash$35.55McashInvested capital$160.93MROIC 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 -0.08x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 12.5%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$8.04MpropertyPlantEquipmentInventory$11.98MinventoryTotal assets$160.17MtotalAssetsResult 12.5% | 10.44xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$83.94MtotalRevenueNet PP&E$8.04MpropertyPlantEquipmentResult 10.44x | 7.76xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$6.60McapitalExpendituresD&A$851.00KdepreciationAndAmortizationResult 7.76x | $3.93Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$160.17MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.18MintangibleAssetsLiabilities$13.19MtotalLiabTangible book$145.80MShares37,127,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.93 | -21.80xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$20.34MebitdaCapex$6.60McapitalExpendituresInterest$1.21MinterestExpenseShort-term debt$28.00KshortTermDebtEBITDA − capex-$26.94MPrincipal due is short-term debt.Result -21.80x | -$24.47MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$17.86MtotalCashFromOperatingActivitiesCapex$6.60McapitalExpendituresFree cash flow-$24.47MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$24.47M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$20.50MoperatingIncomeTax expense$661.00KincomeTaxExpensePretax income-$22.40MincomeBeforeTaxTax rate—Equity$146.98MtotalStockholderEquityDebt$63.00KshortLongTermDebtTotalCash$116.61McashAndShortTermInvestmentsInvested capital$30.44MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -2.55xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$20.50MoperatingIncomeNet PP&E$8.04MpropertyPlantEquipmentResult -2.55x |
| 2019 | 20.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$18.11MpropertyPlantEquipmentInventory$13.86MinventoryTotal assets$154.64MtotalAssetsResult 20.7% | 5.89xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$106.71MtotalRevenueNet PP&E$18.11MpropertyPlantEquipmentResult 5.89x | 1.82xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$5.23McapitalExpendituresD&A$2.88MdepreciationAndAmortizationResult 1.82x | $3.33Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$154.64MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$1.52MintangibleAssetsLiabilities$22.49MtotalLiabTangible book$130.64MShares39,235,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.33 | -17.70xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$26.22MebitdaCapex$5.23McapitalExpendituresInterest$40.00KinterestExpenseShort-term debt$1.74MshortTermDebtEBITDA − capex-$31.44MPrincipal due is short-term debt.Result -17.70x | -$25.10MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$19.87MtotalCashFromOperatingActivitiesCapex$5.23McapitalExpendituresFree cash flow-$25.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$25.10M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$31.41MoperatingIncomeTax expense-$13.00KincomeTaxExpensePretax income-$29.14MincomeBeforeTaxTax rate—Equity$132.15MtotalStockholderEquityDebt$4.93MshortLongTermDebtTotalCash$96.51McashAndShortTermInvestmentsInvested capital$40.57MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.73xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$31.41MoperatingIncomeNet PP&E$18.11MpropertyPlantEquipmentResult -1.73x |
| 2020 | 33.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$54.08MpropertyPlantAndEquipmentNetInventory$12.53MinventoryTotal assets$201.38MtotalAssetsResult 33.1% | 2.08xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$112.30MtotalRevenueNet PP&E$54.08MpropertyPlantAndEquipmentNetResult 2.08x | 6.53xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$22.60McapitalExpendituresD&A$3.46MdepreciationAndAmortizationResult 6.53x | $3.03Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$201.38MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.05MintangibleAssetsLiabilities$78.23MtotalLiabTangible book$121.10MShares39,967,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $3.03 | -21.84xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$19.27MebitdaCapex$22.60McapitalExpendituresInterest$1.05MinterestExpenseShort-term debt$863.00KshortTermDebtEBITDA − capex-$41.87MPrincipal due is short-term debt.Result -21.84x | -$32.22MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$9.63MtotalCashFromOperatingActivitiesCapex$22.60McapitalExpendituresFree cash flow-$32.22MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$32.22M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$23.18MoperatingIncomeTax expense$1.02MincomeTaxExpensePretax income-$23.79MincomeBeforeTaxTax rate—Equity$123.15MtotalStockholderEquityDebt$53.76MshortLongTermDebtTotalCash$103.97McashAndShortTermInvestmentsInvested capital$72.95MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.43xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$23.18MoperatingIncomeNet PP&E$54.08MpropertyPlantAndEquipmentNetResult -0.43x |
| 2021 | 45.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$78.12MpropertyPlantEquipmentInventory$16.69MinventoryTotal assets$208.02MtotalAssetsResult 45.6% | 1.63xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$127.36MtotalRevenueNet PP&E$78.12MpropertyPlantEquipmentResult 1.63x | 5.99xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$28.40McapitalExpendituresD&A$4.74MdepreciationAndAmortizationResult 5.99x | $2.66Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$208.02MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$2.86MintangibleAssetsLiabilities$95.47MtotalLiabTangible book$109.69MShares41,215,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.66 | -15.45xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$20.89MebitdaCapex$28.40McapitalExpendituresInterest$1.36MinterestExpenseShort-term debt$1.83MshortTermDebtEBITDA − capex-$49.29MPrincipal due is short-term debt.Result -15.45x | -$41.81MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$13.41MtotalCashFromOperatingActivitiesCapex$28.40McapitalExpendituresFree cash flow-$41.81MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$41.81M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$25.42MoperatingIncomeTax expense$1.08MincomeTaxExpensePretax income-$26.99MincomeBeforeTaxTax rate—Equity$112.55MtotalStockholderEquityDebt$67.45MshortLongTermDebtTotalCash$84.09McashAndShortTermInvestmentsInvested capital$95.92MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.33xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$25.42MoperatingIncomeNet PP&E$78.12MpropertyPlantEquipmentResult -0.33x |
| 2022 | 57.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$93.66MpropertyPlantEquipmentInventory$18.91MinventoryTotal assets$195.39MtotalAssetsResult 57.6% | 1.48xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$138.58MtotalRevenueNet PP&E$93.66MpropertyPlantEquipmentResult 1.48x | 4.38xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$21.25McapitalExpendituresD&A$4.85MdepreciationAndAmortizationResult 4.38x | $2.31Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$195.39MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$3.65MintangibleAssetsLiabilities$94.39MtotalLiabTangible book$97.35MShares42,083,125commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.31 | -23.13xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$23.47MebitdaCapex$21.25McapitalExpendituresInterest$624.00KinterestExpenseShort-term debt$1.31MshortTermDebtEBITDA − capex-$44.72MPrincipal due is short-term debt.Result -23.13x | -$37.32MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$16.07MtotalCashFromOperatingActivitiesCapex$21.25McapitalExpendituresFree cash flow-$37.32MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$37.32M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$29.71MoperatingIncomeTax expense-$1.61MincomeTaxExpensePretax income-$28.95MincomeBeforeTaxTax rate—Equity$101.00MtotalStockholderEquityDebt$67.43MshortLongTermDebtTotalCash$48.79McashAndShortTermInvestmentsInvested capital$119.64MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.32xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$29.71MoperatingIncomeNet PP&E$93.66MpropertyPlantEquipmentResult -0.32x |
| 2023 | 64.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$104.29MpropertyPlantAndEquipmentNetInventory$23.02MinventoryTotal assets$196.83MtotalAssetsResult 64.7% | 1.52xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$159.01MtotalRevenueNet PP&E$104.29MpropertyPlantAndEquipmentNetResult 1.52x | 2.69xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$14.92McapitalExpendituresD&A$5.55MdepreciationAndAmortizationResult 2.69x | $2.13Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$196.83MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.53MintangibleAssetsLiabilities$101.16MtotalLiabTangible book$91.13MShares42,878,543commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.13 | -6.45xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$13.33MebitdaCapex$14.92McapitalExpendituresInterest$2.84MinterestExpenseShort-term debt$1.55MshortTermDebtEBITDA − capex-$28.25MPrincipal due is short-term debt.Result -6.45x | -$20.63MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$5.72MtotalCashFromOperatingActivitiesCapex$14.92McapitalExpendituresFree cash flow-$20.63MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$20.63M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$21.46MoperatingIncomeTax expense$5.39MincomeTaxExpensePretax income-$21.72MincomeBeforeTaxTax rate—Equity$95.67MtotalStockholderEquityDebt$69.29MshortLongTermDebtTotalCash$31.02McashInvested capital$133.93MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.21xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$21.46MoperatingIncomeNet PP&E$104.29MpropertyPlantAndEquipmentNetResult -0.21x |
| 2024 | 64.8%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$98.93MpropertyPlantAndEquipmentNetInventory$33.18MinventoryTotal assets$203.73MtotalAssetsResult 64.8% | 1.89xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$187.34MtotalRevenueNet PP&E$98.93MpropertyPlantAndEquipmentNetResult 1.89x | 0.58xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$4.52McapitalExpendituresD&A$7.84MdepreciationAndAmortizationResult 0.58x | $2.22Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$203.73MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$5.58MintangibleAssetsLiabilities$99.82MtotalLiabTangible book$98.33MShares44,258,000commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.22 | 0.15xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$6.08MebitdaCapex$4.52McapitalExpendituresInterest$8.21MinterestExpenseShort-term debt$1.97MshortTermDebtEBITDA − capex$1.56MPrincipal due is short-term debt.Result 0.15x | $11.00KFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$4.54MtotalCashFromOperatingActivitiesCapex$4.52McapitalExpendituresFree cash flow$11.00KfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $11.00K | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$3.29MoperatingIncomeTax expense—Not reportedPretax income-$9.96MincomeBeforeTaxTax rate—Equity$103.91MtotalStockholderEquityDebt$68.69MshortLongTermDebtTotalCash$33.48McashAndShortTermInvestmentsInvested capital$139.11MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.03xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$3.29MoperatingIncomeNet PP&E$98.93MpropertyPlantAndEquipmentNetResult -0.03x |
| 2025 | 61.7%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$94.52MpropertyPlantAndEquipmentNetInventory$42.37MinventoryTotal assets$221.69MtotalAssetsResult 61.7% | 2.38xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$225.21MtotalRevenueNet PP&E$94.52MpropertyPlantAndEquipmentNetResult 2.38x | 0.46xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$3.75McapitalExpendituresD&A$8.19MdepreciationAndAmortizationResult 0.46x | $2.65Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$221.69MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$6.75MintangibleAssetsLiabilities$92.84MtotalLiabTangible book$122.10MShares46,050,266commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $2.65 | -0.35xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$192.00KebitdaCapex$3.75McapitalExpendituresInterest$7.70MinterestExpenseShort-term debt$2.37MshortTermDebtEBITDA − capex-$3.55MPrincipal due is short-term debt.Result -0.35x | -$2.93MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$812.00KtotalCashFromOperatingActivitiesCapex$3.75McapitalExpendituresFree cash flow-$2.93MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$2.93M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$7.85MoperatingIncomeTax expense—Not reportedPretax income-$15.70MincomeBeforeTaxTax rate—Equity$128.85MtotalStockholderEquityDebt$67.63MshortLongTermDebtTotalCash$35.55McashInvested capital$160.93MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.08xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$7.85MoperatingIncomeNet PP&E$94.52MpropertyPlantAndEquipmentNetResult -0.08x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $94.52M
Inventory: $42.37M
Total assets: $221.69M
Goodwill: $0.00
Intangibles: $6.75M
Liabilities: $92.84M
Tangible book: $122.10M
Shares: 46,050,266
Revenue: $225.21M
Capex: $3.75M
D&A: $8.19M
EBITDA: $192.00K
Interest: $7.70M
Short-term debt: $2.37M
Free cash flow: -$2.93M
Operating income: -$7.85M
Invested capital: $160.93M
Tax rate: —