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.
Crescent Biopharma, Inc.
Physical assets are 1.0% of total assets, a light footprint. Capex is 868.08x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -84.96x, which is below 1.
Fixed-asset turnover is 4.68x. Compare it with other names in the same basket.
Physical asset ratio
1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.32MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$240.29MtotalAssetsInventory was not reported and is treated as zero.Result 1.0%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.68xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$10.84MtotalRevenueNet PP&E$2.32MpropertyPlantAndEquipmentNetResult 4.68x
Revenue per dollar of the physical asset base.
Capex / D&A
868.08xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$72.92McapitalExpendituresD&A$84.00KdepreciationAndAmortizationResult 868.08x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$19.04Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$240.29MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.73MintangibleAssetsLiabilities$37.28MtotalLiabTangible book$198.29MShares10,413,649commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $19.04
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
0.74xPrice / tangible bookPrice / tangible book per sharePrice$14.07Latest quoteTangible book / share$19.042025-12-31Result 0.74x
Price $14.07.
Fixed-charge coverage
-84.96xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$149.67MebitdaCapex$72.92McapitalExpendituresInterest$2.19MinterestExpenseShort-term debt$435.00KshortTermDebtEBITDA − capex-$222.59MPrincipal due is short-term debt.Result -84.96x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-28.8%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$144.45MfreeCashFlowMarket cap$501.48MMarketCapitalizationResult -28.8%
Latest free cash flow divided by current market cap ($501.48M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$152.63MoperatingIncomeTax expense$2.00MincomeTaxExpensePretax income-$151.94MincomeBeforeTaxTax rate—Equity$203.01MtotalStockholderEquityDebt$1.64MshortLongTermDebtTotalCash$213.19McashInvested 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 -65.93x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 0.4%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$957.23KpropertyPlantAndEquipmentNetInventory-$405.00inventoryTotal assets$214.84MtotalAssetsResult 0.4% | —Fixed asset turnover · 2018-12-31Revenue / net PP&ERevenue—Not reportedNet PP&E$957.23KpropertyPlantAndEquipmentNetResult — | 0.46xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$125.62KcapitalExpendituresD&A$275.12KdepreciationAndAmortizationResult 0.46x | $500.59Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$214.84MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$9.38MtotalLiabTangible book$205.46MShares410,446commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $500.59 | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$51.23MebitdaCapex$125.62KcapitalExpendituresInterest—Not reportedShort-term debt—Not reportedEBITDA − capex-$51.36MResult — | -$43.46MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$43.33MtotalCashFromOperatingActivitiesCapex$125.62KcapitalExpendituresFree cash flow-$43.46MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$43.46M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$51.51MoperatingIncomeTax expense$3.23MincomeTaxExpensePretax income-$48.27MincomeBeforeTaxTax rate—Equity$205.46MtotalStockholderEquityDebt—Not reportedCash$209.92McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -53.81xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$51.51MoperatingIncomeNet PP&E$957.23KpropertyPlantAndEquipmentNetResult -53.81x |
| 2019 | 2.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.83MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$167.97MtotalAssetsInventory was not reported and is treated as zero.Result 2.3% | —Fixed asset turnover · 2019-12-31Revenue / net PP&ERevenue—Not reportedNet PP&E$3.83MpropertyPlantAndEquipmentNetResult — | 0.16xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$144.93KcapitalExpendituresD&A$899.30KdepreciationAndAmortizationResult 0.16x | $356.49Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$167.97MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$13.77MtotalLiabTangible book$154.20MShares432,547commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $356.49 | —Fixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$56.99MebitdaCapex$144.93KcapitalExpendituresInterest—Not reportedShort-term debt$804.13KshortTermDebtEBITDA − capex-$57.14MPrincipal due is short-term debt.Result — | -$52.13MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$51.98MtotalCashFromOperatingActivitiesCapex$144.93KcapitalExpendituresFree cash flow-$52.13MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$52.13M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$61.39MoperatingIncomeTax expense-$3.78MincomeTaxExpensePretax income-$57.89MincomeBeforeTaxTax rate—Equity$154.20MtotalStockholderEquityDebt$3.62MshortLongTermDebtTotalCash$158.20McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -16.03xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$61.39MoperatingIncomeNet PP&E$3.83MpropertyPlantAndEquipmentNetResult -16.03x |
| 2020 | 2.1%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.95MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$142.83MtotalAssetsInventory was not reported and is treated as zero.Result 2.1% | 3.45xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$10.16MtotalRevenueNet PP&E$2.95MpropertyPlantAndEquipmentNetResult 3.45x | 0.25xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$68.51KcapitalExpendituresD&A$270.75KdepreciationAndAmortizationResult 0.25x | $280.44Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$142.83MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$14.61MtotalLiabTangible book$128.22MShares457,211commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $280.44 | —Fixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$51.24MebitdaCapex$68.51KcapitalExpendituresInterest—Not reportedShort-term debt$898.55KshortTermDebtEBITDA − capex-$51.31MPrincipal due is short-term debt.Result — | -$39.31MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$39.24MtotalCashFromOperatingActivitiesCapex$68.51KcapitalExpendituresFree cash flow-$39.31MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$39.31M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$51.51MoperatingIncomeTax expense—Not reportedPretax income-$51.03MincomeBeforeTaxTax rate—Equity$128.22MtotalStockholderEquityDebt$2.82MshortLongTermDebtTotalCash$137.04McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -17.49xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$51.51MoperatingIncomeNet PP&E$2.95MpropertyPlantAndEquipmentNetResult -17.49x |
| 2021 | 2.1%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.95MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$94.35MtotalAssetsInventory was not reported and is treated as zero.Result 2.1% | 0.60xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$1.16MtotalRevenueNet PP&E$1.95MpropertyPlantAndEquipmentNetResult 0.60x | 0.06xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$14.94KcapitalExpendituresD&A$264.60KdepreciationAndAmortizationResult 0.06x | $158.60Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$94.35MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$12.74MtotalLiabTangible book$81.60MShares514,532commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $158.60 | —Fixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$63.18MebitdaCapex$14.94KcapitalExpendituresInterest—Not reportedShort-term debt$1.00MshortTermDebtEBITDA − capex-$63.20MPrincipal due is short-term debt.Result — | -$57.50MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$57.49MtotalCashFromOperatingActivitiesCapex$14.94KcapitalExpendituresFree cash flow-$57.50MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$57.50M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$63.45MoperatingIncomeTax expense—Not reportedPretax income-$63.43MincomeBeforeTaxTax rate—Equity$81.60MtotalStockholderEquityDebt$1.92MshortLongTermDebtTotalCash$90.25McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -32.62xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$63.45MoperatingIncomeNet PP&E$1.95MpropertyPlantAndEquipmentNetResult -32.62x |
| 2022 | 1.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$751.17KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$51.81MtotalAssetsInventory was not reported and is treated as zero.Result 1.4% | 0.10xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$75.00KtotalRevenueNet PP&E$751.17KpropertyPlantAndEquipmentNetResult 0.10x | 0.41xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$84.19KcapitalExpendituresD&A$207.15KdepreciationAndAmortizationResult 0.41x | $81.72Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.81MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$8.88MtotalLiabTangible book$42.93MShares525,311commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $81.72 | —Fixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$47.20MebitdaCapex$84.19KcapitalExpendituresInterest—Not reportedShort-term debt$918.56KshortTermDebtEBITDA − capex-$47.28MPrincipal due is short-term debt.Result — | -$46.54MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$46.46MtotalCashFromOperatingActivitiesCapex$84.19KcapitalExpendituresFree cash flow-$46.54MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$46.54M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$47.40MoperatingIncomeTax expense—Not reportedPretax income-$46.69MincomeBeforeTaxTax rate—Equity$42.93MtotalStockholderEquityDebt$918.56KshortLongTermDebtTotalCash$47.87McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -63.11xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$47.40MoperatingIncomeNet PP&E$751.17KpropertyPlantAndEquipmentNetResult -63.11x |
| 2023 | 1.7%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$767.83KpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$45.32MtotalAssetsInventory was not reported and is treated as zero.Result 1.7% | 0.01xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$10.00KtotalRevenueNet PP&E$767.83KpropertyPlantAndEquipmentNetResult 0.01x | 0.14xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$21.39KcapitalExpendituresD&A$153.30KdepreciationAndAmortizationResult 0.14x | $60.65Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$45.32MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$6.90MtotalLiabTangible book$38.41MShares633,424commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $60.65 | —Fixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$39.12MebitdaCapex$21.39KcapitalExpendituresInterest—Not reportedShort-term debt$741.56KshortTermDebtEBITDA − capex-$39.14MPrincipal due is short-term debt.Result — | -$34.90MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$34.88MtotalCashFromOperatingActivitiesCapex$21.39KcapitalExpendituresFree cash flow-$34.90MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$34.90M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$39.28MoperatingIncomeTax expense—Not reportedPretax income-$36.90MincomeBeforeTaxTax rate—Equity$38.41MtotalStockholderEquityDebt$808.40KshortLongTermDebtTotalCash$41.79McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -51.15xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$39.28MoperatingIncomeNet PP&E$767.83KpropertyPlantAndEquipmentNetResult -51.15x |
| 2024 | —Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E—Not reportedInventory—Not reportedTotal assets$35.62MtotalAssetsResult — | —Fixed asset turnover · 2024-12-31Revenue / net PP&ERevenue—Not reportedNet PP&E—Not reportedResult — | 0.28xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$9.97KcapitalExpendituresD&A$35.17KdepreciationAndAmortizationResult 0.28x | -$20.17Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$35.62MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$51.10MtotalLiabTangible book-$15.48MShares767,580commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$20.17 | -48.09xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$44.17MebitdaCapex$9.97KcapitalExpendituresInterest$852.00KinterestExpenseShort-term debt$66.84KshortTermDebtEBITDA − capex-$44.18MPrincipal due is short-term debt.Result -48.09x | -$31.11MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$31.10MtotalCashFromOperatingActivitiesCapex$9.97KcapitalExpendituresFree cash flow-$31.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$31.11M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$49.90MoperatingIncomeTax expense—Not reportedPretax income-$48.52MincomeBeforeTaxTax rate—Equity-$15.48MtotalStockholderEquityDebt$37.48MshortLongTermDebtTotalCash$34.77McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | —EBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$49.90MoperatingIncomeNet PP&E—Not reportedResult — |
| 2025 | 1.0%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$2.32MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$240.29MtotalAssetsInventory was not reported and is treated as zero.Result 1.0% | 4.68xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$10.84MtotalRevenueNet PP&E$2.32MpropertyPlantAndEquipmentNetResult 4.68x | 868.08xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$72.92McapitalExpendituresD&A$84.00KdepreciationAndAmortizationResult 868.08x | $19.04Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$240.29MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$4.73MintangibleAssetsLiabilities$37.28MtotalLiabTangible book$198.29MShares10,413,649commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Result $19.04 | -84.96xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$149.67MebitdaCapex$72.92McapitalExpendituresInterest$2.19MinterestExpenseShort-term debt$435.00KshortTermDebtEBITDA − capex-$222.59MPrincipal due is short-term debt.Result -84.96x | -$144.45MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$71.53MtotalCashFromOperatingActivitiesCapex$72.92McapitalExpendituresFree cash flow-$144.45MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$144.45M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$152.63MoperatingIncomeTax expense$2.00MincomeTaxExpensePretax income-$151.94MincomeBeforeTaxTax rate—Equity$203.01MtotalStockholderEquityDebt$1.64MshortLongTermDebtTotalCash$213.19McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -65.93xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$152.63MoperatingIncomeNet PP&E$2.32MpropertyPlantAndEquipmentNetResult -65.93x |
- Inventory was missing and treated as zero in the physical asset ratio.
- 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: $2.32M
Inventory: $0.00
Total assets: $240.29M
Goodwill: $0.00
Intangibles: $4.73M
Liabilities: $37.28M
Tangible book: $198.29M
Shares: 10,413,649
Revenue: $10.84M
Capex: $72.92M
D&A: $84.00K
EBITDA: -$149.67M
Interest: $2.19M
Short-term debt: $435.00K
Free cash flow: -$144.45M
Operating income: -$152.63M
Invested capital: —
Tax rate: —