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.
Celularity Inc
Physical assets are 62.5% of total assets, a heavy footprint. Capex is 0.00x depreciation and free cash flow yield is weak, which fits a cash drain on aging assets. EBITDA after capex covers debt service by -3.74x, which is below 1.
Fixed-asset turnover is 0.40x. Compare it with other names in the same basket.
Physical asset ratio
62.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$66.52MpropertyPlantAndEquipmentNetInventory$571.00KinventoryTotal assets$107.33MtotalAssetsResult 62.5%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.40xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$26.55MtotalRevenueNet PP&E$66.52MpropertyPlantAndEquipmentNetResult 0.40x
Revenue per dollar of the physical asset base.
Capex / D&A
0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$7.30MdepreciationAndAmortizationResult 0.00x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$2.08Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$107.33MtotalAssetsGoodwill$7.35MgoodWillIntangibles$7.76MintangibleAssetsLiabilities$145.39MtotalLiabTangible book-$53.17MShares25,598,586commonStockSharesOutstandingResult -$2.08
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice$0.84Latest quoteTangible book / share-$2.082025-12-31Tangible book per share is not positive, so the multiple is left blank.Result —
Price $0.84.
Fixed-charge coverage
-3.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$77.66MebitdaCapex$0.00capitalExpendituresInterest$6.75MinterestExpenseShort-term debt$14.00MshortTermDebtEBITDA − capex-$77.66MPrincipal due is short-term debt.Result -3.74x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-48.1%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow-$13.25MfreeCashFlowMarket cap$27.56MMarketCapitalizationResult -48.1%
Latest free cash flow divided by current market cap ($27.56M).
ROIC
—ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$61.31MoperatingIncomeTax expense$3.00KincomeTaxExpensePretax income-$91.71MincomeBeforeTaxTax rate—Equity-$38.06MtotalStockholderEquityDebt$14.00MlongTermDebt + shortLongTermDebtCash$6.18McashInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.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 -0.92x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 30,546.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$4.01MpropertyPlantEquipmentInventory$3.54MinventoryTotal assets$24.71KtotalAssetsResult 30,546.0% | 4.38xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$17.55MtotalRevenueNet PP&E$4.01MpropertyPlantEquipmentResult 4.38x | 0.40xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$1.92McapitalExpendituresD&A$4.79MdepreciationAndAmortizationResult 0.40x | -$145.94Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$24.71KtotalAssetsGoodwill$130.64MgoodWillIntangibles$393.71MintangibleAssetsLiabilities$150.56KtotalLiabTangible book-$524.48MShares3,593,750commonStockSharesOutstandingResult -$145.94 | —Fixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$1.10KebitdaCapex$1.92McapitalExpendituresInterest$0.00interestExpenseShort-term debt—Not reportedEBITDA − capex-$1.92MResult — | -$1.92MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$543.00totalCashFromOperatingActivitiesCapex$1.92McapitalExpendituresFree cash flow-$1.92MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.92M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$1.10KoperatingIncomeTax expense$21.30MincomeTaxExpensePretax income-$1.10KincomeBeforeTaxTax rate—Equity-$125.85KtotalStockholderEquityDebt$150.00KshortLongTermDebtTotalCash$24.71KcashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | 0.00xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$1.10KoperatingIncomeNet PP&E$4.01MpropertyPlantEquipmentResult 0.00x |
| 2019 | 13.3%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$66.39MpropertyPlantEquipmentInventory$3.23MinventoryTotal assets$521.50MtotalAssetsResult 13.3% | 0.32xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$21.15MtotalRevenueNet PP&E$66.39MpropertyPlantEquipmentResult 0.32x | 0.00xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$3.00capitalExpendituresD&A$6.19MdepreciationAndAmortizationResult 0.00x | -$109.19Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$521.50MtotalAssetsGoodwill$127.07MgoodWillIntangibles$271.47MintangibleAssetsLiabilities$383.63MtotalLiabTangible book-$260.68MShares2,387,283commonStockSharesOutstandingResult -$109.19 | -18.95xFixed-charge coverage · 2019-12-31(EBITDA − capex) / interestEBITDA-$70.98MebitdaCapex$3.00capitalExpendituresInterest$3.75MinterestExpenseEBITDA − capex-$70.98MShort-term debt was not reported, so the denominator is interest only.Result -18.95x | -$1.10MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$1.10MtotalCashFromOperatingActivitiesCapex$3.00capitalExpendituresFree cash flow-$1.10MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$1.10M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$264.13MoperatingIncomeTax expense-$56.11MincomeTaxExpensePretax income-$267.99MincomeBeforeTaxTax rate—Equity$137.86MtotalStockholderEquityDebt$28.06MshortLongTermDebtTotalCash$28.13McashInvested capital$137.80MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -3.98xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$264.13MoperatingIncomeNet PP&E$66.39MpropertyPlantEquipmentResult -3.98x |
| 2020 | 21.8%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$90.08MpropertyPlantEquipmentInventory$3.85MinventoryTotal assets$431.01MtotalAssetsResult 21.8% | 0.16xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$14.28MtotalRevenueNet PP&E$90.08MpropertyPlantEquipmentResult 0.16x | 3.41xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$27.83McapitalExpendituresD&A$8.17MdepreciationAndAmortizationResult 3.41x | -$124.86Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$431.01MtotalAssetsGoodwill$123.30MgoodWillIntangibles$125.38MintangibleAssetsLiabilities$412.30MtotalLiabTangible book-$229.97MShares1,841,791commonStockSharesOutstandingResult -$124.86 | -42.94xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$202.41MebitdaCapex$27.83McapitalExpendituresInterest$2.35MinterestExpenseShort-term debt$3.01MshortTermDebtEBITDA − capex-$230.24MPrincipal due is short-term debt.Result -42.94x | -$91.03MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$63.19MtotalCashFromOperatingActivitiesCapex$27.83McapitalExpendituresFree cash flow-$91.03MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$91.03M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$151.93MoperatingIncomeTax expense-$4.70MincomeTaxExpensePretax income-$212.93MincomeBeforeTaxTax rate—Equity$18.71MtotalStockholderEquityDebt$30.64MshortLongTermDebtTotalCash$54.31McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.69xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$151.93MoperatingIncomeNet PP&E$90.08MpropertyPlantEquipmentResult -1.69x |
| 2021 | 24.2%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$90.63MpropertyPlantEquipmentInventory$9.55MinventoryTotal assets$414.13MtotalAssetsResult 24.2% | 0.24xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$21.34MtotalRevenueNet PP&E$90.63MpropertyPlantEquipmentResult 0.24x | 0.70xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$6.20McapitalExpendituresD&A$8.82MdepreciationAndAmortizationResult 0.70x | -$11.56Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$414.13MtotalAssetsGoodwill$123.30MgoodWillIntangibles$123.19MintangibleAssetsLiabilities$314.71MtotalLiabTangible book-$147.07MShares12,726,133commonStockSharesOutstandingResult -$11.56 | -15.16xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$88.11MebitdaCapex$6.20McapitalExpendituresInterest$3.17MinterestExpenseShort-term debt$3.05MshortTermDebtEBITDA − capex-$94.31MPrincipal due is short-term debt.Result -15.16x | -$116.30MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow-$110.10MtotalCashFromOperatingActivitiesCapex$6.20McapitalExpendituresFree cash flow-$116.30MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$116.30M | —ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$109.06MoperatingIncomeTax expense$20.00KincomeTaxExpensePretax income-$100.10MincomeBeforeTaxTax rate—Equity$99.42MtotalStockholderEquityDebt$31.14MshortLongTermDebtTotalCash$37.24McashInvested capital$93.31MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -1.20xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$109.06MoperatingIncomeNet PP&E$90.63MpropertyPlantEquipmentResult -1.20x |
| 2022 | 23.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$88.72MpropertyPlantAndEquipmentNetInventory$5.31MinventoryTotal assets$401.07MtotalAssetsResult 23.4% | 0.20xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$17.98MtotalRevenueNet PP&E$88.72MpropertyPlantAndEquipmentNetResult 0.20x | 0.55xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$5.24McapitalExpendituresD&A$9.44MdepreciationAndAmortizationResult 0.55x | -$2.79Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$401.07MtotalAssetsGoodwill$119.69MgoodWillIntangibles$120.99MintangibleAssetsLiabilities$202.17MtotalLiabTangible book-$41.79MShares14,983,000commonStockSharesOutstandingResult -$2.79 | -3.53xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$138.83MebitdaCapex$5.24McapitalExpendituresInterest$3.17MinterestExpenseShort-term debt$37.60MshortTermDebtEBITDA − capex-$144.07MPrincipal due is short-term debt.Result -3.53x | -$143.11MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$137.88MtotalCashFromOperatingActivitiesCapex$5.24McapitalExpendituresFree cash flow-$143.11MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$143.11M | -11.5%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$25.60MoperatingIncomeTax expense$13.00KincomeTaxExpensePretax income$14.21MincomeBeforeTaxTax rate0.1%Equity$198.90MtotalStockholderEquityDebt$37.60MlongTermDebt + shortLongTermDebtCash$13.97McashInvested capital$222.54MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result -11.5% | -0.29xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$25.60MoperatingIncomeNet PP&E$88.72MpropertyPlantAndEquipmentNetResult -0.29x |
| 2023 | 58.8%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$78.82MpropertyPlantAndEquipmentNetInventory$5.75MinventoryTotal assets$143.89MtotalAssetsResult 58.8% | 0.29xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$22.77MtotalRevenueNet PP&E$78.82MpropertyPlantAndEquipmentNetResult 0.29x | 0.43xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$4.05McapitalExpendituresD&A$9.32MreconciledDepreciationResult 0.43x | $1.17Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$143.89MtotalAssetsGoodwill$7.35MgoodWillIntangibles$11.00MintangibleAssetsLiabilities$102.93MtotalLiabTangible book$22.61MShares19,378,164commonStockSharesOutstandingResult $1.17 | -4.45xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$183.95MebitdaCapex$4.05McapitalExpendituresInterest$3.02MinterestExpenseShort-term debt$39.24MshortLongTermDebtEBITDA − capex-$187.99MPrincipal due is the current portion of debt.Result -4.45x | -$42.73MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$38.69MtotalCashFromOperatingActivitiesCapex$4.05McapitalExpendituresFree cash flow-$42.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$42.73M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$76.48MoperatingIncomeTax expense$10.00KtaxProvisionPretax income-$196.29MincomeBeforeTaxTax rate—Equity$40.96MtotalStockholderEquityDebt$39.24MshortLongTermDebtCash$227.00KcashInvested capital$79.97MROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.97xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$76.48MoperatingIncomeNet PP&E$78.82MpropertyPlantAndEquipmentNetResult -0.97x |
| 2024 | 58.7%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$72.43MpropertyPlantAndEquipmentNetInventory$5.41MinventoryTotal assets$132.68MtotalAssetsResult 58.7% | 0.75xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$54.22MtotalRevenueNet PP&E$72.43MpropertyPlantAndEquipmentNetResult 0.75x | 0.02xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$161.00KcapitalExpendituresD&A$7.92MdepreciationAndAmortizationResult 0.02x | -$0.35Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$132.68MtotalAssetsGoodwill$7.35MgoodWillIntangibles$9.25MintangibleAssetsLiabilities$123.85MtotalLiabTangible book-$7.76MShares21,890,518commonStockSharesOutstandingResult -$0.35 | -3.47xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$43.71MebitdaCapex$161.00KcapitalExpendituresInterest$6.26MinterestExpenseShort-term debt$6.36MshortTermDebtEBITDA − capex-$43.87MPrincipal due is short-term debt.Result -3.47x | -$6.56MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$6.40MtotalCashFromOperatingActivitiesCapex$161.00KcapitalExpendituresFree cash flow-$6.56MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$6.56M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$38.36MoperatingIncomeTax expense$10.00KincomeTaxExpensePretax income-$57.89MincomeBeforeTaxTax rate—Equity$8.84MtotalStockholderEquityDebt$42.29MlongTermDebt + shortLongTermDebtCash$738.00KcashInvested capital$50.39MReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.53xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$38.36MoperatingIncomeNet PP&E$72.43MpropertyPlantAndEquipmentNetResult -0.53x |
| 2025 | 62.5%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$66.52MpropertyPlantAndEquipmentNetInventory$571.00KinventoryTotal assets$107.33MtotalAssetsResult 62.5% | 0.40xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$26.55MtotalRevenueNet PP&E$66.52MpropertyPlantAndEquipmentNetResult 0.40x | 0.00xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$0.00capitalExpendituresD&A$7.30MdepreciationAndAmortizationResult 0.00x | -$2.08Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$107.33MtotalAssetsGoodwill$7.35MgoodWillIntangibles$7.76MintangibleAssetsLiabilities$145.39MtotalLiabTangible book-$53.17MShares25,598,586commonStockSharesOutstandingResult -$2.08 | -3.74xFixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$77.66MebitdaCapex$0.00capitalExpendituresInterest$6.75MinterestExpenseShort-term debt$14.00MshortTermDebtEBITDA − capex-$77.66MPrincipal due is short-term debt.Result -3.74x | -$13.25MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow-$13.25MtotalCashFromOperatingActivitiesCapex$0.00capitalExpendituresFree cash flow-$13.25MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$13.25M | —ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$61.31MoperatingIncomeTax expense$3.00KincomeTaxExpensePretax income-$91.71MincomeBeforeTaxTax rate—Equity-$38.06MtotalStockholderEquityDebt$14.00MlongTermDebt + shortLongTermDebtCash$6.18McashInvested capital—Reported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -0.92xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income-$61.31MoperatingIncomeNet PP&E$66.52MpropertyPlantAndEquipmentNetResult -0.92x |
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $66.52M
Inventory: $571.00K
Total assets: $107.33M
Goodwill: $7.35M
Intangibles: $7.76M
Liabilities: $145.39M
Tangible book: -$53.17M
Shares: 25,598,586
Revenue: $26.55M
Capex: $0.00
D&A: $7.30M
EBITDA: -$77.66M
Interest: $6.75M
Short-term debt: $14.00M
Free cash flow: -$13.25M
Operating income: -$61.31M
Invested capital: —
Tax rate: —