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.
Clearside Biomedical Inc
Physical assets are 15.2% of total assets, a light footprint. Capex is 4.32x depreciation and free cash flow yield is negative, so the physical base is expanding and consuming cash. EBITDA after capex covers debt service by -2.49x, which is below 1.
Fixed-asset turnover is 0.44x. Compare it with other names in the same basket.
Physical asset ratio
15.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.82MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$25.13MtotalAssetsInventory was not reported and is treated as zero.Result 15.2%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.44xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.66MtotalRevenueNet PP&E$3.82MpropertyPlantAndEquipmentNetResult 0.44x
Revenue per dollar of the physical asset base.
Capex / D&A
4.32xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$977.00KcapitalExpendituresD&A$226.00KdepreciationAndAmortizationResult 4.32x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$7.90Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$25.13MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$63.98MtotalLiabTangible book-$38.86MShares4,920,223commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$7.90
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / share-$7.902024-12-31A live quote was not available, so price / tangible book could not be calculated.Tangible book per share is not positive, so the multiple is left blank.Result —
Quote unavailable.
Fixed-charge coverage
-2.49xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$24.35MebitdaCapex$977.00KcapitalExpendituresInterest$9.78MinterestExpenseShort-term debt$375.00KshortTermDebtEBITDA − capex-$25.32MPrincipal due is short-term debt.Result -2.49x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
-1,196.4%Free cash flow yield · 2024-12-31Latest free cash flow / current market capFree cash flow-$25.68MfreeCashFlowMarket cap$2.15MMarketCapitalizationResult -1,196.4%
Latest free cash flow divided by current market cap ($2.15M).
ROIC
—ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$28.88MoperatingIncomeTax expense—Not reportedPretax income-$34.35MincomeBeforeTaxTax rate—Equity-$38.86MtotalStockholderEquityDebt$52.47MshortLongTermDebtTotalCash$20.02McashInvested 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 -7.56x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2017 | 2.2%Physical asset ratio · 2017-12-31(Net PP&E + inventory) / total assetsNet PP&E$885.00KpropertyPlantEquipmentInventory$0.00inventoryTotal assets$40.49MtotalAssetsResult 2.2% | 0.39xFixed asset turnover · 2017-12-31Revenue / net PP&ERevenue$345.00KtotalRevenueNet PP&E$885.00KpropertyPlantEquipmentResult 0.39x | 1.68xCapex / D&A · 2017-12-31Capital expenditures / depreciation and amortizationCapex$306.00KcapitalExpendituresD&A$182.00KdepreciationAndAmortizationResult 1.68x | $12.69Tangible book / share · 2017-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$40.49MtotalAssetsGoodwill$0.00goodWillIntangibles$0.00intangibleAssetsLiabilities$19.08MtotalLiabTangible book$21.42MShares1,687,441commonStockSharesOutstandingResult $12.69 | -18.29xFixed-charge coverage · 2017-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$58.23MebitdaCapex$306.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$3.20MshortTermDebtEBITDA − capex-$58.53MPrincipal due is short-term debt.Result -18.29x | -$51.39MFree cash flow · 2017-12-31Reported free cash flowOperating cash flow-$51.08MtotalCashFromOperatingActivitiesCapex$306.00KcapitalExpendituresFree cash flow-$51.39MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$51.39M | —ROIC · 2017-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$58.41MoperatingIncomeTax expense-$182.00KincomeTaxExpensePretax income-$58.98MincomeBeforeTaxTax rate—Equity$21.42MtotalStockholderEquityDebt$8.01MshortLongTermDebtTotalCash$37.64McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -66.00xEBIT / PP&E · 2017-12-31Operating income / net PP&EOperating income-$58.41MoperatingIncomeNet PP&E$885.00KpropertyPlantEquipmentResult -66.00x |
| 2018 | 1.8%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$790.00KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$44.12MtotalAssetsInventory was not reported and is treated as zero.Result 1.8% | 0.04xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$30.00KtotalRevenueNet PP&E$790.00KpropertyPlantEquipmentResult 0.04x | 0.47xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$88.00KcapitalExpendituresD&A$189.00KdepreciationAndAmortizationResult 0.47x | $11.53Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$44.12MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$20.50MtotalLiabTangible book$23.62MShares2,048,907commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $11.53 | -149.00xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$82.76MebitdaCapex$88.00KcapitalExpendituresInterest$0.00interestExpenseShort-term debt$556.00KshortTermDebtEBITDA − capex-$82.84MPrincipal due is short-term debt.Result -149.00x | -$79.29MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow-$79.20MtotalCashFromOperatingActivitiesCapex$88.00KcapitalExpendituresFree cash flow-$79.29MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$79.29M | —ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$82.95MoperatingIncomeTax expense$127.00KincomeTaxExpensePretax income-$82.82MincomeBeforeTaxTax rate—Equity$23.62MtotalStockholderEquityDebt$9.98MshortLongTermDebtTotalCash$40.88McashAndShortTermInvestmentsInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -104.99xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income-$82.95MoperatingIncomeNet PP&E$790.00KpropertyPlantEquipmentResult -104.99x |
| 2019 | 4.5%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.20MpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$26.78MtotalAssetsInventory was not reported and is treated as zero.Result 4.5% | 1.82xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$2.17MtotalRevenueNet PP&E$1.20MpropertyPlantEquipmentResult 1.82x | 0.12xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$25.00KcapitalExpendituresD&A$211.00KdepreciationAndAmortizationResult 0.12x | $4.38Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$26.78MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$15.62MtotalLiabTangible book$11.16MShares2,544,722commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $4.38 | -12.72xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$30.09MebitdaCapex$25.00KcapitalExpendituresInterest$1.03MinterestExpenseShort-term debt$1.33MshortLongTermDebtEBITDA − capex-$30.12MPrincipal due is the current portion of debt.Result -12.72x | -$27.09MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow-$27.07MtotalCashFromOperatingActivitiesCapex$25.00KcapitalExpendituresFree cash flow-$27.09MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$27.09M | —ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$30.30MoperatingIncomeTax expense-$211.00KincomeTaxExpensePretax income-$30.77MincomeBeforeTaxTax rate—Equity$11.16MtotalStockholderEquityDebt$6.41MshortLongTermDebtTotalCash$22.60McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -25.32xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income-$30.30MoperatingIncomeNet PP&E$1.20MpropertyPlantEquipmentResult -25.32x |
| 2020 | 4.9%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$944.00KpropertyPlantEquipmentInventory$0.00Not reported, treated as 0Total assets$19.32MtotalAssetsInventory was not reported and is treated as zero.Result 4.9% | 8.36xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$7.89MtotalRevenueNet PP&E$944.00KpropertyPlantEquipmentResult 8.36x | 0.31xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$55.00KcapitalExpendituresD&A$180.00KdepreciationAndAmortizationResult 0.31x | $2.83Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$19.32MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$10.56MtotalLiabTangible book$8.76MShares3,100,436commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.83 | -13.43xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$17.76MebitdaCapex$55.00KcapitalExpendituresInterest$335.00KinterestExpenseShort-term debt$991.00KshortLongTermDebtEBITDA − capex-$17.81MPrincipal due is the current portion of debt.Result -13.43x | -$13.18MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow-$13.12MtotalCashFromOperatingActivitiesCapex$55.00KcapitalExpendituresFree cash flow-$13.18MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$13.18M | —ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$17.94MoperatingIncomeTax expense-$180.00KincomeTaxExpensePretax income-$18.21MincomeBeforeTaxTax rate—Equity$8.76MtotalStockholderEquityDebt$991.00KlongTermDebt + shortLongTermDebtCash$17.29McashInvested 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 — | -19.00xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income-$17.94MoperatingIncomeNet PP&E$944.00KpropertyPlantEquipmentResult -19.00x |
| 2021 | 3.6%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$607.00KpropertyPlantAndEquipmentNetInventory$921.00KinventoryTotal assets$42.90MtotalAssetsResult 3.6% | 48.72xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$29.58MtotalRevenueNet PP&E$607.00KpropertyPlantAndEquipmentNetResult 48.72x | 1.38xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$246.00KcapitalExpendituresD&A$178.00KdepreciationAndAmortizationResult 1.38x | $9.51Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$42.90MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$4.93MtotalLiabTangible book$37.98MShares3,993,773commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $9.51 | 0.22xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$554.00KebitdaCapex$246.00KcapitalExpendituresInterest$1.00MinterestExpenseShort-term debt$387.00KshortTermDebtEBITDA − capex$308.00KPrincipal due is short-term debt.Result 0.22x | -$10.98MFree cash flow · 2021-12-31Operating cash flow − capexOperating cash flow-$10.73MtotalCashFromOperatingActivitiesCapex$246.00KcapitalExpendituresFree cash flow-$10.98MNot reportedReported free cash flow matched operating cash flow, so capex was subtracted.Result -$10.98M | -7.6%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$627.00KoperatingIncomeTax expense-$58.56KincomeTaxExpensePretax income$376.00KincomeBeforeTaxTax rate0.0%Equity$37.98MtotalStockholderEquityDebt$675.00KshortLongTermDebtTotalCash$30.44McashInvested capital$8.21MResult -7.6% | -1.03xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income-$627.00KoperatingIncomeNet PP&E$607.00KpropertyPlantAndEquipmentNetResult -1.03x |
| 2022 | 3.6%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$1.87MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$51.30MtotalAssetsInventory was not reported and is treated as zero.Result 3.6% | 0.71xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$1.33MtotalRevenueNet PP&E$1.87MpropertyPlantAndEquipmentNetResult 0.71x | 1.70xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$246.00KcapitalExpendituresD&A$145.00KdepreciationAndAmortizationResult 1.70x | $2.64Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$51.30MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$40.70MtotalLiabTangible book$10.61MShares4,013,657commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result $2.64 | -8.06xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$29.46MebitdaCapex$246.00KcapitalExpendituresInterest$3.34MinterestExpenseShort-term debt$349.00KshortTermDebtEBITDA − capex-$29.71MPrincipal due is short-term debt.Result -8.06x | -$13.61MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow-$13.37MtotalCashFromOperatingActivitiesCapex$246.00KcapitalExpendituresFree cash flow-$13.61MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$13.61M | —ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$30.28MoperatingIncomeTax expense$1.12MincomeTaxExpensePretax income-$32.95MincomeBeforeTaxTax rate—Equity$10.61MtotalStockholderEquityDebt$35.26MshortLongTermDebtTotalCash$48.42McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -16.17xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income-$30.28MoperatingIncomeNet PP&E$1.87MpropertyPlantAndEquipmentNetResult -16.17x |
| 2023 | 11.4%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.87MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$34.02MtotalAssetsResult 11.4% | 2.13xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$8.23MtotalRevenueNet PP&E$3.87MpropertyPlantAndEquipmentNetResult 2.13x | 26.52xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$1.78McapitalExpendituresD&A$67.00KdepreciationAndAmortizationResult 26.52x | -$3.86Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$34.02MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$49.93MtotalLiabTangible book-$15.91MShares4,120,464commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$3.86 | -2.55xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$23.06MebitdaCapex$1.78McapitalExpendituresInterest$9.36MinterestExpenseShort-term debt$364.00KshortTermDebtEBITDA − capex-$24.84MPrincipal due is short-term debt.Result -2.55x | -$19.91MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow-$18.14MtotalCashFromOperatingActivitiesCapex$1.78McapitalExpendituresFree cash flow-$19.91MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$19.91M | —ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$24.84MoperatingIncomeTax expense-$100.90KincomeTaxExpensePretax income-$32.49MincomeBeforeTaxTax rate—Equity-$15.91MtotalStockholderEquityDebt$43.00MshortLongTermDebtTotalCash$28.92McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -6.43xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income-$24.84MoperatingIncomeNet PP&E$3.87MpropertyPlantAndEquipmentNetResult -6.43x |
| 2024 | 15.2%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$3.82MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$25.13MtotalAssetsInventory was not reported and is treated as zero.Result 15.2% | 0.44xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.66MtotalRevenueNet PP&E$3.82MpropertyPlantAndEquipmentNetResult 0.44x | 4.32xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$977.00KcapitalExpendituresD&A$226.00KdepreciationAndAmortizationResult 4.32x | -$7.90Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$25.13MtotalAssetsGoodwill$0.00Not reported, treated as 0Intangibles$0.00Not reported, treated as 0Liabilities$63.98MtotalLiabTangible book-$38.86MShares4,920,223commonStockSharesOutstandingGoodwill was not reported and is treated as zero.Intangibles were not reported and are treated as zero.Result -$7.90 | -2.49xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA-$24.35MebitdaCapex$977.00KcapitalExpendituresInterest$9.78MinterestExpenseShort-term debt$375.00KshortTermDebtEBITDA − capex-$25.32MPrincipal due is short-term debt.Result -2.49x | -$25.68MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow-$24.70MtotalCashFromOperatingActivitiesCapex$977.00KcapitalExpendituresFree cash flow-$25.68MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -$25.68M | —ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income-$28.88MoperatingIncomeTax expense—Not reportedPretax income-$34.35MincomeBeforeTaxTax rate—Equity-$38.86MtotalStockholderEquityDebt$52.47MshortLongTermDebtTotalCash$20.02McashInvested capital—ROIC needs a positive pretax income so an effective tax rate can be calculated.Result — | -7.56xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income-$28.88MoperatingIncomeNet PP&E$3.82MpropertyPlantAndEquipmentNetResult -7.56x |
- 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.
- Free-cash-flow yield is extreme. Market cap and free cash flow may be in different units.
Latest year inputs (2024)
Net PP&E: $3.82M
Inventory: $0.00
Total assets: $25.13M
Goodwill: $0.00
Intangibles: $0.00
Liabilities: $63.98M
Tangible book: -$38.86M
Shares: 4,920,223
Revenue: $1.66M
Capex: $977.00K
D&A: $226.00K
EBITDA: -$24.35M
Interest: $9.78M
Short-term debt: $375.00K
Free cash flow: -$25.68M
Operating income: -$28.88M
Invested capital: —
Tax rate: —